"I worked with Jacob for quite a few months on my HDFC coop search in Manhattan. Jacob was fantastic to work with - highly knowledgable, responsive, and really understood what I was looking for. I visited a few units that helped me narrow down my search, and once I was ready …
"My wife and I worked with Jacob in selling our Upper West Side apartment, and he was terrific. He started with an ambitious plan, fully delivered on what he said he would do (including providing contractors who could prep the apartment), and our apartment sold at a top price…
"Jacob is an experienced and well informed real estate broker who exhibits high acumen and professionalism for his industry. His understanding of market trends and knowing how to present properties for the market make him an indubitable asset to any seller. A very capable a…
"Jacob wood fantastic service i recomend"
"Jacob is a true gem. To be honest my budget wasn't large for New York, but Jacob helped me find a good one bedroom apartment that just needed some love well within my budget. Jacob handled everything that New York real estate threw at him easily and assuaged my anxiety. He h…
"Jacob was an outstanding agent in our recent search for a place in lower Manhattan. His knowledge of the areas we were interested in and his diligence in following up with us even though we were not committed to a timetable resulted in us finding the perfect place at a grea…
"Jacob is a very professional, knowledgeable and hard working agent. He undertook all tasks related to the sale of the apartment without hesitation. He made things quite easy for us and provided excellent guidance. If things needed repair or the apartment needed staging...he …
"Jacob is a terrific RE agent. My husband and I wanted an apartment with a Hudson River view. Over about 3 years, Jacob took us to look at many places. Although we rejected many apartments, Jacob continued to be very patient. He always made himself available to show us new ap…
"Jacob is excellent and I recommend him highly. He understood what I was looking for in a home and was flexible in his approach to showing a variety of places. He was smart about how to prepare the offer and provided valuable counsel through the board process and closing. H…
"Jacob’s a rock star — he got me a better price than I’d ever expected and has killer contacts, with both a reasonably priced and incredible lawyer and a mortgage broker wizard. Couldn’t recommend him highly enough."
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The office of @nycmayor announces @zohrankmamdani pied-a-terre tax proposal on second homes valued above $5m, endorsed by @govkathyhochul
What do we know and what don't we know? What affect will this have on our market? How does Ken Griffin feel about it???
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#NYCRealEstate #BillionairesRow #PiedATerre #LuxuryReal…
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Mamdani pushes pied-a-terre tax on homes valued above $5m!
A couple days ago @nycmayor @zohrankmamdani proposed a tax on owners of second homes in NYC valued above $5m. The proposed rate structure would include a sliding scale from 0.5% on property valued above $5m up to 4% on properties valued above $25m. Townhouses …
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Manhattan Luxury Market Update | Week of April 6th
The Manhattan luxury market picked up with 38 contracts signed above $4 million... 7 more than the previous week. Condos outsold co-ops, 24-11, with 3 townhouse in the mix.
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While the NYC real estate market isn't as affected by macroeconomic trends as the US market as a whole, this article by @samanthadelouya in @cnnbusiness with expert commentary from Coldwell Banker CEO @kaminicbr highlights a theme our market has been dealing with over the last ten years: dysfunctional Federal Governmen…
jacobwoodre
The office of @nycmayor announces @zohrankmamdani pied-a-terre tax proposal on second homes valued above $5m, endorsed by @govkathyhochul
What do we know and what don't we know? What affect will this have on our market? How does Ken Griffin feel about it???
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#NYCRealEstate #BillionairesRow #PiedATerre #LuxuryRealEstate #NYCPolitics #ZohranMamdani #KenGriffin #ManhattanRealEstate #NYCHousing #TaxTheRich #NYCBudget #CentralParkSouth #LuxuryMarket #NYCCondos #RealEstateTax
Interesting. But not sure I entirely agree.
jacobwoodre
Mamdani pushes pied-a-terre tax on homes valued above $5m!
A couple days ago @nycmayor @zohrankmamdani proposed a tax on owners of second homes in NYC valued above $5m. The proposed rate structure would include a sliding scale from 0.5% on property valued above $5m up to 4% on properties valued above $25m. Townhouses would be taxed at .5%–4% of market value above $5m, and condo / co-ops 10%–13.5% of assessed value above $300k. The distinction is important: the assessed value of apartments for tax purposes is usually around only 4% of their actual market value. Meaning the owner of a condo will have a fraction of the pied-a-terre tax liability as the owner of a townhouse. This is a fundamental flaw in the structure of the proposal as it currently stands and is likely to draw scrutiny in Albany. The tax is projected to affect around 13,000 homeowners and raise around $500m annually.
The Mayor made his announcement video in front of Ken Griffin's $238m penthouse purchased in 2019, which would incur an additional annual tax liability of around $1.1m as the proposal is currently written.
To discern the effect this additional tax is likely to have on the luxury submarket, Griffin's home is a useful example. A $1.1m tax liability increase would nearly double his average RE tax + common charge costs. This would undoubtedly cause a value contraction for the average-priced apartment. But... when Griffin purchased the home in 2019 he himself readily admitted it would never appraise near what he bought it for. It wasn't a value purchase, it was a vanity purchase.
The NYC luxury market has just completed it's third fiscal quarter in a row of banner-performance, all after the next mayor and his policies were a foregone conclusion. Luxury buyers' current financial position has never been better. Continuing to use Griffin as an example, he just closed on another NYC luxury real estate purchase, his second home at 740 Park Ave specifically, for $38m... almost double what the seller paid for it in 2019.
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#PiedATerre #LuxuryRealEstate #NYCPolitics #ZohranMamdani #KenGriffin #ManhattanRealEstate #TaxTheRich #NYCBudget #LuxuryMarket #NYCCondos #RealEstateTax
yeah, the biggest issue here is that it takes a real critique about nyc’s busted property-tax structure and then stretches it into a much broader anti-tax conclusion than it actually proves.
the uneven treatment between condos/co-ops and townhouses is a legit flaw that should be fixed. but beyond that, this reads like luxury broker panic. using ken griffin as the centerpiece is almost self-defeating. if a guy can drop obscene money on multiple nyc homes, the idea that a tax on second homes over $5m is some catastrophic assault on the market starts sounding pretty dramatic.
also, a slight cooling of the ultra-luxury pied-a-terre market is not automatically some public tragedy. these aren’t primary homes for ordinary new yorkers. if the goal is to raise revenue from underused luxury assets instead of squeezing working people harder, that’s a pretty defensible policy choice. fix the structural imbalance, sure, but acting like billionaire second-home owners are the victims here is a bit ridiculous.
This is really well worded and I’m so happy to be a team. @jacobwoodre
jacobwoodre
Manhattan Luxury Market Update | Week of April 6th
The Manhattan luxury market picked up with 38 contracts signed above $4 million... 7 more than the previous week. Condos outsold co-ops, 24-11, with 3 townhouse in the mix.
jacobwoodre
While the NYC real estate market isn't as affected by macroeconomic trends as the US market as a whole, this article by @samanthadelouya in @cnnbusiness with expert commentary from Coldwell Banker CEO @kaminicbr highlights a theme our market has been dealing with over the last ten years: dysfunctional Federal Government policy trumps normal market cycles... no pun intended.
From the Tax Cuts & Jobs Act, to the pandemic, to interest rate volatility following the collapse of First Republic, to 'Liberation Day', and now to the Iran War, our market has been stymied by ill-conceived Federal Government policy. Competent leadership is integral to a sustained, healthy economy. May cooler heads (somewhere) prevail before our economy -- to say nothing of our geopolitical standing -- suffer further.
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#jacobwoodre #cnnbusiness #nationalrealestate #nycrealestate #manhattanrealestate #mortgagerates #interestrates #realestateinsights