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Los Angeles has a surplus of pricey mega-mansions on the market and not enough buyers.
- 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 $100,000 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 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.