In a historic move, the National Association of Realtors (N.A.R.) has agreed to a $418 million settlement in a series of lawsuits filed by home sellers, challenging the traditional broker commission structure. This agreement, pending federal court approval, proposes dismantling the conventional 6% commission on home sales, signaling a shift toward a system where sellers are not solely responsible for commission payments. This decision’s repercussions will likely impact home pricing, commission determination, and payment responsibilities here in New York City and across the United States. REBNY ..read more

As one of the world’s most dynamic and competitive real estate markets, New York City is constantly evolving and changing. In 2024, there are several key trends that prospective buyers, sellers, and investors should keep an eye on when it comes to the residential real estate market in the Big Apple. Six trends we are watching this year Predicting the future is risky, but these are trends that we are seeing: Rate drops are on hold until mid-year After 11 interest rate hikes in the past few years, the Federal Reserve forecasted three rate cuts in 2024 during its December meeting. Still, higher-t ..read more

Film and Broadway producer Scott Rudin recently made real estate news when he and his neighbor jointly put their matching West Village Greek Revival townhouses built in 1845 up for sale. The initial asking price for the two four-story properties is $37 million. In the challenging real estate market of New York City, homeowners of condominiums, attached houses, and residential cooperatives may find strategic advantages in listing and selling their properties jointly. This approach involves neighboring homeowners partnering to sell their properties as a package deal, potentially attracting devel ..read more

The city’s residential real estate marketplace has been volatile in recent years for various reasons. Of course, 2023’s teetering economy and rising interest rates on loans meant that loans were prohibitively expensive. It meant that buyers paid a premium if they needed a mortgage, and it also meant that potential sellers were reluctant to give up a property with a 3-4% interest rate when they would need to get a new place that doubled that percentage. These factors led to an extremely low inventory of properties, even when the buyer had the money or was willing to take out the loan. Renting o ..read more

The average Manhattan apartment rents for about $4,000 per month, or $76 per square foot. This is terrible news for those starting their career with an entry-level job in the city unless they work on Wall Street. The price tag can lead college graduates and other 20-something arrivals to move to the city’s far reaches or choose a neighborhood riddled with crime. The other option is multiple roommates sharing a space, perhaps two to a room. Dorm living and adversity can certainly build character, but parents with the financial means may consider buying a starter home for their child. This gener ..read more

The hunt for a dream home can involve drastic measures. Rather than go to multi-listing services like Zillow or similar sites that aggregate data from publicly listed properties, some believe that whisper listings are a better option, mainly if they are buying or selling a rare, unusual or luxury property. Still, the concept also holds when a realtor says something like, “I have a new property that hasn’t hit the market.” Fresh properties can move quickly, with the motivated buyer striking a deal before competitors have seen the property or got financing. There is nothing new about whisper lis ..read more

We are all seeing the results of climate change as temperatures rise and the weather is increasingly volatile. Changes to reduce greenhouse emissions have been challenging and expensive. Nonetheless, there is little doubt that something needs to be done. As part of New York City’s ambitious goal for a 40% reduction in emissions by 2030 and 80% by 2050, Local Law 97 was drafted as part of the De Blasio administration’s New Green Deal and passed by the City Council on November 15, 2019. It addresses the fact that New York City’s largest source of greenhouse emissions is buildings, which contribu ..read more

Any New Yorker who lives in a coop or condo knows that their building’s support staff plays several crucial roles. Some become the heart and soul of their building – a doorman providing warm greetings at the beginning or end of the day, a super who jokes around with young children, a desk person sharing news about the block or building. Of course, they may also sign for or protect all those Amazon orders and facilitate food deliveries to hungry residents. In the work-from-home era, they functioned as perhaps the only non-family member residents talk to face-to-face regularly. What is the prope ..read more

The rise of short-term rentals using Airbnb changed the real estate market in countless ways. A few downsides included a steady stream of strangers passing through the building. Often on vacation with little need to build relationships with neighbors, they could be loud, rude and dismissive. There was also the safety issue of strangers walking around the halls. Neighbors suffered the consequences, while owners, shareholders or lease-holders often were absent and conducting an illegal business. Along with encouraging rule violations and creating unwelcome short-term residents, advocates of the ..read more

It’s the law of averages that putting large numbers of people in a condominium building can lead to situations where the rules are not being followed and and the board needs to do something to enforce the by-laws or house rules. Many times these disputes end up in lawsuits with the condominium seeking to stop the violation and recover the legal fees it has incurred.  Sometimes, it finds itself defending a lawsuit filed by the unit owner. Many board members may think that a violator of the rules can be evicted like in a rental building or a cooperative but in a condominium that is not like ..read more