Apr 10, 2015

Brooklyn First Quarter 2015 Market Report

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I am delighted to share with you  Q1 Brooklyn Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Brooklyn in Q1 2015 (January 1stthrough March 31st).

Key Findings of the First Quarter Report:

·         Swift sales. Properties in Brooklyn are averaging only 64 days on the market. Busy open houses and multiple offers – frequently all-cash – were the norm. The number of signed contracts was up 19% over Q1 2014.
·         Significantly higher prices. Strong demand and persistently low inventory continued to fuel price gains. The median price for an apartment is up 25% over the prior year. The average price per square foot rose 25% to $783.
·         More inventory, more choices.  For the third consecutive quarter, the available inventory in Brooklyn rose year-over-year thanks primarily to a 34% increase in the number of condominiums entering the Brooklyn market.















Please do not hesitate to reach out if you have any questions about The Corcoran Report or the Brooklyn market in general. I welcome the opportunity to be of assistance to you.

Apr 8, 2015

Capital Gains and Selling Your Home

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The best tax break available today is for homeowners for selling their home.



The other day I was speaking with a sophisticated business person who was surprised when I told him he had an automatic $250,000 capital gain exemption on the sale of his apartment and if married eligible for a $500,000 capital gain exclusion on the sale of their primary residence.

I'm surprised every homeowner doesn't know this. Many home owners still believe they have to purchase another home to receive a tax benefit. All that changed in 1997.

The Taxpayer Relief Act of 1997 - signed into law by President Bill Clinton together with the Balanced Budget Act of 1997 is probably the most significant change in recent times affecting real estate. This law made some major improvements for Home Sellers, Property Owners and First Time Home Buyers. It simplified taxes for 99% of Homes sold in the U.S.

Since 1997 Home sellers are eligible to exclude up to $250,000 if single or up to $500,000 if married, of the capital gain on the sale of the residence. In order to be able to claim the entire exclusion, the home seller must have owned and resided in his or her home for at least two years of the last five years prior to the sale of the residence. If eligible for the inclusion, it may be claimed once every two years. 

If the home was sold because of a change in employment, health, or other unforeseen circumstance, the home seller may be eligible to claim a partial exclusion of capital gains even if he or she didn't live in the home for a total of two years of the last five before the sale. The portion of the partial exclusion is calculated based on how long the seller lived in and owned the home. The exclusion relates to the gain only, not the gross sale price. Broker's commission is deducted from the gross sale price as is capital improvements and closing costs.

Prior to the Taxpayer Relief Act of 1997 the tax law allowed rollover that required reinvestment in a home of greater or equal value. The previous law also allowed a one-time capital gain exclusion of $125,000 for taxpayers over age 55 who sold their homes. This tax reform enabled many to keep much of their wealth that they accumulated from the sale of their homes.

The 1997 tax reform law also allows early withdrawals from Ira's without penalties of up to $10,000 for First Time Home buyers. The law defines first time home buyers as any one who has not owned a home for the past two years. The cap gain tax was also lowered from maximum 28% to maximum 20%. 

The Taxpayer Relief Act of 1997 has helped many sellers. Many who did not have to wait until age 55 to get an exclusion. 
This same 1997 Tax Reform law also helped to revitalize distressed urban areas by creating empowerment zones. The creation of urban empowerment zones to promote business development. 


Apr 5, 2015

NYC Hotel & Tourism Numbers

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Here are some numbers about the hotel and tourism industry in New York City that highlight its growth and importance to the City’s economy.

$64 billion Economic impact of tourists in 2014.

$41 billion Visitor spending from international and domestic tourists in 2014.   

54.4 million Annual visitors to New York City in 2014, up 44% over the decade.

111,500 Hotel rooms in New York City in 2014, up from 81,400 in 2005.

88.3% Average hotel occupancy in 2013, up from 73.4% in 2001.

49,400 Employees in the Traveler Accommodation industry in 2013, up 30% over the decade.

$290 Average daily room rate in 2013, up from $193 in 2003.  

Source: NYC and Company 
REBNY


Apr 1, 2015

First Quarter 2015 Manhattan Market Report

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I am delighted to share with you the Q1 Manhattan Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q1 2015 (January 1st through March 31st).

Key Findings of the First Quarter Report:

·         Robust sales. The pace of sales continues to be brisk. More properties closed in the First Quarter this year than in the prior quarter or in the same quarter one year ago.
·         Higher prices. Significant price appreciation, especially in the condominium market, drove most price metrics higher year-over-year. The average price per square foot in Manhattan is now $1602.
·         Skewed inventory. There is very short supply in the co-op market and in small-scale units. 95% of all home purchases in Manhattan take place below $5M, but nearly 20% of all actively listed properties exceed that price.


 




















Please do not hesitate to reach out if you have any questions about The 1Q-2015 Manhattan Market Report or the Manhattan market in general. I welcome the opportunity to be of assistance to you.

Mar 11, 2015

2014 ManhattanTownhouse Market Report

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2014 Manhattan Townhouse Market Report

The Manhattan townhouse market had a phenomenal year as all three price indicators rose by double digits. This was particularly true for price per square foot, in which every neighborhood and property type posted strong increases.

The number of single-family townhouse sales decreased 10% while multi-family townhouse sales increased 6%, leading to a 2% decrease overall. The only region that did not have an increase in sales versus 2013 was Downtown.

Throughout Manhattan, the top end of the market thrived as the number of sales over $10M increased 26% versus 2013 to a new record high.









Mar 4, 2015

UWS New Construction | 15 West 96th Street

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15 West 96th Street, image by SLCE/Sackman Enterprises
YIMBY Revealed: 15 West 96th Street a new 22-story building, developed by Sackman Enterprises and designed by SLCE, will have five floors of community space topped by a residential amenity space and 16 condos
The Upper West Side/Central Park West Historic District stops on the southern side of 96th Street, meaning 15 West 96th Street can proceed as-of-right, another rarity for new projects on the Upper West Side, which has some of the strictest land use rules in Manhattan.

Other than the duplex penthouse, each residence will take up one full floor. Because the development on West 96th Street between Central Park West and Columbus Avenue falls on the north side of the street, just beyond the neighborhood's landmarks district, the project can be built as-of-right.


·

Feb 27, 2015

Brooklyn Year End Market Review

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Brooklyn Year End Market Review
  • Intense demand in Brooklyn fueled price improvements in all metrics during 2014.
  • Just over 3,800 apartments (condo and co-op) closed during 2014.
  • An estimated 1,300 units are anticipated to launch this year in Brooklyn.
  • Overall Brooklyn listed inventory is higher than a year ago when inventory was at record low.





Feb 20, 2015

NYC Market Values Comparison

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Real Estate sales prices in the City have recovered from the lows of the recession and have been on a generally upward trajectory since 2009. What have increased much quicker though is the Market Values the City places on real estate in order to calculate taxes.

Below are tables showing the Market Value increases from the previous market peak (fiscal year 2009 taxes which reflect 2007/2008 market conditions) to the current Market Values from the recently released Fiscal Year 2016 Tentative Assessment Roll. 


Data Source: NYC Department of Finance
REBNY.com Research Department

Feb 14, 2015

Brooklyn Monthly Market Report | January 2015

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Brooklyn Monthly Market Report | January 2015

Brooklyn started the year out strong with year-over-year increases in all three price metrics. Average and median sales prices increased by double digits, 21% and 19%, respectively, while the average price per square foot increased 4% year-over-year.

Average price per square foot of all bedroom types increased year-over-year, with two and three plus bedrooms increasing by 19% and 15%, respectively. The increase in two bedroom price per square foot is attributed to several sales at The Boerum, while studio data was skewed again due to limited sales that took place only in new developments.

Brooklyn had a 32% increase in contracts signed versus January 2014. In January, 68% of buyers paid at or above asking price.






 
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This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

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