Janina McCormack’s Post

🌴 Exciting Changes in Florida's Condo Market 🏢💫 Major transformations are underway in Florida's condo market, marking a significant shift in waterfront real estate. 🌊 Developer Ian Bruce Eichner describes it as "the most significant impact on waterfront real estate that you've ever seen in your professional lifetime." The state's first-generation condos, aging 50-60 years, are being targeted for termination and replaced with luxurious alternatives. This redevelopment is driven by new regulations, especially post the Surfside collapse, making older buildings subject to safety assessments and full funding for maintenance. However, challenges arise as rising monthly fees and hefty special assessments create financial stress for some condo owners. Developers are adopting various tactics, and legal battles ensue. It's a dynamic landscape with both opportunities and hurdles. What are your thoughts on this condo boom in Florida? Do you see it as a positive transformation or a complex challenge for the real estate market? Share your insights! 👇🏠 #FloridaRealEstate #CondoMarket #RealEstateTransformation #SurfsideImpact

🌟 Condo vs. Co-op: Navigating NYC Real Estate 🏙️ New York City's real estate market offers two main housing options: condos and co-ops. 🏢 Each comes with unique advantages and challenges, so understanding their differences is essential. 🔹 Condos: Own your unit outright and share common areas. Easier approval, flexible financing, and higher resale value. Ideal for rental income. 🔹 Co-ops: Buy shares in a corporation, with strict board approval. Generally more affordable but with higher upfront costs and stricter subletting policies. Great for long-term value in desirable areas. Key differences: Approval process Financing options Monthly fees Resale & rental potential 🏠 Which is right for you? It depends on your lifestyle, finances, and goals. For personalized advice, contact us at 646-300-2012 for a free consultation. 📞 Contact: Colin O'Leary, founder of The Big City Team at Berkshire Hathaway HomeServices. 👉 Watch the full video to dive deeper into NYC's condo vs. co-op market! #NYCRealEstate #RealEstate #NewYorkCity #CondoVsCoop #HomeBuying #RealEstateTips #BHHS #BHHSRealEstate #TheBigCityTeam #BerkshireHathawayHomeServices

🌆 Capitalizing on DC's Buyer's Market: Explore Urban Condo Investments 🏙️ In a city where history meets opportunity, Washington DC's condo market is buzzing with potential. 📈 With prices favoring buyers and fewer "bidding wars" than you are finding in the suburbs, now is the time to take advantage of the opportunities in the DC marketplace. 💼 💰 Check out our latest blog to learn more about the current DC condo market and take a peek at our Capitol View Condominiums development and find your perfect match. https://lnkd.in/eGMA9snJ #WardmanRE #DCCondoInvesting #CapitolViewCondominiums #HomeownershipDreams #InvestmentOpportunity #UrbanLiving #InvestmentStrategy #HomeBuyingTips

A trend I am watching. "Big changes are coming to Florida's #condo market. #Developer Ian Bruce Eichner calls it "the most significant impact on waterfront #realestate that you've ever seen in your professional lifetime." The reason is that Florida's first generation of #condominiums — buildings 50 and 60 years old — are ripe for termination. In real estate parlance, that means they'll be torn down." #larrythetitlelawyer #residentialdevelopment #residentialrealestate

🏠 BOGO - Rent Control Fiasco: Lessons from New York City The debate over rent control in NYC is heating up with a possible review by the US Supreme Court. (And it can come quickly enough for landlords.) Recent developments in New York City provide a cautionary tale for policymakers. Despite its resurgence in popularity, rent control has proven to be a failed experiment, stifling economic growth and exacerbating housing shortages. Imagine the local government capping the rents on your investment with the beaucratic stroke of a pen, putting you in a spot where you can't afford to fix up units, and essentially taking 40–50% of your property value away because of political and economic ideologies. The Bloomberg article highlights the challenges faced by both landlords and tenants in the city's rent-controlled market. The consensus of economists has warned against the distortions caused by rent control, leading to housing shortages and inflated prices for unregulated units. New York City's history with rent regulation mirrors the pitfalls of government intervention in markets. Initially intended to protect tenants, rent stabilization has devolved into a bureaucratic nightmare, riddled with loopholes and uncertainty. Landlords, once viewed as stewards of housing stock, now find themselves handcuffed by regulations that deter investment and maintenance. The inability to earn a fair return on investment discourages landlords from making necessary repairs, leaving tenants to contend with substandard living conditions. Rent control's adverse effects extend beyond individual landlords and tenants, impacting the broader economy. By distorting market incentives and discouraging investment, rent control exacerbates housing shortages and drives up prices for everyone. Conservatives (yes, guilty as charged ⚖️) like me advocate for market-based solutions that empower individuals and promote economic prosperity. Instead of doubling down on failed policies like rent control, policymakers should focus on removing barriers to housing construction and fostering a competitive rental market. https://lnkd.in/g37PAc6M #rentcontrol #nycrealestate #nycb #multifamilyinvesting Benjamin Myerow

Why NYC Apartment Buildings Are on Sale Now for 50% Off-Bloomberg Tougher rent control, returning worldwide, destroys $75 billion in property value. Cash-strapped tenants cheer as they maintain a foothold in the cit Even in the crisp afternoon sunlight, the two-bedroom Manhattan apartment has a ghostly pallor, its cracked walls yellowing like an ancient black-and-white photograph. Paint chips are falling from the ceiling. A dead pigeon lies on the kitchen floor. Its landlord, Douglas Peterson, is making a stop on a dispiriting tour of a 21-unit building he bought in 2018 for $4.8 million. Peterson’s City Skyline Realty Inc. specializes in a subgenre of real estateinvestment: properties subject to the New York City rent-regulation system, the oldest and biggest program in America. For this well-situated apartment on West 164th Street in Washington Heights, the quickly gentrifying Dominican enclave immortalized in a Lin-Manuel Miranda musical, he can charge no more than $650 a month, perhaps a quarter of the market rate.

Should you rent or buy? Many Americans are asking that question right now. Recent headlines regarding single family residential real estate have highlighted little inventory and steep interest rates — with the exception of multifamily housing. Apartment rents had begun to slow in October of 2023. And while there’s little to suggest that all #apartment property types or markets are doing significantly better than others, one that is performing well is #luxury apartments. These communities show that quality, amenity-rich locations are resilient despite a slowdown in demand for other housing categories. For example, our luxury multifamily property Park Central in Raleigh, North Carolina, is nearly 100% leased. The debate between renting and buying will continue. Find out more in our blog here: https://zurl.co/2EgX Bipartisan Policy Center #CommercialRealEstate #KBS #Office #CRE #Multifamily #Renters #LuxuryApartments

The Orlando apartment market is demanding our attention! Orlando apartment rents seem to be pulling back. With over 11,000 units set to be delivered this year, the era of aggressive rent increases appears to be reaching its limits. According to data from Costar, the third quarter has witnessed vacancies hovering around 9%. Notably, the average rent for a two-bedroom apartment is settling just below $1,800 per month. Get in contact today to hear more about these changes and what they might mean for the Orlando housing market. #RealEstate #Market #Orlando

Is South Florida’s rental market cooling down? By the end of 2024, developers will complete nearly 24,000 multifamily units in South Florida, the highest number since 2002. While apartment occupancy has declined slightly to 95%, this drop is much less severe than previous years. Interestingly, rent has seen a marginal increase, up 0.6% to an average of $2,530 per month. The influx of new units could slow rent growth, a significant shift from the 25.2% increase witnessed between mid-2021 and mid-2022. Despite this, apartment absorption rates are strong, outpacing new deliveries and projected to keep occupancy steady at 95.2% by year-end. Downtown Miami and South Beach lead the way with the largest development pipelines, followed by Fort Lauderdale. A dynamic market landscape indeed! #SouthFloridaRealEstate #Multifamily #RealEstateTrends #MiamiLiving #PropertyInvestment

New York City's real estate market offers a wide array of housing options, but two of the most common choices are condominiums and cooperatives. While they may seem similar at first glance, there are fundamental differences between the two ownership structures. Check out our latest blog where we break down the main differences: https://lnkd.in/eUtgksJD