Manhattan home resales drop as tax overhaul sidelines buyers

The number of Manhattan sales rose for the first time in seven quarters as buyers rushed to close in time for the july 1 deadline for the mansion tax, according to Douglas Elliman’s latest market report for Manhattan co-ops and condos. It’s a big change from the story of the last six quarters, which saw year over year declines in sales.

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Manhattan Home Resales Tumble as Trump Tax Overhaul Sidelines Buyers. Buyers who did commit to a purchase held out for the best deal. More than 88 percent of homes that changed hands in the quarter did so at or below the asking price, the firms said. Resellers offered discounts of 5.7 percent on average, compared with 4.5 percent a year earlier. The median price for resales was $916,425, up 1.8 percent.

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HOME resales in Manhattan fell in the final three months of 2017 as buyers wavered ahead of the expected tax overhaul and stood firm in their refusal to overpay. Sales of previously owned condos and co-ops dropped 11 per cent from a year earlier to 2,127, appraiser Miller

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Brown Harris Stevens, in a joint report Tuesday with Halstead, said previously owned Manhattan apartments sold at the biggest discounts off their asking prices in five years in the second quarter. On the upper east side, the median price for three-bedroom resales tumbled 16% from a year earlier to $3.075 million, according to the report.