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Has the Luxury Home Market Been Affected by the Tax Reform?

by Glenda Daughety & Team

Some have worried that the new tax code would hurt the luxury home market. This fear was based on the fact that the new tax code limits the deduction of state and local property taxes, as well as income or sales taxes, to a total of $10,000. This created some concern that this would have a negative impact on luxury home sales.

According to Capital Economics:

“The impact on expensive homes could be detrimental, with a limit on the MID raising taxes for those that itemize.”

Mark Zandi of Moody’s Analytics brings out this important point:

“The impact on house prices is much greater for higher-priced homes, especially in parts of the country where incomes are higher and there are thus a disproportionate number of itemizers, and where homeowners have big mortgages and property tax bills.”

The National Association of Realtors (NAR) predicted price declines in “high cost, higher tax areas” because of the tax changes.

What has actually happened?

Let’s consider some metrics before we conclude that the luxury market is declining:

1. NAR’s latest Existing Home Sales Report shows the percent change in sales from last year:

  • Homes sales between $500,000 – $750,000 are up 11.9%
  • Homes sales between $750,000 – $1M are up 16.8%
  • Homes sales over $1,000,000 are up 26.7%

2. Trulia reported  that searches for “premium” homes increased from 38.4% in the fourth quarter of 2017 to 41.4% in the first quarter of 2018.

3. Bloomberg also had this to say in a recent article:

“Median home values nationally rose 8 percent in March compared with a year earlier, while neighborhoods of San Francisco and San Jose, California, have increased more than 25 percent.

Prices in affluent areas in Delaware and New York, such as the Hamptons, also surged more than 20 percent.”

Zillow’s Senior Economist, Aaron Terrazas, summed up real estate’s luxury market this way:

“We are seeing the opposite of what was expected. We have certainly not seen the doomsday predictions play out.”

Make sure to check back on our blog every week for more great real estate advice, along with articles about the great reasons to buy a home in Baton Rouge. You can also search for your dream home now using our convenient home search tool. And make sure to follow us on Facebook for the latest real estate updates for Baton Rouge and the surrounding area.

Our Top Featured Listings

by Glenda Daughety & Team

If you're looking for a luxury home with all the bells and whistles, then these two top featured homes will certainly not disappoint.  Both of these homes have their own unique features that make them stand out from the crowd. Take a look at what's in store with these outstanding properties.

516 Myrtle Hill Dr, Baton Rouge

Set in the desirable Highland Road subdivision, this custom home has everything you could want.  This stunning home is an entertainer's delight with its large formal living area with 24ft ceiling, raised hearth fireplace, and amazing backyard pool with waterfall!  

There's so much to see! Take a look at all the features and photos!

 

 

8595 Beechwood Dr, Denham Springs

You'll get all the space you want with this amazing home.  Set on an acre of beautifully maintained property, this huge 3400 sq ft home gives you 5 beds and 3.5 baths to accommodate the whole family in comfort and style.  You can't beat all the features for the price.

Check out all the details and photos of this lovely property!

We have more amazing featured properties, so make sure you check our Featured Property page to see our lastest homes for sale.

If you’re looking to buy a luxury home in Louisiana, there are no finer communities than The Lakes at Highland and The Country Club of Louisiana, located in Area 53 of Baton Rouge.

Both of these communities offer extraordinary homes set in communities that offer a wealth of amenities.  The Lakes at Highland offer a convenient location, a friendly community of people, and beautiful grounds. There are great amenities such as fishing in 4 stocked lakes, tennis courts, pool and a beautiful club house.

The Country Club of Louisiana is conveniently located near Interstate 10 just south of Baton Rouge.  In addition to the amazing plantation style club house, there’s a 3 acre park with a basketball court, playground, walking paths and gardens, baseball field, and covered pavilions.

Visit our Country Club of Louisiana and The Lakes at Highland pages today to learn more about the extraordinary luxury communities and to find your dream home.

Displaying blog entries 1-3 of 3

Contact Information

Photo of Glenda Daughety Real Estate
Glenda Daughety
RE/MAX First
4750 Sherwood Common Blvd
Baton Rouge LA 70816
225-205-2672
225-291-1234
Fax: 225-612-6422

 

All information and pictures on this website are copyright protected.

Glenda Daughety & Team
RE/MAX First
Office: 225-291-1234
Cell: 225-205-2672
4750 Sherwood Common Blvd
Baton Rouge, LA 70816
Each Office Independently Owned and Operated
Licensed Realtor in the State of Louisiana by the Louisiana Real Estate Commission


Glenda Daughety, Team Leader

Michelle Copeland, Buyer Specialist

Ashley Daughety, Buyer Specialist / Stager Decorator

 

 

 

 

 

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Office: 225-291-1234
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