[Three Cents Worth NY #181] Manhattan’s $1M Mansion Tax Resistance
Posted by Jonathan J. Miller -Tuesday, March 13, 2012, 2:38 PM
2 Comments
It’s time to share my Three Cents Worth on Curbed NY, at the intersection of neighborhood and real estate in the capitol of the world. And I’m simply here to take measurements.
Read today’s 3CW post on Curbed New York:
I was drinking a cup of coffee bought from a bodega I was walking by (the only way I could squeeze in a bodega reference) and had a thought. After coming off of last week’s scattergraph bender, I decided to apply the same approach to flesh out the price resistance that occurs at the $1M threshold. I selected a price range of equal distance above and below $1M and let the dots fly. Each dot represents a closing date and price from $750,000 to $1,250,000 from 2003 to 2011 (plus a few weeks into 2012)…
[click to expand]
Interesting to see how thick that line becomes at the $999,000 point – makes one think that the Cuomo tax is a influence on purchase price…..
Great visualization of this phenomenon. While on this thought, it might be nice to also run a similar analysis on sales in the $1,750,000 to $2,250,000 range to see what kind of clustering shows up at $2 million (of course, that cluster would be at exactly $2M rather than just below it). That would provide a good idea of how much clustering occurs at super-round prices (i.e. X million) without the artificial interference cause by the mansion tax.