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 More: America’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.