Pundits spent a lot of time last year, trying to predict what buyers would do in light of the many tax law changes. People in Connecticut were especially nervous, given our status as a state where changes in the treatment of SALT (state and local taxes) would have a big effect. Here we are, a whole tax year later, and it's hard to say for sure what happened. In my own case, many different laws were applied or eliminated, and my total taxes in the end were so close to what we paid last year that I questioned whether we could have signed last year's return again.
On the residential side, where we really thought capping SALT deductions would cause high-end prices to fall, the opposite seems to be happening. Properties along the coastline especially are flying off the market as quickly as they come on. Perhaps it's supply, which has declined, perhaps it's the increasing number of years since the last big hurricane, or perhaps people are generally doing well, despite what they may tell pollsters who call them.
Anyway, if you've been thinking that there are no buyers for your properties, think again. They are out there, and they are buying.
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