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Hey Friends,


Thanksgiving is by far my favorite holiday and this year will be no different - even though it will be different.


It is a time to think of the wonderful things/people/events in our life... especially this year where many of us have been so focused on what we don't have (seeing friends, family, interactions, etc etc.).


While gathering in person won't be possible in all circumstances, families have developed new and creative ways to cultivate togetherness. Zoom Thanksgiving dinners, safely distanced side-dish swaps (I love this idea), and outdoor gatherings with the aid of heaters and blankets are just a few ideas circulating online.


No matter how we celebrate, it feels more important than ever to reinforce our bonds and cultivate positivity. On that note, I've shared some info on how the real estate market is reacting to current events along with the many ways to enjoy the Thanksgiving holiday and help your fellow New Yorkers this year.


Stay positive, stay grateful folks, it is all temporary! Wishing you and yours a happy and safe Thanksgiving!


Lots of love,

Ed

Market Roundup
The Future of NYC Real Estate

With COVID uncertainty compounded by election (and post-election) uncertainty, the question on many New Yorker's minds continues to be, how will the real estate market react and recover. New York City has long been known as the most impressive real estate center in the world. On a deeper level, the city's real estate and construction industries were also responsible for nearly 300,000 jobs and $25 billion in wages in 2019.


According to a recent rundown on NASDAQ.com, New York City sale prices, and rents have been driven down, not only by the pandemic but also by rising taxes, including SALT deduction limits and the recently reconfigured "mansion tax." It all has put a serious strain on the market specifically in Manhattan.


The upside? This too shall pass. While many have left the city, the lure of lower rents and sales prices will prove irresistible — it always has. As we look ahead to the new year, we will see a resolution to the transition of power and have a clearer idea of how New York City weathers an uptick in COVID cases. According to the piece, "After the recession of 2008, it took New York real estate pricing two years to hit bottom. Acknowledging the aforementioned, we have been in a price adjustment for over two years, and a further post COVID-19 drop has shaved values at least 8% in the past six months" I personally see this winter as being the end of the bottom and the spring will usher in a very very busy market! If you are thinking about buying you should do it now!


The Future of NYC Home Design

I love this stuff!


Leveraging technology to improve the city's real estate landscape isn't limited to how we buy and sell homes. The New York Times recently revealed a list of home innovations that will improve how we live in our homes as well.


Exciting interior design concepts can create additional live and work space, seemingly out of thin air, with beds that descend from the ceiling and ingenious office nooks that live behind entertainment centers. Creating cleaner air and surfaces is also a high priority in large multifamily buildings, focusing on improved ventilation, contactless doors and elevator buttons, and electrostatic disinfectant sprayers. Meanwhile, condos with exceptional amenities packages are developing apps that allow residents to reserve socially distant access to gyms and pools, while others are promoting online communal activities among residents and staff.


A Second Look at SALT

THIS IS A BIT HEAVY AND TECHNICAL BUT SUPER IMPORTANT

(also call your accountant to confirm).


The Tax Cuts and Jobs Act of 2017 capped state and local tax (SALT) deductions at $10,000, but it appears the IRS may have just endorsed a complicated workaround to those SALT restrictions IF your situation applies (call your accountant). The workaround is complicated and definitely requires scrutiny by your tax professional (call your accountant).


In the simplest terms and if I have this correct (call your accountant), the SALT caps only apply to individuals, not corporations. Members of pass-through entities (LLCs, partnerships and subchapter S corporation) were out of luck in bypassing the new laws since SALT taxes on pass-through entity income are generally not paid at the entity level, but rather by the individual LLC member, partner, or S corporation shareholder. However, some states (including Connecticut and New Jersey) enacted an entity-level tax on pass-through entities, with a corresponding state tax credit to the owners of the pass-through entity. Moreover, on Nov. 9, the IRS published Notice 2020-75, which states that regulations will allow this entity-level tax workaround.


Have I mentioned call your tax accountant!

MY NEW YORK CITY - THANKSGIVING 2020 EDITION

From the parade to volunteering, Thanksgiving in New York City will look a little different this year and that is ok.


Macy's Thanksgiving Parade: Instead of marching along its traditional 2.5-mile route, this year's parade will be showcased online and on TV. An array of floats will be videotaped near Macy's flagship 34th Street store by a reduced number of New York area-based participants and without children and the typical marching bands. A handful of pre-taped performances will also allow us to enjoy Broadway numbers for the first time in months.


Ordering Thanksgiving Dinner: Ordering Thanksgiving dinner is a great way to avoid even more at-home cooking while supporting local businesses. From the Upper West Side to Williamsburg, some of the city's best restaurants are offering a unique take on the traditional turkey-and-mash-potatoes menu. Barbecue experts at Pig Beach in Gowanus and the Flatiron's Hill Country Barbecue add a smoky flavor to Thanksgiving favorites, while Veggie Grill offers a fantastic option for vegetarians.


Give Thanks & Give Back: Volunteering and supporting your favorite causes is more important than ever this holiday season. Town & Country has rounded up 11 local organizations striving to make Thanksgiving a bit brighter for New Yorkers in need.


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