Property Grunt

Tuesday, March 10, 2009

Roll call: Times are a changing

Although I am much better, my personal life is still in a bit of a state of shambles, hence the lack of updates. However it looks as if it has been a wild and crazy weekend.

Students find better deals off campus

As the rental market slows and rents drop, more Manhattan university students are finding better deals living off-campus in rental apartments.

I find this hilarious because college students are the favorite tenants of landlords for the following reasons.

1. No income. College students require a guarantor usually a parent who is willing to be put on the hook for the rent. And some landlords will not allow out of state guarantors.

2. Animal House. With youth comes stupidity with or without alcohol. College students bring tons of that from loud music to all night parties. Which brings complaints from other tenants or worse the police.

3. Limited budget. Unless they are bankrolled by the bank of M&D, there is no way they can afford Manhattan rents which means they have to pile on as many people as possible to make it affordable.

Out of numerous clients college students I was only able to to get trio into a three bedroom located in FiDi.

If landlords are becoming more lax now it just goes to show how desperate they have become.

At Foreclosure Auction, Houses Sell, in a Frenzy

In rapid-fire speech that resembled a horse-race announcer’s, an auctioneer introduced the first of the day’s 375 properties: a seven-bedroom, five-bathroom home in Roselle, N.J., with an estimated value of $565,000 and a starting bid of $129,000. (Final sale price: $245,000.)

For those of you who do not know, this is a link that presents my opinions of auctions. That does not mean one should not rule them out, but there is no margin for era in exercising your due diligence. Whatever property you are interested you should visit it and do as much research on it as much as possible.

Exciting times.