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Interview: 5 Questions



ONE: The impact of the new mansion tax. Is anyone avoiding purchasing or purchasing less expensive properties? Any thoughts, anecdotes (even better!)?
 
TWO: Google and Disney expansion in Hudson Square. How has real estate changed in the area? Prices? 
 
THREE: Inventory glut on Billionaire’s Row…why are listings not moving there? Or are they but at lower prices? 
 
FOUR: Buyers willing to wait to put in an offer? If they see a property they like, they will see everything else on the market, then come back to the said property and make an offer.  This can happen 4-6 weeks later.  With no rush, when an offer is made, it is real.  There is no "place holder" offers only to withdraw later.  Also buyers have thought about the property for a while so there is much less buyer remorse (which can lead to people pulling out of the contact).  
 
FIVE: Re-development of the Hudson waterfront as a result of the the rezoning. 90 Morton, Greenwich West along with all the new piers and St/ Johns Terminal. Is this the next frontier in NYC real estate?
 
April has been a stagnant month for real estate (after a good Q1). The increase in the mansion tax for buyers and transfer tax for sellers is having the same effect as the limit of deducting state income taxes to $10,000 in 2018.  While not a single cause to not buy/sell it is a contributing factor in this already difficult market.
The anxiety is highest with people in contract hoping to close by July 1st. I foresee some renegotiations happening if the closing is delayed and by whom.
 
Many multi-million dollar buyers were upset with their income tax bills this year. The looming increased mansion and transfer tax increases certainly don't help. However, the two major factors of buyer anxiety are the current political situation in Washington and the consensus of "while technically the economy is good, everyone is waiting for an imminent recession (possibly expedited by Trump's policies)
 


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