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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 TO RENT AN APARTMENT IN NYC
So, you've saved up enough money?
You got a new job and are considering making the move to New York City to ease your commuting time?
Maybe, just maybe, you're tired of living in your mom's basement?
ABOUT THE AUTHOR
Born in Queens, raised in Westchester, avid traveler to Italy, and calling the Upper East Side home, I'm a fluent New Yorker. I feel a strong tie to the concept of " HOME". I believe that everyone should have an environment they're proud of, but most importantly a space to call their own. I am also sensitive to the financial implications of owning and making that next big decision. My cultural upbringing has instilled this financially conservative reasoning within me, and furthermore I’ve decided to pursue further education in Real Estate Development at Fordham University. My Sunday morning kick-off includes stopping into 2-3 open houses in a particular neighborhood to understand value and offering in the NYC Residential market these days. I enjoy browsing, and analyzing what they're selling these days!
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.
APPRAISING NEW DEVELOPMENTS
Developers today are pushing all of their closing costs onto the buyer, inflating the raw value of a unit.
Instead of a $1,200,000 price tag a buyer is expected to pay asking price, their attorney, closing fees (CLICK HERE to see a list of typical Condo Closing Fees) PLUS sponsor attorney fees.
In order to keep the value of their units expensive and make sure a high sale price is recorded as public record, sponsors will pay closing cost credits at closing. This becomes a separate deal or a rebate if you will for the buyer. The raw cost of the apartment is decreased for the buyer, but the public will never know this.
HOW MANHATTAN’S TWO WEST SIDE MEGA-DEVELOPMENTS STACK UP
Hudson Yards
Size matters
The nation’s largest private real estate development, Hudson Yards, stretches across 28 acres and will feature 16 edifices encompassing more than 18 million square feet.
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.
BUYING A NEWLY BUILT TAX-ABATED CONDO IN LIC
Things to keep in mind when buying NEW:
Sponsors (Developers) are required by law to issue an offering plan that contains all information relevant to the sale of units, such as description of the neighborhood, details on construction, design and materials, projected operating budget, reserve and working capital funds, procedure to purchase, unit prices, monthly charges, and closing costs. It is important to engage a real estate attorney to perform due diligence on the project.
WHY INVEST IN ASTORIA, QUEENS?
This month I ask that you look over at the East River Waterfront and ask yourself, "What are they building over there?"
For years, real estate prognosticators have been saying that Astoria would be the Next Big Thing in New York real estate, and while it hasn’t seen a development boom on par with places like Williamsburg or Downtown Brooklyn, more and more apartments are coming to the Queens neighborhood._ Curbed NYC.
FOREIGN NATIONALS RENTING IN NYC
Luxury Condos such as the Yves at 166 West 18th Street in Chelsea are a hot spot for many. Retirees, relocated professionals, and even international dwellers are attracted to the Chelsea neighborhood.
Diplomatic immunity, is essentially a principle of international law that maintains that certain foreign government officials, such as diplomats, are not subject to local laws.
A BUYER'S TIMELINE for purchasing
Timeline Guide for Purchasing
Here are the steps you’ll take to find and close the apartment of your dreams.
Speak with a mortgage broker, bank, or financial advisor
Typical time frame: 1 – 3 weeks
It is important to have an idea of how much you can spend on an apartment prior to beginning your search. Keep in mind that financial requirements vary from building to building and bank to bank. In today’s mortgage market, it is strongly recommended that you get pre–approval for financing by a mortgage broker ASAP.
MORTGAGING THE PURCHASE OF YOUR NEW HOME
WealthFocus
Buying a home
Whether you’re a novice or you’re experienced in the home buying market, here are some things to think about as you move forward in the process
The benefits of cash In “hot” real estate markets, cash buyers often come out ahead. Even if you ultimately intend to put a mortgage on your new home, presenting a cash offer can be an important factor in determining whether the home becomes yours.
RENTALS ON THE AMALFI COAST, PEOPLE OF THE SEA
Away from it all. The tourists, the over priced meals, the tacky souvenir shops and amidst the locals. Conca dei Marini is a hidden gem on Italy's Amalfi Coast known for its nautical culture, seafaring residents, and private beaches nestled at the foothills of the cliffs. About an hour from Naples Airport, you can arrive by private boat or chartered boat pick up from the port of Amalfi. The Islands of Capri, Procida, and Ischia are about 2 hours away by boat.
TOP 5 WAYS TO BUILD PERSONAL CREDIT
It is extremely important to understand the credit scoring landscape in order to have the most opportunity to achieve financial success and freedom. In my line of work, buyers, renters, and even sellers need to understand their credit, their power to borrow, and their risk in the market.
Below are 5 ways to build personal credit straight out of college and into the workforce. Your dream of owning a home, renting in your favorite neighborhood, and having the lifestyle you want is all a process. Consistency is key! Read On...
A GUIDE TO NYC CLOSING COSTS
One of the most surprising aspects of buying or selling a New York City apartment—and thus, one of the more stressful—is the amount you'll spend on closing costs, potentially tens of thousands of dollars that get tacked onto the purchase or sale of a home.
OLD BONES ATTRACTING YOUNG RESIDENTS
New York City traces its origin to its 1624 founding in Lower Manhattan as a trading post by colonists of the Dutch Republic and was named New Amsterdam in 1626. [1] Much of lower Manhattan's streetscape is not uniform and grid like as compared to upper Manhattan because of early settlers carving both roads for horse and buggy and dykes for ships and cargo. Much remnants of 17th century colonial life in New York City can be seen from existing g buildings and structures today.
LIVIN'.... SMALL IN NEW YORK CITY. MAXIMIZING SPACE!
Expansive is a term widely used in NYC. With such little room for rolling acres of land in this concrete jungle, New Yorker's are turning to more creative was to maximize their living spaces. We've all had the notion, a friend, family member or someone's brother-in-law's sister made the move into the big city. We all think, Hey! They'll be living large alright!
MARKET VALUE VS APPRAISAL VALUE
So, you've decided to sell your home, now choosing a real estate broker is your next step. Teaming up with NYC’s #1 Real Estate Brokerage means your property, your investment, and your financial business is in the hands with an experienced, professional, and competitive Corcoran agent.
1Q 2017 WHAT'S GOING ON OUT THERE IN THE MARKET?
This month I continue to be confronted with the following conversations, “ Oh! You’re in real estate? So what’s the market like?” Not only am I now a living and breathing source of transactional data, market news, and reliable neighborhood recommendations but I wanted to take a moment to outline what exactly is, “going on” since the close of 2016
PRICING OUTDOOR SPACE
Private outdoor space in New York City is a luxury to say the least. Whether you're peering over from your balcony to buzz up the delivery man, sipping your morning coffee on your terrace, watching the sunset from your rooftop cabana or grilling shrimps in the garden with your friends – a balcony, terrace, cabana, or garden space is just about as "outdoorsy" as it gets in NYC.