Yes, LVT falls on the rich

In case anyone doubted it, Bloomberg reports that real estate prices in vacation areas favored by the wealthy, such as Mount Desert ME and the Hamptons on Long Island, continue to rise even as prices generally have dropped.  And, yes, these are land prices, not house prices:

[B]illionaire Mitchell Rales bought a $5.5 million estate and tore it down to build a $25 million mansion

The only specific figure given for the wealthy enclaves is a rise of 14% in Southhampton, and the period to which this applies isn’t specified.

One hopes that local assessors are closely monitoring and responding to these trends.

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