Queens Home Prices Rise The Most In New York City According To New Report

A new report by StreetEasy indicates that home prices in Queens are increasing the most that any borough in New York City.  Of the 10 neighborhoods identified where prices are soaring throughout the city, 5 are in Queens with Jamaica Estates leading the way with 186% from the same period in 2016.  StreetEasy looked at its listings data and at records from the New York City Department of Finance. Median sales prices from the third quarter of 2017 were compared with those during the same period in 2016, and only neighborhoods with at least 25 sales were considered, to avoid artificial spikes.

The report indicates that although median sales prices have gone up it doesn't necessarily mean that the values of such houses in the area have increased.  StreetEasy Senior Economist Grant Long states “The price of homes in a neighborhood can go up for many reasons.  For example, the value of existing homes in the area may have gone up; bigger homes may be for sale in the area; or newer, more upscale homes may be on the market.”

The areas of Queens that have been identified are Jamaica Estates (186% increase/ $435,440 median sales price), Clearview (132% increase /$650,000 median sales price), Little Neck (117% increase/$607,500 median sales price), Elmhurst (70% increase/$692,500 median sales price ) and Queensboro Hill (45% increase/$850,000 median sales price).  The rest of the top 10 areas where there has been an increase in home prices are Midtown South- Manhattan (107% increase/$1,339,591 median sales price), Ocean Parkway- Brooklyn (69% increase/$802,500 median sales price), Upper East Side- Manhattan (60% increase/ $1,400,000 median sales price), Ditmas Park- Brooklyn ( 55% increase/ $765,942 median sales price) and Flatiron- Manhattan (43% increase/ $2,706,633).

If you are purchasing a new property or already have a property and looking for professional property management Blue Harbour Property Management may be right for you.  We are a full service NYC property management company servicing Queens, Brooklyn, Manhattan and the Bronx.

http://www.blueharbourpropertymanagement.com/queens-home-prices-rise-new-york-city-according-new-report/

What Should I Be Looking For In A NYC Property Management Company?

So you have decided that you may need assistance managing your rental properties.  It may be because you are relocating or just because it takes too much time dealing with the day to day operation of your investment.  It can be a headache for some dealing with tenants issues as well as keeping up with maintenance and collecting rent.  The big question you have is "What should I be looking for in a NYC property management company?".   Sure, many property management companies can collect your rent and rent your units when they become available but you should be looking for more from you property management company.  Below is some considerations that you should look into when considering a professional New York City property management company.

Does your management company up to date with the housing laws in NYC?

Being up to date with the real estate laws are very important with respect to property management.  It is important because having a legal issue will cost you in the thousands should they arise.  The potential of losing your cash reserve is possible if there is a mistake made.  It is important that your NYC property management company is familiar with all the laws with respect to housing so you can avoid the risks associated with the property.  Whether it be understanding how violations are given by the Department of Buildings to ramifications of landlord & tenant litigation your property management company should be adept of the intricacies associated with important cost saving issues.

Communication and screening of tenants

We have seen many times in the past that there is nervous excitement to have properties rented by owners.  Sometimes the fear of falling behind in mortgage payments becomes a serious issue and the screening process of prospective tenants falters.  When you hire a professional New York City property management company they will do the work for you.  Property management companies should take time in the screening of potential tenants.  They should also have processes in check in order to do screening of prospective tenants that complies with the laws of the State of New York.  A competent screening would include and criminal, landlord & tenant history as well as the credit check in order to see whether they are suitable for your property.  Although these objective tests may give you an idea of the person, it is also advisable to have an interview with the prospective renter to see if they are a good fit as well.  There is more to a person than just income on a sheet of paper and getting references as well as an interview should provide the property management company enough information to decide whether the renter is suitable or not.

Rent collection

At the end of the day, the collection of the rent is the end goal for your rental property.  The process can become easier with an experienced NYC property management company.  Giving the ability to make online payments and giving them options to pay the rent are important considerations that a property management company should look into. When the tenant moves in there should be  a clear understanding of how and when payment should be sent.  Avoiding confusion in the beginning of the relationship save you plenty of time and will improve your overall relationship with your tenant during their term.

With the expectation of being available 24/7 and having your own life to live managing a New York City rental property can be demanding.  Partnering with an experienced New York City property management company can make your life much easier.  Your ability to exceed your revenue goals increases with professional management by your side.

If you are in need of assistance of managing your property Blue Harbour Property Management is a great choice.  We are a full-service NYC property management company servicing the areas of Queens, Brooklyn, Manhattan and the Bronx.

http://www.blueharbourpropertymanagement.com/looking-nyc-property-management-company/

10 Year Highs Attained For New Home Sales and Construction Jobs

The National Association of Home Builders (NAHB) is reporting that sales of newly built, single-family homes in September rose 18.9 percent to a seasonally adjusted annual rate of 667,000 units. 

This is the highest rate attained since October of 2007.
According to the data from the U.S. Department of Housing and Urban Development as well as the U.S. Census Bureau, new home sales increased in all four regions. Of significance for us in New York City and the Northeast, sales rose 33.3 percent in the Northeast.  In other areas sales are up 25.8 percent in the South, 10.6 percent in the Midwest and 2.9 percent in the West.

Another statistic of significance in the housing market is the NAHB is reported a significant number of unfilled construction jobs for the August period.  According the analysis, the number of open construction sector jobs increased to 247,000 in August which represents a 34% increase since August 2016.  It is also the highest levels seen since February of 2007.

Home builders and remodelers have added 80,600 jobs in the last 12 months, and industry employment has increased by more than 710,000 since the low point after the Great Recession.   With cleanup from the Hurricanes needed, we can expect additional resources and employment needed in the next few months to a year.

The trends lead to more opportunity for property management in the future.  If you are in need of property management in the New York City region that we can help.  We are a full service NYC property management company services Manhattan, Queens, Brooklyn and the Bronx.

http://www.blueharbourpropertymanagement.com/10-year-highs-attained-new-home-sales-construction-jobs/

NYC Comptroller Wants Property Management Companies To Report Timely Rent Payment For Renters to Increase Credit Scores

The New York Times is reporting that City Comptroller Scott Stringer will introduce a plan that will encourage landlords and NYC property management companies to give tenants the ability to opt into allowing their rent payments be reported in order to boost their credit scores.  Experian announced an opt-in program since 2010 and it only shows on time payments of monthly rent.
Mr. Stringer along with many advocates believe that this plan will have the effect of  having individuals move into the middle class.  Advocates have stated in the past that having no or low credit makes persons without the ability to build their credit history more susceptible to sub-prime lending.

In these instances they pay more for housing and automobiles making it harder to move up in the economic sphere.

The Comptroller's Office took a sampling of tenants paying less than $2,000 a month and they found that 76 percent of them would have increased credit scores if their rental payments were included.  Mr. Stringer states “This could create a powerful credit history that could lift you out of poverty,”

The Comptroller's plan is to expand the plan to N.Y.C.H.A housing.  Approximately 400,000 are houses in 326 properties throughout the City with the New York City Housing Authority.  In a report conducted by N.Y.C.H.A the New York Times reports

 In zip codes where one in 10 residents were living in a N.Y.C.H.A. property, the average credit score was less than 630, while the average score in the city was 673. Credit scores were lower in rent-heavy or poorer neighborhoods, like the Rockaways in Queens, and higher in the Queens communities of Bayside and Little Neck where there are more homeowners.

About 30 percent of the low-income residents in the analysis would get a credit score for the first time and would have an average score of 700, which is well within the range of a good credit score"

 Although there seems to be advantages to the reporting of payment of timely rental payments, there may be some drawbacks.  Some mentioned include tenants losing the leverage of having landlords fix complaints by withhold rental payments.  That has been a major driving force into having some landlords in the City make necessary repairs.  Also, the reporting may have a costs associated with it which will be borne by the tenants.
NYC property management companies will have increased burdens and costs associated and there have been no indications of what incentives the Comptroller's Office will give NYC building management companies to be on board with his plans.

 Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/nyc-comptroller-wants-property-management-companies-report-timely-rent-payment-renters-increase-credit-scores/