GayRealEstate USA: New York

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April 10, 2008

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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April 10, 2008 in New York | Permalink | Comments (0) | TrackBack (0)

February 07, 2008

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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February 07, 2008 in New York | Permalink | Comments (0) | TrackBack (0)

January 30, 2008

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

Image Source: Microsoft Clipart

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January 30, 2008 in New York | Permalink | Comments (0) | TrackBack (0)

January 09, 2008

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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January 09, 2008 in New York | Permalink | Comments (0) | TrackBack (0)

December 25, 2007

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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December 25, 2007 in New York | Permalink | Comments (0) | TrackBack (1)

December 07, 2007

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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December 07, 2007 in New York | Permalink | Comments (0) | TrackBack (0)

November 06, 2007

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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November 06, 2007 in New York | Permalink | Comments (0) | TrackBack (0)

October 29, 2007

New York Gayborhoods

By Jeff Adolph

Reader Request

Reader Phyllis is looking to move with her family shortly and is seeking to find a gay-friendly community in metropolitan New York that has excellent schools and provides a harmonious environment for all concerned. If you know of any localities that suit Phyllis and her family please use comments on this post so your information can be added.

New York City has a distinct culture and many refer to it as a collection of tiny towns within a mighty metropolis. This unique culture has evolved due to the sheer magnitude of New York itself. In fact, many people once in their chosen community often do not venture outside of this jurisdiction unless going on vacation. Therefore, it is imperative that they find a region that they feel comfortable in and one that provides them with all of their requirements.

Chelsea and Greenwich Village have the largest gay populations in New York followed by Upper West Side. However, there are many more locations throughout the city that may be suitable for relocation and enjoying a harmonious lifestyle within.

Here are nine of the most popular, though I am sure there are many more.

Chelsea - largest and most visible gay neighborhood; bounded by 23rd and 14th Streets (north & south, respectively) and from Fifth Avenue to West Side Highway (east & west, respectively); real estate prices are high as are rents; many galleries, clubs and restaurants.
Greenwich Village - large and diversified; bounded by 14 Street (north), Houston Street (south), Fifth Avenue (east), Hudson River (west); Washington Square North has exquisitely renovated townhouses that date back to the late 1800's; Hudson Street running north-south form Houston to 14th Street is a popular Lesbian locale with inexpensive dining and retail outlets; west of Seventh Avenue there are many beautiful tree-lined streets with brownstones and townhouses on offer.
East Village - A funky area; tiny apartments; inexpensive eateries and unusual shopping; typically German, Polish and Ukrainian with a strong multi-cultural culture; has a rough, defiant atmosphere in some areas and is classed as for the young at heart.
Soho - expensive real estate;galleries; trendy upmarket living; bound by Sixth Avenue (west), Broadway (east), Grand Street (south) and Houston Street (north)
Tribeca - the triangle below Canal Street; trendy yet sparsely populated compared to Soho; loft-dwellings; expensive eateries and real estate.
Upper West Side - typically middle-classed with some lower-classed regions; huge apartment buildings; markets; family orientated; bounded by 59th Street at Columbus Circle to Columbia University; mixture of culture; strong numbers of LGBT that prefer wearing khaki over leather, and sneakers rather than boots.
Upper East Side - dignified and stately; elite neighborhood; bounded by Fifth Avenue (west), Lexington Avenue (east), 60th Street (south), 96th Street (north); Federation-styled homes and stone apartments; expensive real estate.
Jackson Heights - gay-couples paradise; fine food and entertainment; home-worthy atmosphere; real estate is reasonably priced and tasteful; home prices are over $250,000.
Corona - 15 minutes from NYC; variety of gay restaurants, bars and clubs; multi-cultural with a large Hispanic population; reasonably priced and affordable.

For further advice on real estate I suggest contacting a local gay-friendly Realtor in New York. www.gayrealestate.com, www.gayhome.com and www.lesbianhomes.com may be able to help you here.

Source: New York City: The Neighborhoods (2007); available online at http://www.gay.com/travel/premium/splash.html?coll=adult_articles&sernum=179&navpath=/channels/travel/&page=8

Image Source: destination360.com

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October 29, 2007 in New York | Permalink | Comments (0) | TrackBack (0)

September 20, 2007

Fire Island Represents Sound Investment

By Jeff Adolph

Real Estate Investment

Prices on Fire Island are up by 12-18% compared with September 2006 rates and set to continue rising.

Ron Blum, 58, a Realtor and his partner Steve Rosen, 48, a public relations executive enjoy their summer home in The Pines knowing they have made a sound investment. Blum estimates his home has risen some 15% in value since 2006 when he paid $767,500 (pictured above).

Apart from the AIDS crisis in the 80s and September 11th nothing much has effected Fire Islands real estate value.

As Blum (pictured left with his partner Steve) said, 'This is a unique market that will always be strong.'

Fire Island is predominately a gay and child-free community, however there seems to be more families looking at moving into the area as time progresses.

The permanent residents on the island number only 400 in the winter but this usually swells to 25,000 in Summer with the population steadily increasing.

On average homes on fire Island start from $500,000 for an 800-sq foot cottage and can get as high as $3.5 million for a 3,000-4,000 sq foot ocean front 5-bedroom home.

Jon Wilner, broker-owner of Island property in The Pines, notes that property value has risen by $50,000 - $100,000 since 2006.

CJ Mingolelli, regional director of Prudential Douglas Elliman on Fire Island said, 'we're seeing more newcomers and ex-Hamptonities buying on Fire Island. Also, with the availability of the Internet, there is a huge demand from people who work at home and can bring their work with them.'

The only draw-backs for buying in this region are flooding and erosion but there are insurance policies that cover this and many on the island are fully aware of what bad weather can bring.

All-in-all a Fire Island investment can bring substantial reward in the future.

Source and Images: Kooss-Feder, L (2007) Buying on Fire Island; available online at http://www.newsday.com/business/ny-bzremain145371803sep14,0,5806188.story

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September 20, 2007 in New York | Permalink | Comments (0) | TrackBack (0)

July 20, 2007

Have Your Say On the LGBT Political Front - August 19th 2007

By Jeff Adolph

LGBT Politics

In a national first, the Democrats are challenging the Republicans by staging a debate that is dedicated to the LGBT community and will answer many of the issues facing Lesbians, Gays, Bi-sexual's and the Transgendered across the nation.

The leading candidates for the Democratic nomination for presidency will actively involve themselves in this debate on August the 9th, which is being telecast by LOGO, a gay cable network. Alternatively, you may view proceedings on http://www.logoonline.com/ if you are unable to access the network.

Participants in the debate will include Hilary Clinton, Barack Obama and John Edwards (pictured above), with the moderators being singer Melissa Etheridge and Joe Solmonese, Human Rights Campaign's president.

If you would like to actively participate by lodging questions for the candidates to answer you may do so by logging on to LOGOonline.com as well as on HRC.org.

Source: Demorcrats to Hold Gay Debate (2007) available online at www.wweek.com

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April 10, 2008

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

February 07, 2008

New Residential Trends Emerging in Manhattan

January 30, 2008

Mortgage Rates Fall

January 09, 2008

New LGBT Legal Service

December 25, 2007

Merry LGBT Christmas

December 07, 2007

Quinn Faces Tough Question Head-on

November 06, 2007

New York Losing Culture to Gentrification

October 29, 2007

New York Gayborhoods

September 20, 2007

Fire Island Represents Sound Investment

July 20, 2007

Have Your Say On the LGBT Political Front - August 19th 2007

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