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U.S. to start tracking ‘secret’ luxury property buyers

Jan 15, 2016
In an effort to combat money laundering in the real estate sector, the Financial Crimes Enforcement Network (FinCEN) at the Treasury Department will begin tracking all “secret buyers” of luxury properties.  FinCEN will temporarily require title insurance companies to discover and report the identities of buyers making all-cash luxury real estate purchases through a shell company. The government will begin its new program in Manhattan as well as Miami-Dade County in Florida. In Manhattan, buyers that purchase property at a sale price of more than $3 million must be reported. Learn more here.
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Empire State housing market stays hot in January

New York State home sales remained strong to start the new year with 8,698 closed sales, falling just shy of the 2017 record for January, according to the annual housing market report released by the New York State Association of REALTORS. The January statewide median sales price of $266,000 represented an increase of 8.4 percent from a year ago. Click here to read more.