Archive for Condos
New Jersey Window Guard Legislation Signed Into Law
Posted by: | CommentsGovernor Jon Corzine signed into law on July 31, 2006 new window guard legislation that took effect immediately. This law extends the previous window guard law to condominiums and cooperatives.
If you have prepared any leases since Monday, July 31, 2006 for a condominium or cooperative unit that is not a seasonal rental unit, you must notify the tenants that they have the right to request windows guards if a child or children age 10 or under will reside in the unit or are present for a substantial amount of time. NJAR is working on an addendum for residential leases that will be available online shortly.
The new window guard law allows occupants of multiple dwelling units, condominiums and cooperatives to request that window guards be installed in any units where a child or children age 10 or under resides or are present for a substantial amount of time. NJAR secured an exemption to the law for condominiums and cooperatives that are used as seasonal rental units.
For more information on the law’s provisions, read the bill text at: http://www.njleg.state.nj.us/2006/Bills/S0500/458_R1.PDF.
Building Boom Goes On – Major construction projects in Atlantic City, NJ
Posted by: | CommentsTrump Taj Mahal: $250 million, 800-room hotel tower to break ground next month. Scheduled to open in 2008.
Borgata Hotel Casino & Spa: $525 million project is under way. Phase I is a $200 million expansion, to be unveiled next week, with restaurants, stores and gambling space. Phase II is a $325 million, 800-room hotel tower; construction began in 2004, and the tower is to open late in 2007.
Harrah’s: $550 million expansion that includes a retail and entertainment center to open this year, and a 964-room hotel tower to open in 2008. Construction began in March. Also, $100 million in renovations are under way in the casino and hotel. Read More→
Condos Make Great Investments
Posted by: | CommentsCondo sales have a lower cost and therefore, they have a lower risk. Even if the economy slows, the lower rate of condos make them an attractive sale.
10 Questions to Ask Your Condo Board
Posted by: | CommentsBy Sherri Lilienfeld, REALTOR® Associate
Before you buy, contact the condo board with the following questions. In the process, you’ll learn how responsive—and organized—its members are.
1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.
2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you. Read More→
Condos are one of the fastest-appreciating form of real estate invesement in the United States today. Many retirees and empty-nesters are buying a luxury condo after downsizing and selling the family home, so the demand for condominiums is on the rise. Sellers walk away with solid equity gains, and many of them take those dollars and purchase a higher-cost detached home or townhouse. This moves the housing cycle along and translates into more sales, profits, and higher-cost segments in the marketplace.
Read more here.
Marriage Presents Real Estate Investment Opportunity
Posted by: | CommentsIn general, an average home owner will sell their home and never have to pay capital gains taxes on it. If you own a property and are considering marriage, you’ll probably want to decide what the best option is for you: should you sell and buy a new home or should you keep this property to rent out?
With the idea that real estate is an extremely smart investment, you could keep the current home or condo you own and rent it out. You’ll be able to take a lot of deductions because it’s a rental that you wouldn’t be able to take on your primary residence.
For all the details, read more here.
Pier at Caesars to debut
Posted by: | CommentsThe project is among $1.4 billion in new Atlantic City projects
Inquirer Staff Writer
ATLANTIC CITY – This booming gambling town is about to get a close look at its latest multimillion-dollar project.
The $200 million Pier at Caesars, an upscale shopping, dining and entertainment complex, opens next week at the heart of the Boardwalk. The developer, Gordon Group Holdings L.L.C., offered a preview yesterday to the media.
It is enough to give Scott Gordon the jitters. “You go through all of these emotions,” said Gordon, president of Gordon Group, which has been working on the project for the last four years. “Most of all, we’re excited to have customers start coming through those doors.”
For Atlantic City, there is more to come. From 2002 to 2005, the resort town captured about $3 billion in new capital investment. Over the next year and a half, $1.4 billion in new projects are planned. In the coming years, billions more will be invested, by Morgan Stanley and MGM Mirage.
The Pier at Caesars will resemble a luxury cruise ship framed by 70,000 square feet of neon signs and graphics created by New York’s Clear Channel Spectacolor.
The four-story Pier has 500,000 square feet, of which 320,000 square feet is being leased to 105 tenants. Ninety of those tenants will be retail and fashion boutiques. Retailers such as Betsey Johnson, Stuart Weitzman, BCBG and Coach are scheduled to open next week, with the other stores to open throughout the summer and fall. Read More→
