Living
In the LA Mansion Market, Steep Discounts Are the New Normal
Brokers expected a drop-off this year. They didn’t anticipate what came next.
This $29.95 million house in Bel Air is listed with David Kramer and Roya Sklar at Hilton & Hyland.
Photographer: Anthony BarceloLos Angeles is reeling from successive waves of labor strikes and budget shortfalls. Now, even the city’s rich are feeling the pinch: Its ultra-luxury housing market is subject to deep discounts, brokers say.
“This is how I’d sum it up,” says Marc Noah, a broker with Sotheby’s International Realty Beverly Hills. “Buyers feel that they can take advantage of sellers because of where the market is.”