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Manhattan Property Sales Spike on Fears of Tax Hikes

By Ironman (137/145 = 94% civil)   2013 Jan 3, 7:00am   ↑ like   ↓ dislike (1)   437 views   1 comment   watch (0)   share   quote  

Fears of tax hikes in 2013 sent sales of high-end Manhattan properties soaring.

Manhattan. REUTERS/Gary Hershorn Total sales of both co-ops and condominiums jumped 40 percent in the fourth quarter of 2012 year from the same period in 2011, according to a new report from Brown Harris Stevens. The average co-op price of $1,285,426 was 12 percent higher than a year ago, while three-bedroom and larger co-ops saw a 34 percent price leap.

"It was the most active fourth quarter I have ever experienced in my entire career," said Dolly Lenz, vice chairman of Douglas Elliman. "Although at different ends of the market, the looming fiscal cliff, just like the first time home buyer tax credit, effectively stole sales from the future. I now expect the market to stabilize both in terms of activity and prices. But we still have a long way to go before we can declare that the housing market has fully recovered."


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1   SkyPirate   2013 Jan 4, 4:13am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

Interesting theory... are the rich "laundering" their money by buying real estate to avoid taxes in some way? How would this work?

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