Luxury sales in the Hamptons have taken a hit thanks to a tax bill that put a cap of $10,000 on the federal deduction for state and local taxes, according to Mansion Global. Homes listed for $5 million or more “saw the fewest number of sales in six-and-a-half years” in the third quarter the outlet reported, citing a report released by Douglas Elliman. Inventory in the high end market, meanwhile, was up 143.4 percent in the third quarter year-over-year. “Right now in the Hamptons, it’s all about pricing — at every level,” Todd Bourgard, Douglas Elliman’s senior executive regional manager of sales for the Hamptons, said. [Mansion Global]
Hamptons luxury sales hit six-year low. Analysts blame the SALT cap.
Oct.October 25, 2019 01:29 PM
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