Multifamily properties in Westchester are selling “like hotcakes”

New York /
Oct.October 24, 2018 02:47 PM

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]


Related Articles

arrow_forward_ios
eXp CEO Glenn Sanford and Corofy CEO Eddy Boccara (eXp, Corofy, iStock)
Some like it hot: Influx of agents into Hudson Valley accelerates in September
Some like it hot: Influx of agents into Hudson Valley accelerates in September
Trump Plaza New Rochelle at 175 Huguenot Street and Donald Trump (Getty, Anthony22/Wikimedia)
Trump Plaza New Rochelle dumps Trump Org as property manager
Trump Plaza New Rochelle dumps Trump Org as property manager
Parc Grove apartments, PGIM CEO David Hunt and Pacific Urban Residential CEO Al Pace (Photos via Parc Grove, PGIM, RETCON)
PGIM gets $154M for Stamford apartments as rental market heats up
PGIM gets $154M for Stamford apartments as rental market heats up
Additional reason for the slowdown in contract signings is shrinking inventory, which is likely to make the market even more competitive. (iStock)
As inventory shrinks, suburban NYC home market calms down a bit
As inventory shrinks, suburban NYC home market calms down a bit
Professor Randolph M. McLaughlin ro Newman Ferrara LLP and Aaron Carr of HRI (Getty, Facebook, iStock)
Lawsuit accuses Westchester landlords, brokers of Section 8 discrimination
Lawsuit accuses Westchester landlords, brokers of Section 8 discrimination
Finger and Finger principal Kenneth Finger and landlord activist Jeff Hanley with Westchester (Credit: iStock)
Westchester group lobs its own constitutional challenge to New York’s rent law
Westchester group lobs its own constitutional challenge to New York’s rent law
Lana Zakocela and Justin Etzin in front of their former New Castle home (Credit: Getty, Zillow)
The Seychelles to auction off estate at a discount after diplomat’s divorce
The Seychelles to auction off estate at a discount after diplomat’s divorce
Westchester & Fairfield Cheat Sheet: White Plains YMCA site set for $100M apartment complex, $48M Greenwich sale is priciest in 5 years… & more
Westchester & Fairfield Cheat Sheet: White Plains YMCA site set for $100M apartment complex, $48M Greenwich sale is priciest in 5 years… & more
Westchester & Fairfield Cheat Sheet: White Plains YMCA site set for $100M apartment complex, $48M Greenwich sale is priciest in 5 years… & more
arrow_forward_ios

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

Loading...