The drop stems from an over-supply of high-end and highly priced apartments, a lack of foreign buyers and the new federal tax law that has hit real estate in high-tax states.
Manhattan real estate had its worst first quarter since the financial crisis, capping the longest losing streak for sales in over 30 years, according to a new report.
A new"mansion tax" approved by New York state legislators over the weekend will layer another tax on the sale of multimillion-dollar homes and add further pressure to a market already under stress, according to real estate experts. "It's like a layer cake," said Jonathan Miller, the CEO of Miller Samuel."When you have softening at the top, it starts to melt into the next layer and the next layer after that. Because those buyers further down have to compete on price."
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