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Volume 17: Issue 4 | April 2017
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"If you drive a car, I'll tax the street, If you try to sit, I'll tax your seat. If you get too cold I'll tax the heat,
If you take a walk, I'll tax your feet." - The Beatles.
Taxman is one of our favorite all time Beatles tunes. We felt it was appropriate with April 15th right around the corner. Many of us are reflecting on last year and taking the time to assess our finances. As property owners there are a number of tax benefits available and now is the time to become familiar with these programs, including STAR. This month we are sharing some insights into the market, new development news, townhouse reports, monthly market updates, coop v condo clarification and tax programs to help you keep more money in their pocket.
Bringing value to our clients is our mission. It's no wonder Corcoran was ranked as NYC's #1 Brokerage in 2016. T
his month we'd like to also announce that "Manhattan Insight" has officially been a trademarked, and Constant Contact has awarded us for outstanding viewer engagement. We celebrate our consistency and quality in bringing you market, agent, and neighborhood insights.
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Manhattan Monthly Snapshot
Increases in Time on the Market
17% c
ontract activity increased market-wide this past February, up by 7% compared to last year. The condo market saw notable year-over-year increases in all pricing metrics as the co-op market saw small decreases across the same metrics. Both markets were marked by increases in the amount of time listings spent on the market.
View Snapshot
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Brooklyn Monthly Snapshot
Increased Inventory and Price Drops
February saw a double-digit increase in contract activity versus last year with 26% more sales. Listed inventory increased mostly, up just 3% versus last February. Median and average sale price experienced significant annual gains, with double-digit growth of 22% and 29%, respectively, marking the largest increase in pricing since 2015.
View Snapshot
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NY STAR Program
Tax Rebate Opportunity for You
The NYState School Tax Relief Program (known as the STAR Program), or NY State Real Property Tax Law ยง425, is a school tax rebate program offered in NY State aimed at reducing school district property taxes on the primary residences of NY residents. Learn if you qualify for a rebate check.
More Here.
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Blossoming New Spaces
New Developments to Check Out
Manhattan saw notable YOY price increases in condos, and we're anticipating more new development inventory to hit the market in 2017. With over 4,700 new condo units in Manhattan alone, plus 2,400 new condo units in Brooklyn, and 850 new units in LIC buyers will have an array of options in 2017.
Read on Here.
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Co-Ops Vs. Condos
The Difference Made Simple
Did you know that 75% of Manhattan residential inventory are Co-ops?
With April 15th, Tax Day, being right around the corner, there are both tax advantages and investment opportunities to owning "real property" or a Condo. With such demand, it's no surprise Condos are priced higher.
Learn More Here.
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L Train Shutdown
Alternative Commute Ain't so Bad
The good news is the MTA is trying to shorten the L Train shutdown to 15
months
. The MTA board is expected to approve a new contract that will shorten the amount of time without L train service. There will be no
subway
service along 14th Street, yet we're confident we'll find a way to get around!
Read on Here.
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Manhattan Townhouse Report
2016 Will Forecast What's Next
Townhouses in Manhattan showed to be selling less, with a 26% decrease in 2016 sales as compared to 2015. A 10% drop in price per square foot, yet an increase in the record price for townhouses. FYI - No townhouse sold over $30M.
View Report
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Brooklyn Townhouse Report
A Declining Market
With a 22% inventory drop in traditional Brooklyn Brownstones, the quantity of such quintesential residential townhouses has caused a price floor to develop. At a starting point of $1.5M, townhouses continue to be a
quintessential piece of urban real estate.
View Report
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Featured Property
1615 Bergen Street, 1 - Crown Heights
This over-sized, two (2) bedroom plus large home office and two (2) bathroom duplex is 2,106 square feet featuring an open floor plan and 10 foot ceilings. The upper level is lit naturally by the large south facing window with a generous living and dining area, 2 bedrooms, hardwood floors, a full bathroom and an open kitchen with stainless steel appliances.
View Listing
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Price Improvement
364 Myrtle Avenue, 4 - Ft.Greene
Unbelievably unique and now priced at $1,550,000. This expansive space features 3 bedrooms and 3 terraces over looking blue skies and unobstructed views of both Brooklyn and Manhattan. An intimate 3 unit building, with a 421a tax abatement, each duplex apartment comes with it's own storage unit and is a short 10 minute walk to the Q line at DeKalb Avenue.
View Listing
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Jeff Nolan
Licensed Associate RE Broker
Multi-Million Dollar Club Since 2011
Top 1% of 47,000 NRT Associates
Corcoran Group Real Estate
Union Square Office
30 Irving Place, 5th Floor, NY 10003
Cell Phone - 212.260.0562
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Active
161 W 61st, 6C
125 N 10th Street, S4D
1615 Bergen Street, 1
344 West 23rd Street, 6A
130 Hicks Street, 4
1607 Bergen Street, 3
517 73rd Street, 2
237 Eldridge Street, 4
269 West 72nd Street, 4A
351 East 77th Street, 5B
1082 Dean Street, 4
125 N 10th Street, S3I
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Contact us for Private Mortgage Banker recommendations in NYC.
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Conforming 30 yr fixed: 4.00%
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Conforming 10/1 ARM: 3.62%
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Conforming 7/1 ARM: 3.62%
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Non-Conforming 30-yr fixed: 3.87%
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Non-Conforming 10/1 ARM: 3.37%
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Non-Conforming 7/1 ARM: 3.12%
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Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 660 Madison Avenue, NY, NY 10065. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire an architect.
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