The Boston housing market could cool considerably. An elimination of, or a cap on, the mortgage interest deduction, especially for more expensive homes, could by itself lead to a cool-off in the Boston region’s notoriously red-hot market.
Tax changes such as eliminating the ability to deduct state and local taxes from federal returns could also have prospective homebuyers reconsidering their financial options.
At the same time, a greater number of less expensive rental options could have more tenants staying put rather than entering the sales market. Major new developments are adding hundreds of new units which is likely satiating demand a bit in 2018 and leading to lower rents.
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There is at least one penthouse in contract at Back Bay’s under-construction One Dalton with an asking tag of about $40 million, potentially two. If either goes for anywhere near that amount, it would both set a residential sales record for Boston and be one of the biggest home trades in New England history.
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