July is here!! and so is the heat!! atleast here in North Jersey, we have had a lot of heat and sometimes a lot of rain. But it is summer. So the real estate market has been strong still for sellers, and landlords!! Rents have been flying!! and getting higher. I feel most of the business I have been seeing is rental only. (not a bad thing) but it just goes to show how prices have reflected the rental market. We have a new "mansion Tax" going into effect on July 10. Basically:
"The updated law applies to transfers of residential, commercial, certain farm properties, and cooperative units sold for more than $2 million. It also applies to non-deed transfers of controlling interests in entities that directly or indirectly own commercial property, provided the value exceeds $1 million. Under the new structure, the following tax rates will apply based on the sale price or consideration:
1% for transfers over $1 million but not more than $2 million (payed by seller now, previously payed by buyer)
2% for transfers over $2 million but not more than $2.5 million
2.5% for transfers over $2.5 million but not more than $3 million
3% for transfers over $3 million but not more than $3.5 million
3.5% for transfers over $3.5 million"
So we can see a lot of changes taking effect in new jersey, but it means less spending for buyers a little more for sellers that had the buyer pay the one percent in the past, now the seller pays it. How do you feel about all the changes?
Lets hope we all have a wonderful Month. And as always thanks for tuning in My Awesome Fans!!! Hope you all have a wonderful 4th of July! God Bless America!
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