New Los Angeles ‘mansion tax’ has some sellers racing to close

LOS ANGELES, CA - In the rarified air of luxury Los Angeles real estate, 30 days is a common closing timeline and two weeks would be speedy, explained Billy Rose, who’s guided buyers and sellers through high-end home purchases for years.

This week, work for Rose’s brokerage firm, The Agency, included two deals that went to closing in three days. There was one for $8.6 million and another for $14 million, said Rose, the co-founder and vice chairman. Both were cash transactions.

The catalyst is the City of Los Angeles’ “mansion tax,” a transfer tax that takes effect April 1.

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