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Found 2 blog entries tagged as opportunity zones.

Opportunity AheadDon’t let numbers fool you, there’s some real opportunities in those zones...

Historically sales numbers and pricing in the census tracts, now known as the opportunity zones, have been tough.  By tough I mean over the last 20 years or so, there has been zero growth.  In fact, there has been a steady decline in not only sales quantity but also pricing.   I was recently reading an article on the Reonomy site and saw the chart in the article. They say a picture’s worth a thousand words... so ouch...very ouch baby....


If that’s not bad enough, since the announcement of the Opportunity Zones being included into the tax laws...yep you guessed it the numbers are still declining!

So what does this mean in our little slice of heaven for Staten Island Real Estate…

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As a real estate agent, I along with my team often get calls about investors looking for 1031 investments. When selling a property owned for a long period of time especially in New York City where prices historically have skyrocketed over the years, the owners are often exposed to capital gains. So, their options were always primarily to pay the taxes on the capital gains which can in some cases be as high as 35% +/-  or enter a 1031 like-kind exchange where you replace the sold property for a similar property.  

 

There is now a new program in New York State under the Federal Job Acts of 2017 that provides an alternative for investors facing capital gains. An opportunity zone is a low census tract with an individual poverty rate of 20% or more…

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