The high-end real estate market is suffering, with a glut of over-built and over-priced mansions in many of the country's most affluent ZIP codes.
After the boom years of 2014 and 2015, developers and investors went on a massive building spree to create ever-larger and ever-more expensive homes. But now, with foreign buyers fading and tax changes making it more expensive to live in high-tax states, the legions of modern white spec-mansions are becoming the white elephants of the housing market.six straight quarters of sales declines
But Bel Air has become the capital of the luxury building boom, and Kanodia one of its most visible symbols. "The house is built with the same millimeter precision of the beauty I like to create," he said. "I like to create beauty, it's a sense of euphoria for me." Now, with so many newly built spec homes on the market — many with nearly identical white-box designs by architect Paul McLean — buyers feel no urgency to make deals. Spec builders like Kanodia are sitting on massive properties with large loans and maintenance costs. A house next door, built by fashion magnate Bruce Makowsky, had been listed in 2017 for $250 million, but he's cut the price to $150 million.
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