Manhattan - Summer Deals
Well the new transfer and mansion tax thresholds are now officially in place. So, what do we expect will be the actual effect? It's impossible to know at this point. That said, the higher tax rates, which do represent real money, should indeed place some downward pressure on pricing, if not for the very least to fairly reconcile value. However, once absorbed into our collective psyche as the new normal for the cost-of-doing-business, the market will continue to move at its moderate pace.
Although the first half of this year generally saw a measurably slower pace in luxury, the uber rich seem to be doing just fine, with a handful of super-luxury deals hitting the books prior to the July 1 deadline. The average price of a Manhattan apartments has fallen 5% in the last year and resale properties sold for the largest discounts to asking prices in the last nine years. Consequently, there is tremendous value out in the marketplace and summer is an extraordinary time to capitalize, while most of your competing buyers are sitting by the pool.
QUESTION:
Are you prepared to dive in? You should always know what you are in a position to buy or sell at all times. If you don't know, reacquaint yourself with the marketplace. What is your property worth? What can you afford to buy? Anyone interested in buying or selling, should be rolling up their sleeves to determine whether the time is right to sell or if there's a home or investment property out there for them.
See the full report by clicking on the link below:
#Manhattan #realestate #NYC #interestrates #january @BHSWorldwide #nycrealestate #manhattanrealestate #newyork #newyorkcity #nyc #bhs #brownharrisstevens #luxury #uhnw