http://cmerkel.cbdistinctive.com/blog/sort_entrydatetime-desc/ Last year, transit-oriented developments were all the talk. What many developers and investors found was that making these types of developments work with local government entities is not always easy - despite TOD being a win-win-win for cities, residents, and businesses.With competing and sometimes conflicting interests on all sides, it's easy for these types of projects to fall apart or stall for years. However, what has progressed over the last year is a move by city governments to work with developers to attract more transit-oriented development projects to help combat displacement by gentrification, improve community access to social services, and to revitalize run-down neighborhoods.3 Stats on Transit-Oriented DevelopmentsReversing the damage caused by urban blight over decades of urban sprawl is just one of the reasons why cities are backing transit-oriented developments. As money continues to pour into major projects TODs across the country, 3 stats particularly point to the reasons why transit-oriented continues to be the talk of CRE:#1: TOD Developments Attract More InvestorsThe NAR reports one study that revealed that today's investors seek out projects being built near "smartly designed and well-maintained infrastructure" in addition to other factors. Location to infrastructure and public transit is becoming a leading factor in determining the feasibility of a new development.#2: TODs Help Reduce CongestionWhen revitalizing urban centers with new TODs, traffic flow and design often gets an overhaul too. By reducing congestion and increasing access to public transportation, local governments and businesses are capitalizing on an increasingly pedestrian population that relies less on automobiles and more on smart city planning to get around.#3: Older Adults in TOD Communities Are More ActiveOne stat attracting the attention of older adults is one cited by AARP; in a study of Virginians aged 75 and older, 22% of those living in walkable cities walked or took transit compared to only 8% of 75+ aged adults living in the suburbs. This is one of many studies showing that living in TODs is good for the overall health of older adults, keeping them active for much longer than their more sedentary counterparts.U.S. TOD Projects that Are ThrivingDevelopers are seizing on the TOD trend as projects across the U.S. are thriving. Generally speaking, the most successful transit-oriented developments are located within two miles of public transportation. That means light rail, subway, bus, rideshare, shuttle, etc.In the U.S. more than half of the states have taken some action toward laying the groundwork for more TOD projects. The same is true for more than 65 cities in nearly 50 regions across the country. Specifically, there are cities that are setting the standard for what is possible with TODs. "We're seeing a great increase in interest when it comes to transit-oriented communities - both from investors and tenants," says Tony DiCamilo with Coldwell Banker Commercial Scalzo Group in Purchase, NY. "These communites provide the amenity-rich housing that today's tenants are looking for, while also making a live/work/play lifestyle possible."Denver Leads the WayBy partnering with state and local agencies to meet with local needs while creating financial incentives for businesses, Denver is proving that TODs can help boost city coffers while also improving the overall well-being of communities. Denver is leading the way for how to forge a cooperative partnership between many different government and private agencies to create spectacular TODs that revitalize old infrastructure and attract new investors.Portland's Light Rail System Attracts Many New InvestorsIn Oregon, the City of Portland backed a city-wide TOD that helped to fund the new light rail system. With it have come new housing developments, retail shops, businesses, and residents of all ages and backgrounds.Minneapolis Masters the Public - Private Partnership in TODFor combining funding programs into massive new TOD projects, Minneapolis, MN is taking advantage of dozens of federal, state, and local funding sources as well as public-private partnership programs, and private investors to back a brand new transit system to support its massive new TOD projects. St. Paul and Minneapolis will use the funding to build a new light rail system.https://www.cbcworldwide.com/blog/stats-transit-oriented-developments http://cmerkel.cbdistinctive.com/blog/6159/3-stats-on-transit-oriented-developments-you-might-not-know/ Wed, 15 Aug 2018 12:39:24 -0700 Just the other day, it happened again.I ended up face to face with a real estate myth I thought had been debunked out of existence in the last century.And yet, there I was in a popular "resto," waiting for my lunch companion and half listening to two articulate couples chatting at the table behind me, when I heard it.Like so many of us today, the two couples were raising lots of questions about what was up in the real estate market and concerns they had regarding what to do next with their homes. Then, one of them said: "I'd love to get the low-down on all of this from a realtor, but I'm afraid they'd end up selling me something." Mumbled agreement from the others ended their discussion.Is that how you feel?Do you shy away from asking a real estate professional about real estate because you think they may talk you into something you do not want to do?If you don't ask real estate professionals about real estate, who are you going to ask? Your best friend? Your grocer? Google? Siri?Ask anyone or any digital thing about real estate and you'll get the answer. Everyone has opinions. Every digital resource from search engines to artificial intelligence technology can always spit out links to matching keywords.But the real question is, "Are you receiving answers you can rely on because the information is directly relevant to your personal situation and your specific real estate requirements?"Real estate professionals are among the few professionals who do not usually charge for answering questions or explaining real estate issues or terminology. Why not take advantage of this opportunity to enlighten yourself and verify the reliability of what you've picked up online?In the process of chatting with professionals, you'll probably meet a few you trust to understand your situation. When you're ready to buy or sell, you will probably choose one of them to help.When preparing to talk real estate, clarify exactly what you want to know and why you want to know it. Here are Six Conversation Starting Points to adapt to your situation and the real estate conversations you'd like to have:1. Do you want to know specific facts about real estate?If it's factual information, like how listings or mortgages work, ask away and take notes. There is too much false or out-dated information online. Before savvy buyers and sellers act, they verify, with an experienced real estate expert or two, the accuracy of what has been discovered online.2. Are you after details on your choices if you decide to sell or buy in the next six months versus next year?Answers to queries like these would blend fact and opinion. Not even real estate professionals know exactly what will happen in six months, never mind next year. They can tell you what appears to lie ahead in the short term and what real estate forecasters project ahead. They key to understanding real estate is exploring how real estate market values are locally influenced relative to your specific property. That interpretation is what real estate market values are locally influenced relative to your specific property. That interpretation is what real estate professionals can help you with. Ultimately, you'll need to arrive at your own opinion of the economy and what may evolve, so talk to a few professionals to sample a cross-section of perspectives.3. Do you want to know what's going to happen with interest rates?Amazingly, real estate professionals do not know exactly what is going to happen to interest rates over the months and years ahead. They do understand the financial services industries and monitor economic patterns, so some may feel confident offering educated guesses in the short term. Many will explain what the current situation is, what the implications are for possible changes, and include other details which would provide you with background to form your own opinion relative to your situation.4. If you're not social media or tech savvy, don't shy away from talking to real estate professionals who are both.They may be very useful in helping you understand the advantages and disadvantages on online real estate sources and using calculators and other digital tools, relative to your real estate ownership. Just keep in mind that they are busy professionals working hard for their clients, and they are not teachers. Since most are committed to helping consumers receive the information they need to make confident decisions, real estate professionals often have suggestions on third-party resources that can help demystify online real estate content and online practices.5. If you don't know whether you can afford the next real estate step you'd like to take, don't shy away from talking to real estate professionals.Real estate professionals are not debt counselors, investment advisers, or estate planners, but they do understand how real estate and money fit together. Most are very good problem solvers and creative thinkers, who have well-developed resource networks to call on. They will each have had different experiences with income-generation, co-ownership, and other real estate options. All this adds up to a lot of possibilities, so your persistence pays off.6. If don't know exactly what you want to do next, don't shy away from talking to real estate professionals.Most of them concentrate on specific neighborhoods and consumer lifestyles, so when you discover a professional who'd consider you a match for their expertise, they may guide you in your search for choices. Again, talk to several for a range of ideas and experience. We are all pioneers in this never-before-in-history time. Make sure you avoid assumptions and explore all available options. Perhaps, you'll invent one or two for yourself. Look for those who feed your curiosity with their own. The vast majority of real estate professionals are honest, hardworking people who are eager to assist you. That said, and in view of the encouragement above, I add a note of caution: In every profession, there are wide ranges of professionalism, ethics, commitment to developing expertise, focus on staying current, and honesty. The real estate industry is no different.Always act in your own best interest. Take notes or record conversations for future reference. Meet in the real estate brokerage, so you gain first-hand experience with the business supporting the real estate professional. Protect your personal information and privacy. When in doubt or if you feel uncomfortable, leave. These usually-short conversations should be enlightening and enjoyable.https://realtytimes.com/consumeradvice/buyersadvice/item/1019232-20180814-ready-to-talk-about-real-estate?rtmpage= http://cmerkel.cbdistinctive.com/blog/6172/ready-to-talk-about-real-estate?/ Wed, 15 Aug 2018 08:48:55 -0700 It has been said that it is only a matter of time before blockchain, the proprietary technology that supports cryptocurrencies such as Bitcoin, will begin to infiltrate industries all around the world. And, believe it or not, even historically traditional industries are not immune to the disruption - commercial real estate included.But let's back up for a moment. What, exactly, is blockchain?In its most simple form, blockchain can be thought of as a distributed database. By recording transactions and combining them into a secure ledger system, a sort of "chain" of chronological data is then created and that no single party has control over. What's the value in that? Simple - the value is in this system's ability to effortlessly authenticate and track transaction in real time, without the need for use of an outside third party, like a bank.When used to its potential, this piece of technology has the capacity and potential to completely reshape the property business as we know it today. This potential disruption would not only increase transparency, it would also speed up transactions significantly.Let's take a closer look at some of the ways blockchain is impacting the commercial real estate industry.1. Smarter and more transparent transactionsOne of the biggest impacts that blockchain could have on the commercial real estate sector would be expedited deals, thanks to a faster and smarter process of contract management. Like the name implies, smart contracts are when every portion of a lease or sales agreement is automated and when payments are received in real time, even beyond normal business hours. These smart contracts offer numerous benefits, providing additional peace of mind with built-in transaction instructions and increased transparency to all parties. Further, blockchain helps to reduce the risk of payment disputes and speeds up pre-leasing due diligence and the background check process.Blockchain would make it possible to essentially cut out the intervention from a middle man, allowing users to create and edit contracts immediately and in real time, all around the world."Technology as a whole continues to change the way that we work - in real estate, as well as other industries," says Brandon Sudweeks of Coldwell Banker Commercial SC in Temecula, CA. "Both the speed and transparency of our real estate transactions have improved thanks to technology, and blockchain is just a small part of that."2. LiquidityFor those investors who are trying to cultivate a diversified portfolio, it can be difficult to liquidize assets. Blockchain technology has the ability to make this process easier and more seamless; if all investments are properly registered in the ledger, exchanging shares among investors instantly becomes more simplified.Blockchain enabled trading platforms for illiquid real estate holdings have the potential to breathe new life and viability into previously restricted aftermarkets, by increasing liquidity and ease of access for investors. This can possibly reshape the face of a traditionally dislocated network of real estate brokers, investors and sponsors as we know it, transforming it into a more dynamic and fluid marketplace.3. Land titlesAnother way that blockchain technology is impacting CRE is its innovative use in recording land titles. With most of this information kept offline, this area has always been notoriously challenging to access. But blockchain stands to change this drastically, cutting the historically lengthy process of recording and/or transferring titles - with the additional benefit of increased transparency. It would be an understatement to say that we have just begun to scratch the surface of blockchain technology and all that it has to offer commercial real estate, among other industries. When expanded to other applications and uses, the sky's the limit for what blockchain can do. Of course, as with any emerging technology, blockchain has its critics, with questions and concerns being raised over the technology's reliability and security. However, with continued and more widespread use, these issues are expected to resolve, and the technology will help lead the way in streamlining the traditionally cumbersome commercial real estate industry. http://cmerkel.cbdistinctive.com/blog/6111/3-ways-blockchain-is-impacting-cre/ Wed, 08 Aug 2018 01:46:02 -0700 State and federal laws are strict in requiring sellers to tell what they know about the condition of their homes that isn't obvious or discernable to potential buyers. Buyers can't see behind walls or under houses, so they rely on truthful information from the seller about the operations, appliances and systems of the home.When you sell your home, your real estate agent will present you with a federal and/or state-mandated disclosure form called a Real Estate Disclosure Statement, Property Condition Disclosure, or Condition Report. You're required to disclose the presence of lead paint, radon, asbestos and other toxic products if you know your home has them.While the forms may ask you to disclose whether or not you know there is lead paint or radon present, you aren't required to do tests to determine the presence of toxic chemicals. But your buyer's lender can always require proof of tests and/or remediation for any problem that has been disclosed, such as fire and water damage.It's important to answer every question as truthfully as you can. You must answer the questions yourself - your real estate professional can not fill out the disclosure for you, but he or she can help you understand what's being asked of you. If you're in doubt about what to disclose, such as a repair, it's best to err on the side of too much information than not enough.While disclosure forms allow you to check the "I don't know" box, you should only do so if you truly don't know the condition of that item. If you answer that you don't know the condition of an appliance you use daily, such as a sink or bathtub, you might raise suspicions in the buyer.The best way to feel confident about the condition of your home is to have it inspected by a licensed professional home inspector. Your real estate professional can recommend someone or provide you with a list. For a few hundred dollars and a few hours of your time, you'll either find that your home is market - ready, or the inspector will bring a problem to your attention that you can fix.When you disclose a problem to the buyer that has previously been fixed, be sure to provide a copy of work orders, receipts and invoices. If the problem hasn't been fixed, expect the buyer to either ask you to fix it, or to offer a little less for the home.Remember, the more that's left unrepaired, the more the buyer will discount the offer, if he makes one at all. Homes in the best condition sell the best.The seller's disclosure is designed to do one thing - home you and your real estate agent harmless if you've disclosed the truth about your property. You don't want to give the buyer any room for complaint or litigation after the closing.To get an idea of the types of questions you'll be asked in a disclosure, you can find legal forms at FindLegalForms.com.Don't be afraid of the seller's disclosure. It's not meant to be a deal-killer, but a deal-maker. Many agents provide a copy of the disclosure to interested buyers, so they can get an idea of the home's condition before they make an offer or have an inspection.https://realtytimes.com/consumeradvice/sellersadvice/item/1018978-20180803-dont-be-afraid-of-the-sellers-disclosure?rtmpage= http://cmerkel.cbdistinctive.com/blog/6116/don't-be-afraid-of-the-seller's-disclosure/ Wed, 08 Aug 2018 11:14:50 -0700 Seniors who are looking to buy a new house, apartment or condominium can often have great luck by working with a real estate agent. A professional real estate agent can not only help seniors find the properties they are looking for but close the deal on the home of their dreams. According to the AARP, there are many seniors who purchase homes even after they have retired.However, there are so many different factors that go into finding the right senior living arrangement. This is why any elderly adult looking to buy a new home needs to be prepared and know some of the most important questions to ask their real estate agent. The following six questions are essential to helping any elderly adult find the home that fits their needs now and into the future.1. "What is the turnover like in the area I'm looking in?" For most seniors looking to buy a home, they are considering purchasing a property that is going to be more of a short-term home. This likely won't be the "forever home" they bought when their children were growing up. Anyone looking to buy during their retirement years should make sure they talk to their real estate agent about the neighborhood they are looking in and how that neighborhood is performing. It should be a place where they feel confident they can quickly sell again if they need to.2. "What is the demographic of the area?" Most seniors are going to want to be in a neighborhood where they can enjoy being around their peers. Chances are, you won't want to be surrounded by young people who are up all night or families with lots of young kids running around. A real estate agent should be able to provide this type of information for anyone looking to buy a home.3. "How safe is the area surrounding this home?" While looking at a home, it is important that you ask the real estate agent for more information on the neighborhood or area you are considering - especially when it comes to safety. Many seniors who buy after retirement are living alone and it is important to make sure that the home they will be living in is safe.4. "Are there any additional fees?" Fees such as HOA costs can make up a majority of a monthly mortgage payment and seniors need to be fully aware of what these fees are before they get too set on a home. For example, seniors looking to buy into a retirement community, need to be clear on the additional costs and HOA fees that go into this purchase. Speaking of HOAs, seniors who are buying in a HOA community should be clear on what things are and are not covered with the association including shoveling the sidewalks or any exterior maintenance.5. "How much are the property taxes and utility bills?" For seniors who are happily retired and no longer working, it is important to make sure that any home they buy is well within their budget - so they don't have to worry. While a home may seem affordable on paper, it is important to be clear on the cost of property taxes and what the current owner is paying for their utilities. An agent should be able to secure this information for any prospective buyer.6. "Are there any warranties on the property?" Before buying a home, seniors should make sure they have as much information as possible on the property, including what appliances are new and if they have any warranties as well as structural improvements or big-ticket items like the roof. It is important for most seniors to be able to find a home that will require very little of work and upkeep. While older homes do have a lot of charm, they are also going to require a lot of work - especially when compared to newer properties that are still covered by certain warranties.Buying a home as a senior can be a rather complex undertaking. Seniors have a great deal to think about when buying a new home as they need to make sure it not only meets their needs now, but that it is a place they can comfortably age in place and well into their future. Any older adult buying a home not only needs to keep these questions in mind, but make sure that they are partnering with an established real estate agent that has worked with seniors in the past. http://cmerkel.cbdistinctive.com/blog/6090/the-6-most-important-things-every-senior-should-ask-their-real-estate-agent/ Wed, 01 Aug 2018 10:46:03 -0700