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 Los Angeles tax on high-priced properties has jolted the local real estate industry
In a move that marks the 1st time funds will be specifically allocated for use since the tax was passed, the council designated 6 different programs for funding, according to reports
As Chicago Mayor Brandon Johnson narrows in on a 2.65% tax on purchases of properties over $1M, luxury real estate agents in Los Angeles offered their advice to concerned Windy City agents
Implemented in April on properties over $5M, the ULA Tax was intended to bring in an average of $56M in revenue per month to the city of L.A. During its first month, it brought in just $3.6M
Inman recently caught up with Marguleas to discuss his company's new venture in Dallas, the effects of the LA 'Mansion Tax' and what he's looking forward to at this year's ICLV event
To make their $5M-plus properties more attractive and move them more quickly, some sellers have been cutting their asking prices precipitously and negotiating other add-ons into contracts