New York State is wrestling with last minute budget negotiations over “Affordable New York”, the new law to replace the expired 421-a law that gave developers tax breaks on property taxes for up to 25 years to develop new real estate projects in New York City.
The City could lose an estimated $8.4 Billion in property tax revenue over 10 years if the deal struck remains in place.
Will Affordable New York cause a drop in residential real estate value if property taxes are increased on 1 to 3 family dwellings to make up for the revenue shortfall?
Townhouse sales in Manhattan were considered a bellweather indicator for the health of the City’s residential real estate markets. But standard convention has been turned on its head as new records are set in sales of Brownstone row houses in Brooklyn.
A recent listing, purchased in 2007 for $33 million, entered the market in 2016 at $49.5 million.
It reappeared this year with a new broker at an asking price of $36.5 million … a $10 million price cut from its original list price a year ago.
Is Manhattan’s townhouse market signaling a coming decline in outer borough townhouse sales later this year?
The borough that’s home to Yankee stadium saw $3.3 Billion in real estate investment in 2016, with half that amount intended for just 2 projects.
Investors have been flocking to the borough in the last 5 years, pegging it as the next Brooklyn since it has major subway line service into Manhattan, world famous cultural attractions (i.e., New York Botanic Garden and Bronx Zoo) and major neighborhood renewal initiatives.
Is it time for you to open a Brokerage office presence in the Bronx?
The Bohemia Group, a boutique real estate brokerage with offices in Harlem, made a calculated business decision to grow their company by opening coffee shops in areas where they hadn’t existed before.
The firm’s Principals determined there was a direct correlation between discretionary income and coffee when it came to real estate values in apartment leasing.
Statistics revealed that renters we were willing to pay more to lease an apartment where a well stocked coffee shop with free WiFi was available.
With more brokers meeting clients in local coffee shops, is this an indication that the local real estate office is dying the same death the Record Store did?
It’s no secret why some of the City’s largest residential real estate brokers never wanted a citywide Multiple Listing Service; it would expose why most of their listing’s weren’t exclusive.
But has their indecision on how to create a single platform for real estate listings result in Zillow’s near monopoly of NYC listings on sites like StreetEasy, Hot Pads and Trulia?
Are New York brokerage firms ready to build a single MLS to fight back against the monopoly power of listing aggregators like Zillow?
Each week THE STREET brings you 5 things moving New York real estate. Which of the 5 in this edition could affect your business plan? Do you seen an opportunity that others have missed?
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