Sunset in Suffolk County.
The Hamptons have seen their “slowest market conditions since the financial crisis” so far this year, CNN Business reported, citing a report from Douglas Elliman. The report attributed the lull to the tax bill passed in 2018 that put a $10,000 cap on the federal deduction for state and local taxes, as well as “year-end volatility.” “Any time there is a new tax law, you’ll find buyers sitting on the sidelines waiting to see how it shakes out,” Todd Bourgard, Douglas Elliman’s senior executive regional manager of sales for the Hamptons, told the outlet. The slump, however, has been a boon for buyers, who got “an average discount of 10.4 percent off the original listing price” in the second quarter of 2019, the outlet reported. “It is definitely a buyer’s market and they have the upper hand,” Sotheby’s agent Deborah Srb told the outlet. [CNN]