Very expensive homes in New York City just got more expensive, as the so-called mansion tax – a heavy levy on real estate transfers — kicked in on July 1.

As a result, buyers were scurrying to beat the deadline. According to the Wall Street Journal, at least 14 sales were recorded in Manhattan last week. Each went for a minimum of $10 million, which those who track such things assured the market was the highest number in any single seven-day period since 2017.

In spite of the last-minute splurge, apartment sales in Manhattan were still behind where they should have been by about 2.3% (versus 2018), according to the Journal. Inventory was also, but the grand total of luxury contracts that were inked in April, May and June was down.

“The mansion tax will cost homebuyers paying at least $1 million an extra 1% on the purchase price. The rate grows incrementally and tops out at 3.9% for homes selling for $25 million or more. The transfer tax starts at 1.4% for homes costing less than $500,000 and peaks at a bit more than 2% for dwellings reaching the $25 million mark,” reported Crain’s New York Business. “The taxes were included in the state budget, passed in April, to raise money for mass transit. As Crain’s reported following the vote, brokers say the measures will increase headwinds in an already slowing luxury market.”

Interesting, according to Miami Agent Magazine, the spate of sales could benefit not just New York City, but Miami, too.

“Now that federal tax laws are encouraging New Yorkers to flee south, Miami’s and New York City’s property markets are linked more closely than ever. The implementation of additional taxes at the state and local levels may only add to the exodus, presenting new opportunities for Miami real estate agents,” the magazine noted.

“It’s still not polite to gawk at the wealth on display throughout New York’s real estate scene, but a few recent sales turned heads even among locals. Early this year, hedge fund billionaire Ken Griffin set a new record for the priciest residential real estate purchase on U.S. soil: $238 million for a penthouse at 220 Central Park South,” Miami Agent added. “The world’s wealthiest person, Jeff Bezos, soon followed, closing an $80 million sale for three adjacent condos earlier this month. Just a day earlier, the city’s record for the highest-priced townhouse was also shattered with a $77.1 million deal by billionaire John Griffin.”