NYS real estate agency law: Have you heard about the changes?

Beginning January 1, 2011, New York State Real Property Law will bring changes that increase the transparency of the real estate process and offer increased protections for consumers and real estate brokers.

These amendments will impact real estate brokers by requiring that agency disclosure forms be completed for all residential transactions and permitting consumers to give their advance consent to dual agency representation.

Prior to the amendment, verbal consent for agency disclosure was accepted for multifamily buildings over four units. The new law specifies that a written agency disclosure form must be used for all residential transactions. In addition, the amendments have created a section on the agency disclosure form where consumers can give their advanced consent to being represented by two agents from the same real estate broker in the same transaction.

By law all parties must sign these forms. For more information please visit http://www.dos.state.ny.us/ for the revised forms, the text of the revised statute and the Frequently Asked Questions section.

For more information or a consultation feel free to email me at Halstead Property

4th of July 2009 in Manhattan

Since 1976 the tradition of Macy's fireworks took place on the East River in Manhattan. This year to commemorate the 400th anniversary of the exploration of the Hudson River by Henry Hudson, the 2009 Macy's July 4th Fireworks extravaganza took place on the Hudson River,

This year's fireworks featured more than 40,000 shells exploding at a rate of more than 1,500 per minute.

The fireworks were synchronized to a score of patriotic standards, classic river-themed works, and original music. Performances by the New York Pops and Broadway superstars Audra McDonald and Idina Menzel performed.

7 Ecohealth Home Principles

According to Michelle A. Roberts, founder and Creator of Ecohealth Homes Inspired By Caroline McKennasm there are 7 Ecohealth home principles to live by:

To read more about living green click here.

Manhattan Real Estate Slower, But Still Not In A Slump - It’s A Good time For Buyers

Foreclosures across the country are increasing in numbers, but not in Manhattan.

The reason is partly due to closings at 15 Central Park West and The Plaza, and partly because of the increase of foreign buyers. Additionally there has been activity from domestic buyers with new Manhattan developments.

The median sales price of Manhattan condo, co-op and cond-op apartments dropped in January from the month prior to $850,000 from $928,378 — a 9.2 percent change.

According to Wells Fargo Economics, the April 2008 economic data showed a fair amount of economic stabilization, suggesting the slump hasn't gained much momentum. Economists have responded by scaling back their worst-case scenarios of deep recession, and risk aversion has ebbed in the fixed income and stock markets.

As of April 2008, New York City Added 48,100 Jobs during Past 12 Months:

• This represents a 1.3% increase for the twelve months ending April 2007.
• Sharp gains in the financial and services sectors helped offset the continued loss of manufacturing jobs in the City.
• The national economy added 1.866 million jobs over the past 12 months, a 1.4 % increase.

New York City Inflation below the Nation’s
• For the first time since March of 2006, the annual change in CPI for the New York area was below that of the nation.
• Prices grew at an annual pace of 2.5% in the New York area during April, led by higher energy prices.

While financing is definitely more difficult to obtain, interest rates are lower and it's a favorable time to buy in New York City.

Buyers may not get the deal of the century in Manhattan, but there is definitely room for negotiation.

Any domestic buyer who is hesitant to purchase in Manhattan may want to rethink and buy now. And for foreign buyers, there is now more inventory than in months before.

Buyers who are ready to purchase - domestic or foreign should consult a professional real estate agent who knows the New York market and who can negotiate on their behalf.