Other ARTICLE: The end of the luxury home boom?

[Sun Chaser]

Not sure if it's "The End", but this cannot be good, especially with all of the cash deals lately.

The End Of The Luxury Housing Boom: US Treasury Launches Crack Down On Secret Buyers Of Luxury Real Estate | Zero Hedge

Source article: FinCEN Takes Aim at Real Estate Secrecy in Manhattan and Miami

NY Times take on it: http://www.nytimes.com/2016/01/14/us/us-will-track-secret-buyers-of-luxury-real-estate.html?_r=0

What is your take on this?

 

[James Bentwood]

The Treasury’s program will affect billions of dollars in real estate transactions. In Manhattan, the initiative requires buyers in sales of more than $3 million to be reported; in Miami-Dade County, it requires reporting on sales of more than $1 million.

WOuld think those 2 cities will feel an effect right away. Would cash money start flowing to other places with properties under the trigger amount?

 

[beachmouse]

Miami is the safe haven for the affluent in Central/South America who have gotten their riches through more or less legitimate means. And there's a whole business and airline infrastructure that makes it easy for those folks to go from their homes in Brazil or Venezuela or Ecuador to their pleasant three bedroom condo overlooking Biscayne Bay as they want or need to. The new reporting is just another bit of paperwork one of 'their people' will handle for them.