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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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NYS home sales post second-highest May total

Homebuyer activity remained strong in May, driving the New York State housing market to the second-highest sales total for the month with 10,348 closings. May 2018 closed sales were 8.6 percent lower than the record of 11,322 set in May 2017. The median sales price growth trend continued, increasing by 11.5 percent compared to last May, ending the month at $262,000. Click here to read more.