Manhattan home resales drop as tax overhaul sidelines buyers

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HOME resales in Manhattan fell in the final three months of 2017 as buyers wavered ahead of the expected tax overhaul and stood firm in their refusal to overpay. Sales of previously owned condos and co-ops dropped 11 per cent from a year earlier to 2,127, appraiser Miller

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And his words to wise prospective first-time buyers: He would wait to buy: Home prices are still coming down, and if you need to borrow money, we could be talking about lower interest rates, tax.

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. Sales of previously owned condos and co-ops dropped 11% from a year earlier to 2,127, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Wednesday.

Good/Bad Housing Markets In 2014 May Be a Surprise

Manhattan Home Resales Tumble as Trump Tax Overhaul Sidelines Buyers. Buyers who did commit to a purchase held out for the best deal. More than 88 percent of homes that changed hands in the quarter did so at or below the asking price, the firms said. Resellers offered discounts of 5.7 percent on average, compared with 4.5 percent a year earlier. The median price for resales was $916,425, up 1.8 percent.

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Federal tax overhaul curbs 2018 sales in NYC – Curbed NY – The federal tax overhaul appears to be affecting New York real estate already. Namely, New Yorkers aren’t buying-the past three months marked Manhattan’s lowest sales quarter total in more than six years as well as the largest annual decline in nine years according to the newly released market reports for the first quarter of 2018.

Tempered spring fever – A ferrous scrap buyer in the Great Lakes and ohio valley regions reports. In other cases, according to AMM, some domestic mills sat on the sidelines in early May in anticipation of paying even less.

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