A mansion with an Ashton Martin, a Bentley or a McLean side seems too good to be true, but not for this Los Angeles real estate developer, who is tempting buyers to snap up a multi-million dollar home with the prize of a car. new. .
Homebuyers who are interested in purchasing a $16.5 million Mulholland Drive home in Beverly Hills by April 1 will also receive a 2023 Aston Martin Vantage, Aston Martin DBX 707, McLaren GT, or Bentley Bentayga. EWB if they can close the escrow by the end of the month. .
The limited-time offer is designed to circumvent the upcoming “mansion tax,” officially known as the ULA Measure, which goes into effect April 1 and immediately begins taxing luxury home sales.
Any home sold for more than $5 million will be subject to a four percent sales tax, while anything over $10 million will be taxed at 5.5 percent to help finance the construction of affordable housing for homeless people in the city.
Agents like Tatiana Derovanessia and sellers have been trying to find ways around the tax, from dividing up properties to selling less than $5 million to offering a luxury car to sweeten the deal.
Homebuyers who are interested in purchasing a $16.5 million home on Mulholland Drive (pictured) in Beverly Hills by April 1 will also receive a 2023 Aston Martin Vantage, an Aston Martin DBX 707, a McLaren GT or a Bentley Bentayga EWB if they can close escrow by the end of the month
The limited-time offer is designed to circumvent the upcoming ‘mansion tax,’ officially known as Measure ULA, which goes into effect April 1 and immediately begins taxing luxury home sales (Pictured: Mulholland Drive home)
Any home sold for more than $5 million will be subject to a four percent sales tax, while anything over $10 million will be taxed at 5.5 percent to help finance the construction of affordable housing. for the city’s homeless (pictured: Mulholland Drive house)
“We wanted to come up with a marketing strategy that would make sense with the house, which has this amazing 1,300-square-foot underground car gallery. So the buyer can choose one of these cars to put in the gallery,” Derovanessia told the Los Angeles Times of the Mulholland Drive mansion.
‘You get a house and a car. It’s a double whammy.
However, the promise of a luxury car only lasts until April 1. Otherwise, buyers can buy the house, but say goodbye to the free luxury car.
The famous plastic surgeon, Paul Nassif, finds himself in a similar situation. Under the new law, Nassif would be forced to dish out $1.54 million in transfer taxes on his $28 million Bel Air home, so the Botched star has resorted to offering a $1 million bonus to any agent who can sell it with success before April 1st.
Mark Wahlberg sold his Beverly Park home, believed to be in Los Angeles, in February for $55 million after listing it for $87.5 million. By lowering the price and selling it before April, Wahlberg managed to avoid the $3 million transfer tax, according to the Times.
Other sellers are offering agents higher commissions to push properties to amenable buyers. Even views from popular properties like Zillow and Redfin are making blatant references to the ULA Measure.
Agents like Tatiana Derovanessia and sellers have been trying to find ways around the tax, from dividing up properties to selling less than $5 million to offering a luxury car to sweeten the deal. She is offering a luxury car to the buyer on Mulholland Drive.
Mark Wahlberg sold his Beverly Park home, believed to be in Los Angeles, in February for $55 million after listing it for $87.5 million. By lowering the price and selling it before April, Wahlberg managed to avoid the $3 million transfer tax.
Like Derovanessia’s listing, which begins in all caps: “ANNOUNCING AN INCREDIBLE OFFER FOR LIMITED TIME BUYERS,” many are doing everything they can to skirt the law.
“A lot of it is just marketing hoopla,” agent Billy Rose told the Los Angeles Times.
“It’s a horrible look for our industry,” Anthony Marguleas of Amalfi Estates told the Times.
Despite the surge in listings for homes above $5 million that nearly doubled this year, the luxury home market is suffering from sales.
Fewer than 25 homes for over $5 million have sold this year and just 22 for over $10 million, according to the Los Angeles Times.
“I’ll do anything to sell,” an anonymous seller told the Times. This market is a disaster.
However, supporters of the ULA Measure, such as Professor Peter Dreier, who worked with the drafters of the bill, say it is ridiculous that agents and sellers are working so hard to sell properties before April 1.
“Billionaires are giving away luxury cars to avoid a tax that helps people sleep in their cars,” Dreier told the Times.