Foreclosures in New York City at 8-year High

Housing foreclosures in the five boroughs spiked to an eight year high in 2017, a level not seen since the 2008-9 recession. Citywide scheduled auctions increased an average of 58% between 2016 and 2017.

Manhattan was the only borough that didn’t show a dramatic increase in foreclosures, levels remained flat at nearly zero. Over the last 25 years, that has been the case. Manhattan property owners who get in a jam can always find a buyer or a tenant if need be. The movement in the market is constant, which guarantees that you can get out.

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Common Mistakes Brokers Make #1 (Podcast)

Common Mistakes brokers make #1 (Podcast)

#1 because we will have more to follow! The biggest enemy of any sales salesperson is “Verbal Diarrhea” Blah Blah Blah – overstating things that don’t need to be stated and draw attention toward something that derails an imminent sale. We discuss tactics when speaking to new clients over the phone, dealing with foreigners, how to handle listings and how to approach open houses. Truly some valuable information that can be useful for brokers in any stage of their career. Enjoy !

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Art Deco Conversion at 100 Barclay Street: The Good, The Bad, and The Ugly

This 1927 Art Deco office building was recently converted to condominiums and turned out truly fantastic with extensive amenities and incredible craftsmanship. In my opinion it is the best building in the Financial District.

I represented clients who purchased two apartments on the 29th floor. Their contracts were signed in Spring 2015. The building started closings in early 2016 from the top floors, and construction continued as new owners moved in. Elevators were never easy to catch, early residents often had long waits. Many of the amenities took a while to be completed, another pain for residents. Several hallways had ongoing work with dust and noise while people were living in the apartments. These early problems made it difficult to rent apartments. Other top buildings uptown have had similar problems with residents needing to be patient while final renovation is finished. Developers want to close ASAP but lobbies, amenities, hallways, are often not complete.

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Past, Present & Future of NYC New Development’s (Podcast)

Listen to our take on The Past Present & Future of NYC New Development’s:

We dive into the the brief history of modern NYC’s new developments since Mete Basakinci got into the industry. In the mid 90’s when the Westbury and Chatham broke the $1000 barriers, then mid-2000s Time Warner and Beacon Ct Elevated the game. Then a few years after the 2008 crisis when people were losing hope in NYC, the new developments that tower the city’s skylines today are reinventing modern luxury.

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Choosing a Broker and Taking Advantage of Today’s Market (Podcast)

Listen to our perspective on why homeowners should choose the broker and how to go about choosing the best fit for your needs. There are several things to take into consideration, but overall choose somebody that fits your style! We also explain what our style would be and best ways to take advantage of today’s Manhattan real estate market. Listen through the end – some great advise is given!

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Real Estate Perspective on The New Tax Proposal

NYC Real Estate Perspective on the CURRENT Tax Proposal (12/8/17)

The House and the Senate are working on their tax overhaul and they are reconciling several versions. It may happen by Christmas. If the bill passes the way it is structured now out of the Senate, here’s where we stand:

Currently we can write off all real estate taxes on our personal returns. In the new plan only $10,000 would be tax deductible.

The proposed plan eliminates deductions on State and Local taxes. Manhattan residents pay high rates for these, so taking away the deduction could mean an adjustment to a much higher federal tax.

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  • Manhattan and Brooklyn Sale Prices Rise Going Into Home Shopping Season

    Home sale prices in both Manhattan and Brooklyn are on the rise going into the home shopping season, up about 5 percent in Brooklyn and just over 1 percent in Manhattan, according to the February 2017 StreetEasy Market Reports[i]. In both boroughs, the lower-priced submarkets experienced the most price growth. The median resale price in East Brooklyn rose 11 percent since last February and almost 8 percent in Upper Manhattan.

    This year’s home shopping season will be made up of rising prices, low inventory and fewer price cuts than a year ago, painting a competitive picture for buyers this spring.

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