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Sold Home Improvements in the Twin Cities Housing Market are Dominated by the Top Price Bracket

Tuesday, June 24th, 2014


Minneapolis, Twin Cities Minnesota (PRWEB) June 20, 2014

Improvements in the number of sold homes within the Twin Cities housing market are found in the top 1 percent price bracket, according to news from Redfin. Mirroring the growing wealth gap in the United States, the metro is a picture of shifts in homeownership wealth. Individuals who are unencumbered with needs for a financial institution’s backing in order to make a real estate purchase are buying more homes.

We see a very active segment of upper-bracket home buyers making pricy purchases for luxury homes in prime locations, says Jenna Thuening, owner of Home Destination. More Twin Cities homes are selling in the upper tier than in any other segment and that is a boost for every housing segment.

Redfin, a national real estate brokerage, released a special report May 27th, titled “2014 Luxury Report: Sales of Priciest 1% of Homes Climb While Rest of Home Sales Still Down”. Across the Twin Cities residential real estate market home sales in quarter 1 of 2014 dipped from the number of sold homes in 2013. The stunning exception is found among luxury home sellers at the very tip of the market. Closed home sales of the top 1 percent exorbitantly priced homes reached heights of a 21.1 percent increase within the first 4 months, added to a gain of 35.7 percent in 2013. in the remaining 99 percent of the Minneapolis – St. Paul housing market, home sales are reduced by 7.6 percent so far in 2014.

The top tier of the Twin Cities housing market is showing stronger improvements than any other segment. with pending sales up 13 percent from a year ago for the $ 1 million-plus homes, according to the Minneapolis Area Association of Realtors (MMAR).

Little has changed the three words as the most important criteria for buying and selling a home: location, location, location. Whatever price bracket the home falls in, ultimately the location of the home will have the greatest impact on its value on the market. A large, luxurious home that is located unfavorabley may find it cannot sell in the same manner as comparble homes of size in a prime spot. “Whether the buyers intent is to make a short term buy and sell or hold for a longer time frame, location is the most important factor to cogitate”, says Thuening.

If you are selling your Twin Cities home and are not in the top 1 percent, there is still some good news. “The news is not all bad,” according to Herb Tousley, director of real estate programs at the university. “The inventory of homes for sale has increased, the number of new listings has increased sharply, and the percentage of distressed sales and new foreclosures continues to fall”. Researchers at the universitys Shenehon Center for Real Estate remain fair and objective in their Real Estate Matters reporting, covering factors that reflect real data that both buyers and sellers depend on for insightful news.

“The budget luxury buyer could look to Atlanta ($ 861,000), Minneapolis ($ 881,000) or Raleigh ($ 815,000), where access to the top 1 percent of the market can be purchased for six figures rather than seven,” states the Redfin report.

For more information, please contact Home Destination at 612-396-7832. Given how fast homes are selling and that luxury homes in prime Twin Cities locations frequently have multiple bids, gaining the keys may require a strong advocate.







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How To Find Hot Housing Markets

Saturday, May 24th, 2014

Get free tips, tools and techniques on how to rent your house at How To Rent My House.net This article discusses how new and experienced real estate investor…

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Gettry Marcus, a Leading Real Estate & Forensic Accounting Firm, Discusses Questions to Help Evaluate if a Cooperative Housing Unit is Financially Sound for Purchase

Saturday, January 18th, 2014

Woodbury, NY (PRWEB) January 06, 2014

Gettry Marcus CPA, P.C., discusses common questions that will help evaluate if a cooperative housing unit is financially sound for purchase.

Before purchasing a cooperative apartment, working with an accounting professional will enable you to identify important questions a buyer should consider in order to develop a clear picture of the financial health and value of their potential purchase, says Joel C. Dressner, CPA and Partner at Gettry Marcus CPA, P.C., a leading real estate and business valuation firm.

What do the financial statements tell you?

It’s important to review the financial statements to determine the financial condition of the property. Does it generate sufficient cash flow? What are the liabilities? Has a reserve fund been established for future repairs and replacements? The primary responsibility of the cooperative housing corporation is to maintain and preserve the common property at a cost that is shared by all the owners.

Should I be concerned about uncollected maintenance?

Uncollected maintenance charges at the end of the month are typical and are not necessarily a cause for alarm. However, maintenance receivables that accumulate may indicate that management is not actively pursuing late payers and poor cash flow may result.

What kinds of improvements have been made to the property?

Major improvements such as a new roof or boiler indicate that the property is being well maintained and the investment is being cared for. In addition, new equipment such as a boiler should be energy efficient and reduce future operating costs.

Are reserve funds sufficient to provide for future major repairs and replacements?

This is not an easy question to answer, but an important one to raise. Has a detailed study been done that describes the condition of the major building components and service systems? How does the Board plan to fund anticipated future capital improvement and repair projects? Are the reserve funds sufficient to pay for them? Will additional financing be required or will a special assessment be imposed? If so, what effect will they have on the monthly maintenance charges? After repairs and improvements are made, is there a plan to replenish the reserve fund? Are flip taxes being considered as a source of additional income at the time an apartment is sold?

Are the liabilities a liability for me?

Are liabilities higher from one year to the next? Do they seem excessive? The explanations may be simple. Or are unpaid bills accumulating because of inadequate cash flow? The largest liability of the co-op is the underlying mortgage. The notes to the financial statements will provide the term of the mortgage, the rate of interest, and the maturity date. Is the rate competitive with current market rates? If the loan is maturing, will refinancing result in increased debt service payments that could increase maintenance charges? If refinancing conditions are favorable, will a prepayment penalty be imposed when the current mortgage is repaid?

With the help of an accounting professional and through a critical analysis of the information described above, a potential buyer can develop a clear picture of the financial health and value of their desired purchase.

For the full article on analyzing a cooperative purchase, visit the Gettry Marcus website.

Gettry Marcus CPA, P.C. is a Top 200 firm nationally with offices in Woodbury, Long Island and New York City. We provide accounting, tax, and consulting services to commercial businesses, high net worth individuals and various industries which include Real Estate and Health Care. We have one of the premier and most credentialed Business Valuation, Litigation and Forensic Accounting Groups in the New York Area. Our experience in diverse industries and a highly talented and experienced professional staff gives us the ability to share valuable insights into our clients businesses, to better understand their goals and problems and to help them attain the vision they have for their company.

Gettry Marcus is “Always Looking Deeper” to build value for our clients.

Media inquiries: Contact Fayellen Dietchweiler at 516-364-3390 ext. 225 or via email at fdietchweiler(at)gettrymarcus(dot)com.







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Affordable Senior Housing Opens at Martha & Marys Village Green Apartments in Kingston

Tuesday, December 17th, 2013


Kingston & West Sound Region, WA (PRWEB) November 14, 2013

Event date: Friday, November 22, 2013 1-3 pm

On-site Press Conference: 12:30 pm

Providing affordable senior housing is a vital Kitsap County regional initiative, and an innovative private-public partnership that set out to fulfill this need has made it a reality in Kingston. On Friday, November 22, 2013, from 1 to 3 pm, the grand opening celebration of Martha & Marys Village Green Senior Apartments at 26150 Dulay Road NE, Kingston, will showcase not only the 35-unit award-winning independent living residence, but will honor the many partners that made it possible. A 1:00 pm dedication ceremony will be followed by refreshments and tours, and the public is encouraged to attend. One and two bedroom rental apartments are still available, priced from $ 610 to $ 885 per month, and designed to serve seniors ages 62 and over and people with disabilities of any age. Income guidelines apply. See http://www.villagegreenseniorliving.com or call 425-423-0304 or 360-265-8026 for information.

Martha & Mary Village Green Senior Apartments are part of a community initiative called the Village Green in Kingston, which also includes a neighboring park, Boys & Girls Club, senior center, new library, and other amenities under development – all convenient to downtown Kingston. County Commissioner Rob Gelder recalls the projects early beginnings over four years ago when Martha & Mary was asked to step in as the non-profit partner, replacing Housing Kitsap, to help fulfill the component of affordable housing in the Village Green vision. Its a pleasure to see this come to fruition, says Commissioner Gelder. This project brings generations together on many levels, addressing not only the heightened need for quality, affordable senior housing, but also creating a strong connection for its residents to many vibrant aspects of the Kingston community.

Kingston Village Green is also the only project in Kitsap County recognized this year with the Puget Sound Regional Councils VISION 2040 award, of which we are very proud, Commissioner Gelder notes. VISION 2040 is a regional strategy for accommodating the 5 million people expected to live in the region by 2040, and it honors partnerships that take into account social, cultural, economic, and environmental benefits in decision-making and implementation. Village Green Senior Apartments are also built to Evergreen Sustainable Development standards, and the campus includes a long list of lifestyle amenities for comfortable senior living, plus beautifully landscaped grounds and a community garden. All units have private patios or decks, and many have water views.

Village Green Senior Apartments is an $ 8.8 million dollar culmination of a joint venture between non-profit provider Martha & Mary and Shelter Resources, Inc., a Bellevue-based private developer. This partnership began a venture called Village Green Kingston Associates, LLLP, which obtained $ 7 million in tax credits in 2011 through a competitive process. Additional financing sources were secured through several multifaceted avenues, including the U.S. Department of Agriculture and the Kitsap County HOME funds program. The initiative also partners with the local Metropolitan Park District.

Len Brannen is President of Shelter Resources, Inc., and his company is thrilled with the location and quality of the project. I especially recognize the key financial contribution made to this project by Kitsap County and its Department of Human Services. Their commitment of vital resources to the Village Green effort really pushed the project over the top and enabled it to proceed, notes Brannen. In addition, there was a large circle of other players. These include Kitsap County Commissioner Rob Gelder, the Metropolitan Parks Department and the Village Green Foundation, the Washington State Housing Finance Commission, USDA, Key Bank, and of course, the project sponsor, Martha & Mary. Everyone demonstrated a resilient attitude of cooperation on a complicated project to enable this completion. Brannen adds Though it is sometimes in vogue these days to be critical of government participation, on this project it was mandatory, appreciated, and vital to the positive result now benefitting the seniors and future residents of Kingston and Kitsap County.

The Village Green Senior Apartments is a welcome addition to the Senior Living program in Martha & Marys family of services, expanding its footprint even more deeply into Kingston. Martha & Marys mission has been to serve the seniors, families, and children of our region for more than 120 years, says CEO Chad Solvie. Affordable housing is a vital component in this service solution, and were proud to be affiliated with such a quality campus. Its a natural fit for the continuum of care we offer seniors, complementing the long-term care and rehabilitation programs at our main Poulsbo campus, as well as extending Martha & Mary AT HOME services into North Kitsap. Martha & Mary has partnered with Guardian Management, LLC, of Portland, Oregon to manage resident leasing and the community. A community manager will live on-site to handle leasing activity, resident needs, and facilitate fun, enriching activity programs throughout the year.

The November 22nd opening of Village Green Senior Apartments is a leading milestone in the Kingston communitys vision of the entire Village Green complex. Bobbie Moore is Chair of the Village Green Metropolitan Park District Commission and liaison to the board of the non-profit Village Green Foundation. This is a long-awaited moment, and it is helpful to the community in more than one way, Moore explains. The proceeds from the sale of the apartment land property were entrusted to the Village Green MPD toward the development this remarkable community campus. As the apartments are being completed, we now have the basic infrastructure in place to head towards groundbreaking for the adjacent community center and library. Moore emphasizes that they have additional fundraising to do, but the apartment opening is a major step, bringing decades of community planning and vision to fruition. Shes excited about the intergenerational programs and relationships that can result. Looking forward, I know that having youth and older adults in the same proximity will benefit everyone, she says. For more information on the Village Green Foundation and its needs and vision, see http://www.kingstonvillagegreen.org.

The Village Green Senior Apartments have generated tremendous interest in the community and surrounding area since breaking ground last August. The project is currently 70% pre-leased, and all interested parties are encouraged to contact the property management office for more information at (425) 423-0304, (360) 265-8025, or visit the community website: http://www.villagegreenseniorliving.com.

About Martha & Mary:

With over 600 employees, Martha & Mary is one of the largest and most comprehensive providers of senior healthcare in Kitsap County, serving the Kitsap Peninsula & West Sound region for over 120 years as an award-winning not-for-profit organization. The Health and Rehab Center in Poulsbo provides short-term rehabilitation programs as well as traditional long-term care services. The Village Green campus joins the family of programs that Martha & Mary offers, including: At-Home Care, Care Management, Short-term Rehabilitation, Long-term Care, Senior Living, and Childrens Services in its three early learning centers and regional before & after school programs. To learn more visit http://www.marthaandmary.org.

About Shelter Resources, Inc.:

Operating from its regional office in Bellevue, Washington, Shelter Resources, Inc. (SRI) develops and renovates a full range of affordable housing. The firm has built or renovated 4,665 apartment units

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Online Scheduling Pioneer, ShowMojo, to Attend NARPM and Chicago Housing Conferences

Saturday, October 5th, 2013


Chicago, Illinois (PRWEB) September 30, 2013

ShowMojo, the pioneer in online scheduling and prospect nurturing, will participate at two major industry conferences in the month of October: the Chicago Housing Authority’s Owner Symposium (on October 12) and the NARPM’s Annual Convention & Trade Show in San Diego (from October 16 to 18).

ShowMojo will join members of NARPM (the National Association of Residential Property Managers) at the Hyatt Regency La Jolla for three days of networking and sessions with nationally-recognized speakers.

The CHA Owner Symposium will be held at Chicago’s Navy Pier. It will be a day-long event with sessions to help Chicago-based owner manage and grow their businesses.

“We’ve attended both CHA and NARPM conferences in the past,” said ShowMojo CEO and Founder Peter Schuh. “These are great conferences, and we are really looking forward to connecting with both current and new customers.”

ShowMojo will have special promotional offers for conference attendees. To qualify for the promotions, attendees need only stop by the ShowMojo booth.

ShowMojo has been very busy adding many new features and integrations to its service. Just last week, ShowMojo began syndicating customer listings to 20 national listing sites, including Zillow, HotPads and Trulia. This and many of the other features will be available for display at the conference.

Property managers and landlords who can not attend either of these events can learn more about ShowMojo’s services and sign up for a free trial at http://www.showmojo.com.

About ShowMojo

ShowMojo is the only online service that enables landlords, property managers, leasing agents, and Realtors to schedule and confirm showings with prospective renters and buyers online. With its growing suite of features including showtime clustering, automated follow-ups, custom screening questions, and tenant/owner notification, ShowMojo can reduce by up to 80 percent the time residential real estate companies spend booking showings, coordinating the schedules of multiple parties, and diligently nurturing prospective renters and buyers.

Based in Chicago, IL, ShowMojo has scheduled showings across North America — from Ottawa, Canada, to Pukalani, Hawaii. For more information, please visit http://showmojo.com.







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