Thinking about buying a home in Staten Island? Great! It’s an exciting time. But before you start dreaming about your new backyard BBQ Grymes Hill or your morning coffee on the porch in Todt Hill, let’s talk about something a little less glamorous: earnest money. It might sound like a boring topic, but it’s actually a crucial part of the home buying process. Think of it as a down payment on your commitment to buying a house. It shows the seller you’re serious and helps protect them too. Let’s break it down so you can feel confident about your next steps.

What is Earnest Money?

Earnest money, also called a good faith deposit, demonstrates your commitment to purchasing a property. It’s typically held securely in an escrow account managed by a neutral third party until the transaction closes. This amount usually falls between 1% and 3% of the purchase price but can vary based on market conditions.

  

The Importance of Earnest Money

• Reassures the seller: When you put down earnest money, it shows the seller you’re committed to buying their home. This can give them peace of mind as they take their house off the market and wait for things like inspections and appraisals to be done.

• Boosts your offer: In a competitive housing market, offering a higher earnest money deposit can make your offer stand out. Sellers might be more likely to choose your offer if they see you’re serious about buying their home.

• Helps with closing costs: The money you put down as earnest money can often be used towards your down payment or closing costs. This can help you save money when it’s time to finalize the purchase.

Determining Your Earnest Money Amount

Determining the perfect earnest money amount depends on various factors such as the local real estate market, the purchase price of the property, and the seller’s expectations.

Market Matters:

• Hot market: If you’re buying in a seller’s market where houses are selling quickly and there’s a lot of competition, you might need to offer a higher earnest money deposit to show the seller you’re serious.

• Cooler market: If it’s a buyer’s market with more houses available, you might have more room to negotiate the earnest money amount. 

  

The House Itself:

• Fixer-upper: If you’re buying a house that needs work, you might be able to offer a lower earnest money deposit. Weigh your options of the pros and cons of a fixer-upper to see if it’s right for you.

• Move-in ready: For a home that’s ready to go, you might need to compete with other buyers by offering a higher earnest money deposit.

General Guidelines:

• Typical range: Most of the time, earnest money is between 1% and 3% of the home’s price.

• Competitive markets: In really hot markets, you could see earnest money deposits as high as 10% of the price.

Seller’s Call:

• Set amount: Sometimes, sellers will decide on a specific earnest money amount they want from all buyers. This helps them weed out people who might not be as serious.

Earnest Money in Staten Island

When buying a home in New York City, an earnest money deposit typically reaches up to 10% of the purchase price and is paid after the seller has signed the contract. Whether you are looking for homes in Bulls Head or homes in Manhattan Beach, earnest money requirements don’t change.The deposit can be made by personal check, certified or cashier’s check, or wire transfer and is usually given to the seller’s attorney along with the signed contract. It is then held in an escrow account, often with the seller’s real estate broker, title company, or escrow company. 

Consulting an Expert:

We strongly advise you to consult a local Robert DeFalco Realty agent for a personalized recommendation. They’ll assess the property and market specifics and advise a reasonable figure within the standard range, providing you with the guidance and support you need.

Paying Earnest Money

The deposit is usually paid to an escrow account managed by a trusted third party, such as a title company, real estate broker, or legal firm. This third party ensures a secure transaction for both the buyer and seller. Acceptable payment methods for the deposit include personal checks, certified checks, and wire transfers. These payment options provide flexibility for individuals and organizations involved in real estate transactions

Refundability of Earnest Money

Contrary to popular belief, there are situations where you can get your earnest money back, even if the deal falls through:

• Seller Termination: You get your deposit refunded if the seller cancels the sale without a valid reason.

• Contract Contingencies: You can reclaim your money if a contingency outlined in the contract triggers (e.g., unfavorable home inspection, failed financing, inability to sell your current home). Review these contingencies carefully with your agent or attorney.

  

Losing Earnest Money

There are instances where your earnest money might not be refunded:

• Waived Contingencies: Financing and inspection contingencies protect your deposit. However, if you waive them, you risk losing the money if the house doesn’t go through.  

• Missed Deadlines: Contracts have timelines for completing the purchase process. Failing to close on the agreed date could be considered a breach of contract, potentially leading to forfeiture of your deposit.

Changing Your Mind

If you back out late in the buying process for reasons outside the contract contingencies, the seller might keep the earnest money to compensate them for lost time and effort.

Protecting Your Earnest Money

Here’s how to ensure your money is safe:

• Written Agreement: Clearly define acceptable reasons for canceling the sale and the disposition of earnest money in the contract. Include any amendments regarding buyer responsibilities and deadlines.

• Escrow Account: Never directly hand over the deposit to the seller or broker. Use a reputable third party like an escrow company, legal firm, or title company. Obtain a receipt once the funds are placed in the escrow account.  

• Understanding Contingencies: Ensure the contract has contingencies that protect your interests. Only sign a purchase agreement with them.

• Meeting Responsibilities: Respond promptly to inquiries, provide requested documents on time, and fulfill inspection, appraisal, and closing deadlines to avoid breaching the contract.

Conclusion

Earnest money is crucial in demonstrating your seriousness as a buyer in the Staten Island real estate market. By understanding its purpose, how it’s handled, and strategies to protect your deposit, you can navigate the home-buying process with greater confidence. For first-time homebuyers, Robert DeFalco Realty recommends speaking to a Home Lending Advisor to learn more about the ins and outs of earnest money.

Contact Robert DeFalco Realty today to discuss your home-buying journey in Staten Island. We’ll guide you through every step of the process, ensuring a smooth and successful experience.

 

 

Suppose you’re dreaming of a luxurious lifestyle without the Manhattan price tag. In that case, Staten Island might just be the perfect place for you. According to Rocket Homes, Staten Island’s median cost of living is $659,114, significantly lower than the city’s. Spacious houses, stunning waterfront views, and amazing school systems are only some of the reasons why looking for houses for sale in Staten Island is ideal for families and professionals alike.

Let’s take a closer look at seven of the borough’s most sought-after luxury real estate markets, each with its unique charm and character:

Princes Bay

Prince’s Bay offers a diverse range of housing options catering to various lifestyles and preferences. Princes Bay has quaint single-family homes in tree-lined streets to modern condominiums equipped with convenient amenities, this sought-after neighborhood has something to offer everyone. Residents can savor the peacefulness of suburban living while maintaining easy access to the bustling city of New York. The Prince’s Bay real estate market presents opportunities for individuals and families to discover their ideal home and put down roots in this welcoming community. Prince’s Bay is a haven for nature enthusiasts with its breathtaking water views and beautiful Wolfe’s Pond Park. The Staten Island University Hospital  campus’s being in the neighborhood makes a medical professional’s commute easy.

Tottenville

Tottenville is a beautiful neighborhood renowned for its historic ambiance and charming Victorian homes. When looking for homes for sale in Tottenville, know that the community is closely-knit and takes great pride in its local identity, offering a delightful waterfront lifestyle. Notable landmarks include the Conference House, a historic site dating back to the 17th century, and the H.H. Biddle House, an iconic New York City landmark constructed in 1845. Additionally, the Rutan-Becket House, originally built by William Henry Rutan around 1848, stands as a testament to the area’s rich history. Commuters can take advantage of the train, which runs every 15 minutes during peak times and offers an express service, making the journey from Tottenville train station to Saint George Terminal approximately 45 minutes.

Lighthouse Hill

Perched atop a hill overlooking the Lower Bay, The houses for sale in Lighthouse Hill offer panoramic views of the city skyline and harbor, making it a favorite among celebrities and high-profile individuals. Much of Lighthouse Hill remained undeveloped until the 1850s, though some structures were built as part of the neighboring Richmond Town, which was first settled in the 1670s. Residents enjoy a true neighborhood feel by patronizing local Italian eateries like Casa Verde and Marks Bake Shoppe for fresh pastries.

 

Todt Hill

Often referred to as the “Beverly Hills of Staten Island,” The houses in Todt Hill are synonymous with luxury living, featuring gated communities with multi-million dollar mansions and top-notch amenities. They also have a privately owned golf course Richmond County Country Club, if you are looking to have a hobby near the home.

 

South East Annadale

 This vibrant area in the heart of Staten Island offers a mix of spacious single-family homes, charming townhouses, and modern condos, all within walking distance of shops, restaurants, and entertainment options. When you’re considering buying a house in Annadale, know that you can get the perfect mix of suburban feel with easy access to Korean War Veterans Parkway that leads directly to the Staten Island Expressway.

Woodrow

A waterfront community offering a peaceful escape from the city bustle, characterized by stunning views of the Raritan Bay and easy access to parks and nature trails, perfect for families that are looking for new construction homes in Woodrow or beautiful detached homes. Bloomingdale Park has many amenities to offer its locals: a football field, baseball field, playgrounds, basketball court, trails, a dog park, and more!

  

Shores Acres

Shore Acres is a luxury neighborhood known for its waterfront charm and peaceful atmosphere. The Shore Acres real estate market offers waterfront properties that give the feel of a beachfront. You don’t need to travel far for the nightlife in nearby neighborhoods like Rosebank and Great Kills.

 

Now, let’s peek at some of the currently available properties to give you a taste of the luxurious lifestyle in Staten Island

 

5336 Arthur Kill Rd, Staten Island, NY 10307:

 

 Welcome to a beautiful detached 6/6 2-family home in the heart of Tottenville . This home features an identical layout for three new houses just built . and attached garage. Lower unit finished basement, separate electric meter, with natural light, separate entrance from backyard, 3/4 bath, laundry room, utility room. First floor has a closet, living/dining room, eat-in kitchen, bedroom, full bath, master bedroom with full bath, and sliding door to deck and backyard. Upper unit is a main unit which is connected with the basement and garage , living/dining room, eat-in kitchen, bedroom, bedroom, full bath, master bedroom with full, sliding door to deck and yard ,and access to attic with additional storage

 

161 Boardwalk Ave,Staten Island, NY 10305:

 

This spacious 4-bedroom, 5-bathroom home offers the perfect blend of comfort and luxury. With 10 total rooms, including 4 full bathrooms and a convenient half bath, it’s ideal for families or those who appreciate ample living space. Enjoy cozy evenings by the fireplace, unwind in the soothing hot tub, and stay comfortable year-round with central cooling and a combination of hot water and natural gas heating. Host memorable gatherings on the spacious deck, maintain a beautiful yard with the sprinkler system, and enjoy the privacy of your own backyard and side yard. Park your vehicles securely in the attached 2-car garage with additional off-street parking available. This property boasts a generous 0.24-acre lot, offering plenty of room for outdoor activities. This listing is still available, go check it out now !

412 Albourne Ave Staten Island, NY 10309:

Introducing 412 Albourne Avenue: a spacious, all-brick Two-Family Center Hall Colonial with many recent upgrades, including a saltwater Gunite pool, new pavers, vinyl fence, and a new roof. The property also features solar panels, radiant heating, central vac, and a finished basement. Conveniently located near shopping, restaurants, parks, beaches, and transportation to NJ, Brooklyn, and Manhattan

183 Arbutus Ave, Staten Island, NY 10312:  

 

This newly constructed 2-family home in SE Annadale features a spacious kitchen, a family room with a fireplace, and a formal living and dining room on the main floor. The upper level includes a master suite, 2 additional bedrooms, and a laundry room. The finished basement has a 3/4 bath and a washer/dryer room, and there is a detached garage with a 1-bedroom apartment. The house comes with a 4KW solar panel system, radiant heating, a deluxe Trex deck, double steel entryway doors, premium stainless steel appliances, custom moldings, a premium bathroom, and over 140 recessed lights

3569 Richmond Rd,Staten Island, NY 10306:

 

Welcome to this unique Mediterranean colonial home nestled on a park-like property, offering an exceptional living experience. The property boasts 12,300 sq ft of land, including a separate buildable lot. The residence has been newly renovated, blending modern upgrades with classic architectural elements. The open concept floor plan provides seamless flow throughout the formal living space, dining room, family room, and kitchen. The property features 9 rooms and a layout designed for functionality and entertainment. The kitchen showcases an exposed brick interior and exquisite porcelain flooring. The outdoor space includes an inground pool, Italian paved patios, a double-tier deck, and a stucco exterior, perfect for hosting gatherings or enjoying tranquility. The convenient location offers easy access to public transportation and nearby amenities such as schools, restaurants, boutiques, and Historic Richmond Town. This Mediterranean colonial home offers a perfect blend of comfort, style, and convenience, presenting an exceptional opportunity to create a remarkable living space.

 

25 The Oval,Staten Island, NY 10304: 

 

Introducing a stunning property at 25 The Oval, located in Todt Hill, Staten Island. This tranquil home boasts 4 bedrooms and 6 bathrooms with an open floor plan on a park-like property. The front driveway leads to a covered porch overlooking a manicured lawn. The home features a grand foyer, spacious living room with wet bar, gourmet kitchen, and a picturesque backyard with a covered patio. Upstairs, there are 5 well-appointed bedrooms, a spacious basement with high ceilings, and a separate entrance. The backyard has beautiful landscaping and a covered patio ideal for entertaining.

Staten Island offers more than just luxurious homes; it’s a place full of wonderful surprises:

• Easy access to Manhattan: With the Staten Island Ferry and various bridges and tunnels, commuting to Manhattan is a breeze. The Staten Island train has a convenient express train that runs during prime times for commuting. This can cut your time by almost half, from just the annadale train stop to the saint george ferry terminal can be reduced by 15 mins.  

• Abundant green space: Staten Island boasts over 17,000 acres of parkland, offering residents ample opportunities for outdoor recreation. No matter which neighborhood you decide to live in, you’ll surely be able to enjoy some fresh air.

So, if you’re looking for a luxurious lifestyle with a strong sense of community, Staten Island is the best place to look at. With its stunning waterfront views, spacious homes, and a unique blend of urban convenience and suburban charm, it’s definitely worth exploring! Contract Statens Islands best agents here at Robert DeFalco to start looking today.

Introduction for 540 Steuben Street

Welcome to 540 Steuben St, a spacious high-ranch single family home for sale located in the heart of Grasmere. This 3 bed, 3 bath, 1428 sqft residence stands out with its luxurious upgrades and perfect entertaining spaces, making it an ideal home for both comfort and style.

Grasmere, one of Staten Island’s most sought-after neighborhoods, offers peaceful suburban living and convenient urban amenities. Known for its beautiful landscapes, Grasmere is a hot area in the Staten Island real estate market.

Key features of 540 Steuben St that make it unique include:

• Expansive living area ideal for gatherings
• Modern kitchen upgrades with high-end finishes
• Spacious bedrooms providing privacy and comfort

Discover why 540 Steuben St Staten Island NY is more than just a house — it’s your future home.

Details for 540 Steuben St.

The charm of the Hi-Ranch architectural style lies not only in its unique design but also in its functionality. This renovated home at 540 Steuben St. exemplifies the Hi-Ranch style beautifully, combining traditional elements with modern enhancements. The split-level layout, a hallmark of Hi-Ranch homes, offers distinct living spaces on separate levels, creating an ideal environment for both privacy and communal activities.

Built in 1965, this spacious home boasts a total interior area of 1,428 sq ft, perfectly accommodating a growing family’s needs. The expansive lot size of 5,662 sq ft provides ample room for outdoor enjoyment, whether it be gardening or simply relaxing in the backyard.

The thoughtful renovations have seamlessly blended mid-century architecture with contemporary conveniences, making this home truly stand out in the Grasmere neighborhood. Whether you’re drawn by its architectural significance or the generous space it offers, 540 Steuben St. is designed to impress and provide a comfortable living experience.

This home has had new windows and a complete new roof put on in the past three years!

Luxurious Upgrades and Modern Amenities for Comfortable Living

Bedroom and Bathroom Configuration

540 Steuben St. offers a thoughtfully designed layout with three bedrooms and three bathrooms, ensuring both comfort and privacy for residents. Each bedroom is generously sized, allowing for versatile furniture arrangements and personal touches. The master bedroom, in particular, serves as a serene retreat with its en-suite bathroom, providing an added layer of convenience.

Elegant Hardwood Floors

Stepping into the main level, you’ll immediately notice the hardwood floors that run throughout the space. These floors not only add warmth and elegance but also create a cohesive flow from room to room. The rich tones of the wood complement various interior design styles, making it easy to customize this home to your taste.

Modern Kitchen Upgrades

The kitchen at 540 Steuben St. has been meticulously upgraded to blend functionality with modern aesthetics. Key features include:

• Quartz countertops: Durable and stylish, offering ample prep space.
• Soft-close cabinets: Enhancing both convenience and luxury.
• Tiled backsplash: Adding a touch of sophistication while protecting walls from splashes.
• Stainless steel appliances: Ensuring top-notch performance for all your culinary needs.

These upgrades not only make daily cooking a pleasure but also significantly enhance the home’s overall value.

Enhancing Home Value with Modern Amenities

Modern amenities play a crucial role in elevating the living experience at 540 Steuben St. Features like the updated kitchen, hardwood flooring, and luxurious bathroom fixtures contribute to a lifestyle of ease and elegance. Prospective buyers will appreciate these thoughtful enhancements that promise both immediate enjoyment and long-term value.

Additionally, this home has an extra wide driveway, with a two car garage, one of the most sought after (and rare) amenities on Staten Island!

Spacious Living Areas Designed for Family Gatherings and Entertaining Guests

Beyond the kitchen and bedrooms, let’s step into the living areas, where every inch is designed with family gatherings and entertaining in mind. The formal living room greets you with an inviting atmosphere, perfect for intimate conversations or casual lounging. Large windows let in an abundance of natural light, creating a warm and welcoming space.

Adjacent to this, the formal dining room offers an elegant setting for hosting dinners and celebrations. This area seamlessly connects to the kitchen, making it easy to serve meals while staying engaged with guests. Imagine holiday feasts or weekend brunches in this sophisticated yet comfortable space.

The home also features an enclosed porch, providing a cozy retreat that can be enjoyed year-round. Whether you’re sipping your morning coffee or unwinding after a long day, this versatile area adds a unique charm to the property.

For those who love outdoor entertaining, the back patio is a true highlight. This expansive area is ideal for barbecues, alfresco dining, or simply enjoying the fresh air. With ample room to accommodate various seating arrangements, it’s a fantastic spot for summer gatherings or quiet evenings under the stars.

These thoughtfully designed spaces ensure that every occasion at 540 Steuben St. is memorable, whether it’s a family get-together or an evening with friends.

Finished Lower Level: A Versatile Space for Relaxation or Entertainment

The finished lower level at 540 Steuben St. offers a versatile large open finished area that caters to various needs. It features a separate entrance, its own 3/4 bathroom, gas and water lines. Whether it’s relaxation, entertainment or hosting an extended stay, the value of this extra space is massive. This additional area is perfect for creating a cozy family room, a game room, or even a home theater. The possibilities are endless. It’s Brick Woodburning Fireplace: A charming wood-burning fireplace serves as the focal point, providing both ambiance and warmth during colder months.

This lower-level living space enhances the home’s overall functionality, offering a perfect blend of comfort and versatility.

Outdoor Features That Enhance Your Lifestyle at 540 Steuben St.

The outdoor features of 540 Steuben St. are designed to elevate your lifestyle, offering both practicality and enjoyment.

• Gardening Opportunities: The spacious backyard garden area provides ample room for those with a green thumb to cultivate their favorite plants, flowers, or even a small vegetable patch. Imagine spending your weekends nurturing your own oasis of tranquility right at home.
• Off-Street Parking: A noteworthy feature is the extra-wide driveway that leads up to an attached two-car garage. This not only ensures convenience but also adds a layer of security for your vehicles. Off-street parking is a highly sought-after amenity, especially in busy neighborhoods.

These outdoor elements contribute significantly to the charm and functionality of the property, making it a true gem in Grasmere.

Neighborhood Highlights: Discover The Best Of Grasmere Living And Its Amenities For A Convenient Lifestyle

Grasmere is a neighborhood that combines convenience with charm, offering a wide range of local amenities to meet your needs. Living at 540 Steuben St., you’re just minutes away, even walking distance to some restaurant favorites on Staten Island, including Basilio Inn (in neighboring South Beach), Nino’s, and Royal Crown (in Old Town). Shopping is nearby too, with Met supermarket and Walgreens right nearby. 

This beautifully renovated all brick hi-ranch is a dream for commuting. If you take the express bus, you are one of the last stops on Staten Island, drastically cutting the commute time (no sitting on Hylan Boulevard in traffic). If you are driving, you can be on the Verrazano Bridge or the Staten Island Expressway towards New Jersey in no time. Several local bus routes are easily accessible from this location, providing direct connections to various points across Staten Island and beyond. The nearby S78 and S79-SBS buses offer reliable service, making it simple to reach the Staten Island Ferry Terminal or transfer to other routes for a seamless journey.

For those who prefer rail (and possibly boat) travel, the SI Rapid Transit is another convenient option. The Grasmere station is just a short walk away, offering quick rides to the St. George Terminal where you can catch the ferry to Manhattan. This rapid transit system is ideal for commuters looking for a stress-free way to navigate towards St. George or down the east shore of the Staten Island.

Simple commuting is one of many reasons why 540 Steuben St. stands out as an exceptional choice in the Staten Island real estate market.

Discover Your Dream Home at 540 Steuben St – Luxurious Living in a Desirable Neighborhood!

Looking to buy a house in Staten Island? Your search ends here! Introducing 540 Steuben St, a stunning, renovated all brick hi-ranch located in the one of the most sought after areas, Grasmere. This spacious gem offers luxurious upgrades and perfect spaces for both living and entertaining.

Why You’ll Love 540 Steuben St:

Imagine coming home to:

• Modern amenities designed for comfort
• Elegant hardwood floors throughout the main level
• A gourmet kitchen with quartz countertops and stainless steel appliances

With its blend of style, space, and convenience, this property is not just a house—it’s your future home.

Don’t miss out on this opportunity! Schedule a viewing today to experience firsthand the unique charm and exceptional value that 540 Steuben St. has to offer. Live luxuriously in one of Staten Island’s most desirable neighborhoods!

FAQs (Frequently Asked Questions)

What are the key features of 540 Steuben St?

540 Steuben St is a spacious Hi-Ranch gem in Grasmere, featuring three bedrooms, three bathrooms, luxurious upgrades like hardwood floors and quartz countertops, and ample entertaining spaces including a formal living room and dining room.

What is the size and layout of the property?

The property was built in 1965 and offers a total interior area of 1,428 sq ft on a lot size of 5,662 sq ft. It includes a finished lower level that provides additional living space for relaxation or entertainment.

What modern amenities does the home offer?

The home features hardwood floors throughout the main level, a modern kitchen with quartz countertops, soft-close cabinets, tiled backsplash, and stainless steel appliances. These upgrades enhance both functionality and aesthetics.

How does the outdoor space contribute to the lifestyle at 540 Steuben St?

The outdoor features include gardening space in the backyard, an extra-wide driveway for off-street parking, and an attached two-car garage, making it convenient for homeowners who enjoy gardening or need extra parking.

What amenities are available in the Grasmere neighborhood?

Grasmere offers local amenities such as restaurants and shopping centers that are easily accessible from 540 Steuben St, contributing to a convenient lifestyle for residents.

How accessible is transportation from this location?

Public transportation options such as buses and the Staten Island Rapid Transit System provide convenient commuting to Manhattan and other parts of Staten Island, making it easy for residents to travel.

How to View 540 Steuben St Staten Island, NY 10314

• Contact: Joseph Laino at (917) 299-0393
• Agency: Robert DeFalco Realty
• Listing: View the listing page for the home at 540 Steuben Street

Introduction for 1327 Rockland Avenue, Staten Island NY 10314

Welcome to 1327 Rockland Ave, a stunning multi-family home for sale located in the highly desired neighborhood of New Springville in Staten Island. This home, built in 2001, is a newly updated 4 bed, 4 bath newly updated gem not only boasts an exquisite design but also enjoys a prime location in one of Staten Island’s most sought-after areas.

The Benefits of Owning a Two-Family Home

Owning a two-family home like the one located at 1327 Rockland Ave comes with its own set of advantages:

• Potential rental income opportunities: With its desirable location, you can explore renting out one unit while residing in the other. This can provide additional revenue and help offset mortgage costs or
• You want flexible living arrangements: Say you want your mother-in-law or kids to live in the side apartment

Whether you’re looking to create a comfortable living space for your loved ones or seeking an investment opportunity in vibrant Staten Island, this property has everything you need.

Key Features of 1327 Rockland Ave

Interior Highlights

The interior of 1327 Rockland Ave is a testament to updated home design, offering a modern living space that exudes both comfort and style. Upon entering, you’re immediately greeted by the warmth of natural light filtering through large windows, highlighting the elegant hardwood floors that run throughout the main living areas. These floors not only add a touch of sophistication but also provide durability and ease of maintenance.

One of the standout features in the living room is the cozy gas fireplace. Perfect for those chilly Staten Island evenings, this fireplace creates an inviting atmosphere where family and friends can gather. It’s not just a source of warmth but also a focal point that enhances the room’s aesthetic appeal.

Moving into the heart of the home, the fully tiled kitchen is nothing short of stunning. Designed with both functionality and visual appeal in mind, it features:

• Quartz countertops: Known for their durability and sleek appearance, they add a luxurious touch to the cooking space.
• Stainless steel appliances: These high-quality appliances are not only visually appealing but also offer exceptional performance for all your culinary endeavors.
• Custom cabinetry: Providing ample storage while complementing the kitchen’s modern design.

This kitchen is sure to impress any chef, whether you’re preparing a simple meal or hosting a dinner party.

The attention to detail extends beyond just these primary rooms. Each space within 1327 Rockland Ave has been thoughtfully designed to promote comfort and convenience, making it an ideal residence for anyone seeking both beauty and practicality in their home environment.

Kitchen Upgrades

The kitchen at 1327 Rockland Ave stands out as a modern living space designed for both functionality and style. High-quality upgrades, such as Quartz countertops and stainless-steel appliances, elevate the culinary experience, making it a dream for any chef.

Quartz countertops not only provide a sleek, polished look but also offer durability and ease of maintenance. This material is resistant to stains and scratches, ensuring the kitchen remains pristine over time. Stainless steel appliances add a contemporary touch and are known for their longevity and resistance to corrosion.

Ample natural light flows through the large windows, accentuating the fully tiled kitchen’s elegant design. The thoughtful layout includes plenty of storage, allowing for an organized cooking environment. Each element in this updated home has been carefully chosen to create a welcoming and efficient space.

Key Features:

• Quartz Countertops
• Stainless Steel Appliances
• Newly Tiled
• Abundant Natural Light

With these enhancements, the kitchen perfectly complements the home’s other features, like hardwood floors and a gas fireplace, ensuring that every aspect of living here feels both luxurious and comfortable.

Recent In Home Upgrades

To provide more information about 1327 Rockland Ave, the multi family home has a multitude of recent upgrades and features, including:

• gleaming hardwood floors
• a brand-new roof
• newer hot water heater
• newer furnace 

Spacious Bedrooms and Bathrooms

The generously sized bedrooms at 1327 Rockland Ave are designed to be a sanctuary for relaxation and study. Each room offers ample space, allowing for versatile furniture arrangements and personal touches. Whether you need a quiet place to work from home or a cozy retreat at the end of the day, these bedrooms provide the flexibility to cater to your lifestyle needs.

Highlights of the Upstairs Bedrooms:

• Spacious Layouts: Perfect for king-sized beds, desks, or additional seating areas.
• Natural Light: Large windows that invite plenty of natural light, creating a bright and welcoming atmosphere.
• Storage Solutions: Abundant closet space to keep your living area clutter-free and organized.

Having three and a half baths in this two-family home significantly enhances its functionality and comfort. Multiple bathrooms mean that everyone can enjoy their own space without waiting in line during busy mornings or after long days.

Advantages of Multiple Bathrooms:

• Convenience for Families: Ideal for larger families or when hosting guests, ensuring privacy and convenience.
• Guest-Friendly: A half-bathroom on the main floor provides easy access for visitors without disturbing the private areas.
• Modern Amenities: Each bathroom is crafted with quality fixtures and finishes, adding to the home’s overall appeal.

The thoughtful design of these spaces ensures that every member of your household has their own comfortable corner to unwind while providing essential amenities to support a harmonious living environment.

Outdoor Spaces for Family Enjoyment

The private backyard at 1327 Rockland Ave offers a peaceful retreat from urban living. This serene space is designed for both relaxation and entertainment. Imagine spending sunny afternoons lounging in the garden, surrounded by lush greenery that provides a sense of tranquility.

A standout feature of this home is the deck for outdoor enjoyment. It’s an ideal setting for hosting summer barbecues with friends and family. The deck’s ample space allows for various seating arrangements, ensuring everyone has a comfortable spot to enjoy the festivities.

Perfect for morning coffee, the deck becomes your personal sanctuary to start the day with fresh air and scenic views. Whether it’s a quiet moment alone or a lively gathering, the outdoor spaces at 1327 Rockland Ave cater to every aspect of family life.

By embracing these outdoor features, residents can fully enjoy the blend of urban convenience and suburban serenity that this New Springville property offers.

Convenient Location Near Amenities

Access the City, Brooklyn, New Jersey and Beyond

1327 Rockland Ave benefits from its strategic location near Richmond Avenue, a major road that provides seamless commuting access. Whether heading to work, school, or leisure activities, you are steps away from public transportation with express buses to the city. By car, you can get to New Jersey through the Korean War Veterans Parkway or 278 a short drive down Richmond Avenue, where you can get to New Jersey or Brooklyn with ease.

Proximity to Shopping Destinations

Living at 1327 Rockland Ave means being just a stone’s throw away from the Staten Island Mall. This proximity offers unparalleled access to a wide range of retail stores, dining options, and entertainment facilities. There is no shortage of restaurants and much more just moments away plus tons of shopping.

Exploring New Springville Community Life

New Springville stands out as one of Staten Island’s most attractive communities. The neighborhood boasts a harmonious blend of suburban tranquility and urban convenience. Residents enjoy well-maintained parks, top-rated schools, and a variety of local shops and cafes that add to the area’s charm.

Several factors contribute to New Springville’s appeal:

• Community Amenities: The area is known for its excellent recreational facilities, including playgrounds, sports fields, and community centers.
• Educational Institutions: Families benefit from access to reputable schools that provide quality education.
• Public Transportation: Efficient public transportation options make it easy for residents to commute throughout Staten Island and beyond.

Comparison with Other Neighborhoods in Staten Island

When comparing New Springville with other neighborhoods in Staten Island, several standout points emerge. Property values in New Springville tend to be competitive, reflecting the high demand for homes in this desirable area. The neighborhood offers a unique mix of modern amenities and classic suburban appeal that is hard to match.

In contrast:

• Tottenville: Known for its historic charm but lacks some of the modern amenities found in New Springville.
• Great Kills: Offers beautiful properties but may not provide the same level of convenient access to major roads and shopping centers.
• West Brighton: While vibrant and culturally rich, it doesn’t offer the same suburban tranquility that New Springville is known for.

Understanding these comparisons helps potential homeowners appreciate the unique advantages that 1327 Rockland Ave offers within the context of Staten Island’s diverse real estate landscape.

Investment Potential: Renting Out the Second Unit

Buying a two-family home like 1327 Rockland Ave offers significant financial advantages, particularly through rental income. This property provides an excellent opportunity to generate steady revenue by leasing out the second unit.

Key Benefits:

• Dual Income Streams: Enjoy the flexibility of living in one unit and renting out the other, effectively reducing your mortgage burden.
• High Demand: New Springville’s desirable location ensures a consistent demand for rental properties, enhancing your investment’s appeal.
• Financial Stability: Regular rental income can provide additional financial security and help offset maintenance costs and property taxes.

The potential for supplementary income makes this home a smart choice for both first-time buyers and seasoned investors.

A Beautiful Two-Family Home Awaits You!

Investing in 1327 Rockland Ave opens doors to a multitude of possibilities. This unique property not only offers the charm and comfort of modern living but also serves as a smart real estate opportunity within New Springville’s thriving market. The spacious layout, combined with high-end finishes and a prime location, makes it an appealing choice for families and investors alike. 1327 Rockland Ave stands out as a valuable asset, offering both immediate enjoyment and long-term financial benefits. With its blend of style, convenience, and potential income generation, this home truly sets itself apart.

FAQs (Frequently Asked Questions)

What are the key features of the two-family home at 1327 Rockland Ave?

The home at 1327 Rockland Ave boasts modern living spaces filled with natural light, elegant hardwood floors, a cozy gas fireplace, and a stunning fully tiled kitchen equipped with Quartz countertops and stainless steel appliances.

How many bedrooms and bathrooms does the property have?

This two-family home features generously sized bedrooms and three and a half bathrooms, providing ample space for relaxation and accommodating larger families or guests.

What outdoor amenities are available at this property?

The property includes a private backyard that serves as a peaceful retreat from urban living, along with a deck that is perfect for hosting summer barbecues or enjoying morning coffee.

Why is New Springville considered a desirable neighborhood for real estate investment?

New Springville is attractive due to its convenient location near major roads like Richmond Avenue, proximity to shopping destinations such as Staten Island Mall, and its overall community appeal compared to other neighborhoods in Staten Island.

How to View 1327 Rockland Ave Staten Island, NY 10314

• Contact: Nicholas Caravella at (718) 612-5067
• Agency: Robert DeFalco Realty
• Listing: View the listing page for the home at 1327 Rockland Avenue

Have you ever encountered a “Garage Sale” or “Estate Sale” sign while casually strolling through your neighborhood?  Maybe you are driving down Woordow road to get yourself your favorite coffee, and you see a sign on post saying ” Garage Sale”. Both types of sales promise a wide array of secondhand treasures, but they each offer distinct experiences. 

 

A garage sale typically takes place in or around someone’s garage or yard, often featuring a mix of household items, clothing, toys, and furniture that the homeowners no longer need or want. 

On the other hand, an estate sale is usually held when someone is moving, downsizing, or has passed away, and it involves selling off the entire contents of a home, including furniture, antiques, collectibles, and other valuable items.  Let’s delve into the differences between these two types of sales to better understand what makes each unique.

Garage Sale: A Casual Community Affair

A garage sale is a casual event typically organized by homeowners to declutter their homes and earn extra cash. These sales are often advertised with handwritten signs and boast a mix of household items, clothing, toys, and miscellaneous goods.

Key Characteristics of Garage Sales:

• Informal Atmosphere: Garage sales are known for their laid-back vibe, often with friendly interactions between sellers and buyers.

• Diverse Inventory: You can find everything from gently used clothing to kitchenware, tools, and collectibles.

Negotiable Prices:

 At garage sales, bargaining is often expected and welcomed. When negotiating, be respectful and considerate. Start with a reasonable offer, and be prepared to meet the seller halfway.

Community Focus: 

Garage sales are not just about buying and selling. They often foster a sense of community and neighborliness, making you feel more connected to your neighborhood. If you recently bought a house in Port Richmond and saw one of your neighborhoods hosting a garage sale, it would be a great ice breaker to introduce yourself.  While garage sales offer a unique opportunity to discover hidden gems, the selection can vary widely. You might find incredible bargains but don’t expect to find high-end items.

Estate Sales: A Curated Shopping Experience

An estate sale is a more formal event typically held to liquidate the contents of a home after a homeowner’s passing or when downsizing. This means that all the items in the home, from furniture to kitchenware, are put up for sale. Estate sales are often managed by professional companies and feature a carefully curated selection of items.

Key Characteristics of Estate Sales:

• Professional Organization: Estate sales are meticulously planned and executed, with items often categorized and priced.

• High-Value Items: You can find various items, including antiques, collectibles, jewelry, art, and designer clothing.

• Competitive Atmosphere: Due to the potential for high-value items, estate sales can attract a larger crowd and create a competitive shopping environment.

• Fixed Prices: While some negotiation might be possible, prices are generally fixed.

Estate sales offer a unique opportunity to discover valuable items and unique pieces. However, the competitive nature of these sales can make it challenging to snag the best finds.

Tips for Sale-Going Success

Tips for Successful Sale Shopping Whether you’re attending a garage sale or an estate sale, preparation is key. Here are some tips to help you maximize your shopping experience:

1.  Research: Look for upcoming sales in local listings or online platforms.

2.  Arrive Early: It’s especially important for estate sales, as popular items can sell quickly.

3. Set a Budget: Determine your spending limit before you start shopping.

4. Bring Cash: While many sellers accept cards, having cash on hand is always helpful.

5. Be Prepared to Carry Your Purchases: Bring bags or boxes to transport your finds.

6. Be Patient and Polite: Respectful and considerate

When to Choose Which

The best type of sale for you depends on what you’re looking for.

• Garage Sales: Ideal for casual shoppers seeking affordable finds and a community atmosphere.

• Estate Sales: Best for those looking for high-quality items, collectibles, or unique pieces.

Ultimately, both garage sales and estate sales offer a unique shopping experience. Each has its own charm and potential for exciting finds. Here at Robert DeFalco we want you to  understand the differences between the two,  so you can make the most of your sale-going adventures and look forward to the unique treasures you might discover.

The NYC mansion tax is a real estate transfer tax on homes sold for over $1 million in New York City. It’s important for homebuyers in 2024 to know about this tax. It helps with budgeting and making smart choices.

Key Takeaways:

• The mansion tax applies to residential properties sold for $1 million or more in NYC
• Rates range from 1% to 3.9%, depending on the purchase price
• The buyer is responsible for paying the mansion tax at closing
• Mansion tax cannot be avoided, but can be offset with strategies like commission rebates

Table of Contents

• What Is the NYC Mansion Tax?
• Types of Properties Subject to the NYC Mansion Tax
• How Much Is the NYC Mansion Tax?
• Who Pays the NYC Mansion Tax?
• Is the NYC Mansion Tax Deductible?
• How to Avoid Paying the NYC Mansion Tax
• How Do I File and Pay the NYC Mansion Tax?
• When Do You Pay the NYC Mansion Tax?
• Consider the NYC Mansion Tax as Part of Your Closing Costs
• Examples of the NYC Mansion Tax in Action
• The Future of the NYC Mansion Tax
• Additional Considerations for Buyers
• FAQs About the NYC Mansion Tax
• Conclusion

What Is the NYC Mansion Tax?

Definition and Purpose

The NYC mansion tax is a one-time tax for buyers of homes over $1 million. It helps fund the state and city budgets.

Historical Background

The mansion tax started in 1989 to balance the state budget. It was aimed at the wealthiest buyers at the time.

Legislative Basis

The mansion tax is based on New York State Tax Law Section 1402-a. It explains who it applies to, the rates, and how to pay it.

Importance for Homebuyers in 2024

As home prices in NYC keep going up, more buyers face the mansion tax. In 2024, it’s key to understand this tax for budgeting and making decisions.

Types of Properties Subject to the NYC Mansion Tax

Residential vs. Commercial

The mansion tax only applies to homes, not businesses. But, homes used for both living and business might be taxed.

New Construction vs. Existing Properties

This tax hits both new and old homes. It matters if they cost over a certain amount.

Personal Residence vs. Investment Property

It doesn’t matter if you live in the home or rent it out. The mansion tax applies the same.

Exemptions and Special Cases

There are no general exemptions. But, some transfers, might be free from tax.  Transfers of property between spouses during a divorce are generally exempt from the Mansion Tax, allowing for non-taxable ownership transitions as part of marital settlements. Additionally, first-time homebuyers purchasing their primary residence near the $1 million threshold may qualify for exemptions, as well as properties sold as part of an estate or newly developed units. 

How Much Is the NYC Mansion Tax?

Current thresholds for 2024

For 2024, the mansion tax rates are as follows:

Purchase Price	Mansion Tax Rate
$1,000,000 – $1,999,999	1.00%
$2,000,000 – $2,999,999	1.25%
$3,000,000 – $4,999,999	1.50%
$5,000,000 – $9,999,999	2.25%
$10,000,000 – $14,999,999	3.25%
$15,000,000 – $19,999,999	3.50%
$20,000,000 – $24,999,999	3.75%
$25,000,000 and above	3.90%

The tax is a percentage of the purchase price. The rate goes up as the price does.

Breakdown by Price Point

Examples at various price tiers

Here are mansion tax examples at different prices:

• $1,500,000 property: 1% mansion tax = $15,000
• $3,500,000 property: 1.5% mansion tax = $52,500
• $12,000,000 property: 3.25% mansion tax = $390,000

Who Pays the NYC Mansion Tax?

Buyer’s Responsibility

The buyer must pay the mansion tax at closing. This is on top of other costs like attorney fees and title insurance.

Seller’s Responsibility

Occasionally, the buyer and seller might agree for the seller to cover the mansion tax. But this is rare.

Role of Real Estate Agents and Attorneys

Real estate agents and attorneys can help buyers understand their mansion tax duties. They might suggest ways to lower costs, like commission rebates.

Is the NYC Mansion Tax Deductible?

Tax Implications for Buyers

The mansion tax can’t be deducted on buyer’s federal taxes. But, it can lower their capital gains tax when they sell. This means that when calculating capital gains upon selling, a higher cost basis—comprised of the original purchase price plus certain closing costs including the mansion tax—can potentially reduce capital gains taxes owed.

Possible Deductions or Credits

Even though the mansion tax isn’t deductible, other closing costs might be. This includes mortgage interest and real estate taxes.

Consulting a Tax Professional

Talk to a tax expert to understand your home purchase’s tax implications. They can help you get the most deductions.

How to Avoid Paying the NYC Mansion Tax

Legal Strategies and Structuring Purchases

There’s no legal way to dodge the mansion tax if your home costs over $1 million. But, you can find ways to lessen the financial burden.

Gifting parts of the property

Gifting a portion of property ownership to family members can lower the taxable value and reduce the mansion tax owed. However, this strategy comes with legal implications that necessitate professional guidance to ensure compliance with tax laws.

Commission Rebates from Real Estate Agents

Buyers can negotiate commission rebates from real estate agents as a strategy to offset the mansion tax. These rebates can effectively reduce the purchase price from a taxable perspective, making it possible for buyers to stay under the $1 million threshold.

Using LLCs or other entities

Buying through an LLC or other legal entity won’t make you exempt from the mansion tax.

Negotiating with Sellers

It’s possible to talk with sellers about splitting or covering the mansion tax. Yet, this is rare and depends on the market.  Buyers may benefit from waiting for a buyer’s market when sellers are more likely to negotiate on price or cover part of the mansion tax. This strategy allows buyers to leverage market conditions for better financial outcomes.

How Do I File and Pay the NYC Mansion Tax?

Filing Process

Here’s how to file:

1. Fill out Form TP-584, the Combined Real Estate Transfer Tax Return.
2. Send the form and payment to the county recorder’s office.
3. The office will process it and give you a receipt.

Forms and Documents Needed

• Form TP-584
• Deed or transfer documents
• Payment (check or money order)

Official Forms

• Form TP-584

Payment Methods and Deadlines

How to Pay

You can pay with a check or money order to the county recorder’s office.

Important Dates

The tax is due within 15 days of the transfer. Usually, it’s paid at closing with other costs.

When Do You Pay the NYC Mansion Tax?

Timing in the Purchase Process

The mansion tax is paid at closing, along with other costs.

Coordination with Closing Costs

Your attorney will handle the mansion tax payment with other closing costs. This includes transfer taxes, attorney fees, and mortgage fees.

Impact on Transaction Timeline

The mansion tax doesn’t usually affect the timeline. It’s paid at closing.

Consider the NYC Mansion Tax as Part of Your Closing Costs

Understanding Closing Costs Breakdown

Closing costs in NYC can be 5-6% of the purchase price. This includes the mansion tax, transfer taxes, attorney fees, mortgage fees, and title insurance.

Budgeting for the Mansion Tax

When planning your home purchase, include the mansion tax in your budget. 

Strategies to Manage Overall Closing Expenses

To manage closing costs, consider negotiating with sellers, getting a commission rebate, and finding competitive mortgage rates and title insurance.

Examples of the NYC Mansion Tax in Action

Case Study 1: Commission rebate from Agent

A couple purchasing a $2 million apartment could utilize a commission rebate of $40,000 (2%) from their agent, effectively lowering their taxable amount and reducing their overall financial burden related to the mansion tax.

Case Study 2: Gifting property to family member

A buyer acquiring a $1.5 million property might gift 10% ownership (valued at $150,000) to a family member before purchase. This could reduce their taxable value down below $1.35 million, thereby decreasing their mansion tax liability.

Case Study 3: Capital Gains Tax Implications

Consider a scenario where  if a property is purchased for $1.5 million with a mansion tax of $15,000, this amount increases the cost basis from $1.5 million to $1.515 million. Thus, when selling at a profit, this adjusted basis can lessen capital gains liability.

The Future of the NYC Mansion Tax

Upcoming Legislative Changes

As of 2024, there are no known changes to the mansion tax rates or thresholds. Although, a s discussions surrounding housing affordability continue, there is potential for legislative changes that could impact the Mansion Tax and its exemptions. Stakeholders should monitor developments in local government proposals and public sentiment regarding housing policies, as adjustments could affect both current exemptions and future tax liabilities.

Predictions and Possible Reforms

Some possible reforms that would make this tax more buyer friendly, include:

• Increasing the threshold to account for rising property values
• Adjusting the rates to create a more progressive tax structure
• Earmarking mansion tax revenue for specific purposes, such as affordable housing

Impact on Future Real Estate Markets

The mansion tax may increase the cost of high-end properties. This has lowered demand, although it can be argued how much of an effect it can have in a strong market like New York.

Market Trends

Following the revised mansion tax’s implementation in July 2019, Manhattan apartment prices significantly declined, with average prices hitting a four-year low. The luxury market experienced an 88% drop in sales volume in the third quarter of 2019 compared to the previous quarter, with only two homes over $5 million sold shortly after the tax was enacted. Additionally, there has been a marked decrease in homes sold just above the $1 million threshold, with 199 listings priced below this amount compared to only 19 above it, indicating a strategic avoidance of the mansion tax. The market saw a surge in transactions prior to the tax’s introduction, but post-implementation, activity slowed considerably as buyers either hesitated or negotiated more aggressively.

Developer Strategies

Developers are adapting by modifying their pricing models and unit sizes. For example, some developers may reduce the size of luxury units or offer incentives that effectively lower the sale price to avoid triggering the mansion tax. This strategic adjustment is crucial in maintaining sales volume in a competitive market.

Additional Considerations for Buyers

Impact on Mortgage Rates and Financing

The mansion tax is paid out of pocket and can’t be financed with a mortgage. Some lenders might offer higher mortgage amounts to cover closing costs.

Long-Term Financial Planning and Investment

Consider the mansion tax as part of your initial investment. But, also think about the property’s appreciation and tax benefits of homeownership.

Impact on Property Resale Value

The mansion tax is a one-time cost. It doesn’t directly affect your property’s resale value. But, it might influence buyer demand and pricing in the luxury market.

FAQs About the NYC Mansion Tax

Common Questions Answered

1. Q: Does the mansion tax apply to new construction?
   A: Yes, the mansion tax applies to all residential properties, including new construction, that meet the price threshold.

2. Q: Can I deduct the mansion tax on my income tax return?
   A: No, the mansion tax is not deductible on your federal income tax return. But, it can be added to your cost basis.

3. Q: Is the mansion tax the same for condos and co-ops?
   A: Yes, the mansion tax rates and thresholds are the same for condos and co-ops.

Clarifications on Complex Topics

• The mansion tax is separate from other transfer taxes, such as the NYC and New York State transfer taxes.
• The mansion tax applies to the total purchase price, not just the amount over $1 million.
• The mansion tax is a one-time tax paid at closing and does not recur annually like property taxes.

Link to Official Resources for Further Information

For more information on the NYC mansion tax, visit the New York State Department of Taxation and Finance website.

Conclusion

Summary of Key Points

The NYC mansion tax is a significant closing cost for homebuyers purchasing properties for $1 million or more. Understanding its rates, applicability, and payment process is key for budgeting and decision-making.

Final Advice for Prospective Buyers

When buying a home in NYC, factor in the mansion tax as part of your closing costs. Explore strategies to manage the expense, such as commission rebates and negotiating with sellers.

Consulting with professionals at Robert DeFalco Realty  can be invaluable when navigating this and other closing costs.