Jim Bryan, Real Estate Broker

The IRS has collected in a Publication the rules related to owning residential investment property. https://www.irs.gov/publications/p527 Many people in New York City purchase condominiums that they can rent out. There are many things to consider when making such an investment. The financial analysis is different if the purchase price is paid in full with your own funds or is paid with a mortgage. Your calculations should be done before you select a property, based upon the purchase price, the common charges, the taxes, maintenance, and vacancies between leases. You will need a knowledgeable real estate broker to advise you on what the apartment can rent for.

There are many renters leaving Manhattan for the suburbs. Having grown up in Westchester, I know the disadvantages. Long commutes, having to go to the village to buy groceries or drugs, etc. There is a second option. An apartment with a leafy terrace in the Upper West Side in a new building with a swimming pool, gym and private garage. This is what I do as a real estate agent

The residential market in Manhattan is in a bit of a stall, with far fewer transactions occurring. Sellers are reluctant to offer their apartments for sale because the market is down by up to 10 percent. As a result there are fewer apartments for sale. If you are a buyer financially able to buy an apartment, you will have the pick of the litter. Great apartments are being sold because sellers have no other choice to sell for a reason such as a company transfer, or want to buy... a larger apartment knowing that the market discount will benefit their ability to purchase, because more expensive apartments generally get greater discounts. If you are going to get a mortgage, interest rates are now near 3%, a 60 year low. You will either have lower monthly costs if you buy, or be able to buy a more expensive apartment for the same monthly mortgage cost. See more

Thinking of moving to New York City during a pandemic? Hindsight may prove your timing impeccable. Though the city was hard hit by the virus early on, smart leadership from Governor Andrew Cuomo and collective community action brought the outbreak under control by the start of the summer. Compared to many other parts of the U.S., in fact, New York City’s infection rate is now among the lowest. It is cheaper to buy an apartment in Manhattan than in recent memory. The exodus of many New Yorkers during the grim, scary early months of the pandemic, combined with a three-month moratorium on apartment showings that ended in late June, means there are many apartments sitting on the market with an 8% reduction in prices from last year. Interest rates are near 3%, the lowest in 60 years, making the monthly costs of owning substantially less.

SPRING IS HERE The always amazing outbreak of spring’s green landscape of trees, grass and flowers remind us of how, without fail, our lives are reinvigorated at this time of each year. We have witnessed and been affected by the terrible virus affecting our nation. I hope you and your family, friends and associates are well.

Saturday Night Live Takes on Manhattan’s Upper East Side My Market Area

The Manhattan market has softened. It is taking longer to sell properties and price reductions are common as sellers get anxious. The median number of days that... properties are on the market is 91 days (three months) which is a 32% increase over the same period last year, as reported by Urban Digs on December 3, 2018. See more

https://www.nytimes.com//federal-reserve-raises-interest-r

https://www.bloomberg.com//nyc-home-sellers-cutting-prices

Major Increase in Mortgage Rates Causes Major Increase In Payments A sharp rise in mortgage rates (which might go higher if the Federal Reserve raises interest rate again as anticipated), has made purchasing a home significantly more expensive. This should be considered if you want to save money by buying now before rates rise again. Mortgage rates for non-conforming loans in New York County have risen one-half of one percent (from 4.00 to 4.50) in the last month. A non-co...nforming loan is a loan of $679,650 and above in New York County and generally above $453,100 in the rest of the country. The precise limits can be found at this site, https://sites.google.com//nymortgage/fannie-freddie-limits, by scrolling to the bottom of the page and clicking on your state. For a 30 year $700,000 loan, the monthly payment will be $210.95 per month more than it would have been last month for the life of the loan. See this site: http://www.whatsthecost.com/ mortgage.rate.change.aspx Please call or email me if you would like to discuss this or have any other questions about purchasing or selling real estate in New York City.