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”
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.”
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 :
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.
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.
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.
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”
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.
Take the ferry for the price of the subway – great new routes!
New ferry service route connecting more neighborhoods to downtown Manhattan:
Mayor de Blasio christens New York’s first Citywide Ferry with a ride into Brooklyn Bridge Park
To celebrate the ahead-of-schedule launch of the Citywide Ferry service, Mayor de Blasio rode the first ferry (named “Lunchbox” by second graders from Bay Ridge) this morning into Brooklyn Bridge Park’s Pier 1 as part of an official dedication ceremony. Beginning May 1st, all New Yorkers can join in the revelry when the new Rockaway Route and the existing East River Route kick off. Service to South Brooklyn starts in June, and the Astoria route will be launched sometime in August. In all, there will be 21 stops added throughout the city as part of the expanded service. On top of today’s festivities, the city also released the official new ferry schedules.
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