Archive for Condos
WHAT TO EXPECT, AND NOT EXPECT, FROM A HOME INSPECTION
Posted by: | Comments(Note: This article pertains to home inspections in New Jersey, but is nonetheless applicable to other jurisdictions.)
Home buyers have a lot to think about when shopping for a new home. Questions like, “Is this the best deal?”, or, “Can I afford it?”, or, “Will I be happy owning this home?” are common. Once an agreement of sale is signed, hopefully these questions have been answered, but then there are likely a new set of questions, like “Will my mortgage be approved?” Or, “Is the home I am buying in good condition?” A professional home inspection is intended to be the means by which a home buyer can gain a measure of additional comfort in answering this last question.
While most buyers know that a home inspection is part of the “due diligence” process of a home purchase, many buyers don’t fully understand what a home inspection involves. The assumption may be, incorrectly, that a home inspection will uncover any and all issues that would make a home less-than-perfect. This assumption can provide buyers a false sense of security, and provide unrealistic expectations as to conditions. The intent of this article is to provide some answers, help guide your expectations and educate you in what you should expect from a home inspection. Read More→
Good-bye Sands Casino
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by Sherri Lilienfeld
For information on Atlantic City Properties please visit www.JerseyShoreDreams.com
It was a historic day in Atlantic City, NJ - the first East Coast casino implosion to take place started at 9:30 PM on October 18, 2007 with a wonderful display of fireworks. Approximately 7 minutes later, the Sands Casino building was gone.
Pinnacle entertainment is building a brand new mega casino/entertainment center at the site. It is the first major casino project on the boardwalk in 20 years. This project is just one of many major development projects happening in Atlantic City including MGM’s recent announcement to build a $5 billion hotel, gambling and entertainment complex next to the Borgata Casino and Resort in the Marina Section of Atlantic City, and the $2 billion mega casino being built next to Showboat by Morgan Stanley.
“The implosion is a milestone event in the history of Atlantic City and of Pinnacle Entertainment,” said Daniel R. Lee, chairman and chief executive officer of Pinnacle Entertainment. “Our plans can now move forward to develop a project that will help transform the Atlantic City gaming, hospitality and convention industry.”
If you are thinking of investing at the shore, have you considered Atlantic City? It has it all – beach, boardwalk, shopping, restaurants, entertainment AND offers all-year-round activities. It is one of the few communities that is still a great place to invest. All the “big guys” are betting on Atlantic City – why not you?
To find out about Atlantic City and other Jersey Shore vacation or investment opportunities contact Sherri Lilienfeld at Sherri@NJ-ShoreRealEstate.com or go to http://www.jerseyshoredreams.com/
MGM to Spend $5 billion for Hotel, Gambling & Entertainment Complex
Posted by: | CommentsBy Suzette Parmley, Philadelphia Inquirer Staff Writer
Posted Thursday, October 11, 2007.
ATLANTIC CITY – MGM Mirage said yesterday that it would place a huge bet on the future of this seaside resort with the biggest casino project in Atlantic City’s history: a massive 3,000-room hotel, casino and entertainment complex with a $5 billion price tag.
When MGM teamed up with Boyd Gaming Corp. four years ago to build the $1.1 billion Borgata Hotel Casino & Spa in this city’s Renaissance Pointe, it redefined Atlantic City’s skyline and completely altered the East Coast gaming market.
But MGM’s announcement on October 10, 2007 of the MGM Grand Atlantic City raises the bar considerably, and rivals or surpasses in cost the world’s most expensive casino projects under construction in Las Vegas and Singapore. Read More→
Your Second Home: Should You Sell or Pass It Down to Your Kids?
Posted by: | CommentsTo some it’s a source of family harmony. To others, however, it’s a source of great family division, anger, and strife. Yes, it’s the old family cottage or vacation property or compound or camp or call it what you will. And now with summer coming to a close, many Americans are trying to figure out what to do with their piece of heaven on earth.
Should they sell the property that has produced fond memories of times spent with loved ones? Or should they give it to their children? Or should they do something entirely different?
Atlantic City’s Waterside Building in the Inlet sells for $23.3 million
Posted by: | CommentsBy DEREK HARPER Staff Writer, (609) 272-7203
Published: Tuesday, April 17, 2007
Original article courtesy Press of Atlantic City
A prominent oceanfront property in the South Inlet recently sold and residents hope the new owners will make some needed improvements while the owners plan a condominium conversion.
The Waterside Apartment complex at New Hampshire and Oriental avenues sold for $23,336,900 on Feb. 16, according to property records.
The seafoam-colored property built in 1962 and angled toward the ocean, commands a spectacular view. And because the nearby Absecon Inlet jetty has accumulated sand behind it, tenants essentially have several hundred feet of semi-private beach.
The 10-story, 347-unit building was bought by 15-35 Hempstead LLC and Jackson 299 Hempstead LLC. New York State business records link those to Long Island, N.Y. properties owned at different times by New York City builder Steve Kates and his wife, Angelina.
They are the buyers, confirmed Prudential Fox and Roach Broker Associate Irene Foley-Chort.
Foley-Chort said the property was “the absolute crown jewel of Atlantic City.” But she said the new owners are in the first stages of what they will do with the property. In the interim, they are renting units for between $750 and $1,750
The building’s prominence and closeness to the ocean means it has been pummeled by storms from the northeast for years. Read More→
Condo Buyers – Why You Need an Inspection
Posted by: | Commentsby Zack Lilienfeld, PE, CEM – AtlantiCape Inspections, LLC
As a home inspector who works mainly along coastal Southern New Jersey where condominiums are abundant, I often have occasion to speak with buyers who are anguishing over whether they need an inspection or not. Just like buyers who are purchasing a newly built home, condominium purchasers often feel that its not necessary to get a home inspection. The main reason for condos is that new buyers often believe that anything wrong with the unit is the responsibility of someone else – namely the condo association. Well, do I have some stroies for them! Read More→
The Progress of Residential Development in Atlantic City, NJ
Posted by: | CommentsWritten by Jamie K. Mulholland for Casino Connection Magazine
For the original post of this article go to: http://www.casinoconnectionac.com/articles/Living_the_High_Life
In Atlantic City you have the casinos, the beach, the Boardwalk, and a rich and storied history. There is no city in the world like it. So why weren’t certain areas being improved?
In the last 10 years, Atlantic City has been virtually reinvented, thanks to large-scale revitalization efforts from several segments and on multiple levels. Infrastructure and transportation improvements, beautification projects, large-scale casino and retail development and a full-scale marketing campaign billing a city that is “Always Turned On” have made Atlantic City a force to be reckoned with. And that, apparently, was just the beginning. The next 18 months will see a residential housing influx of such magnitude and magnificence that many are predicting the city will return to, even surpass, the glory days of the early 1900s. Read More→
Trump Plans Condo-Hotel on Steel Pier in Atlantic City
Posted by: | CommentsBy DONALD WITTKOWSKI Staff Writer, (609) 272-7258
Published: Thursday, November 2, 2006 in the Press of Atlantic City
ATLANTIC CITY — In the latest incarnation of a fabled but faded Atlantic City landmark, the Steel Pier will be redeveloped by Donald Trump’s casino company for luxury condominiums jutting hundreds of feet out over the ocean.
Trump Entertainment Resorts Inc. is transforming the century-old pier into condos or possibly a condo-hotel to complement the gaming operations of its flagship Trump Taj Mahal Casino Resort across the Boardwalk. Read More→
Home Inspections Make Sense
Posted by: | Commentsby I. G. “Zack” Lilienfeld, PE, CEM
As a long-time homeowner and real estate investor who has been through 18 real estate transactions in the last 20 years, I know that the process of buying – or selling – a home can be loaded with twists and turns. As a young buyer, I dreaded the moment when I found a problem with the home I just bought, requiring me to shell out scarce money to repair something I had not anticipated. As a young home seller, I likewise dreaded the moment when a buyer presented me with a shopping list of defects – real or imagined – that they demanded be fixed… or else! As I gained experience buying and selling homes, I learned that in an imperfect world, knowledge is king. So, I applied my engineering expertise to my enjoyment of detective work, leading me to inspect buildings for a living. Read More→
Sales of Condos and Co-ops Have Reached Record Levels
Posted by: | CommentsArticle by Mark Obrinsky published in National Real Estate Investor on-line magazine.
The condo market is hot. Sales of condos and co-ops have reached record levels, and prices continue to climb. Traditionally, rental providers have viewed condos as competition since condos have historically offered a lower-cost alternative for renters to become owners. But the recent surge in condo demand has caused many apartment firms to take a new look at this sector and adjust their business plans to take advantage of it.
Some firms are analyzing their portfolios to find prime candidates for condo conversions. Some are starting for-sale divisions to develop new condo properties from the ground up. With condo converters paying more for apartment properties than rental firms, many are actively marketing properties to converters. All this activity has apartment firms wondering just how big the condo market is. Read More→
