Mansion madness: Los Angeles realtors in sell-off frenzy as wealth tax looms
March 31, 2023 – Media MentionThe Guardian
Ken Fields, a Partner in the firm's Real Estate Group, recently shared his outlook with The Guardian, regarding the new “mansion tax” on luxury homes in Los Angeles, CA.
Excerpts:
Some properties that might have been priced in the low $5m range are now being marketed at $4.9m, just under the tax cutoff, with buyers agreeing to pay a property’s closing costs instead of the sellers, said Ken Fields, a Los Angeles real estate attorney.
With pricier properties, “There has definitely been a push to sell before the deadline to avoid the tax,” he said. “I can think of several deals where the sellers have termination rights if the transaction doesn’t close by the deadline.”