ow do I avoid capital gains tax on real estate in NY? This is the question many sellers have, and not just in New York. Both the federal and state governments can take a significant chunk of your profits in the form of capital gains.
What is the highest-selling apartment in NYC? The highest-selling apartment ever in NYC is the penthouse at 220 Central Park South. It was bought by Ken Griffin, a hedge fund manager, in 2019 for $238 million. This isn’t just the highest-selling apartment in NYC but also the most expensive residential real estate deal in the history of the country. The sale was closed in 2019, but the buyer signed the contract in 2015 when the building was still under construction. Here is what we know about this apartment
How to pick a realtor in NYC? This is a step most NYC buyers and sellers should spend significant time on because this one choice can have a massive impact on how their transaction goes. A few tips that can help are
Many sellers ask this question – How do I make my house look ready to sell? New York City brokers and other experts suggest a few things
Many buyers ask – Do I have to pay taxes when I sell my house in NY? The answer is yes. Sellers have to pay multiple taxes after selling a house in NY. Two of these are directly associated with the real estate transaction.
Who pays closing costs in NYC? Both buyers and sellers. They have their own set of closing costs that they either pay out of pocket or are rolled into the amount of the transaction.
One question that’s on the mind of almost anyone putting their house on the market in New York is – How much are closing costs for sellers in NY? The simple answer is around 6% (or between 4% and 8%) of the selling price. But it’s important to understand all the elements making up these costs.
How should you prepare a house before selling? Should you gut-renovate it or do some cosmetic work? Should you make repairs or just clean up? Every choice has its own set of limitations and impacts sales. The answer to the preparation question is also influenced by the type of house. When you are selling an apartment (whether co-op or condo), there is relatively little you can do to prepare it before the sale, and it’s limited to the interior.
How long does it take to sell an apartment in New York? That depends on a number of factors, including the market dynamics and the type of apartment you are selling. In some markets, buyers are trying to close as early as possible, while in others, apartments may sit on the apartment for several weeks before finding the right buyer.
