According to the Daily Mail, Hampton (US Hamptons, not some English bog) mansion owners are panicking at the thought of paying higher capital gains and there’s a “fire sale” of expensive homes going on before the close of the year. Silly of these people to wait until now to unload their weekend cottages, even to all-cash buyers, and if the article is accurate – a big if- and these homeowners think that dropping $5 million from an asking price of $35 million will stir someone to action well, they’re just wrong.
Overprice a house (and the article notes that some of these houses have been on the market for years) and shave a teensy bit off, leaving it still overpriced, and you aren’t going to find a buyer willing to rush around to free up the cash necessary to save you some capital gains. But cheer up, homeowners, if all goes as I expect it to, you won’t have any capital gains to worry about when you finally unload the ol’ white elephant in 2015. Best hope for some of these people is the return of Sandy.