Tag: Condo

Tight Inventory and More Buyers Lead to Multiple Bids Downtown

Tight Inventory and More Buyers Lead to Multiple Bids Downtown 380 West 12th St, Apt 4D - West Village, New York

The Manhattan Real Estate Market has tightened in the last months and even more for Downtown Condos and Downtown Co-ops. Accurately priced properties are receiving multiple bids again. Open Houses are getting crowded again. My new Loft listing at 380 West 12th St – Apt 4D, had over 45 people visit the first open house, Sunday March 13th. Contract volume is up, new inventory is down.

In January, a Penthouse Loft in Tribeca (approx. 1,900 SqFt + a terrace) was listed for $2.9 Million for two weeks but did not sell. Last week the sellers put it back the market for $2.6 Million. The open house was mobbed, multiple bids were received and the seller accepted an offer in two days. A recent article in The Real Deal highlighted Read more…

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Could Flip Tax Regulation Hurt NYC Real Estate?

Could Flip Tax Regulation Hurt NYC Real Estate?

In a proposed Federal Flip Tax regulation, “the (proposed) legislation would in effect prohibit Fannie Mae and Freddie Mac and the federal home loan bank from investing in mortgages where there is a flip tax, be it a condo or coop” according to Eva Talel, a partner at Stroock & Stroock & Lavan in a recently published NY1 report.

A Flip Tax in Manhattan is a fee of 1-3% usually charged by the coop or condo to sellers upon the sale of a unit.  Read more…

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