Tags: Trump Tax Reform | brooklyn | manhattan | republican

NY Luxury Home Prices Down 10 Percent

NY Luxury Home Prices Down 10 Percent
(Serban Enache/Dreamstime)

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Wednesday, 28 March 2018 06:28 PM Current | Bio | Archive

Following the passage of the Republican tax cut plan, luxury home prices in New York City have fallen an average of 10 percent.[1] Olshan Realty reports that it’s the biggest decline observed in the six years of available data.

The firm’s president, Donna Olshan, believes that the prices may fall even further before sales are completed. "Most things at $4 million and above are selling 15 to 20 percent below the original ask."

While the tax plan passed in December cuts taxes for most Americans, it eliminates the state and local tax deductions for upper-income Americans. As a result, owners of luxury homes in high-tax states now pay significantly higher taxes on their property. Higher taxes make the property less valuable.

Before the new tax law was passed, 88 percent of the benefits from state and local tax deductions went to upper-income Americans. The law passed in December retained the full benefits of those deductions for middle- and lower-income Americans.

The Olshan study defines luxury homes as those priced at $4 million or more.

  1. Bloomberg, "The Manhattan Luxury-Home Market Is Screaming: I'm Overpriced!" March 23, 2018

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Owners of luxury homes in high-tax states now pay significantly higher taxes on their property. Higher taxes make the property less valuable.
brooklyn, manhattan, republican
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2018-28-28
Wednesday, 28 March 2018 06:28 PM
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