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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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Amazing Amenities
New Jersey is known for having some of the very best urban opportunities in the
world—among the best colleges and schools, museums and libraries, as well as some of
the finest parks, the most interesting architecture, the most intriguing mix of
diverse people, and among the very best collection of historic sites in the
nation. For residents, seeing that view on a daily basis does not come cheap.
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The 2013 Market Forecast
While the housing market seems to have picked itself up off the canvas from the
doldrums of the recession that affected the economy from 2006-2010, New Jersey
suffered a crippling knockout from Superstorm Sandy, a hurricane that hit the
Caribbean and the Northeast October 22-31, 2012.
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The Debate Rages On
Concern over health, the environment, and an evolving legal landscape has
prompted a number of condo and co-op boards in communities across New Jersey to
ban cigarette smoking not only in common outdoor areas but in individual units.
This restriction has ignited a heated debate over health/nuisance vs.
individual rights, and both sides can be vehement in advocating for their
position.
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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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Green by Committee
Green truly is the new black in the Garden State. As more and more condos and
HOAs look to save money as expenses rise, more and more boards and unit owners
are exploring ways to incorporate “greening” into their building community.
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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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