Balancing The Budget By Taxing Real Estate . . . Again!
In the typical “smoky backroom” that is a regular part of the state’s budget process, the legislature passed and the Governor signed an unexpected change to the real estate transfer tax. The surprise change was in lieu of a disastrous possible pied a terre tax that Mayor DiBlasio had originally supported. The new taxes impact …READ MORE
Mastering The Walk Through
The final inspection or “walk through” can often generate last-minute disputes between buyers and sellers the can transform an amicable closing into a contentious one. But it doesn’t need to, and here are some tips that can help avoid problems. The basics: Let’s remember what we are trying to accomplish in the walk through. The …READ MORE
Avoid Making this 1031 Exchange Mistake in 2019
A 1031 exchange is a powerful vehicle to build wealth by permitting taxpayers to defer capital gains, and depreciation recapture, through a properly executed transaction. But the rules governing exchanges are a “safe harbor,” meaning that the failure to comply exactly with these technical rules will violate the exchange and force the taxpayer to recognize …READ MORE
Coop Transparency Takes Another Step Forward
Few parts of the residential purchasing process is more frustrating than the coop approval process. Clients — particularly first time buyers– find the lack of transparency and the snail’s pace to approval among the most challenging. But recently Westchester County joined a few other local NYS governments in the effort to improve the process. With …READ MORE
Fair Housing in the Age of Social Media
I teach a lot of subjects to the real estate sales community in the metropolitan New York area, and without question the course I enjoy presenting the most is fair housing. It’s refreshing to see how committed my students (brokers and agents) are to principles of housing equality. It’s good business, and it’s the right …READ MORE
Understanding NYC Real Estate Taxes: How Do I Know When a Tax Benefit Will End?
This week we analyze a property receiving a 421a tax benefit and see how it “rolls back” with the passage of time. Clients often ask, “what would my taxes be if this tax benefit were not in place?” Let’s see how to figure this out. Consider a condominium apartment at 200 Chambers Street. The apartment …READ MORE
Understanding the Fundamentals of New York City Real Estate Taxes: What Any Real Estate Expert Needs to Know
NYC real estate taxes are an important component of value, and can be a source of confusion for even the most seasoned broker. Here are some basics that should help clear up the mystery. Abatements and Exemptions: NYC has various tax programs that operate to reduce the tax burden on certain real estate. Depending on …READ MORE
When Do You Need a Building Permit in NYC?
Apartment renovations generally require two separate approvals. First, management of the building must approve the alteration and grant permission for work to begin. Second, if required, the NYC Department of Buildings (the “DOB”) must also approve the work and grant the construction permit. Management approval generally starts with the completion of an alteration application. …READ MORE
5 Rules to Make the Walkthrough Much Smoother
The final inspection — or walk through — should simply be one more pleasant meeting with the buyer to welcome them to their new home, before heading over to the closing to finish the deal and convey title. But too often, the walk through can be the source of dispute, and fodder for the buyer …READ MORE