Bob Knakal

U.S. GDP Growth Slows Slightly to 2.8% in Third Quarter, Down From 3.0% https://lnkd.in/eGrCYeEp

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https://lnkd.in/eQ9ENq_4 "Jaime Sturgis, CEO of Native Realty, expects the rate cut to bring relief on the refinance side of the market, as the 10-year Treasury has been dropping in anticipation of it. If the Fed were to come in with a larger-than-expected rate cut, the markets would react with a sharper reduction in the cost of capital, providing additional relief to those trying to refinance. Sturgis observed that many multifamily transactions traded over the past few years have had very thin margins between the cost of capital and the in-place cap rate. Furthermore, “many investors were buying on these thin margins, assuming rental rates would continue to climb at year-over-year rates achieved through the pandemic,” he said. “We are now seeing a leveling in rental rates and some rents retreating, adding additional pressure on these assets.” While rate cuts are needed, Sturgis strongly believes that for some assets that were bought with thin margins and reliance on continued rent growth, it could be too little too late. In some cases, the key might return to lenders."

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Miami Real Estate Update - Jan 2025 - Single-Family Homes: Strong demand, median price up 7.6% to $565,671. - Condos: More inventory, less demand, expect price adjustments. - Luxury: Continues to thrive, no drop in interest. - Rental Market: High demand for upscale and short-term rentals. - Mortgage Rates: Expected to dip to 5.7% by year-end. - Outlook: Positive, with growth in economy and population supporting demand. Which segment of the Miami real estate market are you most interested in exploring further? #MiamiRealEstate #MarketUpdate #Investing

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Can a market be too hot? Should smaller developers get worried when bigger developers pile in https://ift.tt/x5yScGb The Florida real estate market has reached unprecedented heights with major projects getting funding from developers across the country and even overseas. But the arrival of big money doesn’t mean that the smaller players need to bow out entirely; having a comprehensive and detailed business plan can help smaller developers hold their own even in a blazing hot market.  Understanding the market landscape Florida has long been a bellwether for national real estate trends. Cities like Miami have become microcosms of development, attracting major investors eager to capitalize on the state’s appeal, creating high-profile, mixed-use developments.  Not even hurricanes have slowed the momentum, as international players have pushed forward with ambitious redevelopment efforts. The skyline of downtown Miami is littered with the fruits of these labors, and luxury condos and hotels now dominate.  For smaller developers, however, this heat can be a turnoff; too hot of a market and the smaller players may be left holding the bag if the winds suddenly change.  But a hot market is a hot market for a reason, and smaller developers can capitalize on its potential by maintaining focus with a comprehensive business plan that leverages their understanding of local market dynamics to avoid the pitfalls.  Labor is everything A crowded construction market can make costs more variant, particularly in today’s strained labor market. Accessing the skilled labor, necessary materials, and the right artisans is significantly more difficult — not to mention expensive — when a market like Florida’s is seeing such high demand.  According to the Associated General Contractors of America (AGC), the construction industry faces a shortfall of approximately half a million jobs, even before considering ongoing hiring needs. This labor gap has led to higher construction costs, which can disproportionately affect smaller developers with tighter budgets. Some of the risks, however, have been mitigated by recent economic improvements. Federal trade policy efforts have helped alleviate some supply chain issues, providing a slight reprieve in terms of material availability and costs.  Smaller developers without limitless capital need to be cautious and plan projects with variance towards cost and time—especially when operating near large projects that may soak up available resources. But smaller developers also need to be willing to play a bit of defense to protect its labor as its most valuable resource. The competition for skilled workers—especially engineers, architects, and specialized contractors—can be fierce in hot markets. To protect their investments in training, smaller firms might consider enforceable non-compete agreements with key personnel, as long as these agreements are reasonable in scope and duration. The stronger a company’s relationship...

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https://lnkd.in/e8m2Wr_e The rental market is on fire 🔥 with prices at an all time high 📈and vacancy levels at an all time low 📉, but still brokers can’t seem to get rid of the inventory they have. #RealEstate #NYC #TheRealDeal #Rentalmarket #Broker

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Have you read the WSJ Article titled: A Real-Estate Fund Industry Is Bleeding Billions After Starwood Capped Withdrawals? In my opinion the most powerful statement in this article isn't about Starwood, its not about the increase in redemptions, its this statement right here: “When Starwood started cutting redemptions, the first thing you think about is: what’s my guy going to do?” Too often I see GP's arguing the media narrative of a "looming crash" or the differences between '08 and today with graphs and charts and an insanely deep data-driven analysis. What people continue to fail to realize is, most times, the perception of reality drives behavior more than the actual reality. Emotions drive decisions. The emotion right now in this industry is fear, its uncertainty and its leading to less money moving into deals and more GPs and Fund of Funds competing for those dollars. Regardless of clickbait media titles and industry catastrophe reporting we are rapidly moving into an environment where GP's need to do everything possible to position themselves as the trusted vehicle for investor capital.

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🏡 Saratoga Real Estate Market Trends - Past 3 Years (Q2 2024) 🏡 Saratoga’s luxury market has seen impressive growth over the past three years. As of Q2 2024, the median sale price for single-family homes is $4,071,500, with properties selling in just 19 days on average. The price per square foot has increased to $1,581, reflecting strong demand and stable property values. Curious about the latest trends and stats? Check out our detailed update. #Saratoga #RealEstate #MarketTrends #HomesForSale #LuxuryLiving #RealtyNews DRE#01458118

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More Agents Plan to Switch Brokerages in 2024 Thirty-nine percent of agents plan to switch brokerages in 2024, driven by favorable commission structures and robust lead generation systems, according to Coldwell Banker Real Estate's latest survey. The annual Agent Priorities Report, released back in March, surveyed 1,500 agents and found a 56 percent increase in those planning to switch brokerages compared to 2023, when only 25 percent of agents expressed the same intention. The report highlights a significant shift in the real estate industry, where the appeal of traditional legacy brokerages is waning. Agents are now prioritizing better splits and enhanced benefits that modern brokerages offer. These include advanced technology, comprehensive support systems, and superior lead generation capabilities. Such factors are becoming crucial in an agent's decision to remain with or switch brokerages. Marian McPherson, who covered the report, notes that the evolving expectations of agents signal the end of the dominance of old legacy brokerages. The modern agent demands more from their brokerage, and those that fail to deliver on these new priorities risk losing their talent. As the real estate landscape continues to evolve, brokerages must adapt to the changing needs of agents to remain competitive. The days when legacy brokerages could rely on their established reputations are over; now, the emphasis is on providing tangible benefits and support to attract and retain top talent. Inman subscribers check out the article below. OnAgent | Your partner for disruptive growth in real estate #RealEstate #Brokerage #AgentPriorities #CommissionStructure #LeadGeneration #RealEstateTrends #ModernBrokerages #RealEstateAgents #IndustryShift #RealEstateMarket #AgentSupport #RealEstateTechnology #InmanConnect #ColdwellBanker #RealEstateReport #AgentBenefits

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🚨 New Listing | Storage Source One | Bristol, VA 🚨 💲 $3,160,000 💲 🏦 19,805 SF | 189 Units | Significant Expansion🏦 🖥 Offering Website: https://lnkd.in/eytYPkvR 🖥 🔹 Attractive Price – The $3,160,000 asking price equates to $159.56 psf and a stabilized 8.0% cap rate for just Phase I. These are attractive metrics for a quality storage investment with tremendous value-add upside 🔹 Low Saturation - According to Yardi, the 5-mile total self-storage saturation is just 2.11 sf / capita, with Zero sf / capita of climate-controlled space. 🔹 Desirable Location - The property benefits from being located at an off-ramp of I-81 (54,000 AADT) along Lee Highway (28,000 AADT) in the primary retail corridor of Bristol 🔹 Numerous Value-Add Opportunities - Included in the transaction is a 10,050 GSF climatized building that can provide 7,580 RSF of storage. There is also room for 91 modular units that would add 15,480 RSF of drive-up space. #selfstorage #Colliers #BristolVA

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⚖️ 𝐍𝐚𝐯𝐢𝐠𝐚𝐭𝐢𝐧𝐠 𝐋𝐢𝐞𝐧 𝐋𝐚𝐰𝐬 𝐢𝐧 𝐒𝐞𝐥𝐟-𝐒𝐭𝐨𝐫𝐚𝐠𝐞: 𝐄𝐬𝐬𝐞𝐧𝐭𝐢𝐚𝐥 𝐟𝐨𝐫 𝐀𝐮𝐜𝐭𝐢𝐨𝐧 𝐒𝐮𝐜𝐜𝐞𝐬𝐬 𝐋𝐞𝐠𝐚𝐥 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐟𝐨𝐫 𝐀𝐮𝐜𝐭𝐢𝐨𝐧𝐬: At 3 Mile Storage Management, we stress the critical importance of understanding and adhering to your state-specific lien laws when conducting auctions for delinquent units. The auction process is a sensitive legal matter, and being well-versed in these laws is key to protecting your business and ensuring a lawful and fair auction process. 𝐒𝐭𝐚𝐲𝐢𝐧𝐠 𝐈𝐧𝐟𝐨𝐫𝐦𝐞𝐝 𝐟𝐨𝐫 𝐑𝐢𝐬𝐤 𝐌𝐢𝐭𝐢𝐠𝐚𝐭𝐢𝐨𝐧: Each state has its own set of regulations governing self-storage auctions, and non-compliance can lead to legal complications and damage to your facility’s reputation. 📜 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐨𝐟 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐋𝐢𝐞𝐧 𝐋𝐚𝐰𝐬 𝟏. 𝐋𝐞𝐠𝐚𝐥 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞: Ensures that your auction process adheres to state laws, minimizing legal risks. 𝟐. 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐭 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬: Builds trust with your customers and the public by conducting fair and lawful auctions. 𝟑. 𝐄𝐟𝐟𝐞𝐜𝐭𝐢𝐯𝐞 𝐑𝐞𝐜𝐨𝐯𝐞𝐫𝐲 𝐏𝐫𝐨𝐜𝐞𝐬𝐬: Understanding lien laws helps streamline the auction process, efficiently clearing delinquent units for new rentals. 👣 𝐀𝐜𝐭𝐢𝐨𝐧 𝐈𝐭𝐞𝐦: 𝐄𝐝𝐮𝐜𝐚𝐭𝐞 𝐚𝐧𝐝 𝐔𝐩𝐝𝐚𝐭𝐞 𝐨𝐧 𝐋𝐢𝐞𝐧 𝐋𝐚𝐰𝐬  𝐒𝐭𝐚𝐲 𝐈𝐧𝐟𝐨𝐫𝐦𝐞𝐝 𝐚𝐧𝐝 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐭: Regularly review and stay updated on your state’s lien laws. Train your team on these regulations to ensure that every auction is conducted legally and ethically. 🔐 𝐂𝐨𝐧𝐝𝐮𝐜𝐭𝐢𝐧𝐠 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐭 𝐚𝐧𝐝 𝐄𝐟𝐟𝐞𝐜𝐭𝐢𝐯𝐞 𝐀𝐮𝐜𝐭𝐢𝐨𝐧𝐬 𝐍𝐞𝐞𝐝 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞 𝐨𝐧 𝐋𝐢𝐞𝐧 𝐋𝐚𝐰𝐬 𝐚𝐧𝐝 𝐀𝐮𝐜𝐭𝐢𝐨𝐧𝐬? If you’re navigating the complexities of self-storage lien laws and want to ensure your auctions are conducted correctly, connect with me at www.3milestorage.com. We can provide the expertise and support needed to manage this aspect of your business smoothly and compliantly.

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📈Luxury Market Update 39 contracts were signed for properties priced at $4M+ in Manhattan - 13 more than the previous week. Condos were more popular with 23 condo contracts compared to 14 co-op contracts.2 townhouses were also included in the mix. This marked the largest weekly total since March 11-17 when 40 contracts were signed. An interesting observation - the 14 co-op contracts signed represent the highest total since November 15-21, 2021, when 16 co-op contracts were signed. 🥇The top contract signed was for PHB at 247 West 12th Street, listed for $15,995,000, lowered from $17,950,000 since its listing at the end of April. Originally purchased for $14,995,000 in 2016, this triplex co-op penthouse spans 4,163 sq ft with 4 bedrooms, 3.5 bathrooms, 10-foot ceilings, and 7 central air conditioning zones. The lower level consists of bedrooms, while the upper level offers entertainment space. The top floor boasts a sprawling rooftop terrace over 1000 sq ft with an outdoor kitchen. This residence is situated in the Greenwich House, a 6-story, 24-unit building with a doorman and superintendent. 🥈The #2 contract signed was for 11 Bank Street, listed at $15M and reduced from $21M. This historic 24-foot-wide, 5-story Greek revival townhouse has been held by the same family for 60 years. Divided into 4 rental units, the property features a 24’ x 18’ garden and incurs annual real estate taxes totaling $79,052. Source: Olshan Report #newyorkrealestate #realestate #manhattan #manhattanrealestate #luxuryrealestatenyc #nycbroker #douglaselliman #nycagent #nycmarketreport #nycrealestate

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Not All ‘First-Time Homebuyers’ Are Who You Think – Key Insights for Real Estate Agents from NAR's Latest Guide Did you know that ‘first-time homebuyers’ aren’t always buying for the first time? NAR’s latest guide reveals that first-timers could be former homeowners or solo buyers after a joint purchase. In this video, we break down what this means for real estate agents: why understanding this definition matters, how to guide these buyers through financing options, and the crucial role of mandatory buyer agreements. Get ready to meet the needs of today’s diverse first-time buyers with these must-know insights! Don’t forget to subscribe for more real estate updates. #realestate #realestateagent #realestateagents #realtor #realestatenews

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825 S John Rodes Blvd, West Melbourne, FL Sale Price: $4,055,000 Price / Acre: $216,266 Lot Size: 18.76 Acres 18.76+- Gross Acres at 825 South John Rodes Blvd West Melbourne Florida 500+- FT South of the corner of John Rodes Blvd and Ellis Road. Property on the East Side of the road  The Subject property is zoned M-1 light Industrial in the City of West Melbourne  The property has great highway exposure with 631+FT of frontage on John Rodes Blvd which is a two lane asphalt paved road  The site contains approximately 7.2 acres of wetlands, which can be permitted for development at an estimated mitigation cost of $150,000 per acre of wetland impact. There appear to be no adverse easement or encroachments on the the property.  There is currently a Lamar Bill Board-Lease on the property payable at $3,000 annually. The lease renews annually on July 1 to June 30th and was just renewed. The renewal period concludes 6-30-2024. Termination notice is 60 days prior to to the conclusion of the term. #PrimeIndustrialDevelopmentProperty #825SouthJohnRodes #WestMelbourne #Florida

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The Brooklyn Real Esate Market: Last week, 69 contracts were reported signed, down 10% versus last week but up 3% annually, the second consecutive year-over-year increase. While condo activity declined 6% annually, co-op sales jumped 25%, a difference of 5 sales. Three of six price ranges increased versus 2023. The over $3M category had the largest increase with more than three times as many sales. Last week tied a week in May for the most sales over $3M in the last twelve months. South Brooklyn had the largest nominal annual increase in sales of any submarket, a difference of six sales. Last week's most expensive deal was a penthouse at 280 Saint Marks Avenue in Prospect Heights, offering two terraces, parking, and storage. #nyc #brooklyn #realestate #corcoran #coop #condo #sell #buy #market #finance #thesyndicate

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