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Condos | From 'Urb to 'Burb Blog

Thursday, February 6, 2020   /   by Vanessa Saunders

Landlords now must pay real estate broker fees. Good news or bad for tenants?

Because of new rental restrictions in New York, landlords must pay the fees of their brokers instead of requiring tenants to pay up front. At first, this sounds like good news for tenants, but critics say landlords will skirt the law simply by raising rents to compensate for the added expense of a broker. 

Tenants hiring a broker to find rental properties for them will still be responsible for the broker's commission. 
For more information, click HERE to view the CBS2 New York news segment aired on the eleven o'clock news, Wednesday, February 5, 2020.

If you're considering renting, buying or selling a property locally or globally, or need more information, CLICK HERE.

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  westchester county, manhattan, buying vs renting, manhattan real estate, condos, rental available, rentals

Monday, January 27, 2020   /   by Vanessa Saunders

A long line of young people are shopping for a house in the Hudson Valley just like yours.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
]
If you're a Hudson Valley home owner, you have the opportunity to sell your existing house now and move up into a new one, or downsize into a home that better fits your current and ever-changing needs. There is a significant demand for existing homes right now. The percentage of all buyers who will be first-time buyers looking to purchase a home grew from 58% in the fourth quarter of 2018 to 63% in the fourth quarter of 2019. 

Who is buying.
Millennials are the most likely generation to be making plans to purchase a home within a year (19%), followed by Gen Z (13%) and Gen X (12%)…Prospective buyers in the youngest two generations are primarily first-time buyers:  88% of Gen Z buyers and 78% of Millennial buyers are reaching out to home ownership for the first time in their lives. 

When are they shopping?
With a high demand from first-time home buyers and a shortage of inventory i ...

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Friday, January 17, 2020   /   by Vanessa Saunders

Who stole all the homes for sale in the Hudson Valley market? Pirates?

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems


It wasn't pirates, but it might as well have been. The market is currently at the lowest it's been since 2017 for homes available for sale, and it doesn't look like 2020 will be much better. 



One good thing is that mortgage rates remain at historic lows also. But the big challenge to the housing industry is the lack of homes available for sale. Last week, move.com released a report which stated:


“Last month saw the largest year-over-year decline of housing inventory in almost three years with a dramatic 12 percent decline, pushing the number of homes for sale in the U.S. to the lowest level since January 2018.”
The report also revealed that the decline in inventory stretches across all price points, as shown in the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in available homes for sale comes at a time when more buyers are expected to enter ...

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  hudson valley real estate, hudson valley property, hudson valley home, buying a home, hudson valley home owners, hudson valley home sellers, housing sales, westchester county, rockland county, ulster county, sullivan county, selling your home, housing sales inventory, hudson valley house, manhattan, dutchess, mortgage rates, first time home buyer, bidding war, manhattan real estate, condos

Tuesday, January 14, 2020   /   by Vanessa Saunders

There's a surprise inside half the condos in those skinny luxury Manhattan towers.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems


You know all those ultra-slender, ultra-fancy tower condominiums that have been popping up out of the Manhattan concrete since 2015? Next time you look at one, bear in mind that half the condos in them are empty. Surprise! No buyers, according to Nancy Packes Data Services. The other half are probably Starbucks that have gone vertical. 

The reason for all the empty rooms over Manhattan: a combination of overly aggressive pricing and a growing public disdain for the skyline-disrupting mansions in the clouds. But really, it's all about pricing.

Comparing the prices of new development units to resale units over the last decade tells the story. In 2012, new units sold for a 22% higher prices than resale units. At the end of last year, the premium was 118%. 

Nancy Packes lists three reasons for the “extraordinary oddity of the current cycle. ”  

According to Packes, buil ...

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  westchester county, manhattan, executive homes, house pricing, manhattan real estate, westchester home for sale, manhattan coop, central park west, condos, westchester condo, coops, manhattan skyline

Tuesday, November 12, 2019   /   by Vanessa Saunders

How NYC condo brokers got their LLC buyers back.

Last September we reported on a newly passed law in New York requiring all LLC's purchasing real estate property to reveal the names and addresses of everyone associated with the corporation. The move was intended to root out absentee landlords and owners of one to four family homes whose properties had code violations and other violations. 

We wrote a second blog in mid-October reporting how the new law had caused an uproar among NYC real estate brokerages involved in condo sales. (Which is pretty much all of them.)

Celebrities wanting to hide and criminals wanting to hide money would no longer be able to do either. Brokers predicted the end of real estate condo sales in New York City as we know them. 

Well, the brokers got their way. On Monday, the Wall Street Journal reported that condo buyers in New York are NOT required to report the names of LLC associates. Somehow, the state dropped the mention of condos on its website explaining the law.

James Gazzale ...

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  hudson valley real estate, hudson valley property, hudson valley home, buying a home, hudson valley home owners, westchester county, first time home buyer, manhattan real estate, manhattan coop, one park condos, condos

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Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
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The information appearing herein has not been verified by One Key, Inc or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

©2020 One Key, Inc. All rights reserved.

The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.