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July 2008

July 23, 2008

What are the income tax benefits of owning a home?

by Keith A. Schuman, Esq.
Real estate Attorney Keith Schuman posts the next part of his guide to buying a co-op, condo or townhouse in Manhattan. He discusses the tax deductibility of interest, maintenance, second home mortgages and other considerations when purchasing a home.

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July 3, 2008

Manhattan real estate market trends report

by Peter Comitini
The Corcoran Group has just released the second quarter 2008 sales figures on the Manhattan real estate market. Today I'm posting a market wide snapshot and you can download the full Q2 2008 Corcoran Report [1.3mb pdf] here too. The big picture is that the market did have strong gains with the overall median price increasing 13%. Co-op sales posted across the board gains too. In my opinion co-ops are the leading indicator of the overall health of the Manhattan real estate market, as they represents about 80% of the city's housing inventory being traded by individual owners, at arms-length. By that standard the housing market here seems to be holding its own, even as the nation experiences an unprecedented correction in values.

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