Luxury home remodels on the rise as owners avoid ULA tax

As the impacts of Measure ULA continue to impact Los Angeles real estate, new strategies to avoid the property transfer tax are emerging — including luxury homeowners choosing extensive remodels over selling. While this can mean more business for contractors, brokers are feeling clients’ hesitancy to ink deals. Oren Levy — founder of Gesh Group, a luxury homebuilder that also remodels existing single-family assets — has seen this play out.  Prior to Measure ULA going into effect, Levy said his firm’s projects were about 80 percent new development and 20 percent remodels. Now, that’s changed to about 60 percent remodeling […]

This article originally appeared on The Real Deal. Click here to read the full story.