First introduced in NY State’s legislature five years ago, a pied-à-terre tax is receiving renewed attention as a direct reaction to the recent $238M sale at 220 Central Park South. The state seems to be scrambling to fund coffers to pay for a host of capital projects, following New York’s ill-fated Amazon loss and delayed efforts to monetize the legalization of marijuana and casino gambling.
Are the challenges for homeowners who need to buy and sell at the same time any different in a fast seller’s market with limited inventory than in a slow buyer’s market with abundant supply? A strategic approach to a simultaneous closing of your current home and subsequent purchase is essential in any market.
Last August, I characterized 2016-2018 as “real estate’s great adjustment years” when four trends prevailed: rising inventory, slipping prices, more time on the market and multiple price reductions. We’re in for more of the same in 2019 as buyers and sellers come to terms with market changes and prices stabilize. In the current environment where uncertainty reigns, it behooves the real estate professional to be especially vigilant in the preparation of the all-important co-op board package and recognize the co-op’s obligation to protect the interests of shareholders as they evaluate a buyer’s qualifications and also seek to maintain property values.