By Robert Varvara, The Steven Cohen Team at Corcoran Manhattan’s challenging real estate market welcomed reassuring news in Second Quarter 2019. Market-wide sales increased year-over-year for the first time in two years, up 5% annually to over 3,300 sales totaling $7 billion, about $1 billion more sold than last year. However, this information can be misleading as this increase in closed sales is due to two main reasons: New Development Closings– Q2 sales mainly increased due to an 82% spike in new…
Author: Robert Varvara
Everything You Need to Know if Purchasing After July 1st in NYC
Written by: Robert Varvara, The Steven Cohen Team at The Corcoran Group As New York City continues to experience a desperate need for funds to improve vital infrastructure, legislators look to homeowners in the city’s high-end luxury market. Amid confusion and substantial opposition surrounding the ‘pied-a-terre tax’, answers finally became clear when April rolled around. The so-called “millionaire’s tax” would be an annual charge on any apartment or house in NYC valued at over $5M that serves as a secondary…
What is the State of the Market?
Written by: Robert Varvara at The Corcoran Group One question we get asked frequently as Real Estate professionals is, “what is the state of the market”? The truth is we are in reset mode, where buyers and sellers are trying to discover what value really is. The downturn has hit every facet of the market from $500,000 Co-ops to $10,000,000 Condos and it is unknown how long it will take to surpass the peaks of 3-to-4 years ago. We are…