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Manhattan home sales tumble as buyers push back

The added supply is expected to push home prices lower as buyers gain the upper hand. "Price adjustment is the trigger," Cervi said. "That’s what brings people back into the market." The wealth of the Hamptons real-estate market is closely correlated with those of nearby Manhattan, another real estate market that is quickly cooling.

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And buyers are haggling over all deals, no matter how small. In a recent sale of a two-bedroom home handled by his firm, a buyer who agreed to pay $1.5 million — after the seller cut the asking price — suddenly demanded an extra $100,000 discount before signing the contract. They agreed to meet halfway, Peters said.

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Manhattan Home Sales Tumble in a Market Clogged With Listings – Manhattan Home Sales Tumble in a Market Clogged With Listings Bloomberg ^. Its the downward price push, now that mortgage interest will not be federally tax deductible. as such, the retail value of a home is a mortgage payment 20-30% less than it was before the end of the mortgage interest.

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Manhattan home resales fell in the fourth quarter as buyers wavered ahead of the expected tax overhaul and stood firm in their refusal to overpay. Sales of previously owned condos and co-ops dropped 11% from a year earlier to 2,127, appraiser Miller Samuel Inc. and brokerage douglas elliman Real Estate said in a report Wednesday.

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Manhattan Home Sales Tumble Most Since 2009 as Buyers Push Back – Manhattan Home Sales Tumble Most Since 2009 as Buyers Push Back – Home sales in Manhattan plunged by the most since the recession as buyers at all price levels drove hard bargains and were in no rush to close deals. Sales of all condos and co-ops.

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