Simple Springtime Maintenance Actions For NYC Property Management Companies And Landlords That Will Save You In The Long Run

Spring is finally here in New York City.  With the onset of Spring, also comes temperatures beginning to rise gradually.  We are also nearing the prime rental season. With the ability to finally be able to stay comfortably outside there is no better opportune time for NYC property management companies to start looking into refurbishing and improving their properties.  This is the best time to put your best foot forward and make sure that your apartments are in the most marketable of conditions.

We have found that there are simple inexpensive actions that you can take as a New York City owner or property manager to put your properties ahead of the curve.

Window Cleaning:
Non-streaked, shiny windows that brings in the beautiful spring sunshine is a sure shine of Spring.  Clearing out the muck from the winter extremities because of the inability for sufficient maintenance during the winter season would be a joy not only to your existing tenants but also prospective ones.   Remember it is always important to have a great first impression for visitors and potential renters alike.

Cleaning the outside of your premises thoroughly
The winter can take a toll on the outside of your building.  Your parking lots may have been filled with snow and mixed within the snow is dirt and garbage.  Once this snow melts out we now can see all of the remaining garbage and it becomes not only an unpleasant sight for most but it can lead to the tracking of this dirt and soot into your building.  The same thing occurs to the exterior walls of your building.  The winter creates weather staining and deposits all around.  We believe that a though professional cleaning is needed.  You should contact a professional that can pressure wash your entire exterior of your premises.  There are many businesses out there and we normally work with companies that are accredited and have certifications from the Power Washers of North America.

HVAC systems

The Spring is the perfect time to inspect and repair HVAC systems.  The reason being is because it not not the season for wearing out your system.  Your HVAC system is at its’ peak use during the summer and winter seasons.  This will allow for thorough inspections and repairs if necessary.  By doing it during the off-season, you will be saving money because the premiums normally spent for emergencies are not there.

Lawn Maintenance & Beautification

The most enjoyable part of springtime maintenance is cleaning and landscaping the exterior of the property.  If there is a limited budget you may just need to clean out weeds, cut a few branches, planting flowers and pruning trees and bushes may be just what you need.  But if you are looking to have a wow factor with lasting impressions it is always advisable to hire a professional landscaper to make a lasting impression to your present and future tenants.  Professional landscaping companies can discuss what our site’s needs are and thereafter suggest improvements to not only beautify the premises but to make it more efficient.  Hiring a professional who can show you past performance is highly recommended.   It is important to know that many prospective tenants cite the landscaping as reasons of taking a tour of an apartment.

By following these actions, you will not only be improving the ambiance of your building but also will increase satisfaction rates and pride of your tenants.  This will not only lead to retaining your existing renters but word of mouth will make your building more attractive to the next generation of residents.

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/simple-springtime-maintenance-actions-for-nyc-property-management-companies-and-landlords-that-will-save-you-in-the-long-run/

NYC Has 7 Of The Top 20 Gentrified Zip Codes In The Nationwide Leading To Increased Home Value

A new study by Rentcafe found that NYC has 7 of the top 20 gentrified zip codes in the nation.  The study looked at the 2000 Census data as well as the 2016 American Community Survey to see changes taken place in over 11,000 zip codes throughout the nation.  According to Rentcafe they study looked to three important factors to determine where gentrification was taken place.  The factors was median home value, median household income and the population holding a bachelor's or higher degree.  From there, their analysis gave an average rank based on zip code.  In the NYC area, Brooklyn led the way with 5 of the top 20 zip codes leading in gentrification.  This was followed by Manhattan with two zip codes.

Along with gentrification comes increases in home values.  According to the study the average home value in 2016 in the top 20 most gentrified zip codes was $446,730 with an average increase of  224% since 2000.  All areas in the Brooklyn zip codes (11211- Williamsburg, 11222- Bushwick, 11216- Bed-Stuy, 11237- Bushwick and 11221-Bed-Stuy/Bushwick ) saw increase in home values above 100% since 2000.  The Manhattan zip codes (10039-Washington Heights and 10026-Harlem) both saw increases well above 200% during the period.  The most interesting zip code in Manhattan according to the survey was Roosevelt Island's 10044 which saw an astronomical increase.
According to the article

"New York City dominates the top of the list, with some dizzying figures. That the median home value in New York’s 10044 (Roosevelt Island) exploded, going from just over $48K to almost $655K is just one way to put it. Proportionally, it is an astonishing 1,258% expansion rate."

The study points out that there are drawbacks to the gentrification of neighborhoods.  As we have seen in many areas in New York City, the influx of new highly educated individuals leads to displacement of long time residents of the community.

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-has-7-of-the-top-20-gentrified-zip-codes-in-the-nationwide-leading-to-increased-home-value/

Existing Home Sales For February 2018 Increases Despite A Significant Drop in the Northeast

Existing home sales grew three percent (3%) in February changing course from the previous two months which were hampered by low inventory levels and overall increases in sales prices.  The report produced by the National Association of Realtors (NAR) saw the Northeast region (-12.3%) having a huge decrease in existing home sales and that was followed by the Midwest (-2.4%).  Strong sales in the South (+6.6%) and West (11.4%) led to the growth for February altogether.   Cold and severe weather as we have seen in New York City this winter has affected existing home sales for the period for the Northeast region.

Total existing-home sales which are completed transactions that include single-family homes, townhomes, condominiums and co-ops increased to a seasonally adjusted annual rate of 5.54 million in February which is an increase from 5.38 million in January. With the numbers for this month, overall sales are ahead of last year's pace by 1.1%.  Median existing-home price increased 5.9% from the same period last year to $241,700.  It is the 72^nd straight month of year-over-year gains.  Surprisingly, total inventory rose 4.6% for February to 1.59 million existing homes.  The amount is a positive sign however is still 8.1% below the amount for the same time in February 2017 and is the 33rd consecutive month we have seen year over year inventory being lower.  Unsold inventory is at 3.4 month supply which is significantly low.  A healthy supply would be 6 months.

Chief economist for the NAR Lawrence Yun said the following:

“A big jump in existing sales in the South and West last month helped the housing market recover from a two-month sales slump.  The very healthy U.S. economy and labor market are creating a sizeable interest in buying a home in early 2018. However, even as seasonal inventory gains helped boost sales last month, home prices – especially in the West – shot up considerably. Affordability continues to be a pressing issue because new and existing housing supply is still severely subpar.  The unseasonably cold weather to start the year muted pending sales in the Northeast and Midwest in January and ultimately led to their sales retreat last month. Looking ahead, several markets in the Northeast will likely see even more temporary disruptions from the large winter storms that have occurred in March.”

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/existing-home-sales-for-february-2018-increases-despite-a-significant-drop-in-the-northeast/

Home Builder Confidence Remains Strong But Drops Slightly From Previous Months

The National Association of Home Builders (NAHB) and Wells Fargo released their March report on home builder confidence and it shows that home builder sentiment remains strong although has slipped from the record highs of previous months.   The Housing Market Index (HMI) indicates that there has been a decrease of one point to 70 in March.  This is a slight reduction from the readings of February which was revised to 71.  December saw the highest post-recession readings of a 74.

Based on a monthly survey NAHB conducts, the HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair,” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average,” or “low to very low.” Any number over 50 indicates that more surveyed builders viewed conditions as good than poor.

With respect to current sales, the HMI survey showed that confidence held steady at a 77.  Sales for the next six months expectations dropped 2 points to a 78.  In the Northeast, builder confidence increased 1 point to a 56.  Previous months saw builder confidence drop 5 points in February so positive sentiment is seeing an upswing in our area.

NAHB Chairman Randy Noel  said “Builders’ optimism continues to be fueled by growing consumer demand for housing and confidence in the market. However, builders are reporting challenges in finding buildable lots, which could limit their ability to meet this demand.

Challenges aside, there is optimism of continued growth in home building for the future.  Robert Dietz, Chief Economist for the NAHB believes so in stating "A strong labor market, rising incomes and a growing economy are boosting demand for homeownership even as interest rates rise. With these economic fundamentals in place, the single-family sector should continue to make gains at a gradual pace in the months ahead.”

 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/home-builder-confidence-remains-strong-but-drops-slightly-from-previous-months/