From My Desk to Yours July 2019
And just like that the 2nd half of 2019 begins with summer in full swing. Local zucchini is in abundance and corn and tomato season lie ahead. Throw some shrimp on the barbie and celebrate the 4th with gratitude. As of July 1, NY State’s new progressive mansion tax goes into effect. A one-time payment at closing, the levy begins at 1% for transactions from $1M-$2M and rises incrementally in eight tiers, capping at 3.9% for sales of $25M or more. It could have been worse.
Coming Soon
When a Hollywood studio releases a 30 second movie clip followed by a minute long trailer, excitement builds so when the movie debuts, there’s a line of movie-goers around the block. When Tesla introduced their newest car, there was mounting buzz and a reservation list three years in advance of their launch. Compass is bringing the same pre-marketing principles to real estate to build interest, momentum and anticipation for properties. Data has shown that Coming Soon listings generate 2.4 times more traffic on average to the first open house. In effect, the listing launches twice: once during the coming soon period and the second time with aggregators such as StreetEasy, doubling the exposure. Moreover, the exclusivity of Coming Soon listings multiplies the appeal, as it’s human nature to be interested more in something that’s not readily available. The fact of the matter is Coming Soon listings are driving more buyers to Compass.com. All aboard!
Did You Know?
Wyckoff House Museum is the oldest building in New York City, a National Historic Landmark (1967) and the first structure to receive NYC Landmark designation (1965). Located at 5816 Clarendon Road in Brooklyn and built in the mid 1650’s, it typifies the architecture of the Dutch-American farmhouses of colonial Brooklyn and Queens. Pieter Claesen Wyckoff arrived as a teenager in New Netherlands in 1637 as an indentured servant to the van Rensselaer family and later settled with his wife, Grietje van Nes in the village of Nieuw Amersfoort (modern East Flatbush-Flatlands, Brooklyn) where he became a successful farmer and magistrate. Today the Wyckoff House Museum is owned by the city under the jurisdiction of NYC’s Department of Parks & Recreation and is operated by the Wyckoff House & Association and is a member of the Historic House Trust on whose board I serve. Check out the house's new roof and siding. For more info or to become a member, go to https://historichousetrust.org/house/wyckoff-farmhouse-museum/
In Good Company
Meet Robert Wien, BA, MBA, JD, a seasoned investment banker with more than three decades of experience as a senior advisor to companies, managers and owners. With deep working and personal relationships in the business, financial and legal communities in the U.S. and around the world, he has initiated and successfully completed hundreds of transactions and advisory engagements involving public and private companies across a broad array of industries. Consistent with the founding philosophy of his company Mid-Market Securities (FINRA/SIPC Member), Bob brings large firm expertise and domestic and international processing capabilities to the middle market, combining business and legal training with knowledge and experience. Bob is a resource of first resort for all your investment banking needs including succession planning, raising growth capital and enabling liquidity/diversification through sale of part or all of your business. Bob is a dear friend and an accomplished musician who currently plays trumpet in a 16 piece Big Band. www.Mid-MarketSecurities.com.
Shirley Hackel, NYRS®
shirley.hackel@compass.com | (914) 980-0371