Will new mansionization rules slow the rise of LA spec homes?

Restrictions could hurt the value of teardowns

The Owlwood estate in Los Angeles (via Douglas Elliman), Bob Shapiro (via BusinessWire) and Sonny and Cher (via Getty Images)
The Owlwood estate in Los Angeles (via Douglas Elliman), Bob Shapiro (via BusinessWire) and Sonny and Cher (via Getty Images)

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From the Los Angeles website: Expansive spec homes dominated the highest end of the Los Angeles luxury market in 2016, accounting for six of the 10 priciest transactions, according to The Real Deal’s analysis of MLS data. But two pieces of new legislation threaten to slow their quick rise. [more]