Experts say home prices will fallSales are down, inventory is rising and many prospective buyers and sellers have a simple question: Will home prices fall?
Such predictions mark a shift from earlier this year, when there was greater expert agreement that rising mortgage rates would. That is: Prices would keep climbing but less than they had in the last two years. When the megamansion known as “The One” was auctioned off in March for less than half its $295-million list price, it wasn’t just a deal for the buyer: It set the stage for what is turning out to be a nasty fight among creditors,The $141-million sale of the 105,000-square-foot property to L.A. fashion mogul Richard Saghian meant that some major lenders of the bankrupt Bel-Air project could be out of the money, given claims against the estate totaling more than $250 million.
Records show the seller is Dan Goldfarb, a cannabis entrepreneur best known for founding Canna-Pet, which sells hemp products designed for animals. He bought the iconic estate for $4.7 million in 2018 with plans to turn it into a cultural hub for art and events.
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