For the Seller:
Coops,Condos,residential 1-4 family
Brokerage Commission negotiable
NYC Transfer tax:
1% of price for purchases up to $500,000
1.425% of price for purchases over $500,000
NYS Transfer tax
$2 per $500.00 of sales price
Attorney fee $1500 and up
Flip tax (depends on building) 0-5% COOPS*** Continue reading Closing Costs for NYC Property
Solar power is being harnessed more and more to provide the resources for NYC apartments according to the Real Deal. Governor Cuomo wants to increase usage ten fold by 2023 and plans to back that up with a $1 billion investment. Continue reading Solar power getting used more frequently in NYC buildings
6 tips to help decide to buy a NYC apartment or not
Keep in mind that these tips are just a guide. Obviously, in this market where the inventory is very low, some of these factors will become marginalized. But when making a large purchase like a Manhattan apartment, entering into it with your eyes wide open can only yield better results. I chose not to include obvious factors like views, condition of the apartment and overall affordability. These will be addressed in another series. Continue reading Should you buy that NYC apartment?
Harlem Bespoke reported earlier that there are over 1300 signatures on a petition to save the Renny which is a theater located near the landmarked Striver’s Row in Harlem. Earlier this year, the building was sold for $10 mm to a developer who has plans to demolish it and put up a new building which will also be titled the Renny.
According to historian Michael Henry Adams, the developer could save the building. I believe that it’s worth the effort. I think we need to preserve Harlem’s and NYC’s landmarks. New architecture can be at times beautiful but what makes Harlem attractive is the beautifully preserved townhouses and also architecture that you find throughout the neighborhood. What do you think?
Harlem Bespoke coverage
Story from NY Daily News
Sign the petition
CurbedNY has catalogued the top 90 real estate in NYC celebrity stories for 2014.
From Robert DeNiro’s West Village Pad, to Bruce Willis’ sale in the ElDorado and many others including Meredith Vieira…. See link below.
Streeteasy Market report is showing that November sales slowed in comparison to the previous month which is not that unusually that given the cyclical nature of the real estate market. However, they are also predicting appreciation in 2015 to be about half of what it was in 2014. In 2014, year over year values are up about 10%. I think that is probably an accurate analysis of the market under $3 mm where inventory continues to remain tight. Prices have risen to a point that it is hard to imagine appreciation continuing at the same pace. Continue reading NYC sales slow in November
In Sunday’s New York Times, there was an article titled “What’s next?” which talked about the trends in the NYC real estate market.
- I agree with several of the points including that in 2015:
- AirBnB will continue to be a force in the NYC area as people rent out their rooms
- Rent stabilization will be an issue heavily discussed as those laws are set to expire.
- More luxury housing will be built
- Emerging neighborhoods like the Bronx will see an influx of new residents
Continue reading Trends to watch in 2015