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You might have read the headlines: “Realtors’ settlement could dramatically change cost of housing sales!" “National Association of Realtors to cut commissions to settle lawsuits!” “Powerful Realtor Group Agrees to Slash Commissions to Settle Lawsuits!” All these headlines are misleading, and incomplete, at best. Myriad questions remain - not least, how the settlement will impact U.S. home prices, how sales commissions will be determined, and who will pay them. If you want detailed info about the confusing messaging - give me a call and I'm happy to explain to the best of my current knowledge - as this is an evolving situation. A few keypoints for those who want to know more: |
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Few NYC real estate agents are members of NAR (and thus aren’t subject to the group’s amended rules). In NYC, we are members of REBNY (The Real Estate Board of New York) We do not have an MLS (multiple listing service) in NYC, but are working with REBNY's RLS (residential listing service) Commissions have ALWAYS been negotiable and will remain so Commissions - both seller's agents' and buyer agents', have always been worked into property prices. They will be worked into them probably in the future The settlement regulates how and where agent's commissions are advertised in the MLS - it doesn't mean, they cannot be offered or communicated While there might be some adjustments - and REBNY will not ignore what's happening in the rest of the country - the first actual change is the de-coupling of commissions fees - meaning, the seller decides how much commission he will pay to his own agent (also called the listing agent), and how much they will offer to the brokerage representing the buyer. Sellers no longer pay their agent who then splits their commission fee, but seller now pays their agent and buyer's broker, separately. Could buyers just skip the agent? Theoretically, Yes. Buyers can search listings online or in person and opt to forgo an agent altogether. Is it a smart strategy and save them time, stress and money? Questionable. In a market as complicated and competitive as New York City, this may not be in their best interests. For one, many New York apartments are co-ops, which require extensive applications, financial disclosures and interviews with prospective buyers. The process is lengthy and labyrinthine, and competent agents can be invaluable resources Last but not least: The proposed settlement is not in effect yet. It needs the approval of a federal court; this won't happen before July
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And since this is an evolving situation and efforts to make real estate transactions and the compensation of agents more transparent are a good thing, I will dedicate my next newsletters to explore subjects such as: How does a real estate agent get paid? What does a listing agent (the seller's agent) do? What does a buyer's agent do? Read the fine print - explained by me - in the next months to come in this very newsletter. |
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A new Listing - Coming soon: |
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A beautiful, oversized 1bd/1ba condominium in Hamilton Heights, at 725 Riverside Drive will be coming on the market, soon. If you'd like to hear more about this property, reach out to me - I'm happy to whisper in your ear, what great features this property has to offer - at a great price! Right across the street from the Ralph Ellison monument (above), or visit my agent page for the full listing going public very soon. |
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| | Click into the image to be linked to the respective market report. If you'd like to see the Rental Market Report of March 2024, drop me a line or send me a txt, and I'll send it to you as a pdf. Enjoy! |
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Biden Proposes $10,000 Tax Breaks for First-Time Homebuyers, 'Starter Home' Sellers |
| | President Joe Biden has floated plans to address the country’s affordable housing issues, including new tax breaks for first-time homebuyers and “starter home” sellers. However, experts have mixed opinions on the proposals... |
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| New York Botanical Garden's 'The Orchid Show: Florals in Fashion' |
| Make your way up to the Boogie Down Bronx to view the Botanical Garden's latest cultural extravaganza, showcasing an array of fashionable works of art produced by up and coming designers turning orchid flowers into avant-garde clothing. If you're a fashion lover, this is an event you won't want to miss! Click HERE to learn more! |
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| MARCH 26 – SEPTEMBER 2, 2024 |
| 'Apollo: When We Went to the Moon', by The Intrepid Museum |
| Explore 9,000 square feet of the museum’s Space Shuttle Pavilion, where you can leave footprints on the Moon via a virtual moonwalk experience, view Apollo artifacts, and climb aboard a lunar rover model. Click HERE to learn more! |
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| Learn what you can do to green your life and call for climate action. Earth Day 2024 Festival in NYC on April 14 brings together dozens of environmental nonprofits, climate campaigns, and sustainable businesses, as well as live entertainment, kids’ activities, and climate art! |
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| One of the top acts in the city: Acclaimed jazz pianist Jim Ridl and his trio will perform at Zinc on Tuesday, April 16, shows at 7 and 8:30pm. He’ll be joined by Dean Johnson on bass and Tim Horner on drums. Exquisit! Jazz at its best. |
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| Not just for Neil Diamond Fans: A BEAUTIFUL NOISE on Broadway holds the promise of every great Broadway bio pic: Music, Dance, Drama and Humanity is woven into its colorful and glittering fabric. A spectacle with heart! |
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Where to see Cherry Blossoms in New York City |
| Cherry blossom season is one of the best times to experience the beauty and charm of spring — the season of flowers. Cherry trees blossom in parks across the five boroughs — explore some of the best spots to see one of the most anticipated spring moments in New York City. |
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Louis Armstrong House Museum |
| The Armstrong Corona campus is a Queens-based hub for inspiration and learning, economic development and tourism. For local neighbors, city, national, and international visitors, the new campus will permanently establish Armstrong’s legacy as one of the most influential figures in American and Global History. |
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| Episode 3: Superstar Interrupted (1967-1973) From downtown New York’s most articulate artistic survivor, comes Penny Arcade’s revealing and often hilarious musical memoir, The Art of Becoming. |
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| Lifestyle Tips and Tricks |
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| 13 Features New Home Buyers Say Are Essential, Desirable |
| New research shows that house hunters are willing to accept a smaller property as long as it has these key amenities. |
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When Selling Your Home, Don't Try to Conceal These 7 Problems |
| When selling your home, it’s natural to want to present the property in the most favorable light possible... |
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| 10 Things Interior Designers Never Do |
| With the prevalence of TikTok and Instagram, every third person decorating a home feels they are a design expert. |
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| Featured Listings of the R-Team |
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| | 860 United Nations Plaza, Unit 21D |
| 1 BD 1 BA 994 SF $1,325,000 |
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| | 790 Riverside Drive, Unit 5B |
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| | | | 2621 Palisade Avenue, Unit 16A |
| 2 BD 2 BA 1300 SF $700,000 |
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| | 790 Riverside Drive, Unit 7I |
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| | | | 435 East 65th Street, Unit 9A |
| 1 BD 1 BA 825 SF $575,000 |
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| | 244 Riverside Drive, Unit 6K |
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| | | | 160 Wadsworth Avenue, Unit 505 |
| 2 BD 1 BA 731 SF $499,500 |
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| Fort Myers, FLORIDA 33908 |
| 5416 Whispering Willow Way |
| 3 BD 2 BA 1 1/2 BA 2,458 SF $ 595,000 |
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Thanks for reading and subscribing! Ready to achieve your next real estate goal? |
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Office: 646-982-0353 Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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