Tag Archives: pappas realty co

Renters beware: Double-digit rent hikes may be coming soon.

Renters beware: Double-digit rent hikes may be coming soon.

Rents Could Rise 10% in Some Cities

Apartment Rents could rise in 2011-2012 and beyond as demand outpaces supply.

Already, rental vacancy rates have dipped below the 10% mark, where they had been lodged for most of the past three years.

The demand for rental housing has already started to increase,” said Peggy Alford, president of Rent.com. “Young people are starting to get rid of their roommates and move out of their parent’s basements.”

By 2012, she predicts the vacancy rate will hover at a mere 5%. And with fewer units on the market, prices will explode.

Rent hikes have averaged less than 1% a year over the past decade, according to Commerce Department statistics, adjusted for inflation. Now, Alford expects rents to spike 7% or so in each of the next two years — to a national average that will top $800 per month.

In the hottest rental markets, the increases will likely top the 10% mark annually for the next couple of years. In San Diego, Alford anticipates rents will rise more than 31% by 2015. In Seattle rents will climb 29% over that period; and in Boston, they may jump between 25% and 30%.

This is a sharp change from the recession, when many Americans couldn’t afford to live on their own. More than 1.2 million young adults moved back in with their parents from 2005 to 2010, said Lesley Deutch of John Burns Real Estate Consulting. Many others doubled up together.

As a result, landlords had to reduce prices and offer big incentives to snag renters.

Now that the recession is easing, many of these young people are ready to find new digs, mostly as renters, not owners. Plus, the foreclosure crisis continues unabated, and the millions losing their homes are looking for new places to live.

Apartment developers many not be able to keep up with this heightened demand, which will force prices upwards, according to Chris Macke, a real estate analyst with CoStar, which tracks multi-family housing trends.

“There will be an envelope of two or three years,” said Macke, “when the rise in demand for rentals will exceed the industry’s ability to meet it.”

Plus, Alford added, “there’s been a shift in the American Dream. We’re learning from our surveys that a huge proportion of people are choosing to rent.”

For full article, click <———< Here!

Troppe gets Hands on another Downtown Akron Building — “Thank Goodness!”


LANDMARK RESCUED

Tony Troppe renovating historic Kaiser Building for use as cafe, offices across from Canal Park

By Betty Lin-Fisher
Beacon Journal staff writer

Photo credits (Ed Suba Jr./Akron Beacon Journal)

A downtown Akron building whose last owner lost it to foreclosure after a failed attempt to sell it on eBay is getting new life under the eye of historic building renovator Tony Troppe.

Plans call for the Kaiser Building, across from Canal Park on South Main Street, to have a cafe or store in two slots on the first floor, offices on the second floor and a mix of offices and loft apartments on the third floor.

”I did not like that vacancy across the street from the ballpark,” said Troppe, who has renovated several historical buildings in downtown Akron. ”I felt for some time that a building of that stature should be brought back.”

Troppe said he wants to create ”a positive node of knowledge workers,” referring to downtown workers and students who soon will be living at the 22 Exchange Place project a few hundred feet away. He believes they will be looking for places to hang out, eat and work.

The building, believed to have been built in 1877, formerly housed a German-American Family Club and had a grand ballroom on the third floor with 18-foot-high ceilings.

Troppe envisions a world-cafe type of eatery on part of the main floor, with coffee, beer, food and live music. He also wants to create an outdoor eating area on a brick patio to the side or possibly a drive-through window. Troppe said he is in discussions with potential tenants and might run the cafe on his own, similar to Mocha Maiden on Maiden Lane off East Market Street.

Troppe, with private investors under the name Kaiser Hall Revival Group, bought the building from the mortgage lender after a sheriff’s sale for $365,000, according to public records. They have financed the project through Portage Community Bank.

The building’s previous owner, Jeremy Caudill and his company, JJC Investors Inc., had purchased it in 2005 for $650,000. But Caudill was unable to renovate the building or sell it, including an unsuccessful listing on eBay, before losing it to foreclosure for delinquent taxes and back payments to the lender.

The building, at 323 and 325 S. Main St., needed a lot of internal demolition, Troppe said. Crews began in March, and Troppe hopes to have the first floor done and open for business by fall.

FOR COMPLETE ARTICLE, CLICK HERE <—–

Now is the time when the sickly sharks start circling each other… Only the strong will survive.

Pulte Homes agrees to buy Centex in $1.3B deal

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By MICHELLE CHAPMAN and J.W. ELPHINSTONE, AP Business Writers

In a deal that will create the nation’s biggest homebuilder, Pulte Homes Inc. is buying Centex Corp. for $1.3 billion in stock as both companies try to survive the worst real estate recession in a generation.

The transaction, which also includes $1.8 billion of debt, will combine Pulte’s strength in active-adult and retirement housing with Centex’s hefty market share of first-time homebuyers.

The acquisition also will give Pulte large tracts of land in Texas and the Carolinas, two of the most resilient real estate markets. But Wall Street analysts are concerned about the risk of taking on so much land in other areas where home prices are still plummeting.

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The new company, which will keep the Pulte name and headquarters in Bloomfield Hills, Mich., will have cash reserves totaling $3.4 billion and pay off $1 billion in debt by the end of the year.

“We believe the combined companies will allow us to return to profitability quicker than a standalone. Secondly, the cash position allows us to pay down debt while at the same time provide ample liquidity for the future,” said Richard Dugas Jr., said Pulte’s president and chief executive, who retain those titles over the combined enterprise.

Centex’s chairman and chief executive, Timothy Eller, will become Pulte’s vice chairman and will also work as a consultant for two years following the acquisition’s completion.

The pairing of Pulte and Texas-based Centex comes at a time when homebuilders are still struggling to find their footing as credit remains tight and potential customers remain leery of buying a home in the face of rising unemployment. The industry in turn has attempted to stem the bleeding by drastically scaling back new construction and slashing prices to unload existing inventory.

Combining their operations the two companies will save about $350 million a year, including $250 million in overhead. There will be layoffs, but Dugas said it was too early to predict how many.
As part of the deal, Centex shareholders will receive 0.975 shares of Pulte common stock for each share of Centex that they own. The transaction is valued at $10.50 per Centex share based on Pulte’s Tuesday closing stock price of $10.77. That represents a 38 percent premium to Centex’s closing price of $7.62 Tuesday.

The companies called the deal a merger, but Pulte stockholders will own about 68 percent of the combined business and Centex shareholders will own the remaining 32 percent.

Shares of Centex soared $1.76, or 23 percent, to $9.38 in premarket activity, while Pulte stock sank 96 cents, or about 9 percent, to $9.81.
Centex had approximately 124.4 million shares outstanding for the quarter ended Dec. 31, 2008.

Pulte and Centex contend that the deal will help them capitalize on what the executives see as the beginning of a recovery in the housing market.

Last month the Commerce Department said new home sales climbed almost 5 percent from January to February, providing some hope that the sales may have reached a bottom.

Barack Obama announces Homeowner Stability and Affordability Plan

On February 18, 2009, President Obama announced his Homeowner Affordability and Stability Plan, designed to help up to 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages.

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This plan aims to assist homeowners who have maintained payments and are making earnest attempts to continue along the path. Rather then try to help a boater after they have fallen into the raging waters, this aims to give them a lifejacket and stabilize the boat beforehand.

The 3 main components of the plan, via http://realtor.org are as follows:

1. Government Sponsored Enterprises (GSEs) Refinancing for Up to 4 to 5 Million Responsible Homeowners with GSE loans to Make Their Mortgages More Affordable

2. A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners

3. Supporting Low Mortgage Rates By Strengthening Confidence in Fannie Mae and Freddie Mac

For a chart breakdown, visit this link.

Real Estate Agents v. Real Estate Consultants – (Is it Superman v. Clark Kent) or (A Chocolate Labrador v. A Yellow Labrador)

Real Estate Agents v. Real Estate Consultants – (Is it Superman v. Clark Kent) or (A Chocolate Labrador v. A Yellow Labrador)

I have recently been kicking around ideas as how to differentiate and set myself apart from others that I am so alike already… Professional and knowledgable Commercial Real Estate Agents who provide sound judgement, consistent passion and earnest service.

I have some initials after my name, but most are peripheral and add to the clutter of random initials. Does a potential client really care if the letters RSAG (“Really Super Awesome Guy”) are next to your name or do too many listed certifications mean “White Noise”.

In commercial there are only 2 or 3 designations that have much bearing on others and mostly the others are other agents/brokers in the industry. But I digress for now, this is another topic for a different day.

Where do the differences lie? Are you unique unto yourself?

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The underlying point is that it is not a large leap from an Agent to a Consultant, but there are some factors that a consultant must abide by to differentiate from an Agent.

Starting with a nonpartisan and open-minded approach to the client. This doesn’t mean that the consultant doesn’t care; but an unbiased approach is vital for true objectivity to decide if the consultant can assist (or wants to assist) the consumer in solving his real estate needs. By objectively summarizing the project, then the consultant can truly advise themselves and the client as to the prospect of achieving goals. The agent is driven to achieve the listing or sale here and usually a little biased by nature of the job.

A Real Estate Consultant surmizes the whole and not just the part of the whole. The Consultant must look deeper then simply the property and its charateristics but ultimately at the entire portfolio, debt, liabilities, etc, etc.. Whereas the agent may analyze the property both physically and financially, the whole of the parts is usually not obtained or needed for the job to be completed.

Finally, in preparing a plan of objectives and the path to attain those, the Consultant must layout primary and secondary options to accomplish the goals addressed. Whereas the agent usually is faced with the question of, “How do I sell this property?

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Create your own job? Pappas Realty Co. has Businesses 4 Sale.. Create your own future or continue someone elses success!

Currently, we have an upscale restaurant, a laundromat, a full service restaurant and banquet facility.

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Are you one of America’s recently downsized? Are you looking at your “options”? Should you be going down the traditional career path? You know, the one that includes a resume re-do, online job searching, and mega-trips to your local dry cleaner to get your business attire cleaned and pressed?

Or, are you one of America’s recently downsized, who is looking to gain some career control, and become your own boss?

Whatever path you are on, do you remember how this all started?

visit : Pappas Realty Co. to view opportunities

Cavs eye Jamison as deadline nears

Antawn Jamison is averaging 21.4 points and 9.1 rebounds this season.
AP

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With Amar’e Stoudemire unlikely to be dealt before Thursday’s trading deadline, the next-biggest thing is being attempted by the Cleveland Cavaliers — a surprise move at acquiring two-time All-Star forward Antawn Jamison from the Washington Wizards.

A deal for Jamison is far from being completed, according to league sources who described the Wizards as reluctant to move a team leader. The sources considered the proposal a sign that the Cavaliers have become more aggressive in trying to improve at the deadline for a title push this spring.

The Cavaliers have talked to the Wizards about offering Wally Szczerbiak’s expiring $13.8 million salary as payroll relief for the 32-year-old Jamison, who is on the books for $50 million through 2011-12. Jamison is averaging 21.4 points and 9.1 rebounds this season, and he would be a lethal scoring threat off the bench for Cleveland in an anticipated conference final against the defending champion Boston Celtics.

For full story, click here…

The Foreclosure Identity…starring Banks and How they are making things Worse!

The bad mortgages that got the current financial crisis started have produced a terrifying wave of home foreclosures. Unless the foreclosure surge eases, even the most extravagant federal stimulus spending won’t spur an economic recovery.

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The Obama Administration is expected within the next few weeks to announce an initiative of $50 billion or more to help strapped homeowners. But with 1 million residences having fallen into foreclosure since 2006, and an additional 5.9 million expected over the next four years, the Obama plan — whatever its details — can’t possibly do the job by itself. Lenders and investors will have to acknowledge huge losses and figure out how to keep recession-wracked borrowers making at least some monthly payments.

So far the industry hasn’t shown that kind of foresight. One reason foreclosures are so rampant is that banks and their advocates in Washington have delayed, diluted, and obstructed attempts to address the problem. Industry lobbyists are still at it today, working overtime to whittle down legislation backed by President Obama that would give bankruptcy courts the authority to shrink mortgage debt. Lobbyists say they will fight to restrict the types of loans the bankruptcy proposal covers and new powers granted to judges.

The industry strategy all along has been to buy time and thwart regulation, financial-services lobbyists tell BusinessWeek . “We were like the Dutch boy with his finger in the dike,” says one business advocate who, like several colleagues, insists on anonymity, fearing career damage. Some admit that, in retrospect, their clients, which include Bank of America (NYSE:BAC – News), Citigroup (NYSE:C – News), and JPMorgan Chase (NYSE:JPM – News), would have been better off had they agreed two years ago to address foreclosures systematically rather than pin their hopes on an unlikely housing rebound.

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For full article, visit this link… http://news.yahoo.com/s/bw/20090213/bs_bw/0908b4120034085635;_ylt=AtWsJftLkHmVUS64jGxOxMayBhIF

30 topics to focus on in your blog

“Should we have a property blog?”

Blogging isn’t for everyone, but I think there are lots of reasons why the answer is absolutely YES.

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If you have a property blog, or if you’ve thought about writing one, but don’t think you have enough ideas to write about, here are 30 ideas to get you started:

1. How to get the most from our property management team.
2. Recommend an improvement to our community.
3. What kinds of community events would interest you most?
4. Exciting updates or changes coming in future months.
5. How to decorate a small space.

6. Upcoming events, coupons and offers for the next two weeks.
7. A little bit about us.
8. Best kept secrets in our neighborhood.
9. Best place to get a beer, find home accessories, watch the fireworks, etc.
10. Photos from this month’s community party or meetup.
11. Video: A day in the life of our service technicians. (You could also post this on your Careers page.)
12. Our residents rock!
13. We support these causes/non-profits, and here’s why.
14. Tips to lower your utility bills. (You could interview someone from the local utility company.)
15. Have you seen our community garden, dog park, fitness room, whatever.
16. How we handle your disputes or complaints.
17. Anything that builds on a recent piece in your resident newsletter. (Use this both ways — promote recent blog posts in your newsletter.)
18. How to handle a difficult neighbor.
19. Can you recommend a better process for this?
20. We’re sorry, and here’s how we’ll handle things next time.
21. Report from our resident community review board.
22. We hate to see you go, but if you have to leave, here are some tips when preparing for move-out. (Too much?)
23. Need to talk to us? Friend us on Facebook (or Myspace, or Twitter or… You get the point.)

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Click on link below picture of city for original story.

Photog Friday or Star Trek Warp Entrance!

This is a picture of the walkway crossing over Bowery St in downtown akron. You can see the original and the edited version.

I used picasa 3 for this and have been enthused with the results now and in the past with Picasas capabilities.

I used to utilize Dell, but after a while all the normal services were unavailable and locked down, so HELLO Picasa!

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