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New York real estate market settles down in 2017

If you're interested in purchasing property in New York City, now may be the time. A report from July 6 says that the current real estate market has taken a plunge, so bidding wars and cash deals are becoming less common. Since the market has become less urgent, sellers are having to reduce prices more than in 2016.

Billionaire's Row in trouble in Manhattan

If you live in New York, you may be familiar with Billionaire's Row. The stretch of real estate near 57th Street and Central Park has been struggling recently. There have been two apartments in One57, a large building in the row, foreclosed on in the last two months, as of a June 26 report.

Using a limited liability company in real estate can help

When you purchase a home, you may want to consider buying as an LLC. There are a number of reasons property buyers may want to do this, including shielding their identities from the media or the public. Some sellers may believe using a limited liability company is a little suspicious, but it's not. It's a common practice, and here are a few reasons why.

New York City taxes soar for co-op and condominium owners

If property taxes are keeping you from wanting to own a co-op or condominium, you're not alone. In fact, co-ops and condos end up paying five times more than other homeowners in property taxes, something that has long been regarded as unfair in the state.

Real estate prices are setting records in New York

Real estate in New York has continued to increase in value to the point that it is now setting records for its sale prices. If you're planning to buy real estate, you may want to consider a co-op, because selling prices have fallen, making them more affordable. The average price as of April 2017 is around $711,000.

You have a right to refuse to sell your home...sometimes

As a homeowner ready to sell your home, you want to make sure your home goes into good hands. One thing you may want to know is if you can legally refuse to sell your home to a willing buyer. You can, but there are times when your refusal may break the law.

Avoid these real estate transaction pitfalls

Despite the fact that real estate transactions appear as if they should be simple, the truth is that there are many ways to make mistakes throughout the process. Since there are ways a transaction can fail, it's always a good idea to work with a professional who is familiar with real estate law.

What does the Year of the Rooster have to do with real estate?

Our readers who are familiar with Chinese culture (or just enjoy a trip to Chinatown occasionally) know that 2017 is the Year of the Rooster. The rooster is considered to be the most motivated of all the animals in the Chinese zodiac. The Year of the Rooster is considered by some to be a good time to invest in real estate.

When do home buyers and sellers need a real estate attorney?

Most people who are buying or selling a home in New York City don't need an attorney. A knowledgeable realtor should be able to guide you through the transaction. However, in some cases, it's wise to have an experienced New York real estate attorney to help avoid legal or financial repercussions later on.

Avoid costly tax mistakes during your real estate transactions

A seemingly-good New York real estate deal can have unexpected financial ramifications if you don't know which tax rules and codes apply to your transaction and which can be used to your benefit. Like all tax laws, the laws pertaining to the purchase and sale of residential and commercial real estate are constantly changing. That's why it's essential to have a team of legal, financial and tax professionals advising you so that you can take advantage of the tax laws that work in your favor and avoid costly mistakes and legal penalties.

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