Archive for Multi-Family
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→
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.
Developers (and Buyers) Are All In for the Second-Home Market
Posted by: | CommentsBy NY Times Columnist By Louise Tutelian
Many developers are attracted to the possibilities of Atlantic City for growth, and it’s a city where both the sea and the beach abound. Many other shore towns’ markets are tapped out, and this makes Atlantic City a great potential for real estate appreciation.
Currently, Atlantic City boasts over 1,500 luxury housing units with more being built all the time. High-end retailers have moved in, headliners come to entertain, and fine dining establishments are the main-stay. As the commercial end grows, condos are following suit.
Read more here.
Multi-Family Investments: Four Steps to Finding Properties That Pay
Posted by: | CommentsBY MICHAEL H. ZARANSKY
Historically, multifamily homes and properties have the highest rate of return of all property types. There are many ways for you to take advantage of these returns and get in on the benefits of multifamily investments. You need to find a market, select a property, secure financing, and decide whether you want to hold or sold.
For a detailed explanation to each of these, click 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→
