Summary of the Luxury Real Estate Drama
Highlights:
- High-end luxury real estate sales were a knockout in New York City and Palm Beach this year. It’s probably all of the billionaires looking for more storage space for their designer suits.
- Los Angeles didn’t handle the drama well. It seems like it got its extensions tangled up because of the new mansion tax and didn’t even make the “hot-spot” list.
- The new mansion tax in LA has done more harm than good. It’s like a bad cosmetic procedure – people are turning away, disinterested in the results.
- Strangely, no one mentioned San Francisco or Silicon Valley, the tech-nerds’ playground. Seems like they are more into virtual real estate these days.
The Crux of the Matter:
It’s been a glitzy, diamond-encrusted year for luxury real estate in some parts of the country. New York City has been dancing around like a prom queen, hosting the largest number of high-end sales. Meanwhile, Palm Beach, with its new designer beachwear, has also been attracting gazes (and dollars!).
However, Los Angeles has been behaving like an ousted celeb, with reduced interest in its lavish mansions due to the recent tax reforms. I guess folks don’t appreciate a surcharge on their Versace-themed indoor pools and Playboyesque grottoes.
And guess what’s the biggest surprise? The tech Mecca, Silicon Valley, didn’t even get an invite to the party this year! Guess Bitcoin hasn’t bought them actual mansions just yet!
The Curtain Call:
Bringing the spotlight back onto our drama-filled stage, I can’t help but chuckle at the irony of Los Angeles, the city of beautiful (and expensive) dream-making, being sidelined due to a mansion tax. Who could’ve predicted that getting taxed for luxury would not be appealing? Oh right, just about everyone with a functioning calculator.
New York City and Palm Beach, however, continue to win the popularity contest, being loaded with more shiny new toys than a Kardashian Christmas morning.
As for our tech wizards, they seem more interested in conquering the virtual world rather than investing in posh neighbourhoods. Wonder if they plan on converting those Bitcoins into brick and mortar any time soon.
So folks, it seems like the world of luxury real estate might need to anticipate more such plot twists. We can’t wait to see who gets the lead role in the next season! Till then, keep the popcorn popping!
Original article: https://www.inman.com/2023/12/29/the-31-biggest-residential-deals-of-2023-commanded-50m-or-more/
