Doubts over tax cuts boost property sales

New York /
Nov.November 09, 2010 01:30 PM

President Barack Obama

With uncertainty surrounding the status of federal tax cuts, longtime U.S. property owners are testing the sales market, setting the stage for a jump in transactions, followed by a decline, Robert Knakal told Crain’s. Knakal, chairman of Massey Knakal Realty Services, said his brokerage firm has already seen a surge in deals, with contract signings reaching their highest monthly totals in three years. “This is just like ‘cash for clunkers’ or the first-time homebuyers’ tax credit,” Knakal said. “It’s essentially going to steal activity from the beginning of next year to the end of this year.” President Barack Obama has proposed ending the tax cuts enacted by George W. Bush for families making more than $250,000 a year and raising levies on capital gains, which include real estate profits, to 20 percent from 15 percent for those same earners. Republicans want to make the reductions permanent for all Americans. Congress will continue debating the issue when it returns for a session starting Nov. 15. [Crain’s]

 

Related Articles

arrow_forward_ios
75 Park Lane South (Plaza Construction)
This year’s top-selling Hudson County homes
This year’s top-selling Hudson County homes
(Illustration by The Real Deal with Getty)
Housing affordability hits 33-year low
Housing affordability hits 33-year low
13000 and 13001 Lewin Lane (Photos via Jills Zeder Group)
#Twinning: Identical brothers asking $54M for side-by-side mansions
#Twinning: Identical brothers asking $54M for side-by-side mansions
Zillow's Rich Barton and Opendoor's Eric Wu (Zillow Group, LinikedIn, Getty)
After iBuying debacle, Zillow partners with Opendoor
After iBuying debacle, Zillow partners with Opendoor
From left: Opendoor CEO Eric Wu and FTC chair Lina Khan (Getty Images, Opendoor)
FTC slaps Opendoor with $62M fine for “misleading” sellers
FTC slaps Opendoor with $62M fine for “misleading” sellers
NAR CEO Bob Goldberg (NAR, Getty Images)
Agents notched 25% income bump in frenzied 2021
Agents notched 25% income bump in frenzied 2021
(Photo Illustration by The Real Deal with Getty Images)
Long Island, Hamptons sales slow and listings tick up
Long Island, Hamptons sales slow and listings tick up
(Getty/Illustration by The Real Deal)
TRD Pro: Bronx neighborhoods ranked by average home sale price
TRD Pro: Bronx neighborhoods ranked by average home sale price
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...