New York Real Estate
by Highline Residential
It's impossible to avoid the talks about climate change and other environmental issues that are sweeping the globe right now. More than ever, people are drawing attention to serious problems our planet could be facing if changes aren't made on a global scale. While there's plenty of back-and-forth about whether individuals can make a difference, or if it will take large corporations and governmental organizations to do something, the fact is, everyone needs to pitch in. It's not an either/or situation when it comes to the sustainability of our planet and our future. If you have children, making changes in your own home and teaching them how to do the same will help to encourage an environment of sustainability. It's important for kids to know that everything they do can either have a positive or negative impact on the planet. So what can you do around your home to keep things running smoothly for years to come? How can you teach your children the skills they need for basic home maintenance? Ditching the Disposable Mindset There are a lot of things you can do in your home to live a more sustainable lifestyle, from recycling to using energy-efficient appliances. But it's also important to make sure you maintain your home and repair things properly so your devices keep running efficiently and effectively. We tend to have a disposable ideology when it comes to the things we own or the things we use on a regular basis. But the reality is that most things are...
by Highline Residential
When buying or selling a home, landscaping can be a major factor in the decision-making process. Depending on location, irrigation may be the only method of procuring the water necessary to properly engage in landscaping. Even more, understanding how irrigation impacts landscaping and what rights regarding water are extended to property owners is essential. Not all properties rely on irrigation, but for those that do, it is important to do some homework on how irrigation works in relation to landscaping. Water Rights Planning out a well-irrigated landscaping design can be a pain. Not only does the design have to be aesthetically pleasing and functional as an outdoor space, concessions often have to be made in order to implement irrigation properly. Certain species of plant can be quite finicky when it comes to how much or how little water they get, after all, and knowing what water rights a property has can help to avoid plants wilting due to the fact that they just aren't able to get the right amount of water when they need it. Water rights can vary depending on what side of the United States any given property is on. In the eastern parts of the US where surface water is more plentiful, for example, the Riparian Doctrine is used wherein landowners whose property forms the banks of the water have the right to make reasonable use of the water as it flows across and through their property. Further west the Doctrine of Prior Appropriation is used, where water rights ar...
by Highline Residential
Remember this chart from macroeconomics? The details don't matter. The key is the conclusion. When a tax is assessed, the buyer pays a higher price, the seller receives a lower revenue, both relative to equilibrium. Both the buyer and the seller end up incurring a portion of this cost, irrespective of who pays the government. What portion each party incurs depends on something else you might remember called elasticity. Let us consider this first-year economics theory in light of the recent "Broker Fee Ban." Who pays broker fees? Is it the landlord? Is it the tenant? Does it matter who writes out the check to the broker at closing? For those that are not aware, here is a quick primer on recent events: 1/31/20: The Department of State issues guidance stating that a Landlord's Agent (an agent representing the interests of the landlord) can no longer collect a broker fee from a tenant. A Landlord's Agent can still collect a fee from the landlord, and a Tenant's Agent can still collect a fee from tenants. 2/5/20: Even though the focus of the guidance is narrow, multiple publications pick up on this guidance and lead with headlines reading "Broker Fees are Banned in NYC", leading to tenant, landlord, and broker confusion. 2/10/20: After a lawsuit is brought on by various real estate groups, a judge issues a temporary restraining order on this guidance, bringing us back to square one, for now. Why do broker fees exist? When a landlord has a vacancy in their ...
by Steve Ragan
One question I am often asked is "What type of apartment should I purchase, a co-op or a condo?" The answer is "It depends". It depends on you, your future plans and real estate goals. Questions you should consider are: Will you reside in the apartment or is it an investment? How long do you plan on staying there? If you move out, do you plan on renting the apartment? Do you plan on financing the purchase? How much can you afford to finance? How much do you have for a down payment? Do you want to have input into how the building is managed? Cooperative and condominium buildings each come with their own pros, cons and unique purchasing requirements. Understanding the differences between the two can help guide you to the right decision. First, there are significantly more co-ops than condos in New York City. The greater supply of co-ops vs. condos is one of the reasons why co-ops are less expensive than condos. As of 2019, available apartment inventory in New York City is roughly 75% co-op and 25% condo. New condo construction in recent years has increased the number of available condo units. Likewise, their percentage of the available apartment inventory in New York City has and should continue to rise. The key points below highlight differences between co-ops and condos. In a co-op: ● A corporation owns the property. ● Tenant-shareholders own stock in the corporation, with a landlord-tenant relationship between the corporation and the shareholders. ● The corp...