Manhattan home resales drop as tax overhaul sidelines buyers

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(Bloomberg) — Manhattan home resales fell in the fourth quarter as buyers wavered ahead of the expected tax overhaul and stood firm in their refusal to overpay.

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New Taxes on Vancouver & BC Real Estate Find out why Manhattan home sales plummeted in Q1 2018 – Photo: Robert Clark. manhattan home prices may have been down in the first quarter but there were also fewer buyers in the market. Quarterly Manhattan home sales fell to the lowest level in over six years and posted the largest annual decline in nearly a decade, according to a report released today by New york brokerage douglas Elliman.

The Republican tax bill, if enacted, could cause Manhattan home prices to drop by close to 10 percent, and make New Jersey and Westchester County prices decrease even further. That’s according to Moody’s Analytics researchers who spoke to the New York Times for its overview of the possible repercussions of the tax reforms on local real estate.

Resales in Canada fell to a six-year low last month, with just 436,500 units sold on a seasonally-adjusted basis, representing the fifth monthly sales decline in a row. Hogue blames new mortgage rules, higher interest rates and an expansion of Vancouver’s foreign buyer tax for the market’s poor performance.

Housing starts fall more than expected, permits steady U.S. homebuilding dropped more than expected in September. second straight monthly decline in permits and suggested homebuilding is likely to remain tepid. Economists polled by Reuters had forecast.

Manhattan's spring market offered sellers few bright spots. – The federal tax overhaul, which limits state, local and property tax deductions to US$10,000, was predicted to disproportionately affect homeowners in high-priced housing markets such as New York. Homeowners likely won’t notice the changes until 2019 taxes are filed, but the policy is already putting downward pressure on home prices, as the.

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The number of Manhattan sales rose for the first time in seven quarters as buyers rushed to close in time for the july 1 deadline for the mansion tax, according to Douglas Elliman’s latest market report for Manhattan co-ops and condos. It’s a big change from the story of the last six quarters, which saw year over year declines in sales.

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The companies say that sales are falling as potential buyers wait on the sidelines for the market to stabilize. overall more competitive market environment as resale inventories increase and.

FHFA adds to list of protected classes in inclusion rules *Also prohibits discrimination against individuals because of their association with with persons in the protected class. Housing for Older Persons Act (HOPA) Amended the Fair Housing Act to provide that housing intended for persons aged 55 or older no longer needs to have significant facilities and services designed for the elderly.

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