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Recent data shows luxury homes priced at $750,000 and higher have seen a big increase in sales, reportedly because high-end home prices have been falling.
FOX Business' Cheryl Casone toured a luxury home in Bedminster, New Jersey, on Monday which has been discounted nearly 50 percent from its original listing price.
“This home has been on the market often,” Casone said on FOX Business’ "Mornings with Maria." “They first listed it for $6 million. Then, they took it off the market, put it back on in 2018 for $3.65 million and now it's $3.1 million.”
The sprawling 11,500-square-foot property includes:
- 7 bedrooms
- 12 bathrooms: 8 full, 4 half
- A helipad
- An apple orchard
- A tennis court
- Servant’s quarters
- Average property taxes: Over $45,000 a year
Since August, the property has been reduced $295,000, which is reportedly due to the high property taxes. And with the reduction of the state and local taxes (SALT) in 2018, the maximum deduction for high-end property owners is only $10,000.
“They've had to do those reductions because of what happened in 2018,” Casone said. “The SALT tax, that income-tax deduction for high-income states -- New Jersey, New York, California, for example.”