08 May, 2017 posted by: CORE
If finalized, the new “Mansion Tax” will increase from 1% to 2.5%, but will apply only to homes over $2M (previously $1M). Any tax increase is met with skepticism, and in Manhattan taxes and fees are always hot topics.
From my experience, purchasers are buying new development apartments, with or without tax abatements. They want the product. They want to be the first owner who enjoys the apartment before any other owner. It is like a new car out of the showroom, they don’t want a used car.
– GREG MAYBAUM
Esq, Real Estate Closing Attorney
While the proposed tax rate is set to jump 150%, New York is still one of the least taxed super-cities on earth. With comparative rates as much as 5.6 times higher, NYC should remain the world’s most attractive city for luxury real state investment.
Based on 1M property purchase – Domestic Buyers; Source: JLL
IS THIS REALLY A “MANSION” TAX OR A “FLAT” TAX IN DISGUISE?
The average apartment costs $2M in Manhattan. For this reason, some claim this is a blanket tax on almost all flats. This could hold down values of sub $2M dwellings, and spur more rental inventory. It may also elevate consumer expectations for true luxury living, particularly on elite listings.
Sign up for Quoin to receive these insights early, in your inbox.
27 April, 2017 posted by: CORE
Tax Day may be behind us, but next month’s Quoin sets out to explore the in’s and out’s of New York City real estate tax. Look out for the reveal of the Manhattan condo currently on the market with the highest monthly tax. Subscribe below to receive the next issue of Quoin, out Monday!
31 March, 2017 posted by: CORE
Which New York City block has the most Starchitect buildings? This month, Quoin reveals this and other trends surrounding these critically-acclaimed architects and their projects in New York City real estate. Subscribe below to receive the next issue of Quoin, out Monday!
13 February, 2017 posted by: CORE
What one feature do 66% of CORE buyers value above any other? This month, Quoin explores bathroom trends in New York City real estate. It might seem strange to some but the smallest room in your home can either make a sale – or sink it. Subscribe below to not miss an issue!
20 January, 2017 posted by: CORE
Value in a home can be quantified differently. Different attributes add value in different ways. Quoin is a new report that analyzes these unique differentiating factors, one at a time. Every month, we will highlight a specific topic with facts and data supporting how it adds value, what buyers are seeking and trends worth tracking. Subscribe below to not miss an issue!