Trump’s tax overhaul is taking a serious toll on the Hamptons real-estate market

One of the multi-million dollar Hamptons mansions.

The Hamptons real-estate market is suffering. Mark Sagliocco/Getty Images for Hamptons Magazine

 

Home prices are plummeting in the Hamptons, the infamous vacation playground of New York City’s wealthiest residents, The New York Times reported.

The median sale price of a Hamptons home has fallen to a seven-year low of $860,000, according to a report from Douglas Elliman Real Estate.

This high-end real estate slump can be traced, in part, to Donald Trump’s 2016 federal tax reform, which makes it more expensive to own luxury homes.

Most buyers of homes that cost $10 million or more already own homes in the Hamptons and other potential buyers are instead looking north to the Hudson Valley and the Catskills.

Read more at……. Tax overhaul is taking a serious toll on the Hamptons real-estate

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