This color film shows how life was in New York City back in 1939 just before World War 2.
Happy seller! Just sold in Brooklyn! 535 Bainbridge Street in Bedford-Stuyvesant. Thanks for the great opportunity! #brooklyn
View the listing here
By Colin R. O'Leary
When selling a property in New York City it's important to consider the closing costs. Here's what to expect when selling a property in New York City.
Real Estate Commissions: This makes up the lion’s share of the closing costs when selling a home. Typical commissions range from 5-6% of the apartment/building price in NYC. These commissions are usually split evenly between a buyer’s agent and a seller’s agent.
Real Estate Attorney Fees: Most real estate attorney fees will generally range anywhere from $2,000-$5,000 for the transaction. Real estate attorneys in NYC typically charge you a flat fee upon the closing of the real estate transaction.
NYC & New York State Transfer Taxes for condos, co-ops, 1-3 family: The New York State transfer tax is 0.4% for homes sold under $3,000,000. and 0.65% for homes sold above $3,000,000. The NYC Transfer tax is 1% for home sold under $500,000, and 1.425% for home sold above $500,000. For example, if a home sells for $1,000,000 the total NYC & NYS Transfer tax would add up to 1.825%. For homes sold above $3,000,000 the total would be 2.075%. Investment properties (commercial, mixed use, 4 + unit) have a different scale regarding transfer taxes. See chart below for full details.
Captial gains tax: This applies to investment properties only. While this isn’t technically an itemized closing cost, it is certainly something you should consider. If you are selling your primary residence, you have lived there for 2 years or more, and are married, you can typically exclude the first $500,000 in capital gains and take them tax free. If you are single, it would be approximately half of that or $250,000.
When calculating your gain, it's best to speak to your accountant or financial advisor so the cost basis can be determined. There are options to help you avoid paying a hefty tax bill that comes from capital gains taxes, such as a 1031 exchange. A 1031 exchange allows a seller to reinvest the proceeds into a new property or into an approved fund that will help defer capital gain taxes.
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Skyscraper construction is one of the most visual ways of displaying a city's current economic growth. Skyscraper construction is often tied to a city's economic cycle. Skyscraper construction is no simple task. It requires massive cooperation and involvement from both private capital and local government. The B1M, the world's most subscribed-to video channel for real estate construction, created a video that shows the top 10 cities in the world that are leading the way in skyscraper construction. Check out the video below and let me know which cities that are building skyscrapers that you are most impressed with.
I’m excited to share the announcement of Berkshire Hathaway HomeServices Gulf Properties, the first Berkshire Hathaway HomeServices in Asia. This announcement not only marks our continued global expansion, but highlights the growth of a world-class brand representing the integrity and unparalleled excellence of Berkshire Hathaway.
Read more about it here
NYC MARKET UPDATE
The real estate market is up in 4 of the 5 boroughs in New York City. Median home values are down in Manhattan, where its become a buyers market. Median prices have dropped -6.1% in Manhattan year-over-year, according to Zillow. The median home value in Manhattan is now $1,228,200.
Brooklyn home values are holding steady, up a modest 1.5% year-over-year. The median price of homes currently listed in Brooklyn is $749,000. In Queens, median home values have gone up 5.1% over the past year. The median home value in Queens is $649,700 right now.
The hottest real estate market in the city right now is the Bronx, where the median home value is $437,900. Bronx home values have risen 9.8% over the past year. Staten Island home values have gone up 5.8% over the past year. The median home value in Staten Island is now $532,800.
NATIONAL MARKET UPDATE
The median home value in the United States is $226,700, an increase of 6.6% over the past year. Zillow predicts median home values will rise 4.1% over the next year. In February, existing home sales experienced their largest monthly gain in four years, according to a recent report by the National Association of Realtors.
Over the last two years, the average homeowner has accrued about $21,300 in home equity, according to the National Association of Realtors (NAR). NAR Chief Economist Lawrence Yun said that a combination of lower mortgage rates, more inventory, rising income and higher consumer confidence are driving sales.
Rising home prices aren’t discouraging homebuyers. According to a recent quarterly NAR survey, more Americans believe that now is a good time to purchase a home, citing the improved economy as an incentive. NAR Chief Economist Lawrence Yun said other factors are spurring buyer optimism, including more available homes for sale and stabilizing home price trends.
Yun also notes that mortgage affordability in 2019's first quarter was favorable to homebuyers, because the Federal Reserve isn’t going to raise overnight borrowing rates to banks, which contributed to mortgage rate declines and making homeownership slightly more affordable for homebuyers. Mortgage rates remain near historically low levels.
Colin R. O'Leary
Licensed Real Estate Salesperson
Berkshire Hathaway HomeServices New York Properties
590 Madison Avenue, New York, New York 10022
Direct: 646.677.9346| Mobile: 516.330.2756
Bio & Listings: bhhsnyproperties.com/colin
Real Estate Board of New York Member
U.S. Air Force Veteran
"The highest compliment we can receive is a referral. Thanks for your trust!"
The new triangular observation deck at the #HudsonYards will be the highest in the city at 1,100 feet when it opens in 2020.