Even the richest Americans fight with today’s real estate market. Take James Jannard, the billionaire from Luxury Eyewear and Beard Brand Oakley, Oakley.
Jannard, who is worth a valued 1.3 billion US dollars accordingly ForbesPresent Just listed again His megamansion in Beverly Hills for a breathtaking $ 65 million. Nevertheless, this is a decline of the 68 million US dollars that he originally listed in June 2024.
Getty Images – Lee Celano/Wirmage for Oakley
He fell victim to a challenging trend on the luxury apartment market, where many of the most wasteful and expensive houses in the country are too high when they come onto the market. And now Jannard is losing the proceeds he had expected when he listed the house for the first time.
For what it is worth, Jannard paid $ 19.9 million for the Property In December 2009, even if he manages to find a buyer at a price of $ 65 million, he will make a pretty penny for the extensive five-bed-nine bathroom Concrete megamansion This extends over more than 18,000 square meters and almost two morning in one of the most sought -after quarters in Los Angeles. The luxury real estate company The Altman Brothers based in Orange County represented the list last year.
The current listing agent on the property is Aaron Kirman with Christies International Immobilien Several lists Of more than 100 million US dollars in the Los Angeles area. Kirman and Jannard did not answer immediately Assets‘S inquiries about comments about the property.
Other ultra -rich house sellers recently forced to lower their list prices. In May, Jennifer Lopez and Ben Affleck Falled the price From your 60 million dollar -Beverly Hills -Herrenhaus for 8 million US Reduced the price of his Manhattan Penthouse by almost 40% to 38.5 million US dollars.
The real estate market factors influence sellers
While we do not fully get out of a seller’s market, the tides have started in favor of buyers, since the lists stay on the market for longer and price reductions are becoming more common, so that is. Realor.com.
For this reason, price waste is not surprising, especially on the luxury market of Los Angeles, on which buyers have more levers, said Anthony Luna, CEO of La in La, real estate Coastline Equity, said. Assets.
“Square and celebrity status justify prices that are no longer inflated,” he said. “Buyers want intelligent design, improved systems and long -term value.”
The manor house tax in LA, which uses additional taxes of 4% for sales of at least $ 5 million and a tax of 5.5% for real estate north of USD 10 million, further complicates sales and pricing in the real estate state. The costs for the tax, which is usually paid by the seller, are separated from the sales price of a house and can be a “massive amount of money” that can be. Sell sunset Stern- und Oppenheim group agent Emma Hernan before told Assets. She also described it as a “nightmare” for sellers and agents.
Hernan said she warns her customers of Villa tax before preparing for the sale. For example, take a house with 5 million US dollars. The seller would have to pay an additional $ 200,000 that he “didn’t really take into account when they bought the house because the Villa tax was not involved,” said Hernan.
The trend of the luxurious price price, like that of Jannard, Murdoch and Lopez, drops something bigger about the real estate market: a greater correction, said Luna.
“The luxury market is no longer about vanity. It’s about value and security,” he said. “Buyers reckon and call the bluff.”
