When NYC Mayor Bill de Blasio pushed through the controversial "Mansion tax" hike on expensive NYC properties, real-estate experts warned that it would hurt he housing market.
De Blasio's decision raised the mansion tax rate - officially known as the 'transfer tax' rate - from a 1% flat rate to a tiered system.
Now, Bloomberg warns that prices in some of the city's trendiest neighborhoods are in free fall.
In Tribeca, prices for used homes plunged 28% YoY, the largest drop of any neighborhood in the city.
While prices climbed for Astoria homes in Q3, prices fell for homes in TriBeCa.
While sales slowed in TriBeCa, they effectively ground to a halt on TriBeCa.
While the NYC housing market is collapsing, and certain other tony areas like Greenwich, CT and municipalities out east in the Hamptons, are also struggling, Goldman analysts pointed out that sales prices in other nearby counties are holding up OK. Meanwhile, as we've mentioned before, the share of listings in Manhattan that are seeing their current for-sale listing price on Zillow being lowered is expanding at an increasingly rapid rate.
https://www.zerohedge.com/markets/nyc-housing-bubble-explodes-tribeca-home-prices-plunge-28-new-taxes-bite
De Blasio's decision raised the mansion tax rate - officially known as the 'transfer tax' rate - from a 1% flat rate to a tiered system.
Now, Bloomberg warns that prices in some of the city's trendiest neighborhoods are in free fall.
In Tribeca, prices for used homes plunged 28% YoY, the largest drop of any neighborhood in the city.
While prices climbed for Astoria homes in Q3, prices fell for homes in TriBeCa.
While sales slowed in TriBeCa, they effectively ground to a halt on TriBeCa.
While the NYC housing market is collapsing, and certain other tony areas like Greenwich, CT and municipalities out east in the Hamptons, are also struggling, Goldman analysts pointed out that sales prices in other nearby counties are holding up OK. Meanwhile, as we've mentioned before, the share of listings in Manhattan that are seeing their current for-sale listing price on Zillow being lowered is expanding at an increasingly rapid rate.
https://www.zerohedge.com/markets/nyc-housing-bubble-explodes-tribeca-home-prices-plunge-28-new-taxes-bite
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