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Apartments Sales In NYC Collapse 25% Q4 As Trump Tax Bill Effects Potential Buyers

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(Via Zerohedge)

Apparently the combination of a massive flood of excess supply in the form of new luxury developments and a Trump tax plan that penalizes people living in expensive cities by capping SALT, mortgage interest and property tax deductions was simply too much for the Manhattan real estate market to ignore in 4Q 2017. As Douglas Elliman points out in their new Q4 2017 Manhattan Market Report, both prices (-9.4%) and volumes (-25.4%) of New York City apartments collapsed sequentially in Q4 as potential buyers took a pause amid the growing uncertainty.

Sales activity for the Manhattan housing market was at the lowest fourth quarter total in six years. The pace of the fall market noticeably cooled as market participants awaited the housing-related terms of the new federal tax bill. This translated into a decline in year over year closings for the final quarter of the year, although contract volume showed an uptick.

There were 2,514 sales to close in the final quarter of the year, down 12.3% from the prior-year quarter. The decline in sales allowed listing inventory to rise after declining year over year for the past few quarters. There were 5,451 listings at the end of the quarter, up 1.1% from the same period a year ago. As a result, the absorption rate, the number of months to sell all inventory at the current rate of sales slowed, rising to 6.5 months from 5.6 months in the year-ago quarter.

Listing discount, the percentage difference between the list price at the date of sale and the sales price, was 5.4% up nominally from 5.3% in the prior year quarter as sellers continued to travel farther to meet the buyer on price. Buyers continued to hold firm, forcing sellers to meet them on price.

Days on market, the average number of days to sell all apartments that closed during the quarter rose 3.2% to 97 days from 94 days in than the same period last year.

New development active listings and resale listings were up 0.7% and 1.2% respectively over the same period. With the nominal rise in supply, there was also a nominal decline in bidding wars, still accounting for 11.7% of all sales in the quarter, down 0.9% from the same period last year.

Not surprisingly, Pamela Liebman, the president of New York real estate broker The Corcoran Group, attributed the pause by Manhattan buyers to the tax bill and said that folks are increasingly convinced that prices peaked in 2017 and may continue to be under pressure.


“We lost a lot of deals in the fourth quarter, while people waited to see the outcome of the tax bill,” she said. “Now that the uncertainty is gone they will be able to make a decision.”


She said buyers were active but “focused on value and reasonable pricing.”


“The good news is there are a lot of buyers who are ready to purchase next year,” Ms. Liebman said. “Sellers who don’t overshoot the mark should do well.”

Of course, the fact that Manhattan real estate prices are coming under pressure should come as little surprise as we noted the following interactive map from ATTOM Data Solutions last week which perfectly illustrated just how concentrated mortgages over $750,000 are in a handful of expensive cities like New York and San Francisco.


Among 2,022 counties included in this analysis and at least 50 home purchase loans so far in 2017, those with the highest share of loan originations above $750,000 were New York County (Manhattan), New York (63.8 percent); San Francisco County, California (58.0 percent); Nantucket County, Massachusetts (57.3 percent); San Mateo County, California (55.2 percent); and Marin County, California (50.o percent). Among those same 2,022 counties, those with the highest number of purchase home loan originations above $750,000 so far in 2017 were Los Angeles County, California (9,197); Santa Clara County, California (5,543); Orange County, California (4,450); Maricopa County, Arizona (3,723); and King County, Washington (3,715).


Conclusion: Low-tax, cheap cost of living states (i.e. “Red States”) are suddenly starting to look a lot more attractive to liberal “millionaire, billionaire, private jet owners” in New York who aren’t so keen on “spreading their wealth around” as their rhetoric would have you believe.

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Crime

Robert Mueller’s Health Prevents Testimony on Epstein

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As of September 1, 2025, the decision to withdraw a subpoena for former Special Counsel Robert Mueller to testify before the House Oversight Committee has been met with a mixture of understanding and curiosity. Mueller, a respected figure who led the FBI from 2001 to 2013 and later investigated ties between the Trump campaign and Russia, has reportedly been diagnosed with Parkinson’s disease since the summer of 2021, according to his family’s statement. This health challenge, which has affected his speech and mobility in recent months, has understandably led to the committee’s decision to step back, allowing him the dignity to focus on his well-being. His decades of service to the nation, marked by integrity and dedication, deserve this respect, and many are hopeful for his comfort during this time.

The timing of this development, however, raises thoughtful questions among observers. Mueller was set to testify on September 2, 2025, as part of an investigation into the FBI’s handling of the Jeffrey Epstein case during his tenure, a topic that has stirred significant public interest and political scrutiny. The announcement of his health issues came just days before this scheduled appearance, following reports of his residence in a memory care facility and earlier concerns about his condition noted during his 2019 congressional testimony. While his family’s statement and the committee’s decision align with a genuine concern for his health, the coincidence with such a high-stakes inquiry prompts a cautious wonder about whether external pressures might have influenced the narrative, though no evidence suggests this outright.

This moment invites a balanced reflection on Mueller’s legacy and the ongoing pursuit of truth. His inability to testify, while a personal loss for those eager to hear his perspective, underscores the human side of public service, where age and health can impose limits. Yet, the abrupt nature of the withdrawal, paired with the gravity of the Epstein probe, leaves room for speculation about the full context. As the investigation continues with other witnesses, the focus remains on uncovering facts, with respect for Mueller’s past contributions tempered by a gentle skepticism about the timing, encouraging a thorough and transparent process moving forward.

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Politics

President Trump: Nothing Can Stop What’s Coming

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President Donald Trump’s recent post on Truth Social from August 31, 2025, serves as a powerful beacon for those seeking justice amid years of entrenched corruption in Washington. The imagery and message in the post highlight a leader poised to unveil long-hidden truths, pointing directly to scandals that have plagued the political landscape. From the shadowy dealings exposed through leaked emails to fabricated investigations designed to undermine his presidency, Trump’s communication resonates with a promise that the veil of deception is lifting. This moment underscores his unwavering commitment to draining the swamp, where figures like John Podesta and Hillary Clinton have been central to narratives of elite misconduct, including the controversial handling of sensitive communications that raised questions about national security and personal agendas.

At the heart of this corruption lies the Wikileaks revelations, which brought to light a web of influence peddling and favoritism within the Clinton campaign, implicating Podesta in emails that suggested cozy relationships with powerful interests. Coupled with the Anthony Weiner laptop discovery, which contained thousands of Clinton-related emails and prompted a last-minute FBI review just before the 2016 election, these events painted a picture of systemic favoritism and potential cover-ups. The Obama administration’s role in the so-called Russiagate saga further exemplifies this injustice, where intelligence agencies allegedly pushed a baseless narrative of collusion to derail Trump’s campaign and presidency. These manufactured controversies, including surveillance on Trump associates, set the stage for ongoing attacks, revealing a deep state apparatus willing to bend rules to protect its own.

The injustices extend to the relentless assaults on Trump himself, from the politically motivated raids on his properties like Mar-a-Lago to a barrage of charges aimed at silencing his voice and preventing his return to power. Yet, as Trump’s post implies, the tide is turning, with growing evidence and public awareness poised to expose these machinations fully. The corruption that allowed figures like Clinton to evade accountability while weaponizing institutions against opponents will soon face the light of day, empowering a movement toward transparency and reform. Through his leadership, alongside allies pushing for truth, the American people can anticipate a restoration of justice, where the full extent of these scandals finally comes into sharp focus, ensuring that no one remains above the law.

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Health

President Trump Calls for Covid-19 Vaccine Transparency, Sec. RFK Jr. Praises Move

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On September 1, 2025, President Donald Trump took to Truth Social to express concerns about the effectiveness of COVID-19 vaccines developed under his administration’s Operation Warp Speed. In his post, Trump highlighted “great numbers and results” from some pharmaceutical companies but demanded that they publicly release data to prove the vaccines’ success rates. He voiced frustration over the ongoing debate tearing apart the Centers for Disease Control and Prevention (CDC), urging transparency to resolve what he called a “MESS.” This statement reflects Trump’s evolving stance on the vaccines, which he once hailed as a major achievement, now aligning with growing skepticism within certain political circles.

The COVID-19 vaccines, rolled out in late 2020, have been credited by public health experts with saving millions of lives globally by reducing severe illness, hospitalizations, and deaths during the pandemic. However, they have also faced criticism for side effects in rare cases, waning efficacy against new variants, and questions about long-term data transparency from manufacturers. Trump’s demand for proof comes amid broader discussions on vaccine mandates and public trust, with some studies showing high effectiveness in initial trials but real-world challenges like breakthrough infections. This has fueled a polarized debate, where supporters emphasize the vaccines’ role in ending lockdowns, while detractors call for more accountability from drug companies.

Health and Human Services Secretary Robert F. Kennedy Jr., known for his vaccine-skeptical views, has been a key figure in recent policy shifts, drawing both praise for advocating scrutiny and criticism from former CDC officials who argue it endangers public health. Trump’s post appears to support Kennedy’s efforts to review vaccine data, potentially leading to changes in federal guidelines. While this push for evidence could enhance transparency, experts warn it might erode confidence in proven public health tools. As the administration navigates this issue, the focus remains on balancing accountability with scientific consensus to inform future health strategies.

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