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Retail real estate landscape is looking different after the recession | Armonk Homes

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As New Jersey continues to emerge from the recession, observers are noticing changes in the commercial retail real estate landscape: Bigger isn’t better, but variety is. And for the time being, it’s a tenant’s market.

In 2002, vacant storefronts represented about 2 percent of the shopping corridors in the central and northern parts of New Jersey. Buildings didn’t stay empty for long. Because space was at a premium, rents were high.

When big box stores such as Bradlees or Caldors went out of business, other enterprises like Kohl’s or Home Depot moved in.

But as the dark clouds of the recession roiled over New Jersey, large and small retailers became tentative. A survey of lease renewals by CoStar Group, a commercial real estate information company, showed 10-year lease renewals for retail outlets began plummeting in 2005, while one-year leases climbed dramatically.


Ryan McCullough, a vice president at CoStar, said it was as if stores had been placed on “a waiting list for foreclosure.” Parent companies wanted to take a wait-and-see approach before making long-term commitments. At the same time, landlords, looking to hold on to their tenants, lowered rents.

By the fourth quarter of 2006, the vacancy rate had risen to 7.6 percent and rents were $20.92 per square foot, according to CoStar. In the first quarter of this year, however, the vacancy rate is 6.6 percent while rents average $19.37. And lease lengths are showing signs of growing longer again.

“Think of it as a sign of retailer confidence,” said McCullough.

Marta Villa, vice president of CBRE, a commercial real estate firm, said, “One reason for the longer lease is the lower rents brought on by the recession. If (a retailer’s) lease is coming due in the next 24 months, they want to get in there and tie up that space.”

Villa said it is part of the new mantra in the commercial real estate market: “blend and extend.” In addition to extending leases, she said landlords are also willing to shake up the mix of outlets on a property.

Landlords have “become more receptive to filling space with nontraditional uses, like fitness centers, or day care or medical centers,” she said. “Gyms are one of the major retail sectors on the move.”

Fast food franchises are also growing rapidly in New Jersey, Villa said, as well as quick-serve restaurants like Smashburger or Chipotles.

Part of the uptick in activity is the lower rents

“A couple of years ago, we were fielding a lot of rent reduction requests,” said Matt Harding, president of Levin Management. “We reviewed them and we did work with tenants. But over the past 12 months, the number is slowing, absolutely.”

 

 

Retail real estate landscape is looking different after the recession | NJ.com.

Dallas-area builders worry that new-home prices are rising too fast | Armonk Real Estate

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Jumps in new home development and construction costs have builders worried that their sales prices are outpacing buyer incomes.
Dallas-Fort Worth new home prices in the first quarter hit a record high of $244,113, according to Dallas-based housing analyst Residential Strategies Inc.
And with costs such as building lots, lumber and labor rising rapidly, the outlook is for more price increases in new homes throughout 2013.
“Builders are reporting that they have increased housing prices $20,000 to $50,000 in some submarkets,” Residential Strategies principal Ted Wilson said Thursday morning at a seminar for local builders.
“They are raising prices not to make more money but to keep up with the pass-through price increases they are facing.”
Wilson said that lot prices in North Texas are up as much as 60 percent and lumber prices are 30 percent to 50 percent higher than a year ago.
If it wasn’t for the near-record low mortgage finance costs, many buyers couldn’t afford the housing being built in D-FW, he said.
“The homebuyer can now purchase almost 31 percent more house today than he could three years ago because of the drop in mortgage rates,” Wilson said. “The drop in the mortgage rate is helping to mask the inflation many homebuyers are now experiencing.”
More construction
Residential Strategies reports that first-quarter new home starts were up about 30 percent from the same period of 2012. The analyst is predicting that local builders will start between 20,000 and 21,000 homes in North Texas in 2013.
That’s still less than half the number of houses that builders constructed in the area in 2006.
“The housing recovery is in full bloom this spring,” Wilson said. “Starts are up 46 percent from the market bottom” in 2009.
The biggest rise in local home starts has been in houses priced above $300,000.
“The $300,000 to $500,000 category continues to see what we think is astounding growth,” said Residential Strategies’ Cassie Gibson. “Year-over-year growth was about 40 percent in this price range.”
These more expensive houses account for about 1 in 4 homes being built in North Texas, she said.
Under $200,000
Starts of homes under $200,000 have grown at less than half the rate of pricier properties. This price range once accounted for more than half of the D-FW starts each year, but it’s now down to about a third of total construction.
“Many submarkets are reaching historic highs in terms of the average and median home prices,” Gibson said. “The market will need help in the way of rising household income levels.
“There obviously is a ceiling to how high prices can rise, and in some areas the market may be close to reaching it,” she said.
Homebuilders worry about their ability to keep passing on cost increases to the consumer.
“It’s the biggest concern of all builders right now,” said Dustin Nelson, president of David Weekley Homes’ D-FW division. “I think when the lending market for residential developers opens up a little bit more, they won’t have to get the lot price increases they are asking today.

 

Dallas-area builders worry that new-home prices are rising too fast | Armonk Real Estate | Bedford NY Real Estate | Robert Paul Talks Life in Bedford NY.

John Paulson Lists His More Modest Aspen Home for $30M | Armonk NY Real Estate

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Location: Aspen, Colo.
Price: $29,900,000
The Skinny: Hedge fund manager John Paulson, who made most of his $11.2B fortune by shorting the sub-prime mortgage market, bought this extravagant Aspen home, dubbed Aspen Lakes Ranch, for $24.5M. Set on 8.4 acres, the 13,000-square-foot mansion was built on spec by a local developer, who included seven bedrooms, ten bathrooms, a stocked pond, a private sandy beach, and a guest house. Apparently, this wasn’t quite enough for Paulson, his wife, and two daughters, who are now decamping for one of America’s ultimate estates. Last summer, the family paid $49M for Saudi Prince Bandar’s Hala Ranch, originally listed in 2006 for $135M, and renamed it Star Ranch. The 128-acre spread is centered around a giant, 56,000-square-foot main house, with 15 bedrooms, 16 bathrooms, barber shop and beauty salon, and a master suite that’s said to be large enough “for a party for 450 people.” Now, Paulson is looking to trade-in the ever so slightly more modest Aspen Lakes Ranch, John Paulson lists Aspen Lakes Ranch for cool $29.9 millionasking$29.9M. The family wouldn’t be hurting too much, even if he had to keep both mountain getaways. After all, the hedge funder personally pocketed a record $4.9B in 2010

 

John Paulson Lists His More Modest Aspen Home for $30M | Armonk NY Real Estate | Bedford NY Real Estate | Robert Paul Talks Life in Bedford NY.

Remodeling? Avoid These Costly Mistakes | Armonk NY Homes

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While many Americans are ready to take on remodeling/renovation projects this spring, doing it the wrong way can be costly. Some errors to avoid:

Not knowing exactly what you want

If you don’t know exactly what you want or specify what you want, you’re going to get what the contractor thinks you want. And it could end up costing you dearly! For home remodeling design ideas, inspiration and a whole lot more (including cost estimates), check out Zillow Digs (free on the iPad or the Web). You can search by style, cost or room. And what’s really cool is that you can search by specific elements within a room, such as quartz or granite countertops, for example. Share your boards with your contractor so that you’re clear on your objectives.

Hiring the first contractor who comes along

Sure, he may seem nice, and he may seem competent, but have you checked him out? What do your friends say about him? Have you contacted his references? Seen his work? Are there any complaints lodged against him? (P.S.: The Better Business Bureau just released its top 10 list of inquiries from consumers, and half relate to home improvement.) What do subcontractors and suppliers have to say about their dealings with him? Is he licensed and insured? As excited as you may be about taking on this new project, you need to do a fair amount of due diligence.

Jumping at the lowest bid

Get at least three bids, and throw out the lowest one so as to avoid the inevitable consequence: cheap materials, shoddy installation, etc. Don’t invite trouble in! Rather, hire someone who not only comes in within target, price-wise, but is someone you feel personally comfortable with.

Not insisting on a written contract

Every detail about your project should be included in a contract, from the start date to the approximate completion date, right down to the brand of fixtures to the number of coats of paint. Be as specific as possible! Also important: setting a time limit for fixing defects so that if a dispute arises, it’s not endless.

Not setting a payment schedule

How you pay a contractor is almost as important as how much. Spell out the payment schedule in the contract, beginning with the amount to be paid upfront (which should be no more than 30 percent).  Periodic payments after the work starts should correspond to completed segments of the project. And the best way to ensure that work gets done when and how you want it? Leave a significant sum (at least 10 percent) to be paid only when the job is completed to your satisfaction.

Prices Soar at Boom Speed | Armonk NY Real Estate

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March home prices rose at double digit rates-increasing faster than they have in seven years-and the outlook is nearly as good for April.

Home prices nationwide, including distressed sales, increased 10.5 percent on a year-over-year basis in March 2013 compared to March 2012. This change represents the biggest year-over-year increase since March 2006, at the height of the housing boom, and the 13th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 1.9 percent in March 2013 over to February 2013.*

Excluding distressed sales, home prices increased on a year-over-year basis by 10.7 percent in March 2013 compared to March 2012. On a month-over-month basis, excluding distressed sales, home prices increased 2.4 percent in March 2013 compared to February 2013. Distressed sales include short sales and real estate owned (REO) transactions.

The CoreLogic Pending HPI indicates that April 2013 home prices, including distressed sales, are expected to rise by 9.6 percent on a year-over-year basis from April 2012 and rise by 1.3 percent on a month-over-month basis from March 2013. Excluding distressed sales, April 2013 home prices are poised to rise 12 percent year over year from April 2012 and by 2.7 percent month over month from March 2013. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.

“For the first time since March 2006, both the overall index and the index that excludes distressed sales are above 10 percent year over year,” said Dr. Mark Fleming, chief economist for CoreLogic. “The pace of appreciation has been accelerating throughout 2012 and so far in 2013 leading into the home buying season.”

“Home prices continue to rise at a double-digit rate in March led by strong gains in the western region of the U.S. Looking ahead, the CoreLogic pending index for April indicates that upward price appreciation will continue,” said Anand Nallathambi, president and CEO of CoreLogic. “Much of the price increases we are seeing are the result of rising demand among investors and homebuyers for a still-limited supply of homes for sale.”

Highlights as of March 2013:

  • Including distressed sales, the five states with the highest home price appreciation were: Nevada (+22.2 percent), California (+17.2 percent), Arizona (+16.8 percent), Idaho (+14.5 percent) and Oregon (+14.3 percent).

 

 

http://www.realestateeconomywatch.com/2013/05

Median Days on the Market Down to 62 Days in March | Armonk NY Homes

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Tight inventory has led to shorter time on the market. The median days on the market fell to 62 days in March (74 in February). Short sales had the longest days on market at 81 days (101 days in February), while foreclosures were on the market for 46 days (52 days in February). The median days on the market for non-distressed properties was 66 days (77 days in February). This based on information in the March REALTORS® Confidence Index (RCI) Survey.

 

 

 

http://economistsoutlook.blogs.realtor.org

We Now Watch 6 Billion Hours of Content A Month on YouTube | Armonk NY Realtor

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We Now Watch 6 Billion Hours of Content A Month on YouTube

YouTube, which is putting on the best face it can during this week’s NewFronts, slipped in an amazing statistic during their announcement of Dreamworks’ acquisition of AwesomenessTV, a network that reaches 14 million subscribers over 55,000 YouTube channels.  Earthlings now watch YouTube to the tune of 6 billion hours a month.  That’s a 50 percent increase year-over-year.  And, they are citing a conclusion from Nielsen that YouTube reaches more people in the 18-34 demographic than any cable network.  That’s some kind of reach.

YouTube: 6 Billion Hours And Counting

As YouTube points out, 6 billion hours in a month is almost an hour for every person who lives on Earth.  Of course, it’s not nearly like that…it is a bunch of people, a little over a billion unique visitors, watching hours of content every month.  The figure was at 4 billion hours, and now it’s at 6 billion…a 50 percent increase.  That’s just mind-blowing.  But it also shows that YouTube has been hard at work finding people everywhere they go, increasing its reach in different countries (70 percent of its traffic comes outside the U.S.) and on almost every device you can think of.

I’m wondering if this time next year, we’ll be talking about 9 billion hours a month.  It was impressive when it was 4 billion.  Just imagine it being more than twice that next year.

Source: We Now Watch 6 Billion Hours of Content A Month on YouTube http://www.reelseo.com/we-watch-6-billion-hours-content-a-month-youtube/#ixzz2SFQPoDWc

Westchester County’s Robert Astorino, under contempt threat, agrees to sign bill he vetoed | Armonk NY Homes

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Under the threat of a federal contempt citation, the leader of a suburban New York county agreed Wednesday to sign the same fair-housing bill he vetoed in 2010 — if the county Legislature passes it again.

Westchester County Executive Robert Astorino sent the bill back to the Board of Legislators, urged its passage and said he would approve it.

“If the proposed legislation is adopted by the County Board, I will sign said legislation in accordance with my court-ordered obligations,” Astorino wrote.

The bill relates to the 2009 settlement of a desegregation lawsuit against Westchester. One of the terms of the settlement was that the county executive promote legislation against “source of income” discrimination — for example, when a landlord refuses a tenant because the tenant plans to use federal vouchers to pay the rent.

Federal officials have said such refusals often serve as covers for racial discrimination.

When Astorino vetoed the bill, he claimed the duty to promote it applied only to the previous county executive, who had agreed to the settlement. He also called it a federal intrusion on private property.

When he lost a long court battle, he asked the Legislature to re-introduce the bill. But the Department of Justice said Astorino had to go further. It demanded that he submit the legislation himself and agree in writing to sign it or face possible contempt-of-court charges.

Ned McCormack, a spokesman for Astorino, said Astorino believes he was already in compliance and “today’s letter goes even further to show unambiguously that we’re complying.”

Justice Department spokeswoman Ellen Davis said the department would have no comment.

It’s not clear that the bill will pass the Legislature and it’s not known how the federal government will react if it fails.

It’s also not known whether Astorino’s actions Wednesday affect another deadline, also related to the housing settlement.

The Department of Housing and Urban Development has demanded the county provide by Thursday an acceptable analysis of exclusionary zoning practices in Westchester.

via therepublic.com