Closing costs compared.
Side-by-side total closing costs across the 11 markets we model. Each row runs the per-market math module with representative inputs ( 30% down, 6% commission, primary residence) at three price tiers. The spread is more dramatic than most buyers and sellers realize — Jackson Hole’s seller side on a $10M sale costs about 6% (essentially just broker commission); the equivalent City of LA seller pays approximately 12% once Measure ULA hits.
Buyer closing costs by market.
Total buyer-side closing costs at 30% down, primary residence, financed purchase. Percentages are of purchase price.
| Market | $5M | $10M | $20M |
|---|---|---|---|
| Manhattan condo | $227,975 4.56% | $538,400 5.38% | $1,159,250 5.80% |
| Palm Beach single family | $44,181 0.88% | $82,994 0.83% | $160,181 0.80% |
| Miami condo | $59,206 1.18% | $109,269 1.09% | $206,456 1.03% |
| Hamptons (East Hampton) single family | $256,300 5.13% | $515,800 5.16% | $1,034,800 5.17% |
| Greenwich single family | $49,600 0.99% | $93,100 0.93% | $180,100 0.90% |
| Aspen (City of Aspen) single family | $118,250 2.37% | $234,750 2.35% | $467,750 2.34% |
| Los Angeles (City of LA, Measure ULA) single family | $27,650 0.55% | $51,950 0.52% | $100,550 0.50% |
| Beverly Hills (no Measure ULA) single family | $27,650 0.55% | $51,950 0.52% | $100,550 0.50% |
| Nantucket single family | $149,100 2.98% | $292,600 2.93% | $579,600 2.90% |
| Martha's Vineyard single family | $149,100 2.98% | $292,600 2.93% | $579,600 2.90% |
| Jackson Hole single family | $44,310 0.89% | $85,310 0.85% | $167,310 0.84% |
Seller closing costs by market.
Total seller-side closing costs at 6% broker commission. The broker commission is roughly constant across markets — the spread comes from transfer-tax structure. Percentages are of sale price.
| Market | $5M | $10M | $20M |
|---|---|---|---|
| Manhattan condo | $429,750 8.60% | $853,500 8.54% | $1,701,000 8.51% |
| Palm Beach single family | $353,000 7.06% | $699,250 6.99% | $1,389,250 6.95% |
| Miami condo | $333,325 6.67% | $663,325 6.63% | $1,323,325 6.62% |
| Hamptons (East Hampton) single family | $336,900 6.74% | $669,400 6.69% | $1,334,400 6.67% |
| Greenwich single family | $398,850 7.98% | $823,850 8.24% | $1,673,850 8.37% |
| Aspen (City of Aspen) single family | $320,500 6.41% | $640,500 6.40% | $1,280,500 6.40% |
| Los Angeles (City of LA, Measure ULA) single family | $352,800 7.06% | $1,104,800 11.05% | $2,508,800 12.54% |
| Beverly Hills (no Measure ULA) single family | $330,300 6.61% | $659,800 6.60% | $1,318,800 6.59% |
| Nantucket single family | $326,600 6.53% | $649,400 6.49% | $1,295,000 6.48% |
| Martha's Vineyard single family | $326,600 6.53% | $649,400 6.49% | $1,295,000 6.48% |
| Jackson Hole single family | $300,800 6.02% | $600,800 6.01% | $1,200,800 6.00% |
What the numbers actually say.
Manhattan is the heaviest seller-side market
Mansion tax cliffs (1–3.9%, buyer-paid) layered with NYC RPTT (1.825% on residential ≥ $2M, seller-paid) and NYS transfer tax (0.65% above $3M, seller-paid) produces the highest combined transfer-tax burden of any market we model. On a $10M Manhattan condo, the buyer pays 3.25% in mansion tax alone; the seller carries 2.475% in combined RPTT + NYS transfer.
City of LA matches Manhattan once Measure ULA fires
Below $5.3M, City of LA sellers pay ~0.56% in transfer tax (LA County 0.11% + LA City 0.45%). Above $5.3M, that jumps to 4.56% (adding Measure ULA’s 4%). Above $10.6M, it jumps again to 6.06% (5.5% ULA + 0.56% base). On a $10M City of LA sale, the transfer-tax line is roughly the same as Manhattan’s combined RPTT + NYS transfer; on a $20M City of LA sale, it materially exceeds Manhattan.
Beverly Hills, Malibu, and Jackson Hole are the lightest
Beverly Hills sellers escape Measure ULA — the $20M transfer-tax line drops from $1.1M (City of LA, ULA) to about $22K (LA County 0.11% only). Jackson Hole has zero transfer tax at any level, so the entire seller-side spread is broker commission. For Manhattan-trained buyers/sellers, these are the "what am I missing?" markets.
Hamptons + the MA islands occupy the middle
The Peconic Bay CPF in the Hamptons (2.5%, buyer-paid, with $400K East Hampton exemption) and the 2% Land Bank fees on Nantucket and Martha’s Vineyard (buyer-paid, subject to exemptions) dominate the buyer side at ~1.5–2% of purchase price. The MA islands carry a lighter seller side (~0.456% MA deed excise) versus the Hamptons (0.65% NYS transfer cliff at $3M).
The math doesn’t capture the residency conversation
For HNW clients moving from NY/CA to FL/WY/TN/TX/NV/NH/SD, the closing-cost arithmetic is a rounding error against the annual income-tax delta. On a $5M annual income, the NY → FL move saves ~$540K per year in state income tax. The$50K closing-cost differential between markets is the tail; residency is the dog.
Considering a trans-market transaction?
The closing-cost spread is the visible math. The structuring conversation — entity choice, timing relative to capital events, residency posture, the bicoastal / primary-secondary-home split — is where the dollar value lives for HNW clients. A 30-minute consultation gets you the framework.
