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Real Estate Trends
Without Breaking the Bank
Whether the goal is to save the planet or just a few bucks, making and
maintaining a green home is becoming a priority for more and more people. And
while many are quick to point fingers at gas-guzzling automobiles as the main
culprits behind global warming, the U.S. Energy Research and Development
Administration says that residential buildings account for 21 percent of all
carbon emissions in the United States. That makes housing almost as big a
carbon contributor as transportation, which generates about 27 percent of the
country’s harmful emissions.
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Revisiting Reverse Mortgages
According to the most recent U.S. Census in 2010, an estimated 1.08 million
people—or roughly 13.5 percent—of New Jersey’s population is over the age of 65. Older New Jerseyans probably live in
longtime neighborhoods or in senior-only 55+ developments. Some of them may be
in the market for a reverse mortgage, a type of loan structure available to
senior homeowners 62 years of age and older.
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Wiring Your Co-op or Condo
It’s been a long time since cable modems were the gold standard in Internet
connectivity—or at least it seems like it’s been a long time. Telecommunications as a field has been developing at a
dizzying pace, and multifamily buildings—both new developments and existing properties—face the challenge of providing residents with fast, reliable, Wi-Fi and other
telecom-related services.
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Holiday Harmony
Holidays are usually synonymous with good cheer, smiles, and a festive
atmosphere—but occasionally, they can be the cause of friction and ill will as well. When
people of various faiths and traditions all live in the same high-rise building
or HOA, rules and aesthetics for holiday decorating have to take into account
the whole community—not just those members who happen to be a part of the dominant culture. Good
boards and managers tread carefully and are mindful of their associations'
diverse residents when it comes to mapping out policy for holiday decorating in
common areas such as lobbies, garages, hallways and balconies.
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Water Conservation
Water, water everywhere, and not a drop to drink,” goes the old saying. When there’s a water shortage, that saying takes on new meaning—not only is there not a drop to drink, but not a drop to water the lawns. And what is the Garden State without gardens?
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Managing Properties in Tough Times
The economy cratered—to use a term in popular parlance at that time—in September, 2008, with the collapse of too-big-to-fail Lehman Brothers. While the measures undertaken by the federal government and the Federal Reserve
averted complete financial meltdown—it never reached the point where we had to transport the necessary dollars to
buy a loaf of bread in a wheelbarrow, as happened in Italy a few decades ago—the last few years have been a litany of ominous economic indicators. Unemployment: in the double digits. Consumer confidence: an oxymoron. The Dow: mostly down. Property values: a fraction of what they were a few years ago. Foreclosures: way up. About the only positive is the interest rates, which hover near all-time lows. Mix in the mounting deficit, the Moody’s downgrade of U.S. T-bills in mid-2011, and a growing populist uprising
centered around income inequality (and camped out across the river in Lower
Manhattan’s Zucotti Park), and it’s not a boon time for much of anything to do with real estate—in New Jersey or much of anywhere else.
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The Forecast for 2012
While economy continues its slow recession rebound, unemployment rates remain
steady at more than nine percent. Across the nation, various real estate
markets have taken it on the chin, with some markets such as Detroit and Las
Vegas knocked down to the canvas. However, New Jersey, like its Big Apple
neighbor, seems to be bobbing and weaving, ducking the worst of the economic
punches.
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New Jersey Market Review & Forecast
Condos and townhouses have continued to be popular real estate choices in New Jersey in 2005, and there is every indication that they will continue their popularity through 2006. Indeed, condos seem tailor-made for young couples just starting out—as well as older people who have already raised a family and who may not want the responsibility of maintaining an entire house and yard, yet want more security than a rental apartment. That's why condos are selling actively. Read More
Catering to Man's Best Friend
It’s no secret that New Jerseyans love their dogs. Colin Campbell, New Jersey’s deputy state public health veterinarian estimates that there are 500,000 dogs
in the Garden State, so it’s no wonder businesses and city dwellings are jumping on the dog-service
bandwagon.
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Aging in Place
Citizens over the age of 65 comprise nearly 13 percent of the U.S. population—just under 40 million seniors. By 2030, it is estimated that 72 million
Americans will be over the age of 65, nearly doubling those numbers. Where this
volume of seniors will live and how, is a question facing not only the
individual seniors but also many boards and property managers who are seeing an
increased population of older residents. It is to be expected that this group will dramatically change the face of aging
and retirement.
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