13 Monday May 2013
Posted in Market news
| YOY Averages | Sold $ | Disc. | PPSF | SF |
| 5 Bedrooms | $9,590,000.00 | 5.93% | 1749 | 5133 |
| 4 Bedrooms | $7,495,689.00 | -3.27% | 1898 | 5047 |
| 3 Bedrooms | $3,859,667.00 | -1.26% | 1597 | 2455 |
| 2 Bedrooms | $2,355,829.00 | -2.01% | 1516 | 1669 |
| 1 Bedrooms | $1,294,049.00 | -4.02% | 1307 | 998 |
15 Monday Apr 2013
Posted in Market news
| YOY Averages | Sold $ | Disc. | PPSF | SF |
| 5 Bedrooms | $9,590,000.00 | 5.93% | 1749 | 5133 |
| 4 Bedrooms | $6,982,461.00 | -2.11% | 1822 | 5164 |
| 3 Bedrooms | $3,875,725.00 | -1.77% | 1571 | 2508 |
| 2 Bedrooms | $2,283,747.00 | -2.55% | 1535 | 1631 |
| 1 Bedrooms | $1,244,445.00 | -4.62% | 1299 | 960 |
For more information contact Demsker
14 Thursday Mar 2013
Posted in Uncategorized
2013 Tribeca Condo Sales, Year over Year averages…
| YOY Averages | Sold $ | Disc. | PPSF | SF |
| 5 Bedrooms | $9,590,000.00 | 5.93% | 1749 | 5133 |
| 4 Bedrooms | $9,466,099.00 | - | 1641 | 6232 |
| 3 Bedrooms | $3,883,579.00 | -2.14% | 1675 | 2322 |
| 2 Bedrooms | $2,496,512.00 | -0.90% | 1574 | 1596 |
09 Saturday Feb 2013
Posted in Uncategorized
Governor Cuomo signed into law (Chapter 4 of the Laws of 2013) the Omnibus Housing bill that renews the coop/condo abatement and J-51 programs and amends the certain provisions of the 421a program.
A brief explanation of the bill’s provisions is below.
Coop/Condo Abatement
The coop/condo abatement would be extended for three years. However, to be eligible for the abatement, the unit must be the primary residence of the unit owner. A unit owner may still receive an abatement for up to three units, provided they are in the same building and one of the units is the owner’s primary residence. In addition, the thresholds for an abatement were modified as described below.
(that is the big change, as now only primary residences qualify)
| Average AV: | ≤$50,000 | $50,000-$55,000 | $55,000-$60,000 | >$60,000 |
| FY2012 | 25% | 22.5% | 20% | 17.5% |
| FY2013 | 26.5% | 23.8% | 21.2% | 17.5% |
| FY2014 | 28.1% | 25.2% | 22.5% | 17.5% |
For non-primary residence coops/condos where the unit received an abatement in FY2011 the abatement will phase out according to the schedule below.
| Average AV: | ≤$15,000 | >$15,000 |
| FY2012 | 12.5% | 8.75% |
| FY2013 | 6.25% | 4.375% |
| FY2014 | 0% | 0% |
J-51
The J-51 program, which provides a tax benefit for the renovation of existing housing, would be extended three years. However, the amendments would eliminate benefits for the conversion of commercial space to residential use and limit the eligibility for condominium and cooperative buildings with units whose average assessed value per unit is >$30,000. However, projects that receive “substantial government assistance,” which is defined to include city, state, or federal loans or grants, are not subject to this cap. Likewise, conversion projects receiving substantial government assistance would be eligible for J-51 benefits.
421a
The amendments to 421a would encourage new residential development in high density 15 FAR districts in Midtown and Downtown Manhattan. In the modification to the program in 2007, the renewal of this separate provision was accidentally omitted. This amendment was intended to restore the benefits that have been part of the program since 1993. In addition the bill restores flexibility in the completion of construction provisions that are crucial to the resumption of stalled housing projects.
09 Saturday Feb 2013
Posted in Uncategorized
| YOY Averages | Sold $ | Disc. | PPSF | SF |
| 5 Bedrooms | $9,590,000.00 | 5.93% | 1749 | 5133 |
| 4 Bedrooms | $7,284,604.00 | -3.14% | 1641 | 6232 |
| 3 Bedrooms | $3,907,182.00 | -2.93% | 1553 | 2562 |
| 2 Bedrooms | $2,215,523.00 | -3.26% | 1568 | 1570 |
| 1 Bedrooms | $1,241,946.00 | -4.93% | 1313 | 945 |
Low inventory and strong demand has pushed prices up Year over Year and made the buying situation tougher and more expensive.
03 Thursday Jan 2013
Posted in Uncategorized
| Averages 2012 | Sold $ | Disc. | PPSF | SF |
| 5 Bedrooms | $9,590,000.00 | 5.93% | 1749 | 5133 |
| 4 Bedrooms | $7,284,604.00 | -3.14% | 1641 | 6232 |
| 3 Bedrooms | $3,904,604.00 | -2.93% | 1546 | 2572 |
| 2 Bedrooms | $2,228,176.00 | -3.25% | 1572 | 1581 |
| 1 Bedrooms | $1,259,118.00 | -5.03% | 1324 | 950 |
Tribeca showed strong sales throughout 2012 and the luxury market showed the greatest gains as that sector emerged from the doldrums.
19 Wednesday Dec 2012
Posted in NYC condo Loft Taxes
Currently the coop/condo abatement, available to all owners not covered by a current tax abatement program such as 421A or J-51, has expired and no extension has been issued. The coop/condo abatement saves owners 17.5% off their yearly real estate tax. If no extension of this abatement is granted before the end of the year, real estate taxes could rise up to 21%. (it would be reflected after July 2013. NYC sends out assessed values in January 2013 )
From the department of finance:
| News About the Condo/Co-op Abatement If your property qualified for the “Condo/Co-op Abatement” for fiscal year 2012-2013, your July 2012 Property Tax Bill was based on the anticipation that the abatement would be in effect for fiscal year 2012-13 (which starts July 1, 2012). However, as you may be aware, the abatement was not extended beyond June 30, 2012.The City is hopeful that the abatement will be reauthorized in some form before the end of this calendar year. If there is no reauthorization this year, we will be required to recalculate your property taxes on a future bill. Without the condo/co-op abatement your property tax liability for fiscal year 2012-13 will increase. If the average assessed value of the units in your co-op/condo is greater than $15,000, your taxes will increase by approximately 21%; if the average assessed value of the units in your co-op/condo building is $15,000 or less your taxes will increase by 33%. |
The Cooperative and Condominium Tax Abatement Program gives partial tax relief to owners and tenant-shareholders of Residential Class 2 properties. This is because Class 1 properties (i.e., one-, two-, and three-family homes), are assessed at a lower percentage of market value than Class 2.
07 Friday Dec 2012
Posted in Market news
| September | October | November | |
| Median Sales Price | $2,000,000.00 | $2,212,500.00 | $1,605,500.00 |
| Median Sales Price: | |||
| Sales < $3MM | $1,960,555.00 | $1,955,000.00 | $1,429,727.00 |
| Sales > $3MM | $3,100,000.00 | $3,254,656.00 | $4,450,000.00 |
| Avg PPSF: | |||
| Sales < $3MM | 1417 | 1548 | 1296 |
| Sales > $3MM | 1564 | 1437 | 1868 |
| Listing Discount Avg | 3.97% | 3.45% | 2.98% |
notes:
02 Friday Nov 2012
Posted in Uncategorized
| August | September | October |
| $1,269,996.00 | $2,000,000.00 | $2,212,500.00 |
| $1,188,358.00 | $1,960,555.00 | $1,955,000.00 |
| $5,482,500.00 | $3,100,000.00 | $3,254,656.00 |
| 1286 | 1417 | 1548 |
| 1632 | 1564 | 1437 |
| 4.30% | 3.97% | 3.45% |
01 Monday Oct 2012
Posted in Market news
| July | August | September | |
| Median Sales Price | $2,822,500.00 | $1,269,996.00 | $2,000,000.00 |
| Median Sales Price: | |||
| Sales < $3MM | $2,275,000.00 | $1,188,358.00 | $1,960,555.00 |
| Sales > $3MM | $4,195,000.00 | $5,482,500.00 | $3,100,000.00 |
| Avg PPSF: | |||
| Sales < $3MM | 1417 | 1286 | 1417 |
| Sales > $3MM | 1915 | 1632 | 1564 |
| Listing Discount Avg | 2.03% | 4.30% | 3.97% |
