Manhattan home resales drop as buyers waver on tax reform

New York

HOME resales in Manhattan fell in the final three months of 2017 as buyers wavered ahead of the expected tax overhaul and stood firm in their refusal to overpay.

Sales of previously owned condos and co-ops dropped 11 per cent from a year earlier to 2,127, appraiser Miller Samuel and brokerage Douglas Elliman Real Estate said in a report released on Wednesday. That was the lowest for a fourth quarter since 2011.

Buyers who did commit to a purchase held out for the best deal. More than 88 per cent of homes that ch…