The Real Deal New York

Multifamily properties in Westchester are selling “like hotcakes”

October 24, 2018 02:47PM

The tax law passed nearly a year ago continues to have wide-reaching impact on buyer behavior, with real estate investors in Westchester county increasingly buying up multifamily properties, according to Bloomberg. Houlihan Lawrence broker Candace Evans told the outlet that two- to four-family homes are selling “like hotcakes.” Sales of this housing stock rose 28 percent year over year, according to Douglas Elliman’s third quarter report. Experts say the uptick is likely due to rules within the new tax law that allow owners using properties for rental income only can avoid the $10,000 cap on state and local tax deductions enacted for investment properties. [Bloomberg]