ML-Implode News - Luxury Home Market Seen Threatened by Transparency in NYC, Miami

"Part of the large swath of people who purchase under LLCs do it for privacy -- celebrities, the wealthy -- and are not doing something illegal," said Jonathan Miller, president of New York-based appraiser Miller Samuel Inc. "I'm not downplaying that there aren't people who are using ill-gotten gains to purchase apartments, but it stereotypes the whole segment and it seems to be some kind of overreach by the federal government. In a cooling market, it certainly isn't helpful."
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In Miami-Dade County, the stronger dollar is turning away Latin American buyers while 36,000 new units are in the construction pipeline, according to an estimate by South Florida development tracker CraneSpotters.com. The U.S. government measure will hurt sales and may drive investors to other locations such as Panama, said Peter Zalewski, owner of CraneSpotters. Their disappearance may lead to price declines in the market, because overseas buyers, seeking a haven from the financial turmoil of their home countries, are often willing to pay more, Zalewski said.

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Luxury Home Market Seen Threatened by Transparency in NYC, Miami