LA Luxury Market Slumps Amid Tax Shifts

A Rancho Palos Verdes estate once owned by Trump National just sold for nearly $18.9 million — a dramatic rebound from its 2023 price and a 2007 sale for $4 million. Meanwhile, L.A.’s luxury market cooled sharply, with contract volume down 44% year-over-year. Big players like Serhant are expanding across California, but tax fears are shifting buyer behavior — many wealthy buyers now prefer long-term leases to dodge Measure ULA’s steep transfer taxes. The controversial tax measure has been pulled from the November ballot, replaced by a different constitutional amendment that could reshape local tax approvals — leaving the future of a related legislative bill uncertain amid fierce opposition from real estate groups and housing advocates. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/a49920158622a8e9