A Los Angeles megamansion that's been on the market for 2 years just raised its price by $20 million. Yes, you read that right.
A Los Angeles megamansion that's been on the market for two years just upped its asking price by almost $20 million.
It's now asking $79.9 million, or $19.9 million more than the $59.9 million it had been listed for since May 2019.
Since it was first listed, developer Nile Niami, known for building extravagant Los Angeles megamansion on spec, has slashed the home's price several times, first by $15 million, then again by another $20 million. In May, he reduced it again by another $5.1 million.
The house's listing agents, Rayni and Branden Williams of Williams and Williams, say Niami saw a change in the market and felt like the home was worth more than $59.9 million.
"The plot of land next door sold for $30 million and the land across the street sold for $25.5 million having no homes on them," listing agent Rayni Williams of Williams and Williams told Business Insider. "For that reason Mr. Niami raised his price."
Branden Williams told The Real Deal that "just to get dirt up here is roughly 30 million bucks. The value keeps peaking and [Niami felt] that the property should be worth more, so that's why he changed the price."
The price increase comes amid a surplus of luxury real estate across the US.
As Business Insider's Hillary Hoffower recently reported, Los Angeles mansions, New York City penthouses, Miami condos, and luxury ranches out west aren't selling.
This abundance of high-end real estate could be a red flag for an upcoming recession.
"If high-income consumers pull back any further on their spending, it will be a significant threat to the economic expansion," Mark Zandi, chief economist at Moody's Analytics, told CNBC.
The now-$79.9 million home sits in the ritzy Trousdale Estates section of Beverly Hills.
The median price of homes currently listed in Beverly Hills is $6.9 million, according to Zillow.
In the living room, a retractable glass wall opens up to showcase the home's unimpeded view. On the other wall, a TV comes down from the wall and rotates a full 360 degrees.
Source: Hilton & Hyland
It allows you to watch TV and admire the view at the same time, Niami told Business Insider back in 2017.
Source: Business Insider
Niami created a luxurious wellness center in the home that includes hot and cold plunge pools, a steam and massage room, and a beauty salon that has all the facilities in place to have beauty treatments done at home.
Source: Business Insider
It also includes a fitness center.
The home's expansive master suite opens directly into an outdoor space with a fire pit. "I wanted to build the buyer a bedroom where they would wake up to an unobstructed Los Angeles sunrise every morning," Niami told Business Insider in 2017.
Source: Hilton & Hyland, Business Insider
Last but not least, the megamansion comes with a "car museum" that has space for 10 vehicles.
Source: Hilton & Hyland, Business Insider
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