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Fair Housing in the Age of Social Media

Social Media Fair Housing

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 …

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Understanding NYC Real Estate Taxes: How Do I Know When a Tax Benefit Will End?

Real Estate Tax Benefit

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 …

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Understanding the Fundamentals of New York City Real Estate Taxes: What Any Real Estate Expert Needs to Know

time-for-taxes

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 …

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Posted in General, Taxes | 3 Comments

When Do You Need a Building Permit in NYC?

Real Estate Newspaper

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.  …

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Posted in General, Renovations | 1 Comment

5 Rules to Make the Walkthrough Much Smoother

property walk thru

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 …

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Posted in Broker Tips, Buyer Tips, General, Seller Tips | Leave a comment

Reading Co-op Financials

Reading Co-Op Financials

OK I know.  Let the lawyer handle the financials.  But in today’s ever-increasing competitive environment, super brokers are conversant in all issues affecting their clients’ purchases.  Understanding all aspects of the deal, makes clients loyal and your advice to buyers and sellers all the more valuable.  This is part 1 of a continuing series to …

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Posted in Broker Tips, Co-op, General, Mortgage | Leave a comment

Shooting Your Seller in the Foot

shooting your seller

It’s easier to borrow less money than more…  Right?  The answer, like so many answers in NYC real estate, is not so simple.  Consider the following.  You have a listing and multiple offers are coming in.  The seller prefers one bidder far more than the rest, and wants to pursue their offer.  But they need …

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Posted in Broker Tips, General | 1 Comment

Success in 2015: Build on What We Learned In 2014

Home on Money

Santayana famously said “[t]hose who do not learn history are doomed to repeat it.” With that admonition, let’s take a look at what we learned from real estate in 2014 and use it to build an even more successful 2015. It’s All About The Team: Buyers spend months searching for the perfect apartment. They miss …

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Opening Your Mail To A Bill For A Million Dollars

Wallet Empty

I hate opening my mail, as it rarely brings anything that I look forward to dealing with. Bills, invitations to destination weddings in Buffalo, laminated flyers that make me feel guilty when I put them in the trash (what exactly is the recycling protocol on laminated postcards?). But a recent article about a shareholder at …

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Posted in Buyer Tips, Co-op, General | Leave a comment

Two Easy Ways To Save Your Buyer Money On Closing Costs

Save Your Buyer Money on Closing Costs

New York is used to coming in number one in lots of contests. And in the competition for highest closing costs, it does not disappoint, consistently having the highest average closing costs of any city in the country year after year. But a couple of rules about how certain closing costs are calculated can save …

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Posted in 1031 Exchange, Broker Tips, Closing Costs, General | Leave a comment