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Hamptons homeowners sell ahead of tax hikes

(New York Daily News) Hamptons homeowners have launched a selling spree, offering fire sale prices to get rid of their properties before higher capital gains tax rates are expected to kick in Jan. 1.

Top brokers expect more than 30 closings on big-ticket properties priced from $1 million to $25 million.

“There is a frenzy here right now,” said Enzo Morabito, a long-time Hamptons-based broker with Douglas Elliman. “People know they save money if they sell now. I have very willing sellers and hot buyers who want to take advantage of the low interest rates that might go away next year as well.”