Los Angeles has a megamansion problem. rappensuncle/Getty Images
Los Angeles has no shortage of multimillion-dollar mansions, but its growing inventory is becoming a headache for developers and real-estate agents.
The surplus of LA mansions sitting on the market, reported Katherine Clarke for The Wall Street Journal, began with “a couple of local megawatt deals” to foreign buyers in 2014 and 2015, which prompted the development of larger, more expensive homes exceeding $20 million.
And there’s more to come — 50 ultra high-end spec houses are currently being developed in the city, Clarke reported. These megamansions, not all of which are completed, can be expected to cost anywhere from $35.5 million to $500 million.