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Bronx Real Estate Law Blog

Myths about selling residential real estate can be costly

With spring around the corner, some homeowners may be thinking about selling their homes soon. However, they may receive some well-intended yet bad advice about techniques for selling residential real estate. Here are a couple of common misconceptions about selling houses in New York and elsewhere.

First, some sellers set their home prices high with the goal of leaving room for negotiating. However, in many cases, this pricing strategy backfires. Potential buyers often will not view a property that they think costs too much money, especially if it does not compare with other similarly-priced homes. In addition, the longer that overpriced homes go without being purchased, potential buyers wonder what problems they have. In this situation, sellers usually have to lower their home prices in the end.

Alternatives for homeowners facing threat of foreclosure

Facing the threat of foreclosure can be overwhelming for a New York property owner. It is discouraging to think about the possibility of losing your home, but there are various options available to you. In fact, an experienced attorney can help you see ways that you can keep your home and eventually secure a better financial future. 

Like other property owners, you take great pride in your home. Falling behind on your mortgage payments is likely the result of factors beyond your control, such as a medical emergency, job loss or other reason. There are steps you can take, however, that could allow you to regain control and stop the foreclosure process.

Creating wills, other estate plan docs is a smart move in 2019

Some people in New York may be embracing the start of 2019 with New Year's resolutions. These individuals may want to include creating wills and other estate planning documents as part of their resolutions this year. Here is a look at why this is critical in the Big Apple.

Last wills and testaments are the basic components of estate plans. Creating them is important because these documents explain who should receive the assets of deceased individuals. They also spell out who should become the guardians of children whose parents have passed way.

Wills and other estate plan documents have overlapping purposes

When it comes to planning for the future, estate planning is just as critical of a process as retirement planning is. However, although drafting wills is certainly an important part of the estate planning process, it involves so much more. Other essential documents make up a well-thought-out estate plan as well, and they ideally should be integrated to ascertain that they all work together in New York.

For example, the purpose of a will overlaps with the purpose of a trust. A trust is a critical component of an estate plan because it helps with ensuring that a person's assets end up in the intended hands after he or she passes away. A will typically leaves nearly every asset to a trust so that all of the assets are subject to unified administration as part of the trust.

Many factors contribute to commercial real estate vacancies

The economy in the United States, including in New York, is cooling off at the moment. For this reason, investors may start to see more vacant properties available for purchase. A couple major factors contribute to the creation of vacant commercial real estate properties in particular.

First, vacancies often occur when mergers and acquisitions -- or M&As -- happen. During an M&A, where the seller and the buyer usually operate in the same field, the two companies can easily switch to using just one of the two companies' buildings. The second building can then be sold as a vacant property.

Creating wills, trusts may be a wise move in the New Year

Putting together an estate plan may not be on many people's to-do lists this busy holiday season. The reality, though, is that creating wills and trusts is wise for estate owners who wish to keep their assets protected long term. For this reason, estate planning might be a smart way to kick start the New Year. Here is a glimpse at a couple of tips that may help estate owners to make the most of this process in New York.

First, although wills can spell out exactly who should receive certain assets when the asset owners pass away, wills do not prevent deceased people's estates from going through the probate process. Unfortunately, probate can be expensive and time consuming. Fortunately, estates do not have to go through probate if their owners created revocable trusts, not just wills, when they were alive. Therefore, those who create trusts will essentially save their loved ones a great deal of both time and money down the road when they pass away.

First-time homebuyer? Avoid common pitfalls when buying property.

It is easy to become very excited about the prospect of buying a home, especially if it is your first time. New buyers are more prone to make costly yet avoidable mistakes, and it can be helpful to seek guidance and be prepared before taking this significant legal and financial step. If you are looking to buy a home for the first time, there are things you can do to prepare yourself for the process ahead.

Searching for residential property in New York is no easy task. Once you find a place that suits your needs, fits your budget and seems like the right choice, it can be tempting to forge ahead as quickly as possible. One of the most important ways you can protect yourself is to be careful and cautious as you move ahead.

Wills, other documents essential for young or old, rich or poor

A common mistake that people in New York make is thinking that they are too old or young to start planning their estates. Likewise, many people believe that they are either too poor or too rich to create wills and other estate planning documents. However, the reality is that estate planning is a wise move for everybody no matter what stage of life he or she may be in, or what his or her financial status might be.

The holiday season is an especially opportune time to begin to talk with family members about planning an estate, especially parents or other relatives who are aging. Of course, when discussing estate planning, it is important that those who bring up the topic avoid making demands. Instead, they ideally should make suggestions -- for example, they can say that they just completed their own will-creation process and then ask their loved ones if they have done the same.

Commercial real estate data, distribution centers remain popular

Investors in New York may understandably be gearing up for the year of 2019, which includes planning ahead for the future. Naturally, they may wonder whether commercial real estate remains a solid place to invest their money and, if so, what kinds of real estate assets are the best choices. According to experts, distribution centers and data centers remain among the most in-demand types of real estate in which to invest.

Distribution centers are particularly popular because digital retailers rely heavily on them for their merchandise. In fact, over 60 million square feet of new assets entered the market during 2018's third quarter. This is an increase of almost 11 percent from 2017. Still, the vacancy rate stayed low at just under 5 percent. Also, asking rents rose almost 6 percent.

Wills, other documents important to include in estate plans

When it comes to estate planning, people in New York and elsewhere are oftentimes willing to place it on the back burner. However, creating wills is critical for protecting assets long term. Of course, wills are not the only documents that are important to create and include as parts of estate plans.

Wills dictate how assets will be divided once the owners of those assets pass away. Rather than allowing courts to determine who will get which assets, the asset owners can specify these details in wills. However, trusts are also invaluable estate planning tools because they can limit people's estate taxes.