It’s the SALT tax, stupid: Here’s why luxury home sales have surged

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After a rush of high-end residential sales to start 2019, the pace of those so- called "tax refugees" moving to South Florida has slowed but it's not.

"Another controversial housing-related item in the tax proposals is the capital gains provision. Under current law, homeowners can exclude up to $250,000 (or $500,000 for married couples) in capital gains on the profit from the sale of a home – if they have lived in the house for two of the last five years.

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[Source: Business Observer] Lakewood Ranch climbs to No. 2 nationally in home sales Lakewood Ranch has climbed another. Republicans currently have a monopoly on Florida’s four elected offices in.

"SALT has crippled the high-end home market in northeast tri-state areas while luxury home sales in Florida have surged," says Daniel Lebensohn, co-founder of BH3. "Over the past several months, we’ve seen a tremendous increase in buyer interest from the northeast in the remaining units at Priv, our 8-acre private island community in Miami featuring two 16-story condo towers with 155 high-end units.

The market, if it's allowed to, can fix the affordability problem that. The chart below illustrates the decline in home sales volume since. home prices surge 5 % to 12% year after year, as they have done, I suspect a lot of this is SALT- driven (no state income tax and relatively low property. Nonsense.

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The number of employed people dropped by 104,900 over the same period to 18.65 million, to the level of September 2018. Given that the labor force and the number of working people shrank at about the same rate, the unemployment rate remained flat in May with February at 4.2%.

Single-family home sales fell for a second consecutive month in May. Additionally, the unemployment rate that is hovering near its lowest level in 50. the market – the $10,000 cap on state and local tax (SALT) deductions.. Pricey homes in the luxurious Hamptons are also starting to lose their value.

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