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Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Manhattan home prices in "near freefall" as average dives below $ 1 million

Manhattan home prices in "near freefall" as average dives below $ 1 million



The average sale price of a home in Manhattan has fallen below $ 1 million over the past three months amid the introduction of new high-end real estate taxes, according to a market analysis released Wednesday.

The average price of $ 999,950 was a 17% decrease compared to the same period last year, CORE Real Estate reports.

Condo sales also declined 8% to 946, while the largest deals, with four or more bedrooms, were the largest deals, with average and average prices down 20%, CORE notes.

"The third quarter of 2019 was undoubtedly the most difficult quarter in recent memory, especially for condo sales," said Garrett Derderian, CORE's managing director of market analysis. [1

9659002] “Market prices have gone from what was once described as the best, least corrective, to a near-free fall. The last such conditions were described in such a way that he was in the midst of an economic downturn. "

Valuer Jonathan Miller, who prepared quarterly market analysis of Douglas Elliman Real Estate, said his data showed the average selling price of a Manhattan townhouse Miller noted that 45 fell. , 8%, to $ 3.5 million.

In addition, only 36 deals were closed, down 33.3% from last quarter.

July 1 1-percent "mansion tax" on homes cities that sell for $ 1 million or more have been replaced by lows rates of 4.15% according to the signed state budget for 2019-2020 by Andrew Cuomo's Government

State tax on residential real estate transfers for sale in excess of $ 3 million Taxes (SALT), which came into force in the past

The salt tax [cap] was extremely damaging to the market, and additional mansions and transfer taxes also caused a pause for people, "said Pam Liebman, president and CEO of the Corcoran Group brokerage.

Liebman also said Quarter numbers were artificially lowered because "in June we were buying so much suburban tax."

"I don't think anyone has to worry that this is a cataclysmic event," she said.

Leading broker Dolly Lenz agreed, saying, "Everyone who planned to buy already bought."

"But people scared of the mansion have to calm down. It will be spent in a few months," she added.


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