Real Estate News – California Sunset Team http://californiasunsetteam.com/ Thu, 26 May 2022 01:53:46 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://californiasunsetteam.com/wp-content/uploads/2021/09/californiasunsetteam-icon-120x120.jpg Real Estate News – California Sunset Team http://californiasunsetteam.com/ 32 32 Propy launches Title & Escrow on Blockchain and closes the loop by enabling end-to-end door-to-door sales online https://californiasunsetteam.com/propy-launches-title-escrow-on-blockchain-and-closes-the-loop-by-enabling-end-to-end-door-to-door-sales-online/ Thu, 26 May 2022 00:39:00 +0000 https://californiasunsetteam.com/propy-launches-title-escrow-on-blockchain-and-closes-the-loop-by-enabling-end-to-end-door-to-door-sales-online/ Click, click, close For decades, the real estate industry has been talking about the idea of ​​transactions that are simpler, more automated, more transparent and with fewer dependencies and people involved. So far, only parts of the transaction have been fully digitized, taking advantage of algorithms and automation. Propy adds title and escrow services to […]]]>

Click, click, close

For decades, the real estate industry has been talking about the idea of ​​transactions that are simpler, more automated, more transparent and with fewer dependencies and people involved. So far, only parts of the transaction have been fully digitized, taking advantage of algorithms and automation.

Propy adds title and escrow services to its platform, follows the company’s overall vision of a click-to-close reality for buyers and sellers.

“We had already built the next-generation closeout platform where smart contracts play the role of escrow and the title is registered on the blockchain,” said Propy founder and CEO. Natalia Karayaneva. “The launch of escrow and securities now brings us closer to our dream of closing more and more transactions in a secure blockchain environment.”

The company plans to make title and escrow services available in all states within 24 months.

The Propy platform has facilitated $4 billion value of real estate transactions in the United States

Real estate agents use Propy’s platform to manage offers and transactions, and allow their clients to see in real time what is happening with their purchase or sale.

“One of the biggest challenges in the title and escrow industry is electronic fraud. With blockchain technology and security, electronic fraud is virtually impossible,” said Anna AtencioCEO of Propy Title, “Imagine the benefit to all parties of a transaction having full transparency of what is being delivered at every stage of the transaction, and the deed being recorded both on the blockchain and with the county local.”

Opening the door to crypto and NFTs

Another innovative aspect of Propy’s technology is its ability to facilitate transactions using both traditional means (cash and mortgages) and modern forms of payment and ownership like cryptocurrency and non-fungible tokens (NFTs). ).

In February and March, Propy sold the first real estate NFTs in the United States

“We’ve eliminated the ‘worry and wonder’ associated with the buying process,” says Karayaneva. “Because the process is transparent, interested buyers and their agents were able to see bid activity and adjust their bids accordingly. They were able to complete a transaction instantly.

Propy Title handles both wire and ACH dollar payments, and crypto payments, and provides live close tracking.

Propy recommends consumers to real estate agents who use the Propy closing platform without charging a referral fee and is launching a new consumer app and a new agent app in September.

For more information about Propy, visit www.propy.com
To request a quote for title and escrow services, visit www.prorytitle.com

About Propy

Propy, founded in Silicon Valley, is on a mission to revolutionize the process of selling residential real estate. The company’s blockchain innovation eliminates inefficiencies, streamlines everything from offering to title registration, records everything securely, and allows buyers and sellers to use traditional financing, dollar payments or cryptocurrency, or NFT-ed property sales. The company has processed $4 billion in transactions and recorded them on the blockchain.

Audie Chamberlain
310.562.5114
[email protected]

SOURCE Propy

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Ryan Serhant hits back at reality TV critics https://californiasunsetteam.com/ryan-serhant-hits-back-at-reality-tv-critics/ Mon, 23 May 2022 22:01:00 +0000 https://californiasunsetteam.com/ryan-serhant-hits-back-at-reality-tv-critics/ Ryan Serhant and Bess Freedman (iStock, artwork by Kevin Cifuentes for The Real Deal) Ryan Serhant pushes back on Brown Harris Stevens CEO Bess Freedman’s claims to The real deal New York City Showcase + Forum last week that reality TV shows are hurting the public’s perception of the real estate industry. Sharing a panel […]]]>

Ryan Serhant and Bess Freedman (iStock, artwork by Kevin Cifuentes for The Real Deal)

Ryan Serhant pushes back on Brown Harris Stevens CEO Bess Freedman’s claims to The real deal New York City Showcase + Forum last week that reality TV shows are hurting the public’s perception of the real estate industry.

Sharing a panel with Scott Durkin, CEO of Douglas Elliman, and Serhant, who has starred on “Million Dollar Listing New York” since its inception in 2012, Freedman said TRD‘s Hiten Samtani that “reality TV is very deflating for what we do because I think it makes it feel effortless.”

“It makes the consumer think that all you have to do is look cute, have a fancy car and boom – you can get a deal,” she said.

Freedman elaborated into a story published by Inman Friday, arguing that real estate reality shows could open the industry up to closer scrutiny.

“The real estate industry is under attack from lawmakers over the commission structure,” Freedman told the publication. “And I think these shows perpetuate a myth that real estate is glamorous, get-rich-quick, easy, and that’s why it’s kind of right to go after real estate professionals.”

Freedman also attacked the “over-sexualization of women in shows like ‘Selling Sunset'”.

“They’re all women with very short skirts, their breasts are sticking out, sometimes they don’t even have [pants] down,” she told Inman. “What does this say to women who want to get into the real estate business?”

In a five-minute “raw response” video posted to his Instagram page on Sunday night, Serhant argued that real estate reality shows have benefited the industry by encouraging young people to get into them.

He went on to say that legacy companies like BHS and Elliman, which he seemed to compare to AOL and Blockbuster, are ill-equipped to take advantage of the opportunities created by reality television and “a bit scared”.

Shows like “Million Dollar Listing New York” have “put the idea that being a real estate agent … is something you can do for anyone to millions and millions of people,” Serhant said. “It made the estate agent business more diverse, made it more open to more groups of people and made it something young people would really want to do.”

Serhant went on to say that reality shows “triggered the future of sales” by ushering in a content-based approach to selling goods and building brands around agents.

“We have 20 months, building the business of the future, competing against companies that have been around for hundreds of years or have billions of dollars, or both, and we’re super competitive. And people are a little scared,” he said.

Brown Harris Stevens did not immediately respond to a request for comment.

Legacy brands have a presence on reality television, including through one of Serhant’s longtime “Million Dollar Listing” costars, Douglas Elliman’s Fredrik Eklund, who announced in January that he was leaving the show. after 11 years. Elliman alone has had 17 additional agents on reality shows.

Serhant, who started his real estate career in 2008 with Nest Seekers International, rose to fame in 2010 when he was chosen for “Million Dollar Listing New York”. In 2015, Serhant’s exclusives accounted for more than half of Nest Seekers listings, and in 2016 it ranked second in The real deal ranking of the best brokers in Manhattan by sales volume.

He left Nestseekers in 2020 to start his own business, which ranked 11th on TRD2021 brokerage ranking in Manhattan. Serhant himself ranked fourth among the top individual brokerage teams in the borough.

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Lack of inventory slows Cape Cod real estate sales https://californiasunsetteam.com/lack-of-inventory-slows-cape-cod-real-estate-sales/ Sun, 22 May 2022 09:18:03 +0000 https://californiasunsetteam.com/lack-of-inventory-slows-cape-cod-real-estate-sales/ Latest titles Lack of inventory slows Cape Cod real estate sales HYANNIS – The Cape Cod & Islands Association of Realtors has released its latest figures for Cape… Memorial Day travel levels set to rebound HYANNIS — Memorial Day weekend travel volume is expected to rebound this year, with levels near… Sunday photo report: Yard […]]]>

Latest titles

Lack of inventory slows Cape Cod real estate sales

HYANNIS – The Cape Cod & Islands Association of Realtors has released its latest figures for Cape…

Memorial Day travel levels set to rebound

HYANNIS — Memorial Day weekend travel volume is expected to rebound this year, with levels near…

Sunday photo report: Yard art

All photos by Jane Sheehy Emplit/CWN The Post-Sunday Photo Essay: Yard Art appeared first on CapeCod.com.

Woman suffers severe burns in Dennis home explosion

DENNIS – At 5:15 a.m. Saturday, the Dennis Fire Department responded to a structure fire at 143…

BREAKING: EXPLODED WOMAN, BURNT LIGHTING, GAS STOVE… [HN PHOTOS]

SOUTH DENNIS – [DEVELOPING] – A woman was burned early this morning – Saturday May 21, 2022…

*** WATCH *** HYANNIS BOMB SHARE… RTE. 28 COMPLETELY ARRESTED FOR HOURS… 29 YEARS…

HYANNIS – A 29-year-old man from Oak Bluffs has been taken into custody by Mass State Troopers. on Martha’s…

*** WATCH *** HYANNIS BOMB SHARE… RTE. 28 COMPLETELY ARRESTED FOR HOURS… 29 YEARS…

HYANNIS – A 29-year-old man from Oak Bluffs has been taken into custody by Mass State Troopers. on Martha’s…

*** WATCH *** HYANNIS BOMB SHARE… RTE. 28 COMPLETELY ARRESTED FOR HOURS… 29 YEARS…

HYANNIS – A 29-year-old man from Oak Bluffs has been taken into custody by Mass State Troopers. on Martha’s…

» The headlines of the day’s news 22/05/2022

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ZAPOLSKI REAL ESTATE FIRST STREET NAPA PROPERTY SEES 129% INCREASE IN RETAIL TRAFFIC IN 2021 https://californiasunsetteam.com/zapolski-real-estate-first-street-napa-property-sees-129-increase-in-retail-traffic-in-2021/ Fri, 20 May 2022 17:00:00 +0000 https://californiasunsetteam.com/zapolski-real-estate-first-street-napa-property-sees-129-increase-in-retail-traffic-in-2021/ With 26 new leases since 2020, the property is approaching 90% occupancy New tenants include Grammy-winning artist John Legend’s LVE Lounge wine collection, Anthropologie, Chateau Buena Vista, Vineyard 29 and Todd Humphries’ kitchen door NAPA, Calif., May 20, 2022 /PRNewswire/ — Zapolski Real Estate today announced that retail traffic grew 129% for TTM 2021 at […]]]>

With 26 new leases since 2020, the property is approaching 90% occupancy

New tenants include Grammy-winning artist John Legend’s LVE Lounge wine collection, Anthropologie, Chateau Buena Vista, Vineyard 29 and Todd Humphries’ kitchen door

NAPA, Calif., May 20, 2022 /PRNewswire/ — Zapolski Real Estate today announced that retail traffic grew 129% for TTM 2021 at its Napa First Street commercial building located downtown Napa. Zapolski redeveloped Napa First Street as a “destination experience” concept. With a total of 26 leases signed since 2020 and to date, Napa First Street will reach approximately 90% occupancy by this fall. The property continues to see extremely strong demand from national and local commercial tenants as travel to Napa Valley continues to increase.

Zapolski Real Estate announced new and expanded leases to its Napa First Street goods:

  • lululemon doubles the size of its current footprint to 4,773 square feet to create a vibrant retail presence along First Street downtown Napa which will open in September

  • Grammy-winning artist John Legend’s Legend Vineyard Exclusive (LVE) wine collection, known as the LVE Lounge, will open in late fall

  • Napa favorite restaurant Compline is expanding its presence after signing a second 1,845-square-foot lease for its first-ever Compline Wine Shop and opening in October

  • Chief Todd Humphries’ Opening of the Kitchen Door restaurant June 7

  • Mecox has moved to a new permanent suite at 1300 First Street

  • State & First opened in a new, modernized location

  • Habituate moves to a new, upgraded, permanent suite at 1300 First Street

  • Mason Verbena leases 1,970 square feet, opens July

  • VonSaal ADJUNKT has signed a lease for 2,573 square feet and opens in August

  • Brown Estate Winery has signed on for a second location taking up 1,626 square feet and opens in October

  • Michael McDermott Selected Works Gallery Leases 1,883 Square Feet, Opens June

“We are seeing very strong and sustained retail traffic as a local Napa consumers and tourists are resuming shopping, travel and vacation activities,” said Todd Zapolski, Principal Member and Manager, Zapolski Real Estate LLC. “We are thrilled to host so many national and local retail stores, tasting lounges, entertainment, art and hospitality venues that elevate the ‘destination experience’ concept we offer to our Napa First Street patrons.”

In March 2022Zapolski Real Estate announced a new relationship with di Rosa Center for Contemporary Art to showcase art and sculpture installations in the new “Artist Alley at Napa First Streetas part of a program for visitors to celebrate the arts.

Since the end of 2017, Napa First Street revitalized the retail experience in the historically quiet downtown Napa region. Today, Napa First Street is the hottest new must-visit destination for retail, food and beverage in Napa Valley and offers an immersive experience that includes cultural art exhibits, outdoor entertainment, and more. The property was developed by Zapolski Real Estate LLC in cooperation with Trademark Properties.

About Zapolski Real Estate
Zapolski Real Estate LLC is a privately held, fully integrated real estate investment, development and management company with a geographic focus on the East Coast and Northern California. The company was founded by a real estate veteran Todd C. Zapolski. The Company is focused on the acquisition, development and redevelopment of commercial, office, multi-family and mixed-use properties. We seek opportunities that maximize the use of our equity resources, sources of debt, expertise and capabilities. To visit www.zapolskire.com and www.firststreetnapa.com.

Media Contact:
Alfred Leach
alfred.leach@leachadvisors.com

Quote

Show original content:https://www.prnewswire.com/news-releases/zapolski-real-estate-first-street-napa-property-sees-129-jump-in-retail-traffic-over-2021-301552190.html

SOURCE Zapolski Real Estate

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EQT Exeter enters the UK student accommodation market https://californiasunsetteam.com/eqt-exeter-enters-the-uk-student-accommodation-market/ Wed, 18 May 2022 13:00:35 +0000 https://californiasunsetteam.com/eqt-exeter-enters-the-uk-student-accommodation-market/ Bath student accommodation community. Image courtesy of EQT Exeter EQT Exeter entered the UK student accommodation market with the acquisition of six communities across the country. The company is acquiring these student accommodations through its EQT Real Estate II fund. The acquisitions are two separate transactions where the sellers are subsidiaries of Watkin Jones PLC […]]]>

Bath student accommodation community. Image courtesy of EQT Exeter

EQT Exeter entered the UK student accommodation market with the acquisition of six communities across the country. The company is acquiring these student accommodations through its EQT Real Estate II fund. The acquisitions are two separate transactions where the sellers are subsidiaries of Watkin Jones PLC and Tidal construction.

The acquisition totals 2,313 beds, of which 1,059 will be developed by Watkin Jones with deliveries scheduled during 2023 and 2024. As for the completed communities, they are fully occupied. All student accommodation is centrally located in leading university towns across the UK

The portfolio is divided into five assets totaling 2,063 beds acquired from Watkin Jones and 250 beds from a community of Tide Construction. Watkin Jones’ acquisitions are located in Bath, Nottingham and Bristol in England; Swansea in Wales; and Glasgow in Scotland, three of which are currently under construction. Once completed, Fresh, Watkin Jones’ in-house operator, will manage the five properties on behalf of EQT Exeter.

The Tide Construction community, Great Court, is located in South Bermondsey, London, and is close to all of the city’s top universities. Community amenities include a 24/7 reception, gym, study space, courtyard, cinema and lounge. Great Court reached full occupancy after opening in 2021 and is currently managed by RCMP.

EXPAND ITS EUROPEAN PORTFOLIO

While EQT Exeter’s student accommodation portfolio already includes properties in Spain and Ireland, this latest acquisition is the company’s first entry into the UK student accommodation market. Its European student housing stock now totals 5,222 beds.

EQT Exeter said it plans to continue its strategy of acquiring student accommodation in leading university towns across Europe which are experiencing severe supply shortages. The company said it sees significant growth potential in the sector and has a strong pipeline of additional acquisition opportunities in European markets. Earlier this month, EQT Exeter also acquired US residential property investment manager Redwood Capital Group.

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New York company buys land in Warehouse District in downtown Raleigh https://californiasunsetteam.com/new-york-company-buys-land-in-warehouse-district-in-downtown-raleigh/ Mon, 16 May 2022 20:18:26 +0000 https://californiasunsetteam.com/new-york-company-buys-land-in-warehouse-district-in-downtown-raleigh/ A 1.3-acre lot in downtown Raleigh sold for nearly $21 million, making it one of the most expensive purchases in city history by square footage at more than 15 .5 million per acre. New York-based Tidal Real Estate Partners has purchased five parcels in the Warehouse District, just south of CAM Raleigh, and aims to […]]]>

A 1.3-acre lot in downtown Raleigh sold for nearly $21 million, making it one of the most expensive purchases in city history by square footage at more than 15 .5 million per acre.

New York-based Tidal Real Estate Partners has purchased five parcels in the Warehouse District, just south of CAM Raleigh, and aims to finalize plans for the property later this year.

The site, northwest of Harrington and Davie streets, was rezoned in early 2020 to allow development of up to 40 stories.

“We are excited about the growth of downtown Raleigh and intend to maintain a long-term presence here,” Mick Walsdorf, CEO of Tidal Real Estate Partners, said in a press release announcing the purchase. “We’ve had our sights set on the Warehouse District for a while. This particular site occupies an important corner of the neighborhood and benefits from a frontage and zoning that allows the design of a first-rate project.

Parts of the land are vacant, but the Raleigh Founded coworking space, Circa 1888 bar, and Gracie Raleigh Martial Arts School are all located on the property.

This is the third major downtown development that Tidal has undertaken in Raleigh.

Earlier this year, the company revealed it planned to replace the circular Holiday Inn on Hillsborough Street with a 20-storey tower containing luxury hotel rooms, apartments and a restaurant.

They also asked the city to rezone two parking lots at East Lenoir and South Wilmington Streets to accommodate a 20-storey mixed-use development. This request will be presented to the Planning Commission next week.

Commercial real estate firm CBRE Raleigh represented the sellers of the properties, two LLCs with a handful of downtown holdings.

“Over the past year, we have completed more than $260 million in land deals in the Triangle,” the company’s executive vice president, Chester F. Allen, said in a press release. “I believe this is one of the highest prices, if not the highest, ever sold in our area.”

Raleigh News & Observer related stories

Mary Helen Moore covers real estate and business for The News & Observer. She grew up in eastern North Carolina and attended UNC-Chapel Hill before spending several years working at newspapers in Florida. Outside of work, you might find her riding her bike, reading, or tending to plants.

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Two years later, real estate is booming | The Riverdale Press https://californiasunsetteam.com/two-years-later-real-estate-is-booming-the-riverdale-press/ Sun, 15 May 2022 05:05:00 +0000 https://californiasunsetteam.com/two-years-later-real-estate-is-booming-the-riverdale-press/ By JOSEPH DE LA CRUZ The housing market has been one of the few successful industries since the pandemic began in March 2020. While many have migrated to states like Florida, Texas and Georgia, New York’s housing market has seen a surge in inventory and an even bigger jump in sales. Two years later, one […]]]>

By JOSEPH DE LA CRUZ

The housing market has been one of the few successful industries since the pandemic began in March 2020.

While many have migrated to states like Florida, Texas and Georgia, New York’s housing market has seen a surge in inventory and an even bigger jump in sales.

Two years later, one wonders how the housing market is doing now that the world is learning to live with the virus and move on.

If you thought inflation, rising gas prices and a Ukrainian-Russian war would slow down the housing market in the region, you were wrong.

At least that’s what some real estate experts and data might suggest.

“In the 50 years of our business, this is by far the strongest sales market we’ve had, both in terms of volume and price,” said Pamela Trebach, Associate Licensed Real Estate Broker. of Trebach Realty Inc. “I haven’t noticed a drop in sales. In fact, homes that are priced appropriately sell immediately. We sell properties even before they are listed.

But why is real estate doing so well when every other industry seems to be struggling? Trebach thinks it could be a combination of the right things happening at the right time.

“Since the lockdown, there has been a surge of buyers with renewed confidence fueled by the surging labor market and historically low interest rates that only recently started to rise,” Trebach said. “Rents have increased dramatically in Manhattan, and that generally benefits Riverdale in terms of people looking for more reasonable rents and more space, not to mention anyone deciding it’s finally time to buy. “

The market could be in a buying frenzy triggered by events following the pandemic, particularly employees working from home. But Trebach is convinced that’s not the only reason homes are still selling, even at higher prices.

In fact, the realtor pointed out that some features homebuyers were looking for during the height of the pandemic are no longer as highly desired as they were just a year ago.

“As more and more people return to work in their offices, the focus on flexible home workspace has diminished somewhat,” she said. “And there is less talk about the appeal of locking things like patios with heaters. And during screenings, people are no longer concerned about sanitizing and masking and (the) fear of getting on elevators with other people.

It’s a signal that “working from home” isn’t as influential as it once was when buyers considered the value of a home.

Many buyers still want the many features of a home, whether or not it is “pandemic proof”.

“Last year there was a lot more emphasis on Zoom Rooms (for virtual meetings), home gyms, distance learning, and swimming pools,” Trebach said. “Buyers and renters were looking for apartments and houses that not only offered an additional home office, but in many cases two. It’s always like that. »

It’s not just a trend that Trebach Realty is experiencing. Other real estate agencies say the same thing.

For example, the Douglas Elliman report states in its first quarter report that “overall price and sales trends have continued to rise” despite all the economic problems the country is currently facing.

In fact, data from Elliman showed that the number of sales in the region increased each year for the fifth consecutive quarter.

Like the trend in this data, listing inventory also rose year-over-year for the sixth time in seven quarters.

These trends continue to rise even though the last decline in the year-over-year median selling price was in the third quarter of 2020, according to the Elliman report.

These trends continue to rise even though the last time the median selling price declined year-over-year was in the third quarter of 2020, when it was $300,000, according to the report. Elliman.

This year, median sale prices are up to $330,000, up 1.2% from the same period last year. However, they fell nearly 10% from March, when the median price was $365,000.

However, increased sales throughout the Bronx, unlike the greater Riverdale area, caused home sales to decline slightly by just over 1%, according to NYSAR.

It’s a trend that makes the Riverdale area a standout in the housing market within the borough.

“I think real estate in Riverdale has been very successful during the pandemic because buyers have been able to find properties that offer more indoor and outdoor space than they would find in Manhattan, Brooklyn and Queens,” said said Trebach.

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Judge ends Oregon ban on real estate ‘love letters’ https://californiasunsetteam.com/judge-ends-oregon-ban-on-real-estate-love-letters/ Thu, 12 May 2022 23:08:07 +0000 https://californiasunsetteam.com/judge-ends-oregon-ban-on-real-estate-love-letters/ A federal judge ruled Wednesday that Oregon’s law banning real estate “love letters” is unconstitutional. The law, approved by the Oregon Legislature in 2021, prohibited real estate agents from accepting any communications from potential buyers other than “customary documents.” Oregon was the only state with such a law, which was intended to prevent discrimination between […]]]>

A federal judge ruled Wednesday that Oregon’s law banning real estate “love letters” is unconstitutional.

The law, approved by the Oregon Legislature in 2021, prohibited real estate agents from accepting any communications from potential buyers other than “customary documents.” Oregon was the only state with such a law, which was intended to prevent discrimination between sellers when deciding who will buy their home.

Total Real Estate Group, a Bend-based company, sued Oregon Attorney General Ellen Rosenblum and Real Estate Commissioner Steve Strode, arguing the law violated the First Amendment.

Attorney Daniel Ortner, who represented the company, said the letters could really help disadvantaged buyers.

“Buyers who may not be able to compete on things like the amount of money they can offer [as a down payment]”, Ortner said. “It gives them a chance to compete because they can explain why they like the house.”

File: A Bend, Oregon, house for sale.

David Nogueras/OPB

In March, District Judge Marco A. Hernández temporarily suspended enforcement of the law with a preliminary injunction on the grounds that it was “probably” unconstitutional. Hernández came to a final conclusion this week with a consent decree announcing that the law violates the First Amendment.

Housing prices in Portland and across the country have risen dramatically over the past few years, forcing buyers to take drastic measures – like writing “love letters” or skip building inspections — gain the upper hand in a competitive market. In Portland, the median home price was around $450,000 in April 2020, according to real estate brokerage firm Redfin. In two years, it has grown to $565,000, with homes remaining on the market for an average of five days.

Some economists expect house prices to cool in some parts of the country.

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Resident Property Assessments Rise 11% in Lake Placid | News, Sports, Jobs https://californiasunsetteam.com/resident-property-assessments-rise-11-in-lake-placid-news-sports-jobs/ Wed, 11 May 2022 04:17:20 +0000 https://californiasunsetteam.com/resident-property-assessments-rise-11-in-lake-placid-news-sports-jobs/ LAKE PLACID – This year’s provisional property assessment rolls are now complete in the Town of North Elba and the Village of Lake Placid, and the rolls show that property values ​​in local residential areas have increased by 11% over the past of the last year. The city sent out assessment change notices […]]]>

LAKE PLACID – This year’s provisional property assessment rolls are now complete in the Town of North Elba and the Village of Lake Placid, and the rolls show that property values ​​in local residential areas have increased by 11% over the past of the last year.

The city sent out assessment change notices during the last week of April, according to assistant assessor Deb Mueller, putting new assessments in the hands of most homeowners earlier this month. People can view the Tentative Assessment Rolls online at https://co.essex.ny.us/2022TentativeRolls.asp.

City assessor Todd Anthony said the increase in assessment values ​​this year was an unnatural jump from recent years. For example, in 2021, residential property assessment values ​​increased by 6%. Mueller said the pandemic-related housing boom is the main driver for the bigger increase this year.

The higher than usual increase is not isolated to Lake Placid – some other residential areas in Essex County, such as Keene, Wilmington and Jay, saw residential property values ​​increase by 11% or more, according to Mueller. Anthony expects the uptrend to eventually dip, but he said it’s hard to determine when that might happen.

Anthony said he’s heard from residents who are concerned that their taxes will rise with the value of their property assessment. While this may be the case, according to the state Department of Tax and Finance, your assessment could also go up while your taxes go down or stay the same. Assessment values ​​are not taxes — taxes are based on assessment values.

How is the property valued?

Anthony said he was valuing the property by doing a cost analysis – estimating what it would cost to buy a plot of land and get it ready to build a house on. If there is a building or house on the property, Anthony said he depreciates the value of the property based on the age of the building, taking into account whether the building has been rehabilitated or not and handed over at nine.

After performing a cost analysis, Anthony said he was performing a comparable sales analysis. It compares properties with a certain style and quality in a certain neighborhood to similar properties that have recently sold in similar areas. It’s easy to appraise recently sold homes, Anthony said, because the home’s market value was only determined by the buyer.

Anthony said people told him they felt distinguished by their increased ratings. He said he was trying to be fair looking at all the plots in town.

“I don’t take it out on individuals” Anthony said, “I look at real estate and think, ‘How much would that sell for? “”

Rating level

The city’s assessment level, or the link between the estimated property value and the market value of the property, remained at 100% of market value “for decades,” said Anthony. Assessing properties at 100% of market value is important because it helps people better assess the accuracy and fairness of their appraisals, according to the state Department of Tax and Finance.

Although this year wasn’t meant to be a full assessment of valuations, Anthony said it ended up being a full reassessment because the real estate market has been so “warm.” He said so much had changed in the market that this year he wanted to value properties with a “finer tooth comb” instead of “slap on a percentage and call it a day.”

Anthony said that if he hadn’t reassessed town and village properties this year, the assessment level could drop from 100% of market value and the state would issue municipalities an equalization rate to bring their appraisals at full market value. If properties were not reassessed this year and assessments were only at 88% of their value, it could be harder for people to determine whether they are being taxed fairly or not.

Assessments vs Taxes

The property taxes you pay begin with the budgets passed in your local school district, municipality, and county by your school boards, town and village councils, and the county legislature. When these councils pass a budget, they determine how much they will collect in property taxes from local ratepayers – called a tax levy – for that fiscal year. The amount that councils can increase a tax levy from year to year is determined by a state-issued tax cap, which is the percentage increase allowed in taxes collected – usually around 2%.

The rate at which a person is taxed is determined by dividing a budget’s tax levy by the total land value of that municipality or district. For example, the Lake Placid Central School District is proposing to collect $16,675,694 in taxes during the 2022-2023 school year. When this levy is divided by the total land value of the district, you get a tax rate of $6.86 per $1,000 of assessed value. A school district taxpayer might calculate their property taxes by multiplying the tax rate by the total assessed value of their property.

Assessed property values ​​move with tax levies, Anthony said, so when assessed values ​​and tax levies rise together, property taxes remain more stable. If Anthony hadn’t reassessed the properties this year, he said, people’s taxes would have gone up by the percentage their school district, county and municipality’s tax increases year over year — the tax ceiling adopted in the budgets of these communities.

Anthony said if your assessment increases this year by more than the average city and town assessed value increase — which he says was 8.6% — you could see an increase in your taxes. You can determine if your rating has increased by more than 8.6% by finding the percentage difference between your previous rating and your new rating. For example, if your home was reassessed at $125,000 and your previous assessment was $100,000, your assessment has increased by 20% and you may see an increase in taxes. If your assessment has increased by a percentage equal to or less than the city’s average increase, Anthony said, you might see no change or a decrease in your taxes, respectively.

Why the increase?

Anthony said that on average residential property valuations have risen 11% this year; the value of vacant land increased by 10%; and trade values ​​increased by 3%. It is across from the town of North Elba and the village of Lake Placid, which includes the hamlet of Ray Brook and parts of the village of Saranac Lake.

Antoine said he “With all my heart” believes that the pandemic-related housing boom has contributed to the rise in valuation values. Strong real estate demand and weak supply have caused market prices to skyrocket during the pandemic. As the number of completed sales begins to decline — an April report from the New York State Association of Realtors showed sales have fallen 7.1% over the past year — average sale prices continue to decline. increase by more than 17%, and the houses for sale remain on the market for fewer and fewer days. NYSAR’s report shows that over the past year, buyers have paid an average of about 0.2% above 100% of market value.

“You have to understand that we are evolving in an active and changing real estate market”, said Anthony. “And I think it’s quite obvious that it’s a growing market.”

Anthony added that pandemic-related inflation on building materials and labor also contributed to the rise in valuations.

Antoine said a “large portion” of new buyers have non-local postcodes. He said some of these people are buying second homes and “evacuation pads”, while others move here. Anthony said it would be a “a bullet in the dark” to estimate the percentage of non-local buyers and how they use the properties.

Anthony also said some people come to the area specifically to buy properties for STR to use. He said they find undervalued plots, buy them, prime them for rental and continue the model with other properties as an investment strategy. When a property is restored to like-new condition, its appraisal value may increase.

For example, this could be the case with an STR conversion that is currently before the Lake Placid-North Elba Review Board. A New York-based property management company, Stay at Lina, wants to convert an old shed on Cascade Road into a two-story, eight-bedroom single-family home for use as an unhosted STR.

Anthony said the growing presence of short-term vacation rentals in the town and village is not to blame for the rise in ratings, but he said it was a factor. A single-family home used as an STR is still a single-family home and would be assessed that way, he added.

Challenge your assessment

Reviewers are required to make appointments to hear people’s complaints and feedback about their reviews, which Anthony is doing this week. Mueller said Anthony’s appointments are full, although people who wish to challenge their rating or are unhappy with their appointment with Anthony can complain to the Ratings Review Board. Council is scheduled to meet Tuesday, May 24 from 1-4 p.m. and 6-9 p.m. at North Elba Town Hall to hear assessment complaints. People who wish to file their grievance before the board must make an appointment by calling the assessor’s office at 518-523-1975.

The Appraisal Review Committee is made up of three people who hear people’s appraisal concerns independently of the appraiser. The council assesses any evidence someone may provide showing that their property has been assessed incorrectly, and the council makes the decision to deny, grant or compromise the person’s request for a re-assessment. If someone is still unhappy with their appraisal value after that, Anthony said, they will take their case to small claims appraisal review.

People can learn more about grief from their reviews at https://tinyurl.com/2p97434y.



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Cambridge Associates touts pop-up real estate opportunity in China https://californiasunsetteam.com/cambridge-associates-touts-pop-up-real-estate-opportunity-in-china/ Mon, 09 May 2022 04:00:00 +0000 https://californiasunsetteam.com/cambridge-associates-touts-pop-up-real-estate-opportunity-in-china/ In an environment where asset owners increasingly say they are looking for fast-moving, time-limited opportunities to secure investment gains, Adji said Chinese property companies now did the trick. With tens of billions of dollars in debt maturing and the region’s major banks constrained in their ability to provide new loans, direct loan managers have become […]]]>

In an environment where asset owners increasingly say they are looking for fast-moving, time-limited opportunities to secure investment gains, Adji said Chinese property companies now did the trick.

With tens of billions of dollars in debt maturing and the region’s major banks constrained in their ability to provide new loans, direct loan managers have become “the only game in town” for stressed Chinese property developers, did he declare.

And for the coming year or more, the pickings should be lush. With the ranks of real estate company founders looking to “pull a rabbit out of their hats” as those loan repayments come due, and the number of direct loan managers with the capabilities to effectively compete in the space yet limited, “we are entering a market where you can name your price,” Mr. Adji said.

The current moment can be seen as the “first leg” of a game that could well be played in as little as 12 to 18 months, with most of the mountain of debt these companies holding falling due over the next 12 months, Mr. said Adji.

Against this backdrop, mainland developers who previously would only have offered their office assets in Beijing or Shanghai as collateral are asking, “What should I give you (in exchange for a loan)…and what we tell them “Do we want your assets in America, Canada, Hong Kong and Singapore. Have you got some? That’s what’s happening on the pitch,” he said.

And the clock, argues Mr. Adji, is ticking. “We believe the opportunity is likely to decline significantly in about 18 to 24 months…or at least the lower of the (low) hanging fruits, so we are telling our clients now is the time to act,” did he declare.

At present, demand still far outstrips supply and early adopters should be rewarded, Mr. Adji said. “When you see the wall of money coming” in 12 or 18 months, “We’ll pull out. It’s about being tactical…it’s not a multi-cycle opportunity,” he said .

Cambridge Associates, meanwhile, has identified between five and 10 direct lending fund managers with “very different skill sets” needed to identify and execute cross-jurisdictional transactions, Mr Adji said. He declined to name them, calling this programming his company’s “secret sauce”.

One of the qualities these managers share is the ability to be agile and make quick decisions. “When you’re talking about lending to these borrowers at…up to 15% interest, they usually need the money yesterday (and) you need to be able to disburse the capital in two weeks,” Mr. Adji.

This leaves top managers, with multiple committees who must sign an agreement as well as headquarters in New York or London who must weigh in, at a disadvantage, he said, noting that a number of managers on the Cambridge Associates’ list broke out of the big fund companies in order to set up a more streamlined structure.

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