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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…
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