All about NYC Real Estate
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WANT IN ON A SECRET?- BUYER'S AGENT EXPLAINED
According to the NYS Agency Disclosure Agreement:
"Buyer’s Agent A buyer’s agent is an agent who is engaged by a buyer to represent the buyer’s interests. The buyer’s agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer. A buyer’s agent has, without limitation, the following fiduciary duties…
BUYING IN DOWNTOWN BROOKLYN
Having curated a new development tour last weekend in #Downtown #Brooklyn, I felt it was appropriate to speak to the prices of condos on the market right now. During our tour we stopped into 613 Baltic Street, a JDS boutique condo development in Park Slope. One of my favorite because of the efficiency in floor-plan design, no space is wasted, bedrooms are very generous with added closets.
AMAZON MOVING TO LONG ISLAND CITY - NOW EVERYONE IS REALLY TALKING.
Long Island City has had a lot of buzz surrounding it. Once a brownfield, home of the Pepsi Cola bottling factory, window manufacturers, and let's not forget the Five Pointz Grafiti Mecca, now the neighborhood is going to be home to Amazon Headquarters. From it's HUGE residential rental boom, over 7,000 new units hit the market in 2017, to the reveal of the grandiose plan to transform Sunnyside Yards into a "Hudson Yards of Queens" - the borough is experiencing remarkable rezoning and opportunity.
BUYING AN APARTMENT AS AN LLC (LIMITED LIABILITY CORPORATION)
Since becoming legal in New York State in 1994, LLCs — hybrid entities that provide a shield against liability and offer several tax advantages — have become one of the most dominant ways to buy property in the city, According to the Real Deal . Most condo buildings make the process relatively simple.
HOW BROWNFIELDS BECAME LUXURY NEIGHBORHOODS
As NYC expands further and further to Queens and Brooklyn, many real estate professionals talk about "the next hot neighborhood". For me as a historian, it's important to really uncover what your new development its sitting on.
MOVING IN RESOURCES AND DESIGN HACKS
Below are a couple of helpful links for you to check out before you schedule to move in. Be sure to coordinate with the building's manager or leasing manager to makes sure you've been approved to do so.
LAND LEASE BUILDINGS - THE POSITIVES AND NEGATIVES
Choosing to buy in a land lease building is ultimately a trade-off between cost and risk.When it comes to those enticingly low price apartment such as those in LIC's CityLights building or NYC's Carnegie House, there's something your agent should advise you on.
CREDIT REPORT INFORMATION 101
When it comes to renting in NYC or deciding to purchase real estate, your credit score is important. There are numerous stages in the buying process that will inquire and ask about your credit history. From getting pre-approved to a mortgage, to getting approved by an actual co-op board in your building, your ability to borrow and pay back debts is measured by a credit score.
THE CO-OP VS CONDO BREAKDOWN
If you're thinking about purchasing in NYC, new to how real estate is classifed in this city, or just curious, below is an abridged version of the differences between a Co-Op versus a Condo. Residential Real Estate has a different evaluation, and needless to say, is ALWAYS in demand. Let's face it, NewYorkers will always need a place to live.
PUBLIC TRANSPORTATION AFFECTING PROPERTY VALUE
Transportation upgrades, shut downs, and closures obviously affect property values. It's no surprise our city NEEDS these upgrades, and our 100 year old system can't sustain the increase of commuters, new yorkers, and furry friends occupying the tunnels.
BUYING SELLING WHAT IS A CO-OP?
According to Wikipedia, " A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise".
CHOOSING THE RIGHT AGENT TO REPRESENT YOU
Did you know there are 35,000 agents licensed to sell real estate in NYC?
Here's How I Make the Difference:
1) I'm backed by ELEGRAN:
We are a collective of young, tech-savvy people, with the entrepreneurial courage to offer a modern approach in an old industry. Through our proprietary platform, Elegran is changing the way sales agents generate and close business.
APPEALING YOUR CONDO TAXES
Condominiums in NYC are classified as real property. The most important element that makes them different from Co-ops is that a condo unit is sold/bought with the transfer of a deed. The homeowners own their individual unit space, and all residents share ownership of the common areas. All apartment owners in a condominium own the physical land the building sits on. In contrast, co-op owners don't own the physical apartment they live in but rather shares in the building and a proprietary lease that grants them the right to live and use the space identified on their stock certificate.
2017 TAX LAW - THE ABRIDGED VERSION.
Who ever said, "Hey! I love taxes, let's just complicate it even more!" ? On December 20, 2017 the House of Representatives passed the Tax Cuts and Jobs Act of 2017*, which was the final vote in Congress.
HOW WILL THE TAX BILL IMPACT NYC REAL ESTATE?
The U.S. Senate and House of Representatives on Monday began the grueling process of hashing out the disparities between their tax bills — a task that will require reconciling hundreds of billions of dollars in differences.
The two versions of the legislation are a bit of a mixed bag for the real estate industry — disproportionately favoring the commercial sector over residential. Limited liability companies (LLCs) and real estate investment trusts win big under both. Homeowners? Not so much.
INTERIOR DESIGN TRENDS AND STARTING FRESH
It happens every so often in this city, you open the door to your apartment and think, " This just isn't me".
"Although the bond between interior design and our emotions has gained much attention in the last decade, this form of environmental psychology exists for thousands of year now – the Indian Vastu Shastra, the Chinese Feng Shui, etc. Because of the rise of neuroscience, scientists are doing plenty of research on this topic and finding the most incredible results.