An inside look at 6 of the extreme methods Los Angeles real-estate brokers are using to get the city's glut of mega-mansions off the market
Mega-mansions continue to pile up in Los Angeles.
It started back 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 $20 million or more, Katherine Clarke reported for The Wall Street Journal.Today, about 50 ultra high-end spec houses are being developed in posh neighborhoods like 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, as Business Insider's Hillary Hoffower recently reported.
Here are some of the ways they're trying to sell these massive mansions, from offering $100 million price cuts to throwing lavish parties.
Massive price cuts: Los Angeles-based brokers are selling mega-mansions at $100 million price cuts.
Movie trailers for mansions: They're producing elaborate, dramatic movie trailers filmed in the mansions.
Over-the-top parties: They're throwing lavish, $100,000 parties in hopes of attracting buyers.
Changing the home's energy: They're using sound baths, crystals, and plants to change the energy of homes that aren't selling.
Influencer-friendly events: They're hosting yoga classes for influencers at multimillion-dollar mansions.