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NYC Property Sales Spike on Tax Hike Fears


Fears of tax hikes in 2013 sent sales of high-end Manhattan properties soaring.

Total sales of both co-ops and condominiums jumped 40 percent in the fourth quarter of 2012 year from the same period in 2011, according to a new report from Brown Harris Stevens. The average co-op price of $1,285,426 was 12 percent higher than a year ago, while three-bedroom and larger co-ops saw a 34 percent price leap. (Read MoreAmerica’s Most Expensive Homes 2012.)

“With the upcoming changes in tax laws, record low interest rates and the inventory of available apartments at 30 percent below where it was a year ago, the incredible activity in the fourth quarter was not surprising” said Hall. F. Willkie, president of Brown Harris Stevens Residential Sales.

http://www.cnbc.com/id/100351956

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