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Residential Real Estate Archives

What will the real estate market be like in New York this year?

With 2017 at the halfway mark, it's good to take a moment to look at the predictions for this year's real estate market. City Realty, for instance, predicted that 2017 would finally be the year where condos would drop in price. It would be the first time in five years that they would do so.

Don't get caught up in the psychology of real estate markets

Real estate markets, especially in trend-setting areas such as New York, often rely on the power of psychology to drive buyers into a deal. Traditionally, for example, realtors might create alluring online ads to drive more people to see a property. Once they get a crowd rushing an open house, they use that as leverage to create a sense of urgency about the deal: With so many people looking, a buyer who wants the property needs to leap now.

Mayor de Blasio's 'mansion tax' getting vocal opposition

Mayor Bill de Blasio is asking the state legislature to enact a new "mansion tax" in order to bring more money into New York City's coffers. The goal is to help some 25,000 senior citizens throughout the city stay in their homes at prices they can afford.

What does the interest rate hike mean for New York real estate?

Anyone who has an adjustable-rate mortgage knows that even a small change to interest rates can mean a big change to your monthly mortgage payments. Shortly before the end of last year, the Federal Reserve raised interest rates for the first time in awhile -- by .25 percent. The Fed has suggested that another rate hike could come this year.

Luxury residences in New York no longer as popular

A New York City real estate agency recently published its end-of-year report on our city's residential real estate market, and the news doesn't appear to be good for those involved in luxury properties. As the president of Olshan Realty, Inc. said, we are no longer in the "golden years of new condo development," which she describes as 2013 through 2015.

Tentative deal reached on renewing New York's 421-a program

Earlier this month, New York City construction unions and the Real Estate Board of New York reached a tentative agreement to renew a tax credit program aimed at incentivizing builders to provide affordable housing in the city. The 421-a program, which expired last year, gives developers tax credits for constructing affordable housing in certain neighborhoods. After the program expired, development throughout the boroughs fell significantly.

Are there risks to infusing your properties with aromas?

Most New Yorkers enjoy transitioning from the smells of the city as they enter office and residential buildings, hotels and restaurants. To make that experience even more pleasant, many upscale condominiums and apartment buildings have partnering with companies that provide fragrances to infuse lobbies, fitness centers and even hallways. They're often brought in through the building's ducts. They see it not only as a perk for residents, but as a way to stand out in Manhattan's competitive real estate market.

Campaign blunders create real estate woes for Trump

Donald Trump's controversial campaign for the presidency has hurt his brand as a real estate mogul and businessman. It has impacted the New York real estate market, where he made his name. There's empirical evidence that the values of his condominiums and other products that bear his name and even that of his daughter Ivanka are in decline.

Advice for dog owners looking for a New York City apartment

Apartments and other rental properties in New York City have become more receptive to residents with pets than they were in the past. However, for dog owners in particular, searching for a place that will accept your four-legged family member can still be a challenge. This is particularly true for people with larger dogs and breeds like pit bulls who are (often unfairly) deemed to be dangerous.

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