Self-Managed Buildings: Tips for Brokers, Bankers, and Clients from a New York Real Estate Lawyer

Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call.

Housing prices are expected to rise by over 10 percent this year, according to projections published by Reuters. This trend, driven by scarcity of property for sale and higher-than-expected-demand, has also been driven by low interest rates, though these are expected to rise. While this is only a projection, and may be affected by outside circumstances such as the Covid-19 pandemic and global instability, the current seller’s market is expected to continue through 2024.

You can read the article in full here, and as always feel free to give us a call if you have questions about buying or selling residential real estate.

Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call.

In March of 2020, New York became the epicenter of the global COVID-19 pandemic, forcing the state to enact a series of pandemic restrictions. Many New Yorkers fled the city to suburban areas like Woodstock, Wappingers Falls, and Fairfield, Connecticut.[1] Residential spaces went vacant, and asking prices increasingly dropped to lure buyers. Homeowners, uncertain of what the pandemic would bring, decided not to sell their homes, “afraid that they would not be able to find another affordable home.”[2] As a result, the real estate market saw a significant decline in the purchase and sale of co-ops, condos, and houses.

However, in early 2021, schools began to reopen for in-person classes, more businesses opened their doors to the public, and employees slowly returned to the office. Many New Yorkers who had left the city to escape the coronavirus outbreak returned home and entered the real estate market, looking to purchase a home. Some were searching for more space than they had before, while others were simply ready to get out of the suburbs and into the hustle and bustle of New York City. With more and more sellers willing to let go of their homes and even more buyers eager to purchase, New York’s real estate market once again bloomed.

The housing inventory in New York City, however, has hit an unprecedented low as more buyers than sellers entered the market in late 2021. Fierce competition for co-ops, condos and houses in New York City ensued, “spurred by the same group that left the city at the start of the pandemic: affluent renters and buyers with the means to move.”[3] Currently, it is predicted that New York’s real estate market will continue to be fierce in 2022 as buyers will try to lock in lower mortgage prices before the mortgage rate increase.

This is an exciting time in the market in NYC and there are new properties starting to come online for the spring market. We are hoping that New York City comes out of the winter stronger than ever. If you have any questions about buying or selling residential property in New York City, don’t hesitate to give us a call!

[1] https://therealdeal.com/2022/02/27/beavers-home-maintenance-bedevil-ex-new-yorkers-upstate/

[2] https://www.nyrentownsell.com/blog/low-housing-inventory/

[3] https://www.nytimes.com/2021/12/31/realestate/in-2021-new-yorks-housing-market-made-a-stunning-comeback.html

Efforts to quarantine the novel coronavirus pandemic have created several obstacles to real estate closings in New York City, especially as regards in-person notarizations. As more business transactions are conducted remotely and social distancing orders remain in place, many states have passed legislation to permit remote online notarizations.

On December 22, 2021, Governor Kathy Hochul signed Senate Bill 1780C. The bill allows for notarization to be completed electronically with the use of video and audio conference technology in the state of New York. The law is to be effective on June 20, 2022. While the Secretary of State is required to provide regulations setting the standards for remote online notarizations, there are a few regulations identified in the bill that are worth highlighting.

Under the bill, notaries will be permitted to conduct electronic notarizations using an electronic device that “allows a notary public and a remotely located individual to communicate with each other simultaneously by sight and sound.”* However, notaries are required to register with the Secretary of State in order to notarize electronically .

Further, the bill notes that the methods for identifying document signers for an electronic notarization will be the same as are required for in-person notarization.** Nevertheless, the following regulations are to be followed when conducting electronic notarizations:

1. The signal transmission shall be secured from interception;
2. The signal transmission shall be live, in real time; and
3. The technology shall permit the notary to communicate and identify the signer.

For example, the notary may verify the signer’s identity through authentication methods such as a credential analysis of the signer’s identification card or utilize a third-party identity verification system.

Further, notaries will be allowed to use an electronic signature to sign documents, but the notary must be located in the state of New York at the time of transaction. Additionally, notaries will be required to keep a recording of the video and audio conference for a period of at least ten (10) years from the date of transaction, along with the type of identification shown to the notary at the time of the transaction.

Due to the uncertainty of how remote online notarizations will be regulated in New York, notaries and document signers are encouraged to utilize in-person notarizations until these regulations are released by the Secretary of State.

*Senate Bill §1780C

**See §137-A(2)(F)

In response to recent heat waves that have buffeted New York City, the cool roof initiative is taking action. “NYC CoolRoofs” plans to transform city roofs into cool roofs with a new coat of white paint. These lightened roofs can help decrease the temperatures of the building, cutting down on air conditioning and energy use and helping the city decrease its carbon footprint. If interested in more information on cool roofs in NYC, check out the article here.

Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call.

Covid-19 and Hurricane Ida shook New York City this past year, and many feared that NYC real estate would not be able to bounce back. However, the market has already shown increases in single-family home and condominium prices, as well as rental prices across all five boroughs. This article walks through the drastic effects of Covid-19 and Hurricane Ida on NYC’s real estate and its ongoing road to recovery. We recommend checking it out here for more information.

Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call.