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Bronx Real Estate Law Blog

Commercial real estate mistakes may prevent a sale

The process of selling a business property is not always straightforward. Unfortunately, common selling mistakes may make it impossible for a seller to unload his or her commercial real estate property. Here are a couple of mistakes to avoid when selling a piece of property in New York.

First, it is not uncommon for sellers to make errors when estimating purchaser demand. In some markets, purchaser demand does not remain constant during the year. For instance, although qualified buyers may be available at the beginning of the year, they may not be available during the spring or summer months. In certain submarkets, finding a buyer at all can prove challenging. However, using a marketing system designed to track purchasers' interest and solicit their feedback may prove helpful.

Common hurdles to creating wills and how to overcome them

Estate planning is oftentimes a neglected task in today's busy society. However, anyone in New York and elsewhere who owns assets can benefit from putting together wills or trusts. Here are a couple of hurdles that keep people from creating estate plans and how to overcome them.

First, many people feel that estate planning is not for them, as they are not super rich. However, the truth is that people often do not realize how much they truly own until they sit down and write it all out. For instance, they may have household possessions, a home, savings accounts, investments, retirement accounts, a family business and motor vehicles, just to name a few. All of these assets are worth protecting by creating a detailed estate plan.

Blockchain technology will likely impact commercial real estate

The fluctuations that have taken place in cryptocurrency have understandably made some investors and real estate professionals nervous. However, many real estate brokers in New York and elsewhere have reason to think that cryptocurrencies will drastically change the commercial real estate market. In fact, the changes could come as soon as five to 10 years from now.

Traditionally, parties to a real estate transaction meet together to complete the transaction, with cash exchanging hands to seal the deal. However, in the future, people may not necessarily have to meet in person to complete the transaction. In addition, Bitcoin or some other cryptocurrency might be used instead of cash.

Commercial real estate deal allows NYU to expand downtown space

New York University recently completed a commercial property deal for extra space at a popular Downtown Brooklyn center. The commercial real estate transaction involves a space that spans 26,000 square feet. As a result of the deal, the university will end up occupying the majority of the building's 22nd floor.

The new space's asking rent was in the range of nearly $60 per square foot. In addition, the lease is for a total of 10 years. The university had been searching for space that could house its administrative support offices, rather than leaving these offices in buildings near the university's main campus. Specifically, the institution's information technology administrative offices will be consolidated in the newly leased space.

What happens when there is a dispute over a property boundary?

When there is a dispute over the boundary lines of a specific piece of property, it can lead to serious problems and complications. If you are a New York property owner dealing with a dispute over where your property ends and your neighbor's property begins, you understand the importance of finding a reasonable solution as soon as possible. 

Boundary disputes are more than just an inconvenience for you as a property owner. When property lines are unclear, you may end up with unwanted fences on your land, structures on your property or even people accessing your property without permission. You will find it beneficial to take steps to protect your property interests and legal rights.

Residential real estate owners focusing on bath remodels in 2018

Now is an excellent time to sell a home considering that school is out. After all, families with young children do not have to worry about their children's schooling being disrupted. In preparation to sell their homes, some residential real estate owners in New York decide to complete remodeling jobs, with bathrooms being among the hottest projects in 2018.

Research shows that about 25 percent of homeowners are planning to revamp their bathrooms during the next year. This is compared with only 15 percent who are planning to remodel their kitchens. When it comes to bathroom upgrades, the current trend is to create a spa feel.

Digital assets important to address in wills, trusts

When asset owners in New York think about their valuables, they often focus on tangible items, such as paintings and cash. However, digital assets are also important assets to take into consideration during the estate planning process, which may include creating wills and trusts. A few tips may help with organizing digital assets, such as a social media account.

First, it is critical for asset owners to determine how they want their digital assets to be handled after they pass away. For instance, Facebook allows executors or immediate family members to close deceased individuals' accounts and memorialize them. It may be beneficial to create instructions for a personal representative on one's social media accounts so that he or she knows what to do with these accounts upon one's death.

Creating wills is essential for those with valuable collectibles

Developing estate plans in New York is oftentimes not high on people's priority lists. However, creating wills is extremely important for protecting one's assets. This is especially true for those who have valuable collectibles and art they wish to protect.

Researchers in a report last year revealed that over 80 percent of people who collect art consider their artwork collections to be investments. However, many collectors with high-net-worth items do not plan adequately for their investments to be distributed one day. Creating an estate plan is the only way to guarantee that one's collectibles will end up in the intended hands.

What do you need to know before you agree to buy a home?

Buying a home in New York is an exciting time for you and your family, but there are precautions you can take to protect yourself during this process. When you buy a residential property, you would be wise to know what questions to ask and how to proceed in a way that helps you avoid unnecessary complications and issues. 

A real estate transaction is a significant financial and legal step, and many buyers will find it helpful to seek guidance as they walk through this process. Missteps and mistakes can be costly and stressful, but with help, you can avoid unnecessary complications and delays.

New residential real estate property prices dropping

During the past several years, home purchasers in New York and elsewhere heard over and over again that home prices were going up. However, the cost of purchasing a newly built residential real estate property has dropped to its lowest level during the past year. This is excellent news for those interested in buying brand-new homes.

The median new home price dropped almost seven percent between March and April. It now rests at a little more than $312,000. This was up just 0.4 percent from last April, which is under inflation.