Cannabis and Real Estate Make a Profitable Combination
Real estate agents and property developers operating in the crowded LA housing market are always on the lookout for new ways to attract buyers. Only this time, they may have stumbled upon something big — cannabis in open houses.
Lately, real estate agents have been hosting a plethora of cannabis-themed parties at open houses aimed at luring prospective buyers to high-end luxury homes. One developer is even planning on incorporating hidden rooms for cannabis cultivation into their properties, aptly named “marijuana mansions.”
In September, guests at a $9.5 million mansion — located in the breath-taking Hollywood Hills neighborhood — were treated to a lavish seven-course meal. However, instead of wining and dining, they were in for a different kind of pairing. The lucky guests of this multi-million dollar home were served seven different cannabis vape flavors with each course. From the sweet, florally Grandaddy Purple strain to the potent Pineapple Express, potential buyers and agents enjoyed the taste of cannabis vapes and shared stories about the first time they smoked weed.
Some of the food was also infused with cannabis, and the guests were even offered soothing massages with CBD oil.
Supporters of this new trend said that the LA real estate market could benefit greatly from combining cannabis and property development, as well as sales. Many of the potential buyers in LA are active pot smokers and growers. Not to mention that the novelty of the idea is also enticing to non-smokers too, who might drop by a cannabis open house event out of sheer curiosity.
So far, this trend seems to be working. One real estate agent claimed he closed a deal on a house in Sherman Oaks just two days after he held a cannabis party there. Although the buyers weren’t smokers themselves, they saw images of the party on social media and became engrossed in acquiring the property themselves.
Agents and spec developers are slowly realizing there is money to be made from mixing property and cannabis. Consequently, as the popularity of cannabis grows, it is expected to make a resounding impact on other industries as well.