What You Need to Know About How Healthy the Buyers Market Is and The New NYS Real Estate Taxes

From:    Paul Cibrano paul.cibrano@mpa.compass.com
Subject:   A Super Healthy Buyers Market, New Tax Laws, News You Can Use and Other Shameless Self Promotion
   Date:   April 11, 2019 at 2:21 PM
     To:   pcibrano@gmail.com

             What You Need to Know About
             How Healthy the Buyers Market
               Is and The New NYS Real
                      Estate Taxes

I've been saying for months that the market is currently at the bottom
for prices. We've seen a correction where most of the inventory (if its
been priced correctly and wasn't bought at an inflated price) are at
2013 levels. One of the main drivers behind that is the amount of New
Development condo units that have hit the market in the past year.

Currently, the New Development inventory is at about 6,000 units in
Manhattan alone, thats not even counting whats going up in Brooklyn
or Queens. That’s about 1,500 more units than there should be. For a
healthy new development market, buyers need to absorb about 1,750
units in the coming year. But here's the fun part, by 2020, NYC is
adding an additional 2,500 units to the market which is unreal.

That is going to drive our market and continue to put the buyer in
the drivers seat. Market price for New Development projects are
coming in at $2800 per square foot, we've seen them going into
contract at $2500. That's almost $200,000 off an original asking
price. We are also seeing a lot at $2000 a foot depending on
neighborhood.

The biggest challenge right now for sellers is having their resale units
compete with apartments that are brand new. These are units that
have never been lived in before in buildings that offer all the bells
and whistles of luxury amenities. In my experience, sellers are starting
to get impatient with how long their homes have been sitting on the
market.

At the end of the day, if a unit sits on the market, it's because the
market has dictated that it is overpriced and with a huge supply
currently on the market, buyers are taking their time.

Finally, in all their infinite wisdom, our state politicians, the ones who
have brought us the glorious congestion pricing to fix a broken
subway system, unveiled their new budget for 2019 and the "Tax Our
Way To Prosperity" mentality reigns supreme. For a break down of
the new 'Progressive' Real Estate Mansion taxes, click the image
below to see how it may affect you!

below to see how it may affect you!

If you have any questions, please don't hesitate to reach out!

New Collection of Homes Under
          $750k in NYC
It doesn't take millions of dollars to own here in NYC. Here is a brand
new round of homes in NYC available for under $750k.

April Collection

                    Featured News

New Tax Could Hurt Value of Some of
                              New York's Most Expensive Homes

                              Instead of addressing the MTA issues
                              with the, you know, MTA, this is another
                              way for NYS to raise money to fix the
                              subways. But if these become so
                              unattractive to purchase, where is the
                              new money coming from?

                              Wall Street Journal

1 in 5 Homeowners Are Making A Costly
Mistake That Can Ruin Their Financials

For homeowners, the mortgage, property
taxes and insurance only account for a
portion of the cost of owning an
abode.It’s those surprise emergency
repairs that can destroy your budget.

CNBC

                              Williamsburg Market Rebounds After L
                              Train Shutdown Cancellation

Buyers hoping to find a good deal in
                                    Williamsburg may have waited too
                                    long. After years of uncertainty in the
                                    neighborhood over the pending L train
                                    shutdown, prices, deals and interest have
                                    all shot back up following Gov. Andrew
                                    Cuomo’s abrupt reversal of the plan at
                                    the beginning of the year.

                                    Real Deal NY

NYC's New Buildings Are Embracing
Roman Style Arches

Totally useless info, unless you're totally
into arches but featured in this article is
my FAVORITE New Development project
in the city, 130 William St. It's the fastest
selling New Dev. project in NYC as well.

New York Post

                                    Tiny Indiana Town with Population of 3
                                    Is For Sale

                                    I mean, why not?! Imagine all the room
                                    for activities and cultivation and stuff!
                                    Plus it comes with 3 best friends! If you're
                                    interested, I know a guy in Indiana that
                                    can help.

                                    New York Post

These Are the High Lines Hottest New
Buildings

New York’s High Line is already a
starchitecture (thats star architecture)
walk of fame, with residences from Zaha
Hadid and Frank Gehry. But a new crop
of outside-the-box penthouses — with
green views and indoor-outdoor
amenities — has sprouted just in time for
spring.

New York Post

            Spotify Feature Artist:
                  TesseracT

I love heavy music and soaring vocal melodies. TesseracT is the most
perfect blend of musicianship that meets accessible songwriting
while providing a glimpse into the atypical rhythmic minds of their
playing. The progressive metal band from England keeps recreating
the landscape for the genre with their celestial tones and soothing
vocal lines. I implore all of you to check out my favorite record by the
band Altered State in the link below!

TesseracT- Altered State

               Puppy of the Week!

This is a repeat puppy but because I 'co-parent' Gunner and this is
my newsletter so I can live recklessly with my choice for Puppy of the
Week that is presented monthly. Meet Gunner once again! This time,

Week that is presented monthly. Meet Gunner once again! This time,
next to his favorite plant in Central Park. He's just as regal and
majestic in real life and will also be a recurring character in my
children's book series "The Dynamic Duo of Duke and Doodle" based
off of last months puppy of the week. Gunner's big, polar bear like
head, is going to entertain everyone.

                     © Compass 2019 ¦ All Rights Reserved by Compass ¦ Made in NYC
          Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws.
           All material presented herein is intended for informational purposes only. Information is
           compiled from sources deemed reliable but is subject to errors, omissions, changes in
            price, condition, sale, or withdrawal without notice. No statement is made as to the
           accuracy of any description. All measurements and square footages are approximate.
         This is not intended to solicit property already listed. Nothing herein shall be construed as
         legal, accounting or other professional advice outside the realm of real estate brokerage.
             All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS.
         Compass makes no representation or guarantee that Coming Soons are available in your
                      region, or that its use will result in the benefits described herein.

                                                 Unsubscribe