Hi all, as always we’re publishing our latest roundup of articles, content, and information which we believe are specifically relevant to NYC Homeowners.
This month includes a forensic study of NYC by the Chairman of Market and Investment Strategy for JP Morgan, a nice primer on Reverse Mortgages from the team at KPP Financial, a press release on NYC’s property tax bills, and a few recent blog posts from our team. Take a look when you have a chance and feel free to Contact Us if you have any questions 🙂
A Forensic Study of New York City, Post COVID
We recently heard a podcast called “Eye on the Market” and in one of the recent episodes, the host Michael Cembalest (Chairman of Market and Investment Strategy for JP Morgan Asset and Wealth Management) did a deep dive on NYC compared to 21 other US cities with respect to urban recovery, commercial real estate, mass transit, crime, outmigration, work-from-home trends, tax rates, economic pulse, fiscal health, unfunded pensions, energy prices, industry diversification and competitiveness.
Primer on Reverse Mortgages
If you’ve ever considered a reverse mortgage or wondered how they work, check out this snippet from the InvestTalk podcast. One of the callers recently asked about a very common scenario and he asked the hosts for advice on whether having his in-laws take out a reverse mortgage on their home made sense.
The answer was very thoughtful and the host Justin actually gave a really nice breakdown of reverse mortgages and also gave some insight on when reverse mortgages can be a good option. He weighs the pros and cons as well so definitely worth a listen if you or someone you know have thought about taking a reverse mortgage. You can listen to the podcast snippet Here.
NYC’s Property Tax Bills Rise along with Burden on Working & Middle Class Homeowners
The pandemic has caused property tax disparity to worsen in New York City, driving housing costs higher for many, according to a report released by New York State Comptroller Thomas P. DiNapoli. Property tax disparities have been well documented for decades but this report found even when property values declined for many condos, co-ops and rental apartments due to the pandemic, property tax bills continued to rise.
The State Comptroller determined this was due in part to market volatility and aspects of how the city calculates property taxes. DiNapoli recommends city and state leaders continue their efforts to address disparities in the levying of property taxes which represent an outsized share of owner costs. Definitely an interested read, hopefully this leads to some adjustments in the way property taxes are calculated. You can read the full press release Here.
Home Maintenance Reminder
– Clean your gutters
– Schedule a boiler checkup (Let us know if you need a plumber recommendation)
Well, that’s it for this month. If you have any questions or need any real estate help, please don’t hesitate to reach out 🙂 718-968-5538