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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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Home sales near record high in November

There were 10,719 closed home sales across New York State during November, representing the second-highest total on record for the month. The November sales record of 10,991 was set in November 2016. The statewide median sales price grew by 5.8 percent in November compared to last November. Click here to read more.