Kaito Newsletter – Fall 2022
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Kaito Newsletter – Fall 2022

Kaito Newsletter – Fall 2022

 

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Dear Residents,
The cost of electric has skyrocketed in NYC, almost 15% since 2020. A great and inexpensive way to curb these costs is switching your old traditional lightbulbs bulbs to LED bulbs. Generally, LED bulbs are slightly more expensive than your traditional or incandescent bulbs (though I’ve found Con Ed and Costco often times sell them at steep discounts), but they can cost up to 75% less to operate. At current electric rates, switching one 60 Watt incandescent bulb to an LED-equivalent can easily save $9 over a typical 1,000 hour bulb lifespan.For the more adventurous clients reading this, I also suggest a few other cost saving measures that can start to add up. Raising your thermostat by just one degree in the summer can decrease your electric bill by up to 2%. Additionally, you can purchase a smart thermostat (Con Ed / Nest Grid also offers rebates on these) which often times reduce electric and heating bills. Change/Clean your AC filter often. ACs work harder when the filter is dirty. I clean my home’s filters on window units and ducts once per month. Besides adding a slight energy savings, having clean filters extend the life of the AC’s and help reduce indoor allergens. Power strips are a great resource that can turn off multiple standby power drains from electronics with a single switch. I have these throughout my home to protect against power surges, but I also use them in spare rooms to turn off electronics that have residual draws (TV, old Blue ray, etc). While I can’t quantify the savings, it is noted throughout many articles as being significant. Door and window drafts tend to create strains on heating and cooling systems. Draft protectors on doors to hallways are always helpful, as is making sure your windows are fully closed on cold and hot days. Have a great last few days of summer!Steven Baker
Chief Executive Officer
Office:  718.788.6500
Fax: 718.521.4816
steven@kaito.nyc
kaitoservices.com

Featured Expert Post
Kaito’s Preferred Insurance Expert

I’ve been getting a lot of questions on Worker’s Compensation lately.

If you have a W2 employee paid by Association payroll -maybe a super, porter, or doorman- then New York State mandates that Worker’s Compensation coverage must be maintained for that employee by the employer/Association.  If that same employee is an independent contractor and files a 1099, coverage is not required by the state.

What changes?  What happens if that same employee gets injured while taking out the garbage or changing a battery in the smoke detector of the lobby?  If your 1099 super gets hurt while working for the Association and needs time off, surgery, or can never work again, they are definitely going to seek some payment for loss of wages, medical expenses, and/or pain and suffering.  If the Association does not have a Worker’s Compensation policy where is this payment coming from?  The Association would mostly be responsible and it can be very costly.  Here’s the best way to avoid a huge exposure like this:

Maintain a Worker’s Compensation policy or an If Any Worker’s Compensation policy.

Even though the state does not require you to have Worker’s Compensation coverage if you have a 1099 employee, you can have a policy anyway.  Use the payroll the employee gets, however they are paid, and have your broker provide some quotes for you.  Just because it’s not mandated doesn’t mean it’s not a good idea to protect yourself and your Association.  A Worker’s Compensation policy will also pick up a contractor doing work in the building that possibly did not have their own insurance.  That alone has me sold.

An If Any Worker’s Compensation policy works like this:  Let’s say there are only 1099 employees at your Association, or maybe none at all.  Well, an If Any Worker’s Compensation is just that. If Any person is doing Association “work” on behalf of the Association, designated by the Association, then coverage would be provided if they were injured while doing the Association work.  Here are some examples:

An employee of an uninsured contractor is injured at the association and the employer has not provided proper coverage. The association may be required by the local Labor/Industrial authorities to step in as the “employer” as it relates to Labor Code benefits owed that injured employee.

A volunteer working on behalf of the association is injured during the course of their duties. The association should (and ultimately may be required to) treat that injury as “work-related”, thereby requiring benefits owed under the Labor Code.

A 1099 independent contractor is injured at the Association while removing the trash which was directed by the board of directors.  The board in this case is acting as the employer which makes the 1099 contractor an employee. The association should (and ultimately may be required to) treat that injury as “work-related”, thereby requiring benefits owed under the Labor Code.

Bottom line – speak to your broker about how important it is to have Worker’s Compensation coverage for your Association.  Policies can cost as low as $800 for the year and will save you a ton in the long run.

Reach out to me anytime with questions, I’m always happy to help!

Samantha Tucci, ACSR
MACKOUL RISK SOLUTIONS
https://mackoul.com/#stucci
stucci@mackoul.com
DIRECT: (516) 279-1236
NY: O: (516) 431-9100  F: (516) 871-1355
NJ: O: (732) 316-8390  F: (732) 862-1168
OFFICE LOCATIONS:
25 Nassau Lane, Island Park, NY 11558
55 Madison Ave, Suite 400 Morristown, NJ 07960

Featured Expert Post
Kaito’s Preferred Real Estate Broker & Consultant

Hi! The market snapshot below shows that the 2022 market activity is similar to that of 2019, which is a more stable, sane market than 2021. Timing markets perfectly is very difficult but timing to your life needs is rather simple. Now more than ever, buyers and sellers are wondering if this is the right time to buy or sell. That will depend on your personal situation and I am happy to chat and provide thoughtful guidance to you. It is ever more essential in these changing times to work with a knowledgeable real estate agent to navigate any challenges with you.

As always, please reach out if we can help you with your real estate needs. The team’s wide range of services include pre-development planning, New Development sales and marketing, Manhattan and Brooklyn condo, co-op, and townhouse resales and purchases, and rentals in all ranges. We are always excited to chat through these options with you and are committed to making the experience a valuable and educational one for you.

 MARKET SNAPSHOT WEEK OF SEPT 4 – SEPT 11

 

Tinnie Chan Sassano 
Compass

Licensed Associate Real Estate Broker
m: 917.602.0198
e: tinnie@compass.com
Tinnie Sassano Team profile 

 

MANHATTAN MARKET REPORT Q2 2022 HIGHLIGHTS

 

RECORDED SALES 

  • Overall sales slightly outpaced the Q2 record set last year, climbing 7.9%, following last quarter’s continued surge of contract activity
  • Condo sales were up 4.8% year-over-year, while co-ops were up 10.8%

CONTRACTS SIGNED

  • Contract activity was significantly slower, falling 24.6% year- over-year, following the record set in Q2 2021
  • Prices remained elevated, but declined overall on average compared to Q2 last year, down 2.4%, while the median price increased a modest 1.7%

INVENTORY

  • Active properties climbed to 7,024, a 16.2% increase quarter- over-quarter and 5.7% increase year-over-year
  • The rate of quarterly change in inventory is accelerating as activity slows from its 2021 heights
  • Inventory prices were up slightly year-over-year, despite almost 11% growth in average square footage, which along with decreased average discounts, suggests an implied correction of property prices

BROOKLYN MARKET REPORT Q2 2022 HIGHLIGHTS

 

RECORDED SALES 

  • Overall sales increased just 1% YoY to 3,577, with only co-ops and houses seeing growth
  • Prices reached their highest values on record, with a $975K median price, $1.261M average price, and $905 average price per square foot

CONTRACTS SIGNED

  • The number of contracts signed this quarter declined 21.1% year-over-year following the record-setting activity in 2021
  • The median price of contracts was up 1.5% from this time last year, but fell 4.3% quarter-over-quarter, the first notable decline in price since the onset of the COVID-19 pandemic

INVENTORY

  • Inventory climbed 4.6% year-over-year and 24.9% quarter- over-quarter to 4,017 active properties
  • Condos saw the largest quarter-over-quarter increase in inventory, up 31.5%
  • New listings were down 8.6% year-over-year, but up 26.1% quarter-over-quarter, a steep increase compared to last quarter’s growth of just 8.2%

 

City buyers seek a variety of amenities in the Hudson Valley. Read about it here.
 

15 festive things to do in the Fall in the Hudson Valley, just a quick two hour drive from NYC. Read about it here

Thank you to our contributors and we hope you enjoyed. 

As always, please let us know if we can help in any way by contacting us through your building portal or email. We are excited to share some great news about upcoming Kaito products & collaborations in the near future!

Steven Baker
Chief Executive Officer
Office:  718.788.6500
Fax: 718.521.4816
steven@kaito.nyc
kaitoservices.com


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Our address is:
424 3rd Street, Unit 1 (office & parcels)
291 5th Avenue (mailing)
Brooklyn, NY 11215
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