NYC Luxury Real Estate Blog

How the New $8,000 Home-buyer Tax Credit Works

Home buyer tax credit in New York CityFirst-time home-buyers who buy between now and November could get either an $8K or 10%-of-home-value tax credit, whichever is lower. Remember: it's a dollar-for-dollar tax cut, not a liability reduction (which would only save you a paltry $1K).

So, let's math out the $8K part.

If you owe $8K in income taxes and qualify for the $8K tax credit, you owe nothing ($8K-$8K=0). I know what you're thinking, and the answer's yes... If you're liable for $3K in income tax, you'd instead get a check for $5K ($8K-$3K=$5K).

How Obama's Mortgage Plan May Affect New York City Real Estate

Obama's mortgage plan may affect New York CityPresident Obama is confronting the mortgage crisis head-on. His mortgage plan includes two key initiatives, focusing on refinancing and homeowner stability. Let's sum up each and look at how they may affect New York City...

The Refinancing Initiative

This initiative eases back refinancing requirements. For many homeowners, refinancing is now an option. There are credit rating and responsibility requirements, of course. But those who used to be high and dry, such as homeowners with less than 20% equity, can now play a little ball. Also, refinanced loans can't include early payment penalties... another plus. 

Why It's So Easy Being Green in a Manhattan Condo

greenYou know how so many great ideas are ahead of their time? That's kind of how Manhattan condos are. We've always known they're great investments and great places to live. But we didn't really know what we had until we started thinking Green. When some genius designed the first condo (bear with me!), he or she used smart economic principles to create homes that could share resources. Walls, heat, water. Security. Even luxury amenities. You name it. Lo and behold, we've found that the condominium's design is the perfect Green square one. Let's look at how the average condo is great for the environment... then, we'll see how modern developers are taking it a step Greener.

What the Economic Crisis Means for New Developments (and How Buyers Can Take Advantage)

crisisThe credit crunch has not spared Manhattan builders. Midwestern families are having trouble getting loans? Manhattan developers are having trouble getting loans. Many banks have nothing to offer the developers of a building unless they've already sold more than half of its units! This presents two options for builders:

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The First-time Home Buyers Tax Credit Makes Apartment Buying a Little Sweeter

homeHere are some important changes to the Home Buyers Tax Credit Bill which could benefit those of you who are considering buying a New York apartment in the coming months. How will it effect Manhattan Real Estate? The modified Home Buyers Tax Credit states that first time buyers and those who have not owned a home for the last 3 years will be eligible for up to an $8000 tax credit;

Is Manhattan Real Estate a Buyer's Market Yet?

A buyer or sellers market in New York City?Sellers currently have huge inventories of apartments in the $1M range. In some neighborhoods, prices have dipped by as much as 15%. Prices haven't been this low in years. Think about it this way... You can snag a 2009 apartment at a 2006 price. Who says time machines aren't real?

Buyer's market? We're getting there

Change Manhattan Should Believe In?

changePresident Obama's push for a bailout proposal is going over pretty well here... but are New Yorkers expecting a little too much from the stimulus package? Eliot Brown at The Observer notes that the reality may not line up with our hopes...

The Bloomberg administration today announced it expects it will get from the federal stimulus package roughly between $500 million and about $1 billion in capital dollars, according to testimony at the City Council delivered by Jeff Kay, director of the mayor’s Office of Operations. That money, spread over two years, is not a particularly enormous sum given that the city’s capital plan calls for more than $18 billion in spending over the next two years.

Goldman Sachs Believes in Real Estate Services Company

gsHow about a (relatively) lighter note? Goldman Sachs has shown confidence in the market and picked up a stake in CB Richard Ellis. Goldman Sachs snagged more than 22 million shares of CBRE, an 8.7% stake, for almost nine figures. Real estate services stocks are low right now... Good pickup for Goldman Sachs? How should they apply their expertise?

The best investment in Manhattan? Might surprise you...

Investing in Manhattan Real EstateAccording to quarterly figures, average Manhattan real estate closing prices only fell by 3%, as compared to 2007. Sounds like a pretty steady market. But let's dig a little deeper... A sizable chunk of real estate deals in the fourth quarter were huge deals in very high-end homes, $10M and up. Without these big sales, the market in Manhattan may have slipped by three times as much!

Where are the best deals in all this?

Why Manhattan Real Estate Buyers Should Take Advantage Now

Manhattan real estate Investment

Judging by these figures, even Manhattan is starting to feel the pinch. This means it's a pretty bad time to buy Manhattan real estate, huh? Not exactly...

The current financial climate is bad for builders...

Inventory is piling up. Buildings are hard to move. There's little urgency for new buildings. Loans are becoming a real sticking point. Buyers with serious money are getting, well, picky!

...But good for buyers!