April
24
2015

DEAL SHEET Week Ending April 24th

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LEGAL REBATES

rebateA recent change to New York’s Real Property Law allows real estate brokers to rebate a portion of their commission to clients.

THE DEAL: The newly amended language makes it clear that a buyer’s agent is legally allowed to give back a portion of their commission from the seller or seller’s agent to their client, which in essence is a legit way to discount their services.

 

April
17
2015

DEAL SHEET Week Ending April 18th

Welcome to The Deal Sheet: A Witty Weekly Wrap Up of New York Real Estate Trends, Topics and Tidbits

PROPERTY TAX REBATES

house cashNYC Council is considering property tax rebates for homeowners up to $500 for family incomes of less than $100,000 and plan to push the rebate legislation in budget negotiations with the Mayor.

THE DEAL: The city hasn’t extended property tax rebates since the finical crisis hit in 2009. The current proposal will cost the city approximately $200 million and is being sponsored by council members who believe the city’s finances can afford to help NYC’s middle class homeowners.

 

RETAILER TURNS LANDLORD

April
9
2015

DEAL SHEET Week Ending April 10th

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HGTV HIT COMES TO TRISTATE
property brothers

Hugely popular Canadian-based reality series Property Brothers, that showcases fixer upper transformations, is shooting its fifth season in the NYC tristate area. The show features identical twins Drew (realtor) and Jonathan (contractor) Scott who help endearing couples find, buy and transform fixer-uppers into budget-savvy dream homes.

THE DEAL: This HGTV reality hit will spotlight homes in the lower Hudson Valley region and Connecticut area that range from $1 million to $1.3 million with second-tier properties priced between $400,00 and $600,000. The show’s producers were impressed with the NYC’s area’s “wide variety of stunning dream homes and inspirational fixer-uppers.”

April
2
2015

DEAL SHEET Week Ending April 3rd

Welcome to The Deal Sheet: A Witty Weekly Wrap Up of New York Real Estate Trends, Topics and Tidbits

 

THE NEXT NEW “JOINT” to HIT NYC

pot NYMove over NYC startup tech companies. There may soon be a new industry coming to the NYC real estate market looking for large commercial space, just as soon as marijuana is legalized.

THE DEAL: Companies that have legal weed dispensaries in states such as Nevada and California are eyeing NYC as an outlet for retail spaces and growth sites. Although the state is not yet accepting applications, some marijuana producers see great “growth” potential in the NYC area and are “weeding” through commercial spaces. Pun intended.

 

KA-BOOM

March
26
2015

DEAL SHEET Week Ending March 27th

Welcome to The Deal Sheet: A Witty Weekly Wrap Up of New York Real Estate Trends, Topics and Tidbits

 

RE TECH SCENE

Kushner TheRealDealWhile it seems the real estate tech startup business is hotter than Paris Fashion Week, new players enter the market on a regular basis. With applications ranging from software to data to listing sites and crowdfunding, NYC is the gracious host to a plethora of newbies changing the real estate landscape. The most recent launch of the Kushner Brothers’ Cadre, a real estate investment vehicle that connects institutional investors with opportunities in gateway markets, is evidence that some of New York’s biggest real estate players are taking the space by storm.

THE DEAL: As new real estate tech startups enter the space almost weekly, the industry and the way it does business is evolving at a record-breaking pace.

March
20
2015

DEAL SHEET Week Ending March 20

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NO LONGER PATIENT DOESN’T MEAN IMPATIENT. HUH?!

interest rate increaseThe Federal Reserve this week hinted in a policy statement that interest rates that have been at record lows for more than six years may see a gradual increase as early as June. But don’t get crazy. The job market needs to improve and inflation needs to rise before the Feds will consider nudging up borrowing rates. According to Fed Chairwoman Yellen, “Just because we removed the word patient doesn’t mean we are going to be impatient.”

THE DEAL: By even suggesting that rates could possibly increase for the first time since the financial crisis is a subtle hint that the U.S. economy is looking better to the Feds. But they are not making any promises. The mixed signal message caused stock prices to jump. Go figure.

March
12
2015

DEAL SHEET Week Ending March 13

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ALL’S FAIR IN LOVE and M&A

TruliaZillowJust as the ink was drying on News Corp.’ purchase of Realtor.com for $950 million, the Federal Trade Commission goes ahead and approves the merger of Zillow and Trulia, the two largest listing sites in the real estate industry.

THE DEAL: News Corp CEO Robert Thomson doesn’t seem worried. He plans on taking advantage of the consolidation “mayhem” potentially happening at the merged powerhouse and expects to poach their leftover talent.

March
5
2015

DEAL SHEET Week Ending March 6

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UH, DUH

slow housing imageThe Federal Reserve’s Beige Book for February reports that weather conditions have slowed home construction in New York, Philadelphia, and Cleveland and caused Boston to have low levels of inventory. The report notes that lack of desirable lots and low inventory levels continue to slow the market. In addition, housing markets across New York and New Jersey have mostly been sluggish, in part due to the inclement weather.

THE DEAL: Kinda knew that Mother Nature is continuing to wreak havoc in the tristate area. And with this most recent snowfall, most New Yorkers are ready to stick a fork in it and relocate. The Fed’s good news? When measuring banking and finance, the report found that residential lending was positive at all reporting banks.

February
27
2015

DEAL SHEET Week Ending February 27

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THINK SPRING

SpringAlthough according to the groundhog, we have a few more weeks of Winter, the milder weather can’t come soon enough for some in the real estate industry. Recent reports cite extreme weather for a slower real estate market in the Northeast this quarter. Storms up and down the East coast have prevented transactions from closing, Open Houses to be cancelled and generally has made home buying inconvenient.

THE DEAL: The real estate market really doesn’t need Mother Nature interfering with the housing market, so move along Winter and let’s bring on a flurry of Spring house hunting.

 

BROOKLYN CHERRY FACTORY SITE OF MARIJUANA GROWING OPERATION

February
20
2015

Industry Alert: This Weeks Edition of The Deal Shares Information Regarding New Loan Application Regulations

Welcome to The Deal Sheet: A Witty Weekly Wrap Up of New York Real Estate Trends, Topics and Tidbits

 

SMOOTH ROAD TO CLOSING

Must ReadWith new laws that went into effect at the very end of last year (December 2014), there are small, yet essential, things that borrowers and loan officers now need to comply with in order to make their real estate transactions close smooth and successfully. Lenders are now requiring that security instruments (i.e. UCC1s) match the exact legal name of the borrower as it appears on their respective state issued drivers license. That “legal name” must exactly match the loan documents and the way their name appears on a stock certificate evidencing ownership of Coop Shares.   If the names do not match, an Affidavit must be completed by the bank’s attorney.

THE DEAL: Although this simple regulation seems easy to comply with, (i.e. the loan officer obtaining a copy of the Driver’s License at inception of the application process and making sure the all loan documents correctly reflect the name on all loan docs) if not executed correctly, can tie up a transaction and jeopardize a lender’s secured position.