From Forbes:
Hamptons Home Prices On The Rise Again After Two Years Of Declines
Home prices in the Hamptons, the summer playground of Wall Street titans and Hollywood celebrities, are on the rise again after almost two years of declines.
The median price of a home on the eastern tip of New York’s Long Island rose 5.5% to $857,000 in the third quarter from a year earlier, the first year-over-year gain in seven quarters, according to a report from Miller Samuel and Douglas Elliman Real Estate.
It was the one bright data point for a market that continues to struggle with weakened demand stemming from the revamped federal tax code capping the deductibility of state and local property taxes, known as SALT. Low mortgage rates helped to offset some of that impact, leading to the price gains that gave the most help to the lower end of the market, Douglas Elliman said in a statement accompanying the report.
“In the Hamptons, reduced affordability continues to be a challenge resulting from SALT, slowing down sales and causing a steady increase in inventory,” Douglas Elliman said. “However, this negative effect was partially offset by the sharp drop in mortgage rates, as well as sellers’ expanded willingness to negotiate.”
The number of Hamptons sales fell 15% to the lowest third-quarter level in eight years, according to the report. The new tax bill that went into effect last year capped SALT deductions at $10,000, making it more expensive to own property in states like New York and California where home prices and property taxes are high.
First!
Huh?
re: SALT
The rich people buying homes in the Hamptons are paying AMT they never got the the state and local tax deduction it has always been disallowed. The sales of high end homes have dropped because the rich are not expecting their assets to appreciate and so heir spending patterns adjust.
Any other explanation is just noise.
Says a lot that this was ignored. This guy makes a valid point, but no one wants to hear it.
Richard says:
October 28, 2019 at 9:11 am
> $699K
> $24K taxes
Agreed its crazy, the only justification (aside from the amount of land) is that NJ house prices really are cheap. If this was in California it would be a $2.4m house and the 24k would be a sensible 1%. What would you rather have?
Nailed it.
“The sales of high end homes have dropped because the rich are not expecting their assets to appreciate and so heir spending patterns adjust.”
That’s another factor that makes the concentration of money so dangerous. They can take down the economy if they get depressed and start focusing only on the negative as opposed to the positive. They will stop hiring, stop investing, and create a self induced recession.
From MarketWatch:
Pending home sales rise for the second straight month in September
Pending home sales rose for the second straight month in September, helped by lower mortgage rates, a trade group said Tuesday.
The National Association of Realtors said pending home sales climbed 1.5%. Economists expected a 0.7% gain, according to a survey by Econoday.
Compared to 12 months ago, sales jumped 3.9%. In August, sales rose a revised 1.4%.
They should just shred those 737 MAX airplanes already. I am never getting on one.
I love taking my first Trump of the morning and flushing that stinky turd.
I find that wimpy guys usually dont like Trump. I think he makes them feel weak and ineffective.
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No bonehead. It is the opposite. It is the weak minded and emasculated who seek their own confidence via the deliberately obtuse, arrogant and deranged.
It is the weak minded and emasculated who seek their own confidence via the deliberately obtuse, arrogant and deranged.
I believe you just described the fake media, men like Adam Schiff, the genderless crowd, various riff-raff groups with fringe agendas and a rabble of misfits seeking approval.
Ed,
You must be a riot at Phish shows. I picture you in some sort of Chernobyl outfit. Hah.
I never saw Phish in concert and regrettably, I never saw the Dead either.
You still have time Ed. Phish MSG run starts in two months. You should go once..
I think I will make it a point to see this band. A shot of Jameson at some bar on 6th Avenue, one or two tokes and I’ll be good to go. :)
I abhor both sides but Eddie is on to something with those particular groups. The games the media is playing, and the focus on fringe groups. Basically has me a former democrat firmly out of that category. A return to sane governance is warranted but neither party wants it. Frankly Romney was a reasonable candidate who was firmly rejected in favor of BO, who frankly was not doing a great job. Now we have Trump….he is the logical counter reaction to BO. The problem is people fail to understand how our system should work. No one recognizes that clowngress, the president and the judges have particular roles and responsibilities. It seems today the name of the game is grab as much power as you can get away with and then lie cheat and steal as much as possible.
You should Ed..they can still put on a good show but only if you can embrace weirdness. It ain’t the Dead, more like Talking Heads meets Zappa.
Saw Zappa live so, I’m in!
My favorite from Zappa. Ike kills it on the vocals.
https://youtu.be/Hzsou4RSb3k
“With wages up, home prices down, and mortgage rates down, I plan to buy another property very soon. All I ask is that nobody buy property until I take down another home with an ocean view. The opportunity to profit, have a bigger home for a larger family, and pass down cheap property to my children 30 years from now is too tantalizing not to take action.”
https://www.businessinsider.com/now-is-the-time-to-buy-san-francisco-real-estate-2019-10
The freak show was part of the democrat party as long as I’ve been around but now the freak show is the democrat party. The thought leaders are all mentally defective.
They’ve also given up entirely on legislation and have become a Kardashian’s style train wreck.
I’d elect a thought leader seven days a week over an egoist with a low IQ, who uses bar etiquette to resonate well with his likeminded followers.
Wait? What the frucks a thought leader?