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Q2 Manhattan Market Report, Bitcoin Tops $118,000 In Another All-Time High, SALT Tax Bill

Martin Eiden | July 12, 2025

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New and Noteworthy

It's been an extra heavy news cycle so we've included a few extra articles in this week's newsletter.

Q2 Manhattan Market Report

Manhattan’s residential market held s

teady in the second quarter of 2025, as cl

osed sales climbed 14.5% since the pr

evious quarter and rose 5.2% yoy

a testament to the market’s

resilience amid broader macroeconomic

uncertainty.

The ultra-luxury segment experienced impres-

sive growth, with closings up

66.7% in the $10 million+ range.

Many of these buyers have been

relocating from CA & Florida.

(Full Report)

Bitcoin Tops $118,000 In Another All-Time High

Bitcoin (BTCUSD) topped $118,000 for the first time, surpassing Thursday's record as it continued to gain from companies adding it to their corporate treasuries and lawmakers passing pro-crypto legislation. Bitcoin earlier Friday hit $118,755 and is now trading around $117,300. (Read More )

SALT Tax Bill

The latest version of the new tax bill passed by the Senate raises the current $10,000 limit on the federal deduction for state and local taxes, known as SALT to $40,000 starting in 2025, with the phase-out beginning after $500,000 of income. Both figures would increase by 1% each year through 2029 and the cap would revert to $10,000 in 2030. (Full Story)

The Budget Bill's Economic Effects

Economists agree the recently passed Budget Bill will wreak immediate havoc on the US economy. In a time when working Americans are still reeling from COVID and tariff-related price inflation, this bill is set to increase pressure on the average citizen. The package will increase the deficit by ~$3.4 trillion and prevent millions from receiving medical benefits. The top 20% of income earners and corporate America will see the biggest rewards. (Read Full)

At a tariff-ic cost.

A new analysis says Trump’s tariffs could cost U.S. households $2,300 this year, raising consumer prices and pushing the U.S. effective tariff rate to its highest level since 1934 (at 17.6%). August 1 is the new deadline for sweeping new trade deals with dozens of trading partners including South Korea, Japan, Thailand, Malaysia, and others.

(Read More)

Flattening Out

The S&P 500 and the NASDAQ finished with fractional weekly declines as they slipped from record levels set the previous week. The modest setback followed a two-week run of positive results that sent the S&P 500 more than 5% higher. Many experts are expecting the August 1st 'deadline' for tariff nego-tiations to have a significant impact on the markets. (Full Story)

Team News

Home for the 4th

I hope everyone had a phenomenal holiday weekend! We spent the 4th in Wisconsin with my family along with my son - who is driving now (what??), the incredible Shawn Wilson, and our lovable Woodle Sunny Cornbread. We swam in the lake, BBQ'd, celebrated not only Independence Day, but my mom's birthday as well, and had an incredible time.

We hope you enjoyed the holiday as much as we did.

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