Netflix's Selling Sunset Emma Hernan Foresees 2024 as Buyers' Sweet Spot in LA Luxury Real Estate After Mansion Tax Woes

Emma Hernan, the real estate powerhouse featured on Netflix's "Selling Sunset," reveals the trials and triumphs of the luxury Los Angeles real estate market. While 2023 brought challenges such as soaring mortgage rates and the dreaded mansion tax, Hernan sees a potential "sweet spot" for buyers in 2024.

Emma Hernan's Unique Path

Before becoming a star agent for the Oppenheim Group, Emma Hernan, a self-made multimillionaire and former model, ventured into real estate through savvy investments in stocks and startups. Transitioning effortlessly from the stock market to real estate, Hernan's success story is not just confined to high-profile property deals but extends to her ownership of a Boston-based vegan food manufacturing company, Emma Leigh & Co.

A Nightmare for Luxury Real Estate

The introduction of the mansion tax in Los Angeles became a significant hurdle for agents and developers alike. With rates ranging from 4% to 5.5% for properties exceeding $5 million, the tax posed financial challenges and deterred developers from pursuing profitable ventures. Despite its noble intent to fund affordable housing and homelessness prevention, the mansion tax exacerbated the already high costs of Los Angeles properties.

Emerging Opportunities in 2024

Despite the hurdles, Hernan points to a silver lining for buyers as mortgage rates drop and the market stabilizes. Buyers outside the mansion tax territory can secure better deals, and Hernan advises clients to capitalize on favorable interest rates. With an optimistic outlook, she anticipates a resurgence in real estate activity in 2024, with buyers and sellers venturing back into the market after a sluggish 2023.

Emma Hernan's 2024 Plans

As Hernan prepares for 2024, she anticipates her best year yet. Not confined to selling homes, she plans to expand her real estate portfolio with more investment properties. However, looming changes in the real estate industry, particularly the potential transformation of commission structures, add an element of uncertainty. Reflecting on challenges faced in 2023, Hernan hopes for well-thought-out decisions that will benefit the industry and ensure its resilience in the face of change.