Rush to Close On Properties By Year-End

By: JOSH BARBANEL, The Wall Street Journal (WSJ) 

At the end of 2010, the last time tax rates were due to go up, 142 properties of $1 million or more were sold in the week before Christmas, a weekly high for that year, property records show.

“There are a lot of crazed attorneys this month,” said Edward A. Mermelstein, a lawyer who represents many wealthy buyers from Russia and the former Soviet Union. He said he believed the number of last-minute transaction has doubled compared with last year.