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Innovations in Property Management: Adapting to New Market Trends

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Property management is rapidly evolving, driven by technological advancements and changing tenant expectations. Particularly in vibrant markets like Provo, property managers increasingly rely on innovative approaches to stay competitive and deliver exceptional value to property owners and tenants. Utilizing cutting-edge strategies in property management Provo UT, ensures that properties are efficiently managed and aligned with the latest market trends, making them more appealing to a diverse range of potential renters.

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How to Evaluate a Neighborhood When Choosing a Rental Property Investment

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If you want to invest in real estate, comprehensive study and evaluation are essential for locating a potentially profitable property. And most importantly, location plays a huge role before investing.  Continue reading How to Evaluate a Neighborhood When Choosing a Rental Property Investment

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Governor Murphy Feeling the Heat Unveils ANCHOR Property Tax Relief Program

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file photo by Boyd Loving

the staff of the Ridgewood blog

Trenton NJ, Governor Phil Murphy today unveiled the ANCHOR Property Tax Relief Program, a new initiative that will distribute $900 million in property tax relief to nearly 1.8 million homeowners and renters across the state during Fiscal Year 2023 (FY2023). The ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) Property Tax Relief Program is part of the Governor’s FY2023 Budget Proposal, which will be unveiled next week. Under the Murphy Administration, New Jersey has seen the lowest cumulative average property tax increase on record for a governor at this point in his or her term.
Under the ANCHOR Property Tax Relief Program, homeowners making up to $250,000 per year are eligible to receive an average $700 rebate in FY2023 to offset property tax costs, lowering the effective average property tax cost back to 2016 levels for many households that were previously ineligible for property tax relief. Also, renters making up to $100,000 per year are eligible for a rebate up to $250 to help defray the cost of rent increases due to property taxes.

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Ridgewood Village Council Candidate Melanie Hooban : Lets Talk Taxes

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the staff of the Ridgewood blog

Ridgewood NJ, while one candidate is promoting another high density parking scheme for the Village of Ridgewood Central business district , Candidate Melanie Hooban out lined her views on the implications of tax increases for the village and where the money gets spent .

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NJ home-building starts off slowly in first quarter

Construction Spending

MAY 4, 2015    LAST UPDATED: MONDAY, MAY 4, 2015, 1:21 AM
BY KATHLEEN LYNN
STAFF WRITER |
THE RECORD

Home construction in New Jersey has gotten off to a slower start this year, with builders starting 5,352 units in the first quarter, down 8.3 percent from a year earlier.

But Patrick O’Keefe, an economist with CohnReznick in New York and Roseland, expects builders to rev up construction later this year, giving the homebuilding sector “its best performance since 2006.” O’Keefe is forecasting that about 30,000 housing units will be started in the Garden State in 2015, compared with 28,119 in 2014.

Multifamily activity will continue to provide momentum for home construction in the state, O’Keefe said. In the first quarter, multifamily construction made up 59 percent of the building permits issued in New Jersey.

“We will be looking at multifamily as the dominant driver,” he said. For the past several years, well over half the construction in the state has been in multifamily projects — especially rentals, concentrated in Bergen, Hudson and other northeastern New Jersey counties.

One example is Hudson Lights in Fort Lee, a mixed-use project being built just south of the George Washington Bridge. Its first stage, expected to be finished at the end of this year, will include 276 rental units. A second stage, expected to be completed in 2018, will include 201 housing units.

The developer, Chicago-based Tucker Development Corp., sees continuing demand for rentals, especially in neighborhoods where stores, restaurants and transit are within walking distance.

Young people starting out in their careers want “the ability to be more mobile,” said CEO Richard Tucker.

Economists also note that many younger adults are renting, rather than buying, because it’s difficult to qualify for mortgages and because they are wary about investing in a home after seeing values crater during the housing crash.

Adding to the demand for rentals, Tucker said, are empty nesters who decide they don’t need large houses anymore.

The national homeownership rate is 63.7 percent, the lowest level since 1993. The rate had exceeded 69 percent in 2004 as mortgage lenders loosened their credit standards and lent to many people who couldn’t afford the payments and ended up losing their homes.

Homebuilders’ slow start this year is only temporary, O’Keefe said, citing the complex planning and approval process involved in multifamily projects.

https://www.northjersey.com/news/business/n-j-home-building-is-off-to-a-slow-start-1.1324886