Despite articles stating the “luxury” market is in decline and a general concern over the potential negative impact of the proposed tax bill, we are actually seeing a stronger market than we have in over 12 months. Typically news articles are based on data gathered 3-6 months before so it is quite rare that the media is actually able to accurately report on current ebbs and flows of our industry.
In terms of the Tax Bill, there are certainly some reasons for concern as it will likely reduce mortgage interest deductions, property tax deductions and increase the amount of time you must hold a home before selling and being able to shelter some of the capital gains. On the flip side, if the bill also reduces taxes, presumably people will have a bit more money in their pockets.
While we feel this news is probably based on data that is a quarter behind, we felt it was important to share with our readers. The Real Dealrecently examined the state of the real estate market this Fall in New York. In "Nerves tested as luxe market loses footing - again,"you'll uncover that the high-end market is seeing deals drag and prices drop. After a rocky 2016, the industry had high hopes for 2017, but slow absorption and a glut of new product is only continuing to compound. Buyers have a lot of choices and they are feeling a sense of control.
The Washington Post is opining on a more national scale: how the "Tax Cut and Jobs Act" will affect our taxes. In "The House just passed its big tax bill. Here's what is in it,"Trump and Speaker Paul Ryan win a major victory with the House passing their tax bill, a legislation that will affect every American household and business owner. In a nutshell, big businesses win and the rich do very well. Interestingly, many parts of the bill benefit Donald Trump, himself. Read in detail how this bill could affect you.
Stein Team Favorites
Spirited Table Settings
Decorate your home and table setting this Holiday season with our chic decor inspiration. From wreaths to ornaments, gingerbread to poinsettias, enjoy this array of our favorite Holiday season table settings and centerpieces for ideas and inspiration to make this year tasting - and looking - better than ever.
92 Warren St, offered at $7,299,000
52 Lispenard St, offered at $7,100,000
We are proud to showcase Video Tours of two of our latest listings in TriBeCa: the penthouse at 92 Warren St, and a sprawling full floor loft at 52 Lispenard St. Our Video Tours allow prospective buyers to visit our listings from the comfort of their own home.
Enjoy a personal tour with Jeremy Stein of 92 Warren St, a true Entertainer’s loft in the heart of TriBeCa offering 3 bedrooms, and 3 spectacular outdoor spaces, including a private rooftop with panoramic views of Downtown and the Hudson River.
52 Lispenard St, a meticulously designed full-floor loft, is located on a hip, historic block, and features 4 light-filled bedrooms, a home office, top of the line finishes, and a lushly planted private outdoor space.
The Bowery Mural, 76 E Houston St
Katz's Delicatessen, 205 E Houston St
The Standard, 25 Cooper Square
215 Chrystie Street
Equinox Gym & 196 Orchard Street
A Neighborhood Looking Forward
The Lower East Side is one of New York's most spirited and eclectic neighborhoods. Charm exudes from this neighborhood in the form of it's iconic fire escapes, bold street art, and gritty alleyways. This urban atmosphere has attracted a host of some of the trendiest bars and restaurants in the city - it's really the neighborhood that never sleeps.
Perhaps most known for its Jewish roots, Katz's Delicatessen is one of the neighborhood's most famous landmarks - and you can go back in time by visiting the area's heralded Tenement Museum. But, while the Lower East Side is very protective of its immigrant history, it's been one of the largest beneficiaries of the city's development boom, with many new high-end residential projects sprouting up, as well as some of Manhattan's hottest hotels. Century-old brick tenements now stand shoulder to shoulder with shiny new construction.
While cool hotels like The Bowery Hotel and The Standardhave called the Lower East Side home for some time, the newest kid on the block is The Public, a collaboration of hotelier Ian Schrager and architects Herzog & de Meuron. The hotel features all the bells and whistles expected of it: a rooftop with jaw-dropping views, signature Jean-Georges dining, and the coolest new cocktail bar in town.
And adjacent to The Public will be 215 Chrystie St, 11 one-of-a-kind condominium residences that will redefine luxury living on the Lower East Side. Joining the pack are other projects like 204 Forsyth, 100 Norfolk, and 196 Orchard(which will open along with the area's first Equinox), all helping to reshape the Lower East Side for generations to come.
Off The Beaten Track
742 North Lake Way, Offered at $8,395,000
Todd & Frances Peter | Sotheby's Int'l Realty
Spotlight on Palm Beach, Florida
This month, we invite you to explore offerings in Palm Beach, Florida from two of our global partners Frances and Todd Peters at Sotheby's International Realty. As temperatures begin to drop in the northeast, there isn't a more popular destination for New Yorkers than southern Florida. Known for its palatial oceanfront estates, Palm Beach is a relaxing escape from the New York chill, and conveniently only a two-hour flight away.
With Sotheby's extensive international network of brokers and properties, we can help you find your dream home or vacation property in 63 countries. We have a strong network of colleagues and would love to connect you to an experienced broker.
Holiday Tipping Guide
It's that time of the year again - the Holidays are a time of giving, but many New Yorkers struggle when it comes to how much they should be giving when it comes to tipping their building staff. While tipping isn't a necessity, it's a meaningful way to show one's appreciation for those that make your day-to-day living a bit easier. How much appreciation depends on the size of the building, quality of service, how long a staff member has been with the building and whether the tipper owns or rents. Curbed has created a quick-and-easy guide to help you break down what you should be tipping your building staff.
The World Of Sotheby's
It is our pleasure to share with you the latest edition of ART & HOME, a magazine jointly published by Sotheby's and Sotheby's International Realty. This literary collaboration showcases all the elements of an extraordinary life. It presents sophisticated content and beautiful images related to the art and real estate worlds. Enjoy the digital edition below.