NYC is the start for many young college grads, but where to live. DNA info reports on the next neighborhoods.
Where College Grads Can Afford To Live in NYC
June 7, 2017
Looming Mass Transit Issues Create New NYC Real Estate Calculus
June 7, 2017
What to do next, when your train line is under construction. DNA info reports on a very telling story on this.
more “Looming Mass Transit Issues Create New NYC Real Estate Calculus”
Don’t forget the Mortgage Interest Deduction!
June 7, 2017
Mortgage Interest Deduction Lifts Housing Prices
There was an interesting article in The Real Deal Magazine column: The Long View. The mortgage interest deduction is America’s great inequalizer
The concept is pretty straight forward. When you introduce ways to cut costs for homeowners (i.e. making the payment smaller), the price moves higher. We see this in other mechanisms like tax deductions or low mortgage rates. The universe doesn’t remain in a vacuum while you solely enjoy the benefit. I’ve taken the deduction for years and have always been concerned about a price drop if this key homeownership incentive for housing activity was suddenly removed. Here’s why.
According to a well known 1996 study by Richard Green, Patric Hendershott and Dennis Capozza, U.S. home prices may be between 13 and 17 percent higher than they normally would be because of the MID. The logic is simple. The deduction makes it cheaper for Americans to take out mortgages, which means they can afford to pay more for homes, which artificially inflates demand, which in turn drives up home prices.
In addition to the mortgage interest rate deduction, land use regulations also push prices higher. Edward Glaeser, a noted author on this topic – and not because he has cited my market research in the past – wrote an interesting piece for Brookings on reforming land use regulations.
We changed from a country in which landowners had the relatively unfettered freedom to add density to a country in which veto rights over new projects are shared by a dizzying array of abutters and stakeholders. Consequently, we now build far less in the most successful, best-educated parts of the country, and housing prices in these areas are far higher than construction costs or prices elsewhere.
It is prudent to realize that value isn’t just inherent. Zoning, land use regulations, tax incentives are embedded in that value. So if those incentives are removed, the value will quickly drop. I’m not presenting rocket science here but housing value is not just “location, location, location.”
Are your window screens in?
June 2, 2017
It’s a lovely time of year to leave the windows open – but Is your landlord required to install screens in your windows?
According to Brickunderground :
New! 511 Hicks Street
May 23, 2017
Looking for that hard to find second or third bedroom in Cobble Hill?
This traditional four-story Brooklyn town home has been tastefully renovated into a three-bedroom lower duplex, topped by a pair of two-bedroom apartments.
This low-rise redevelopment is a rental value worthy of its location within cobble hill Historic District.
You know you love Cobble Hill and it’s the great lifestyle! Lovely historic brownstone streets, only blocks away from The Brooklyn bridge Park and waterfront ,great restaurants and excellent schools with easy access to Manhattan- make it literally the best of all worlds!
As an owner, landlord, property manager and real estate broker, I have the experience and contacts which have helped many clients enlarge their space and secure a new home.
It’s priced at $3000.
Call today or send me a message on my contact me page today.
New to market!
May 23, 2017
My new Brooklyn town house listing has a landscape architect designed backyard with a beautiful terraced garden, ipe decks, a Cyprus table and an incredible BBQ grill.
NY Harbor School
May 23, 2017
Here’s a shout out to my son on his first blog post – coming in from the NY Harbor School vessel operations team. The NY Harbor school is marine science based NYC public school based on Governors Island.
Check out Liam’s post.
1901 School House Condo
May 4, 2017
Fantastic, spacious 2BR 2Bth with soaring 15-foot ceilings and 9 enormous windows throughout. Built in 1901, The St Johns School was converted to condos in 2004 and is the only true loft building located in trendy Greenwood Heights.
more “1901 School House Condo”
Parking just got harder in Cobble Hill.
May 4, 2017
In Cobble Hill Brooklyn, we’ve lost a much needed hospital and gained a development which is totally out of keeping with the scale of this historic neighborhood. Fortis doesn’t appear to want to work with the community to provide proper infrastructure for their development, I’m afraid the bogus parking as reported in the Brooklyn Eagle is only the beginning.
For more info read more at the Brooklyn Eagle.
Photo by Brooklyn Eagle.
Olmsted, my new favorite.
April 18, 2017
Olmsted is my current favorite restaurant in Brooklyn. It’s right around the corner from my Prospect Heights development at 170 Park Pl. New York Eater tells the story.
I hear the chef is up for the James Beard award – make a reservation – no one liked to wait in line… olmstednyc.com