Blog
‘Capital Insights’ with Jack Kern: New Rent Regulations Go Into Effect on Foreclosures
“Nothing is more damaging to a state than that cunning men pass for wise.” Francis Bacon (1561-1626) There are an estimated 5 million homes in foreclosure, with the total potentially rising to 7 million. One of the facts coming to light is that as much as 40% of these are investor- or syndicate-owned and leased out to renters. As these houses are falling into default, many of the owners are pocketing the rent payments and letting the renters discover for themselves that they are being evicted, even though they’ve paid their rents on time and consistently. Recent legislation now…
‘The Essential Kitchen’ with Kevin M. Henry: Tao of the New Economy: Part I—Meet the ‘So-Con’
The near collapse of the global economic system has had a major impact on the lifestyle of the American consumer, who is buying fewer services and goods that were once considered staples of the affluent life. � � American consumers have suffered a collective breakdown. They have begun to question their lives and their lifestyles…Do I need that big German car? Do I really need that second house at the beach? Do my kids need to go to that private school? Do I need a new phone or iPod or laptop because it now comes in a cooler color? Out…
Foong on Finance: Initial Look at Financial Regulatory Reform
Last week, President Obama put forward his proposals to make changes to the regulatory oversight of the financial system. Among the proposals, the “ Financial Regulatory Reform Plan” would give the Federal Reserve and the Federal Deposit Insurance Corp. additional controls over financial institutions. It would require hedge funds and private equity funds to be registered with the Securities and Exchange Commission. And it would consolidate the agencies that oversee consumer debt banking into a regulator called the Consumer Financial Protection Agency. Where our industry is concerned, the plan would more tightly control banks that issue mortgage-backed securities. And it…
Guest Blog: The Power of Your Website
We are all familiar with the web and have heard all the stories about young entrepreneurs becoming fabulously rich by building amazing sites and selling products through them. Some examples include Amazon, Zappos, and today’s social media darling Facebook. Every property is a business and just like any other business you need to promote it. The best and most efficient source to advertise your business is through the Internet. Unlike traditional print advertising, your website need not cost a lot to advertise through. Essentially, your website is a tool to take and use as your advertising vehicle in various sources…
‘Who’s Leading the Green Movement?’ Guest Blog with Matt Voorhees
Individual homeowners are going green in record numbers, but they are not the ones who will be the leaders in the green movement because they are going green slowly. As much as they might want for circumstances to be otherwise, most are not in a position to run out and buy, for instance, a high efficiency clothes washer when the old one is still running just fine. It’s a big expense, and while they will ultimately recoup all of the money from the savings on their water bill, the immediate savings does not justify the price of such a big-ticket…
‘Gimme Shelter’ with Daniel Gehman: Cars
“Here is my car, I feel safest of all; I can lock all my doors, it’s the only way to live, In cars.” Perhaps you have the good fortune to remember this ‘top ten’ song from 1980 sung by Gary Numan. I suppose this piece could be the un-official theme number of the City of Angels, where I do most of my work. Over the last two weeks, I have experienced both ends of the spectrum of love/hate for the projectile ICE (Internal combustion engine, for those of you new to the discussion) personal transport system. First, I had the…
‘The Green Picture’ with Erika Schnitzer: Energy Management, Technology and You
At GreenBuildingsNY—held in conjunction with BuildingsNY at the Jacob Javits Convention Center June 16-17—yesterday, I attended U.S. Energy Group’ s presentation, “The Art of Managing Buildings for Energy Efficiency.” David Unger, chief operating officer, discussed how building owners and mangers can reduce fuel usage by 10 to 30 percent by implementing an energy management system. As I’ve previously discussed, part of Mayor Bloomberg’s plaNYC initiative proposes a new energy code for existing buildings, as well as a mandate that would require these buildings to make energy improvements to pay for themselves within five years. According to Unger, implementing an energy…
‘Guest Blog’ with Scott Yahraus: Stimulus Package for your Complex
In this month’s issue of Multi-Housing News, Christy Freeland, CEO of Riverstone Residential said, “We know that people like to be social, so we’re offering things like movie and game nights, or bringing in guest speakers on topics like physical fitness. We’re not having to spend a lot of money on those things, but it’s the idea of providing a sense of community that will keep residents around longer.” (MHN, June 2009, pg. 13) I could not agree more with Freeland. Your residents are your customers, so it is wise that you treat them well. To me, this means going…
‘Gimme Shelter’ with Daniel Gehman: Aggressive Passive
At least out here in California, “building carbon neutrality” is the new black. In this curious epoch, while we are all waiting to see who will build what next, I have heard it speculated that the “green” movement will fade to a mellow chartreuse until it is clear where the money will come from for new developments. Mmmmm . . . maybe not so much. Most of what I’ve been hearing suggests that the high performance/resource sensitive sensibilities (some folks still say “sustainable,” but I find the word inaccurate and highly charged, so try not to use it) are actually…
Foong on Finance with Keat Foong: Worse Is Yet to Come
If you have been reassured by President Obama’s calm demeanor and are feeling more relaxed these days, there is an opinion article in a recent issue of The New York Times entitled “The Economy is Still at the Brink.” In case you miss the point, an illustration accompanying the article says, in big, black, artistic, letters, “The Storm Is Not Over, Not By A Long Shot.” In the multifamily sector specifically, if the number of outfits being created that are specializing in turnarounds is any indication, players may be expecting the trickle of distressed assets and property owners to…