Samuel OskysAccording to the Wall Street Journal,
It set a record for the most sales above $2 million, sales above $10 million and even sales above $25 million
The reason for this sudden increase in sales was due to the Mansion Tax – a new one-time fee on a home purchase of $1 million or more that took effect from the 1st of July – which led buyers of luxury real estate to purchase expensive properties.
The mansion tax increases as the price of the property do, which means it’s progressive. There’s a flat 1% tax rate on properties that are valued at $1 million to $2million, properties valued at $2 million to $3 million have a 1.25% tax rate and it finally tops at 4.15% for properties that have a value of $25 million or more.
Wealthy individuals like Amazon’s Jeff Bezos closed a deal on a triple condo 10,000 square-foot penthouse including outdoor space and is currently valued at $80 million. Hedge fund John Griffin purchased 3-bed apartment with great views, worth close to $77 million and covers 5,800 square-feet. There were more sales at Vornado’s ultra-exclusive property and a villa that sold to a buyer for approximately $39 million.
