GayRealEstate USA

New York Real Estate

By Jeff Adolph

Residential Real Estate

For New York the main indicator of economic stability stems from Wall Street, and when Wall Street becomes troubled so to does New York's residential and commercial real estate as jobs become scarce and businesses close.

At present, many commercial and residential properties across New York are vacant, but the positive news is that government incentives and low interest rates are encouraging buyers to invest in 'some boroughs and even Manhattan's devastated residential market.'

Apartment sales in Manhattan are at an all time low and home prices are said to be still declining in New York. However this represents good news for buyers who are hoping to break into the market, especially when interest rates are so low and the government $8K home buyers tax incentive is making home ownership more affordable.

The average price of a Manhattan apartment is said to have decreased by 25% to $1.25 million. And, the areas with the greatest price depreciation are Manhattan -29.7%; Long Island -20.3%; Albany -9.6%; Rochester -8.8%; Glen Falls -18.9%; Buffalo -12.2% and Syracuse -9.1%.

The most popular areas for home buying in New York at present are Queens, Staten Island, and Brooklyn.

However if you are looking to buy in this area it is a now or never senerio, as it is anticipated that the price decline of apartments in New York will come to a halt in the near future and that prices will being to turn as buyer activity increases.

Article Source: Housing Predictor (2009) New York Real Estate Market Continues Rapid Decline; available online at http://www.housingpredictor.com

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By Jeff Adolph

Residential Real Estate

For New York the main indicator of economic stability stems from Wall Street, and when Wall Street becomes troubled so to does New York's residential and commercial real estate as jobs become scarce and businesses close.

At present, many commercial and residential properties across New York are vacant, but the positive news is that government incentives and low interest rates are encouraging buyers to invest in 'some boroughs and even Manhattan's devastated residential market.'

Apartment sales in Manhattan are at an all time low and home prices are said to be still declining in New York. However this represents good news for buyers who are hoping to break into the market, especially when interest rates are so low and the government $8K home buyers tax incentive is making home ownership more affordable.

The average price of a Manhattan apartment is said to have decreased by 25% to $1.25 million. And, the areas with the greatest price depreciation are Manhattan -29.7%; Long Island -20.3%; Albany -9.6%; Rochester -8.8%; Glen Falls -18.9%; Buffalo -12.2% and Syracuse -9.1%.

The most popular areas for home buying in New York at present are Queens, Staten Island, and Brooklyn.

However if you are looking to buy in this area it is a now or never senerio, as it is anticipated that the price decline of apartments in New York will come to a halt in the near future and that prices will being to turn as buyer activity increases.

Article Source: Housing Predictor (2009) New York Real Estate Market Continues Rapid Decline; available online at http://www.housingpredictor.com

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By Jeff Adolph

Residential Real Estate

For New York the main indicator of economic stability stems from Wall Street, and when Wall Street becomes troubled so to does New York's residential and commercial real estate as jobs become scarce and businesses close.

At present, many commercial and residential properties across New York are vacant, but the positive news is that government incentives and low interest rates are encouraging buyers to invest in 'some boroughs and even Manhattan's devastated residential market.'

Apartment sales in Manhattan are at an all time low and home prices are said to be still declining in New York. However this represents good news for buyers who are hoping to break into the market, especially when interest rates are so low and the government $8K home buyers tax incentive is making home ownership more affordable.

The average price of a Manhattan apartment is said to have decreased by 25% to $1.25 million. And, the areas with the greatest price depreciation are Manhattan -29.7%; Long Island -20.3%; Albany -9.6%; Rochester -8.8%; Glen Falls -18.9%; Buffalo -12.2% and Syracuse -9.1%.

The most popular areas for home buying in New York at present are Queens, Staten Island, and Brooklyn.

However if you are looking to buy in this area it is a now or never senerio, as it is anticipated that the price decline of apartments in New York will come to a halt in the near future and that prices will being to turn as buyer activity increases.

Article Source: Housing Predictor (2009) New York Real Estate Market Continues Rapid Decline; available online at http://www.housingpredictor.com

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By Jeff Adolph

Residential Real Estate

For New York the main indicator of economic stability stems from Wall Street, and when Wall Street becomes troubled so to does New York's residential and commercial real estate as jobs become scarce and businesses close.

At present, many commercial and residential properties across New York are vacant, but the positive news is that government incentives and low interest rates are encouraging buyers to invest in 'some boroughs and even Manhattan's devastated residential market.'

Apartment sales in Manhattan are at an all time low and home prices are said to be still declining in New York. However this represents good news for buyers who are hoping to break into the market, especially when interest rates are so low and the government $8K home buyers tax incentive is making home ownership more affordable.

The average price of a Manhattan apartment is said to have decreased by 25% to $1.25 million. And, the areas with the greatest price depreciation are Manhattan -29.7%; Long Island -20.3%; Albany -9.6%; Rochester -8.8%; Glen Falls -18.9%; Buffalo -12.2% and Syracuse -9.1%.

The most popular areas for home buying in New York at present are Queens, Staten Island, and Brooklyn.

However if you are looking to buy in this area it is a now or never senerio, as it is anticipated that the price decline of apartments in New York will come to a halt in the near future and that prices will being to turn as buyer activity increases.

Article Source: Housing Predictor (2009) New York Real Estate Market Continues Rapid Decline; available online at http://www.housingpredictor.com

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By Jeff Adolph

Residential Real Estate

At present, many commercial and residential properties across New York are vacant, but the positive news is that government incentives and low interest rates are encouraging buyers to invest in 'some boroughs and even Manhattan's devastated residential market.'

Apartment sales in Manhattan are at an all time low and home prices are said to be still declining in New York. However this represents good news for buyers who are hoping to break into the market, especially when interest rates are so low and the government $8K home buyers tax incentive is making home ownership more affordable.

The most popular areas for home buying in New York at present are Queens, Staten Island, and Brooklyn.

However if you are looking to buy in this area it is a now or never senerio, as it is anticipated that the price decline of apartments in New York will come to a halt in the near future and that prices will being to turn as buyer activity increases.

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Property Tax: A Growing Expense and Concern

By Jeff Adolph

Property Tax

Have you ever thought that your property taxes were getting to be too expensive?

Residents in New York who are paying more than $6,000 a year on property taxes, believe that this expense may be driving their friends and family out of the region, and making property unaffordable.

As Joan Pritchard, a speech therapist and local resident told reporter, James M. Odato, of the Times Union, " We have seen a lot of our family have to move. I hope in years to come that my own children can afford to stay."

Gov. David Paterson recently told local constituents that he would hold down property taxes with an executive order.

'This order would require cost evaluation on any proposed regulation or law to make sure that it won't add a financial burden to local governments.'

Currently real estate taxes in New York are 78 percent higher than the national average and this is making owing a home here out-of-reach for many people.

Source: Odato, James M. (2009) Property Relief is on Order; available online at http://www.timesunion.com 

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By Jeff Adolph

Property Tax

Have you ever thought that your property taxes were getting to be too expensive?

Residents in New York who are paying more than $6,000 a year on property taxes, believe that this expense may be driving their friends and family out of the region, and making property unaffordable.

As Joan Pritchard, a speech therapist and local resident told reporter, James M. Odato, of the Times Union, " We have seen a lot of our family have to move. I hope in years to come that my own children can afford to stay."

Gov. David Paterson recently told local constituents that he would hold down property taxes with an executive order.

'This order would require cost evaluation on any proposed regulation or law to make sure that it won't add a financial burden to local governments.'

Currently real estate taxes in New York are 78 percent higher than the national average and this is making owing a home here out-of-reach for many people.

Source: Odato, James M. (2009) Property Relief is on Order; available online at http://www.timesunion.com 

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By Jeff Adolph

Property Tax

Have you ever thought that your property taxes were getting to be too expensive?

Residents in New York who are paying more than $6,000 a year on property taxes, believe that this expense may be driving their friends and family out of the region, and making property unaffordable.

As Joan Pritchard, a speech therapist and local resident told reporter, James M. Odato, of the Times Union, " We have seen a lot of our family have to move. I hope in years to come that my own children can afford to stay."

Gov. David Paterson recently told local constituents that he would hold down property taxes with an executive order.

'This order would require cost evaluation on any proposed regulation or law to make sure that it won't add a financial burden to local governments.'

Currently real estate taxes in New York are 78 percent higher than the national average and this is making owing a home here out-of-reach for many people.

Source: Odato, James M. (2009) Property Relief is on Order; available online at http://www.timesunion.com 

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By Jeff Adolph

Property Tax

Have you ever thought that your property taxes were getting to be too expensive?

Residents in New York who are paying more than $6,000 a year on property taxes, believe that this expense may be driving their friends and family out of the region, and making property unaffordable.

As Joan Pritchard, a speech therapist and local resident told reporter, James M. Odato, of the Times Union, " We have seen a lot of our family have to move. I hope in years to come that my own children can afford to stay."

Gov. David Paterson recently told local constituents that he would hold down property taxes with an executive order.

'This order would require cost evaluation on any proposed regulation or law to make sure that it won't add a financial burden to local governments.'

Currently real estate taxes in New York are 78 percent higher than the national average and this is making owing a home here out-of-reach for many people.

Source: Odato, James M. (2009) Property Relief is on Order; available online at http://www.timesunion.com 

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Harlem's New Renaissance

By Jeff Adolph

Gentrification

Once a New York borough for the poor, Harlem today is home to gays, students and black professionals who are said to be following the trail of development. In fact, as Harlem continues to be gentrified and more multi-million dollar projects are developed more people are labeling the phenomenon 'the second Harlem renaissance'. However, the difference between this renaissance and the last was the focal point of the movement. Today, real estate dominates, whereas art stole the limelight last time.

Many today argue that the gentrification of Harlem is beautifying and restoring an otherwise inhabitable neighborhood, while others note that this progress changes the value of real estate and often forces out residents who cannot afford the higher accommodation costs.

In 1982, Harlem home prices hovered around the $47,500 mark, and with the average resident said to be earning approximately $20,000 a year this made housing affordable. However, by 2007 homes in this region were selling predominately between $300,000 and $600,000 and they still required thousands of dollars spent on renovations before they were considered complete.

There has been some 6,000 Central Harlem housing units renovated in the last 15 years, and where banks such as Chase Manhattan and Citibank were once reluctant to finance loans in this neighborhood they are now embracing the opportunity. In the 1980s only $2 million was lent to residents wishing to buy homes in Central Harlem, today this figure has grown to a staggering $686 million.

The question that is on most Harlem residents lips is, 'when will this renaissance end?' A question that no-one at present is able to answer.

Ball has purchased over 400 homes in the last 24 months in the Ohio and Michigan regions. He is said to have paid less than $5,000, on average, for each house and then re-sol them for over $25,000.

Therefore, if you have money to invest that real estate is still definitely a viable option.

Source: Brash, Julian and Smith Neil (2008) Harlem: The New Frontier; available online at http://firstofthemonth.org

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By Jeff Adolph

Gentrification

Once a New York borough for the poor, Harlem today is home to gays, students and black professionals who are said to be following the trail of development. In fact, as Harlem continues to be gentrified and more multi-million dollar projects are developed more people are labeling the phenomenon 'the second Harlem renaissance'. However, the difference between this renaissance and the last was the focal point of the movement. Today, real estate dominates, whereas art stole the limelight last time.

Many today argue that the gentrification of Harlem is beautifying and restoring an otherwise inhabitable neighborhood, while others note that this progress changes the value of real estate and often forces out residents who cannot afford the higher accommodation costs.

In 1982, Harlem home prices hovered around the $47,500 mark, and with the average resident said to be earning approximately $20,000 a year this made housing affordable. However, by 2007 homes in this region were selling predominately between $300,000 and $600,000 and they still required thousands of dollars spent on renovations before they were considered complete.

There has been some 6,000 Central Harlem housing units renovated in the last 15 years, and where banks such as Chase Manhattan and Citibank were once reluctant to finance loans in this neighborhood they are now embracing the opportunity. In the 1980s only $2 million was lent to residents wishing to buy homes in Central Harlem, today this figure has grown to a staggering $686 million.

The question that is on most Harlem residents lips is, 'when will this renaissance end?' A question that no-one at present is able to answer.

Ball has purchased over 400 homes in the last 24 months in the Ohio and Michigan regions. He is said to have paid less than $5,000, on average, for each house and then re-sol them for over $25,000.

Therefore, if you have money to invest that real estate is still definitely a viable option.

Source: Brash, Julian and Smith Neil (2008) Harlem: The New Frontier; available online at http://firstofthemonth.org

Image Source: http://firstofthemonth.org

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Around the Nation -- Residential Real Estate Update - New York

By Jeff Adolph

State-by-state

Situated in the Mid Atlantic region in Northeastern U.S.A this state is ranked as the 3rd largest by population with 18,976,451 people residing in it. The largest city is New York City and this states capital is Albany.

This states economy relies heavily on commerce with New York being one of the leading financial cities in the world. The stock exchange as well as manufacturing of chocolate, food, metal products, furniture and garments make-up this regions financial stability.

Income tax in this state ranges between 4-6.85%, and sales tax is set at 4%. Property tax in this state is assessed on value and then taxed at a percentage not exceeding 100% of the property value.

Chelsea

While there is still a strong gay presence in this area it is slowly becoming more mainstream with young couples and families moving into the area. Home stocks are a mixture of townhouses, condos and new construction which blend into the existing area.

Prices hover around the $700,000 range and some homes have sold fro $2,000 per square foot. The median for other popular gay areas are - Manhattan $1,200,000 and Brooklyn $650,000.

LGBT Real Estate Facts: There are approximately 46,490 same-sex couples residing in New York making this region the 2nd gayest state in America. The gayest zip codes in this locality are 10011 South Chelsea; 10014 West Valley; 10025 Manhattan Valley; 10003 Gramery Park; 11215 Park Slope/Greenwood Heights -- Brooklyn. -- gaydemographics.com

Main Story Source: House Hunt (2008) Real Estate Market Trends; available online at http://www.househunt.com

Picture Source: wikipedia.org

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New Residential Trends Emerging in Manhattan

By Jeff Adolph

Real Estate Trends

Many young college graduates in Manhattan are landing employment opportunities that also see them living in apartments with fellow professionals.

Ariel, a young accountant who was hired by a prestigious financial firm in Midtown shares his apartment with two other financial geniuses, and according to other 32nd floor residents he is not alone. In fact, the entire floor is said to be populated by graduates who are banking orientated.

Why is this so?

Evidentially Ariel's firm had negotiated a deal with the building's Realtors, and this meant a 6% discount for every employee who rented an apartment, a growing trend that firms are offering and young employees are quick to take up.

The apartment next to Ariel's is said to be almost fully occupied by young, up and coming lawyers and doctors are occupying another building close-by.

Manhattan it appears is changing and quite considerably as college students crowd Sushi bars that several years ago were baron and devoid of patronage.

The new trends that are emerging are a sign of future things to come as a new culture grips parts of the city and slowly transforms it into a gentrified neighborhood, with a new outlook and culture emerging.

Real Estate Facts: Manhattan is home to some of the nations most valuable real estate with 450 Park Avenue selling for $510 million in July of 2007. -- wikipedia.org

Main Story and Picture Source: Rich, N (2008) The Changing Face of Manhattan; available online at http://www.nytimes.com

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Mortgage Rates Fall

By Jeff Adolph

Home Loans and Finances

Interest rates in the US have fallen even further this week, with 30-yr and 15-yr fixed rate mortgages being at their lowest since 2004.

Freddie Mac also known as the Federal Home Loan and Mortgage Corporation, said the average rate on a 30-yr fixed loans was hovering around 5.48 percent, down from 5.69 percent.

Frank Nothaft, chief economist for Freddie Mac said, 'When the Federal Reserve cut the target of federal funds by three quarters of a percentage point the action was extraordinary in both magnitude and the timing of the rate cut.'

15-yr fixed rate loans are hovering around the 4.95 percent mark, and five-year adjustable mortgages or ARMs are around the 5.13 percent mark, down from 5.40 percent.

For home-buyers this means that loans are now cheaper and more affordable to manage.

For those homeowners with adjustable rate mortgages you possibly may save hundreds of dollars a month in mortgage repayments. It may also be an excellent time for you to consider locking in your home loan rate at these record low rates. If you are thinking of buying a new home the general consensus is to wait a week or two before taking out a fixed rate loan, as theses rates may even fall further. Plus, it is highly unlikely they'll rise.

Financial Facts:

30-yr fixed mortgage 5.47%; 15-year fixed mortgage 4.96%; 30 year fixed jumbo mortgage 6.59%; 5/1 ARM 5.10%; 5/1 jumbo ARM 5.66%. --www.bankrate.com

Source: Money.cnn.com (2008) Rates on Home Loans Drop After Fed Makes Emergency Cut to Fed Funds Rate Freddie Mac Says; available online at www.money.cnn.com

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New LGBT Legal Service

By Jeff Adolph

LGBT Services

Capell Vishnick LLP, a law firm situated in Lake Success who has focused on elder law, real estate, tax, estate, and matrimonial and family law for years has decided to specialize in LGBT legal issues after partner Joseph Milizio prompted the firm.

'I am gay', said Milizio, 49, who advised partners twelve months ago of his sexual orientation. 'I saw an absolute need within the marketplace,' for these services.

'People are extremely relieved,' said Milizio, 'to hear that they do have the ability to deal with an attorney who is familiar and comfortable with the gay and lesbian community - and who is aware of the various issues that need to be addressed.'

In addition to the specialization of services Cappell Vishnick now also supports Out in Front, a LGBT business networking group whose next online workshop will be held on Jan 16th -- please visit http://www.outinfrontli.org for more information.

Source: Kitchen, P (2007) Offering Legal Service to the Gay Community; available online at www.newsday.com

Image Source: www.capellvishnick.com

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Merry LGBT Christmas

By Jeff Adolph

LGBT Philanthropists

For over 20 years LGBT have attended the annual Holi-gay 'Toys for Tots' non-profit organization charity event for children, where toy gifts are donated to younger New Yorkers who may not have as fortunate circumstances as those giving.

Last years event was so successful that the crowd it attracted broke building fire code regulations when more than 3,500 gays squeezed into the Metro Pavilion.

This year what was once a 'free' event as long as you bared a gift came at a cost, $35 a ticket to be precise.

The organizers said the fee was needed to keep numbers in order and cover their costs, however many gay New Yorkers saw it as a way to price the less-affluent out of the equation.

On a happy note though, David Barton, owner of a Chelsea Gym still keeps his 'Christmas toy-drive for St-Jude Children's Research Hospital 'free' of charge, which last year saw more than 7,000 toys donated when 3,000 people attended.

Proving that the spirit of Christmas need not come with a price attached.

Source: NYMag (2007) Who Will Save Christmas from the Gay Grinches; available online at www.nymag.com

Image Source: www.toys4tots.ca and www.viewimages.com 

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Quinn Faces Tough Question Head-on

By Jeff Adolph

LGBT Politics

Possible mayoral candidate and high-ranking openly gay elected New York official, Christine Quinn answered questions last week at a Lesbian, Gay, Bisexual and Transgender Community Center in West Village.

Quinn delivered a surprisingly brief 30 minute presentation that focused on hot LGBT topics.

Political WCBS-TV reporter, 'Andrew Kirtzman in a special conversation sponsored by the Out Professional Networking Organization posed a tough question.'

'Do you find yourself having to balance where you came from with where you are now?' Kirtzman asked.

Quinn replied, 'You do think about things through bigger prisms when you're in this position. Quinn made history when she became the first woman, and openly gay person to hold the office as leader of the city's 51-member legislative body, with sole approval of the $59 million budget.

Kirtzman cited a recent dispute over Quinn's refusal to support legislation that allowed a leading HIV/AIDS organization to open city-sponsored housing to low-income and homeless HIV-positive New Yorkers.

'You end up in this position looking through additional prisms. It's not just me district anymore I think about when having to make decisions,' Quinn said. 'I don't like disagreeing with people with whom I have almost always agreed,' she said.

Quinn's refusal was based on the current lackluster economic climate and the fact that this proposal could cost as much as $100 million.

Source: Bolcer, J (2007) Christine Quinn & the Prisms of LGBT Advocate and Mayoral Candidate; available online at www.villagevoice.com

Image Source: www.villagevoice.com and www.hwupdate.org

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New York Losing Culture to Gentrification

By Jeff Adolph

Gentrification

Over the last 20 years, New York City is becoming bleaker as it is stripped of its vibrant character and dressed in a bland layer of chain stores and condominiums.

New York will remain the 'greatest city in the world', but its excitement and allure will continue to steadily diminish.

The West Side Piers that once attracted many from the LGBT community and represented a unique allure are now cultureless.

Real estate rules the roost in New York, with many who have resided there and made a living from humble store fronts forced to move on because of escalating rents and gentrification.

Median prices for the single family and condo homes hovers around $450k and is pricing many low to medium income earners out ot the market.

As the New York Skyline becomes obsquered by growth so too does the character of the unconventional with New York left with little but progress to call its own.

Source: Wrigley, M (2007) City Neighborhoods Losing to Conds, Chain Stores; available online at http://www.nydailynews.com/news

Image Source: destination360.com and stjohns.edu

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