- Los Angeles has a surplus of mega-mansions and not enough people to buy them, Katherine Clarke reported for The Wall Street Journal.
- Real-estate brokers are going to extreme lengths to get these luxury homes off the market.
- They’re throwing lavish $US100,000 parties to attract buyers, using sound baths and crystals to change a home’s energy,slashing prices by millions, and even resorting to putting the massive mansions up for rent instead.
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Mega-mansions continue to pile up in Los Angeles.
It started in 2014 and 2015, when a couple of high-profile, high-price-tag sales to foreign buyers prompted a flurry of construction of massive homes priced at $US20 million or more,Katherine Clarke reported for The Wall Street Journal.
Today, about 50 ultra-high-end spec houses are being developed in posh Los Angeles neighbourhoods such as Beverly Hills, Bel-Air, and Brentwood, and there aren’t enough ultra-wealthy buyers wanting to buy them.
To get them off the market, real-estate brokers are resorting to increasingly inventive tactics to get them off the market, Business Insider’s Hillary Hoffower recently reported.
Here are some of the ways they’re trying to sell these massive mansions, from offering $US100 million price cuts to throwing lavish parties.
Massive price cuts: Los Angeles brokers are selling mega-mansions at $US100 million price cuts.
A Bel-Air mansion nicknamed “Billionaire” went on the market more than two years ago for $US250 million, making it the most expensive listing in the US at the time.
But it wasn’t selling, so 15 months later, it got a $US62 million price cut.
And earlier this year, it got yet another price chop, bringing the asking price down to $US150 million – a whopping $US100 million less than its original asking price.
“Today’s billionaire and mega-wealthy homebuyer just isn’t ready to spend $US200 million on a home at this current place in time so we’ve relisted it with a price tag that will open the door to a significantly larger audience,” the developer Bruce Makowsky said in a press release.
Movie trailers for mansions: They’re producing elaborate, dramatic movie trailers filmed in the mansions.
“We produced the world’s most-watched real-estate trailer viewed over 3 million times worldwide that caused shockwaves through the industry,” Ali told Business Insider. “Some loved it; some hated it. Buzzfeed said it was ‘the most extra thing ever.'”
Over-the-top parties: They’re throwing lavish $US100,000 parties in hopes of attracting buyers.
With the help of Ali, the luxury-real-estate agents Rayni and Branden Williams of Hilton & Hyland throw outrageous exclusive parties in hopes of attracting potential buyers.
In February 2019, about 500 guests were invited to a mysterious bash at the $US55 million mansion of the developer Nile Niami, where they found aquatic performers, virtual-reality experiences, an edibles bar, and a camel.
The event did attract a potential buyer, Williams told The Hollywood Reporter.
Changing the home’s energy: They’re using sound baths, crystals, and plants to change the energy of homes that aren’t selling.
The Williamses took on a listing on Oriole Way after it had been sitting on the market for a year. They started by changing the home’s energy.
“First of all, we did an energy cleansing of the house where we took out all the bad energy,” Rayni told Business Insider. “We crystallised it with geodes that brought in great energy. We pumped through beautiful music in the sound system to get it happy and make this beautiful warm setting.”
She said she added live plants to bring “real life into the home.”
They also shot a movie trailer for the home, and it sold 45 days after the Williamses put it on the market for $US27 million, just below its asking price of $US27.95 million, Rayni said.
Influencer-friendly events: They’re hosting yoga classes for influencers at multimillion-dollar mansions.
With wellness increasingly being seen as the ultimate luxury, it’s perhaps no surprise that the industry has extended to selling homes.
As the Society Group’s Ali put it, “Los Angeles is all about health,” and the latest trend in mansions is having a home “that makes you healthier.”
This spring, at a $US24 million mansion for sale on Blue Jay Way, Rayni and Branden Williams hosted a “Mansion Manifestation” event, where they invited influencers in for a yoga class at the home with a celebrity instructor, presumably with the hopes that they’d post about the home on Instagram.
Considering their options: They’re even putting mega-mansions up for rent — for up to $US1.5 million per month.
A 34,000-square-foot Bel-Air home, which was built in 2018 by the Los Angeles-based plastic surgeon Raj Kanodia, was previously listed for sale for $US180 million.
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