Manhattan home resales drop as tax overhaul sidelines buyers

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The new tax law’s elimination of some tax advantages of owning property have brought about a standoff: buyers are becoming convinced that prices are due to fall, while sellers are unwilling to.

Existing-home sales decline for fifth time in six months US existing home sales rise after 6 months of decline – "After six consecutive months of decline, buyers are finally stepping back into the housing market," nar chief economist lawrence yun said in a statement, pointing to faster sales in the Northeast, South and West. Inventories fell slightly for the month to 1.85 million homes on the market but this was up from the 1.8 million year-ago level.

Meanwhile Manhattan condo resale prices hit a record high, and actress Jessica Alba’s non-toxic baby products company raised $70 million at a valuation just shy of $1 billion and is prepping for an IPO, according to Marketwatch, Over in Europe, Italy just had the lowest CPI print ever as the country slid back into recession and entered deflation.

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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.

The new tax code targets three key provisions that make owning a home financially attractive: It limits the mortgage-interest deduction to loans of $750,000 (down from $1 million); it creates a.

New Taxes on Vancouver & BC Real Estate Automakers’ March sales were surprisingly strong – Autoblog – Sales of the outgoing Leaf model were off sharply in the first quarter as buyers waited on the sidelines for the 2018 model to hit showrooms.

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The index measures change in resale prices for the same properties over time. It was the largest decline in the index since April 2010, when the index dropped 6.1%. The newfound bid for homes could be a sign that Manhattan’s market may be emerging from a drought of buyers, who had been previously been sitting on the sidelines, scared of.

Manhattan home resales tumble as US tax overhaul sidelines buyers Wed, Jan 03, 2018 – 1:37 PM [NEW YORK] 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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