Agents and developers embrace high society cannabis culture

Homesellers and spec developers in Los Angeles are embracing a growing haute-cannabis culture to attract buyers to their spreads.

Agents are hosting cannabis parties and open houses for high-priced luxe homes, inviting prospective buyers to sample a cornucopia of pot-infused food and treats, and some developers are building cannabis cultivation operations akin to wine cellars right into their projects, according to the Wall Street Journal.

Guests at a recent event at a $9.5 million mansion in the Bird Streets were greeted by a seven-course meal, with each course paired with a different flavor of cannabis vape. Some of the food itself was made with cannabis products and guests were offered CBD-oil massages.

While it might not be for everyone, the quasi-risque nature and novelty is part of the appeal and helps boost visibility of the property in a crowded and soft high-end market.

Revel Real Estate’s Ben Quibrera said he closed a deal for a Sherman Oaks home two days after hosting a cannabis-themed party there. The buyers weren’t smokers, but found the property after their agent saw photos of the party on social media.

Spec developers are buying in too. Huntington Estate Properties’ Ramtin Ray Nosrati plans to build hidden rooms for cultivation and lounging into five spec projects in L.A.’s expensive hillside neighborhoods. At least one client had reservations about building one into his home though, so Nosrati is turning it into an indoor garden for vegetables and herbs. [WSJ] – Dennis Lynch