The luxury real estate market in Los Angeles faced a temporary setback earlier this year with the introduction of the "mansion tax." This tax was specifically imposed on properties selling for $5 million or more and started on April 1. However, it appears that the market is now recovering, thanks to buyers looking for good deals.
Josh Altman, co-founder of The Altman Brothers team, believes that May showed signs of recovery, as sales of luxury homes in the ULA measure areas doubled. He also predicts that June sales will double again. It seems that the buyer mentality is focused on finding a deal, but good houses are still selling, especially in the lower price range of $1 million to $2 million. Interestingly, high-end buyers have changed their preferences post-pandemic. While location used to be everything, nowadays, walking location is just as important to them. They want to be close to everyday amenities and have easy access to everything. It's not just about the property itself anymore; it's about the lifestyle that comes with it.
It's also worth noting that micro markets are experiencing different trends. For example, Miami's real estate market has been performing well since the pandemic, while taxes have pushed buyers to look at other markets like Las Vegas, Arizona, Nashville, and Texas. Regardless of where buyers are looking, one thing is clear: they're searching for something that meets their specific needs and preferences. With the luxury real estate market showing signs of recovery, there's never been a better time to start exploring your options.
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If you're in the market for a luxury property, it's worth keeping up-to-date with the latest trends and developments. Properties in the $1 million to $2 million range appear to be selling well, and Orange County is currently experiencing a shortage of inventory. Meanwhile, micro markets in other parts of the country are experiencing their own unique trends. By staying informed and exploring your options, you'll be better equipped to find a property that's perfect for you.
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