Buyer Incentives For First Time Buyers
On Right now several banks are offering incentives to first time buyers.
Currently, Citizens Bank has a first-time Buyer Program for eligible buyers, potential for $10,000 towards closing costs + a reduced interest rate. To be eligible you must live in an address that is approved for the program. It doesn't matter where you are buying, yes you read that right - they want to see where you currently live.
US Bank is offering a similar program and up to $7,000 in closing credit.
Bankers have mentioned that it really is address by address and they have seen one person approved and another on the same block not approved.
Let us find out if you are eligible for this free money. We have the right bankers in our network to help you navigate this market.
Taylor’s Pad
Unless you live under a rock I'm sure you've seen Taylor Swift all over the news after that Chief's super bowl win. So we wanted to spotlight the popstar's legendary NYC pads.
Out of 7 properties that she owns, she has 3 multimillion dollar homes in our great city.
1) She bought 2 adjacent penthouses at 155 Franklin Street, converting them into one large duplex that has a total of 10 bedrooms and 10 bathrooms, a billiards room, and an incredible sweeping staircase.
2) She then purchased a century-old townhouse right next door. The home, equipped with luxury amenities including a home theater, gym, guest suite, and terrace, is estimated to be valued at $18 million.
3) In early 2018, she paid $9.75 million for an additional three-bedroom, 3,500-square-foot loft on the second floor of the same TriBeCa building, dramatically upping her stake in the super-coveted 155 Franklin Street.
I wonder if she'll ever become an uptown girly? Maybe in the next chapter of her life with Travis.
Market Report
The luxury market had another great week with over 25 contracts signed over 4 million.
Supply is still scarce but week over week there was a slight increase.
Future declines in mortgage rates will likely bring even more new listings onto the market, as sellers grow more comfortable trading in the low rates they secured before or during the pandemic for a rate that’s only slightly higher.
Although buyers are regaining the upper hand, with limited homes on the market, competition for well-priced listings isn’t going away. In NYC, close to one in five (17.4%) homes sold for more than their initial asking price last month.
(Streeteasy)
Building of The Month
The Frost House
1160 Third Avenue
This month we wanted to spotlight a very special Upper East Side building. Our team has done countless deals in the building and we are very friendly with the board.
From combination units to studios, buyers, sellers, and investors we've worked it all here. Our recent transactions, to name a few - we closed on a B line studio just 3 months ago where we represented the seller. We are currently in contract on a very special combo unit for over a million. We have an amazing opportunity for a one bedroom on the D line currently listed. And last but not least we're working with a seller on a higher floor Junior 4 D line which was recently gut renovated available for $899,999.
Recently the commercial space attached to the building was sold by the sponsor to Ouri's a kosher marketplace which just FINALLY opened! Check out this new neighborhood gem for fresh bagels, sourdough, great coffee and tons of fresh produce.