First-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).

You 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.

Here 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;

President 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.

According 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?