Stay updated with breaking news from Michael Nourmand. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Celebrity real estate agents report an increase in home leases in 2023 amid a drop in mansion sales due to high interest rates and a new transfer tax
Many celebrities have taken hits in the real estate market, including Jennifer Lopez and Justin Bieber. Which famous stars lost money on their mansions?
Los Angeles mansion owners, once keen on selling their grand properties, are now grappling with a market that’s less than favorable for sales. The trend is particularly evident in the city’s most opulent areas, where the challenges are two-fold: a new tax on luxury sales and a turbulent entertainment industry. The “mansion tax,” officially known as Measure ULA, which went into effect on April 1, imposes a significant additional cost on the sale of high-value properties. Homes selling for over $5
LA's new tax on high-priced property sales has been a drag on the real estate industry while raising far less revenue than the city expected, an Intel analysis suggests.
The president of Nourmand & Associates briefed Intel on how a new L.A. tax on high-priced properties has jolted the local real estate industry.