Million Dollar
Homes

'Selling Sunset' star Emma Hernan discusses challenges in high-end Los Angeles real estate, citing the mansion tax as a 'nightmare.' The tax, adding 4-5.5% to multimillion-dollar property sales, impacted business significantly. Hernan, a real estate investor and businesswoman, highlights the complexity of luxury real estate sales, emphasizing the burden of high mortgage rates and the mansion tax.

Despite hurdles, Hernan sees potential in 2024 for real estate purchasers, citing better property deals and lower mortgage rates. She advises clients to consider refinancing rates and expects increased buyer activity in the coming year. However, looming changes in real estate agent commissions, prompted by a $1.8 billion verdict, add an element of uncertainty to the industry's landscape.

Remaining optimistic, Hernan plans further real estate investments in 2024. She emphasizes her unique position as a real estate agent and investor, navigating evolving industry dynamics. While acknowledging potential challenges, Hernan encourages a careful approach to industry changes, drawing parallels to past setbacks and decision-making.

Insights from Emma Hernan shed light on the complex dynamics of Los Angeles real estate, offering a perspective on challenges and opportunities in the market. As the industry evolves, real estate professionals like Hernan navigate uncertainties while anticipating positive shifts in the real estate landscape.