Tag Archives: rentals

Manhattan real estate will continue to hamper New Jersey housing recovery

As a by-product of Manhattan real estate market, what happens in the city usually at some point spills over to the northern New Jersey market. When Manhattan real estate does well New Jersey prospers.  Conversely when Manhattan hits the skids as it did when the market crashes in 2008, the New Jersey market tanks. This is usually how it goes in New Jersey…”usually” being the key word.

We’re still waiting for this to happen in New Jersey…and we’ve been impatiently waiting for years and there’s no light at the end of the tunnel.  And worse, there’s more bad news for us to the west of the city.  Why has the New York City real estate prospered so much while the Bergen County, New Jersey market (except for new rental projects) still languishes after so many years.

The Modern…new ultra luxury glass residential tower in Fort Lee, New jersey

Here are a few reasons:

As a recent New York Times article points out…

Real Estate in Manhattan Set Records in 2014…

It was a banner year for Manhattan real estate. In 2014, buoyed by sales of ultraluxury apartments in new developments, the real estate market rebounded to surpass its previous peak, reached in 2008, when the financial crisis hit, according to Jonathan J. Miller, the president of the appraisal firm Miller Samuel.

The average sales price reached a new high of $1,718,530 last year, surpassing the record set in 2008, when the average sales price for the year was $1,591,823, according to Mr. Miller, the author of a report for Douglas Elliman Real Estate.

Big-ticket closings also helped the average price per square foot climb to a record $1,297 for the year, above the previous high of $1,251 per square foot in 2008.

The median apartment price, which measures the middle of the market and is less affected by high-end sales, was $940,000 in 2014, just behind the record of $955,000 set in 2008, according to Miller Samuel.

The better the market is in New York City the worse it seems to be for the suburbs 

“It was an extremely strong year,” said Sofia Song, the head of research at Urban Compass, which reported record dollar volume in the fourth quarter of 2014 with approximately $5.4 billion in closed deals. “Properties were being snapped up faster and at higher closing prices than the 2008 market peak.”

This is what’s happening with the housing market in Bergen County:

  • Single family home sales decreased 6% in 2014…decrease of 368 homes on a sales volume of 5564 homes
  • Multi-family home sales decreased 3%…decrease of 88 units on a volume of 2655 units

And this is what’s happening with the Manhattan housing market:

Dottie Herman, the chief executive of Douglas Elliman, reported half of all apartments in the fourth quarter sold at or above list prices, the highest percentage in six years.

Pamela Liebman, the chief executive of the Corcoran Group. “And there’s really no sign of things slowing down.”

The number of contracts signed in the fourth quarter, 3,216, was the highest since the fourth quarter of 2006, when 3,246 were signed, according to the Corcoran Group. Co-ops accounted for 58 percent of signed contracts this quarter, the highest co-op market share since the third quarter of 2009.

And the real killer…”at least twice as many new condominium units are scheduled to hit the Manhattan market this year as in 2014, the most since 2007, leading some real estate watchers to predict a tempering of price growth and slower pace of sales. “It is anticipated that the market will likely see a price adjustment,” in the first quarter of 2015, Urban Compass stated in its report.

All of this points to problems for a New Jersey real estate recovery:

  • If prices in Manhattan stabilize or even decrease fewer city lovers will be inclined to make the exodus out of the State.  Even with the super quick inflation, city residents haven’t fled in mass numbers to the much cheaper burbs…at least not to the single family market
  • As long as people continue to invest in new ultra luxury condos in the city the New Jersey ultra-luxury market will continue its downward spiral
  • And the real kicker is that with all of the new rental buildings being built along the New Jersey waterfront with their amazing designs and amenities and sexy locations, this has become huge competition for homes that are for sale, and will surely take a major bite out of the sales numbers…and prices.

Example:  The Modern…Fort Lee, New Jersey

As just published in the New York Post…

Fort Lee is the new New Jersey

The New York Post tells the story of The Modern in Fort Lee, New Jersey…the areas newest and most spectacular ultra luxury rental building, and why people are attracted to this iconic new 40 story building.  And this is just the tip of the iceberg for what is to come of the real estate market along the Hudson River waterfront in New Jersey.

Those of us who have followed Steve Pozycki over the years will understand why no one will ever duplicate the design and quality of The Modern in New Jersey…unless of course he decides to build another building. SJP also duplicates this incredible attention to detail in their new 500,000sf Waterfront Corporate Center 3 on the Hoboken waterfront.

Fort Lee luxury tower reflects housing rebound

The Modern…website

NJBIZ Power 50: #5 Steven J. Pozycki — SJP Properties

SJP Properties inks lease with e-commerce startup Jet.com at new Hoboken building

SJP Properties, Thomson Reuters ink major expansion deal in Hoboken

Also see:

And this is only one developer and one residential rental project in New Jersey.

How can the suburban real estate market withstand the competition from so many new rental buildings. It’s a case of the new vs the old. Guess who’s going to win?

Will new rentals sink Bergen County home sales?

IMG_6974
The Modern, Fort Lee NJ

A recent article on northjersey.com, grabbed my attention with the headline…NJ homebuilding up 39 percent over 2012 pace.

But after reading the story and analyzing the numbers, the real headline should have been…Will new rentals sink Bergen County home sales?

Let’s look at some facts:

Multi-family construction is not the same as “homebuilding”, when you’re talking sales and construction figures. Yes multi-family units are housing in a true sense, but most of the pros like Case-Shiller,  separate multi-family units form single family home sales.  Media outlets such as CNBC, the New York Times and others also separate the two different types of housing when they’re presenting market stats.

  • Multi-family rentals like the new high rise rental building shown here, is competition for single family home sales, because they take potential home buyers from the market for an extended period of time

As the Ms Lynn points out:

Through August, builders took out 15,842 building permits, compared with 11,364 in the same period last year. Multifamily construction accounted for about 59 percent of the activity.

“Multifamily construction is what’s driving the bulk of the expansion in New Jersey,” said Patrick O’Keefe, an economist with CohnReznick, an accounting and consulting firm with offices in Roseland. Multifamily rentals are in high demand as tight mortgage standards keep many households out of the purchase market. In addition, banks are much more willing to lend to builders for construction of rentals, rather than for-sale properties.

But here’s where this will most likely take a nasty turn, and cause home sales to decrease: Just under 16,000 building permits sounds great, but when you break down the type of housing, multi-family rentals accounted for almost 60% of the volume. One would have to imagine that 9,600 rental units will take a major number of would be buyers out of the marketplace. And in areas such as Tenafly and elsewhere in eastern New Jersey where large scale homes building has all by disappeared, (leaving only old and outdated homes to choose from)…the loss of buyers could have a devastating effect on future home sales for the coming years.

Will these rentals become a suburban market killer?

“People are becoming renters by choice,” said BNE Executive Vice President Jonathan Schwartz. “People want to be closer to the city, nearer commuter areas.” And many households are wary of buying a single-family home after seeing property values plummet during the housing bust, he said

BNE understands this all too well…the project mentioned in this article  because their project in Fort Lee (the 316 unit Twenty50 building) was originally slated to be a for sale building.  They obviously changed to rentals because the, for-sale-condo-market still hasn’t recovered in New Jersey, and most people are looking to rent rather than to purchase condos.

New rentals in Fort Lee:

  • Twenty50….316 units
  • The Modern….two highrise towers….900 units
  • Hudson Lights…200 units

The ripple effect:

In these three projects alone (which sit next to one another in Fort Lee) 1,416 new rental units will come on the market by the end of 2014 (Twenty50 is already leasing units).  Not only will these new rentals take buyers from the market, but it will also take renters away from the older high rise buildings in Fort Lee.  Which in turn will cause those rents to decrease.   And when you consider the thousands of new rentals that are coming on line in Edgewater, North Bergen, Weehawken, Hoboken and Jersey City the problem intensifies in the for sale market for the surrounding markets like Englewood, Tenafly, Cresskill and so on.

Recent articles

Luxury in Fort Lee

Groundbreaking marks start of Fort Lee project

Bergen County Home Sales: 2012

The home sales facts are in: Bergen County increased by 14% in 2012 (compared to 2011).

That’s great news…right?

Or is something hidden behind these lump sum numbers?

First…the real facts:

Screen Shot 2013-01-29 at 11.52.51 AM

The Good News:

  • Home sales: priced below $500,000 increased 14%
  • Home sales: priced $500k-999k increased 16%
  • Home sales: priced $1M-$1,499M increased 5%

Bergen County home sales increased 14% for homes under $1,499,000 (sold price…not the list price)

The Bad News:

  • The average sales price for homes in 2012, have decreased by 20%…from the peak in 2006
  • Home sales: priced $1,500-$2M were even
  • Home sales: priced $2M-$2.99M decreased 6%
  • Home sales: priced $3M-$3.99 decreased 12%
  • Home sales priced: $4M+ increased by 11%…but don’t get excited because the increase was just 1 home sale (9 home sales vs 10 home sales)

So, if it’s big news that the “whole” market is up 4-6% percent, then isn’t really big news when the luxury market is down by 8-10%?.  Isn’t this cause for a lot of concern?

Note:

  • Even with a 14% increase in home sales, sales are still down by an additional 31% from 2005 (the year before the Bergen County market crashed).
  •  Equally important is that the dollar volume for single family homes sold, decreased by 28%…however, theis doesn’t mean that sales prices are down.  It may just be that many more lower priced homes are being sold
  • Multi-family home sales have fared much worse…sales have declined by 51% since 2005. And the dollar volume decreased by 61% 

The fact is, Bergen County has a multitude of micro markets, that react differently to one another:

If someone combined all single family home sales in Bergen County into one group, then they would be misrepresenting a 15% sales increase for 2012.  Even though the entire market was up, if your $1.5M+ home was for sale,  your market actually declined 4% compared  to homes priced below $1,500K.  That’s a 19%  decrease swing from one price range to another

Raise your price?  You bet!

There’s some great news that everyone in our local real estate circle is ignoring: with such a high percentage of home sales in Bergen County being below $500k (even up to $1M), sellers in this price range should be raising their prices

Yes, raise your price!

When the demand is so high for homes in any price range, and the inventory of homes for sale is low, homes become more valuable. Avoid the agents push to lower your price.

Scarcity of homes for sale (or any other product for that matter), and high consumer demand is what every seller prays for.  When consumers can’t have something that they want, they’ll pay more to have it.  Including homes.

So it’s time to raise the price!

How long will it last

The time frame to raise your price in the New Jersey suburbs, is limited to the next 2 years.  In 2015 tens of thousands of rental units will be coming on the market, along the New Jersey waterfront (Jersey City, Hoboken, Edgewater, North Bergen) and elsewhere in the State. When that happens, the face of suburban real estate in our area will be altered for the next decade (a future post).

And lets not forget other important factors:

  • New Jersey taxes are insanely high, and will climb even higher…that hurts home sales
  • The New York City market is going gangbusters, and there’s better value in NYC, because prices are stable, and on the rise.  Right now NYC is a more guaranteed investment, especially for young people

Your time has finally arrived

Right now, it’s your time to take advantage of the opportunities to raise your price, and recoup some of the equity you lost in the past 5-7 years.

If my home was priced below $500k I’d raise the price between 10-20%…20% only for homes in great condition, where a buyer would have little to do in the way of renovations.  And a 10% increase is for a home in the worst condition…because the value of your home is in the price, and in the value of the land, that the home sits on.

Take it from a builder/real estate developer and numbers geek, who has lived through the best and worst markets: strike while the market is in your favor!  And run from anyone who tells you not to.

Let me know what you think

Northern New Jersey luxury market getting clobbered by NYC luxury sales

Why is New York City having a banner year(s) selling incredibly expensive ultra luxury homes (and everything else for that matter), and Bergen County, New Jersey is having another only soso year…and a another horrible year for the ultra expensive end of the market.

Usually when NYC condo sales and prices skyrocket, and rents increase, buyers start flocking out of the city to the New York suburbs. Bergen County has always reeled in a huge portion of the exodus….but that’s not happening now.

The Iconic New York by Gehry building

Sales of ultra luxury homes in Bergen County are down 47% in 2012, and 2010-2011 wasn’t any better. But sales  of ultra luxury units (trophy properties) in Manhattan have been booming the past several years.

The New York Times reported that Kiefer Sutherland recently sold NYC his townhome for $17+ million, which is just a drop in the bucket compared to all of the trophy sales that have been happening north of $50 million.  Yet in the affluent New Jersey suburbs, the high end of the market is gasping for air.

Even luxury home sales in the Hampton have hit the breaks.

The end effect, is that the NYC housing market is further killing the suburban market…and the effects are painful for the suburbs.  A lack of buyers leaving NYC coupled with an incredible number of rentals in the planning stages, and already under construction will make things  even more painful for areas on the other side of the Hudson River.

All these new rental projects in Jersey City, Hoboken, Edgewater and Fort Lee, and in NYC will have a devastating effect on suburban home sales.

Looking ahead, if the suburbs don’t learn real fast how to compete for buyers, then they’ll start failing.  And it will happen fast:

  • Downtown’s are already failing
  • taxes are rising and home prices aren’t
  • the market above $1 million is hurting
  • Very few single family homes are being built
  • The suburban office market isn’t recovering

These aren’t good signs. And there’s nothing pointing to things getting any better in the future.

More on this later.

Check out the Kiefer Sutherland article…Big Ticket: Sold for $17.5 million

Also check out…New York By Gehry

Local media predicts low interest rates and home prices will create turnaround for Bergen County. Are they right?

This is the first of a multi-part series looking at the housing market in Bergen County based on an article I recently came across on northjersey.com titled…Home prices coming down to earth in Bergen County, could signal turnaround. 

This article represents the typical broad based view, that historically low interest rates and decreased home prices, should automatically create affordability, and thus should translate into a housing turnaround.  This is the same assumption that the pundits have been touting since the housing bubble crashed in 2008 (really in 2006 in our area)…and yet have been left scratching their heads, wondering why their view of the market hasn’t come close to fruition.

Who in their right mind wouldn’t purchase a home with these numbers?

If only a recovery, or a turnaround was as easy as a simple math equation

Bergen County home sales 2001 – 6/30/12

As you can see by the table (data from njmls) few people have bought into this line of thinking, because as the data shows, home sales haven’t improved in Bergen County with 3+ years of record low rates and huge price declines.

Home sales have remained remarkably stable since the crash.

Stability is a great thing!

First some stats for single family home sale in Bergen County:

  • the number of homes sold yearly in Bergen County, have declined by 20% since 2008 (national market crash)
  • the number of home sold from the high point of 2004 (7631 single family homes sold) decreased in Bergen County by 41%
  • The dollar volume of homes sold in Bergen County compared to 2004 decreased by the same 41%

Multi-family sales stats:

  • Again, contrary to the national crash, the multi-family market  in our area crashed in 2006…sales declined by 21%% from 2006 to 2007.  And then sales declined even further  by another 33% from 2007 to 2008.  But the market has been stable since then
  • As with the single family market in Bergen County, multi-family sales bottomed in 2008 and have remained at the same level of sales since then

Why didn’t the people who have all the up to date sales stats, see that the market crashed, and sound the alarm back in 2006?  Why did it take another 2 years for consumers to find it out the hard way. How many of us would have sold our homes or not have bought one if we had know the big crash was coming

Stability is a great thing!

Even at a low sales volume, we should be celebrating stable sales activity, and not dwell on the fact that home sales haven’t gone back to the hyper boom day volumes…that simply isn’t going to happen again.

What the industry machine and the media are all caught up on, is that history will repeat itself, and when and if things do improve, then the market will jump back to where it once was.  It’s a myopic view of reality

What everyone should start getting used to,  is that this is the “new norm” for home sales looking into the future?

Buying homes is not all about a mathematical equation of price and low rates…in fact I contend that price has very little to do with the volume of home sales…and the data proves that point.

Let’s look at a few topics:

First: the demographics of today’s home buyer is dramatically different than past buyers

  • a majority of buyers are first time buyers and investors (what happens when all of these investors can’t sell their units?).  Buyers typically take a rather large mortgage, and investors pay cash
  • people are getting married later in life…so the need to buy a home isn’t as immediate as it was in the past
  • married couples are waiting longer to have kids…so the move to the suburbs will take longer…if people do in fact move to the burbs
  • it takes longer to save for a down payment…creates less sales
  • it takes longer to sell a home in the burbs, because there are less buyers in the market for suburban homes
  • people are waiting to buy a home in the suburbs until their kids are ready to enter the school system…because of insanely high property taxes

All of this leads to a longer sales cycle, and fewer sales.

Second: the suburbs offer little in value or lifestyle needs for today’s young buyers…especially without kids. The 1950’s vision of suburban family life, doesn’t work with today’s pool of buyer…both young and old.

So who are the suburbs for?  Everyone!

  • Urban areas like Hoboken, Edgewater, Fort Lee, Jersey City and Weehawken will become boom towns for new rentals…and that will draw today’s younger buyers, because these projects offer a more attractive and exciting lifestyle…and a less costly and less risky place to spend their money for the next “x#” of years. These areas are rapidly replacing our existing suburbs
  • See MultiHousingNews.com article outlining the pending rental boom in northern New JerseyRobust New Jersey Development Buoying Optimism
  • And even with increasing rentals rates, developers can easily lower their prices to compete against the “it’s cheaper to own” formula that this article and most others point out.

Rents can come down at a moments drop to compete with lower home prices, whereas home prices can’t. But again. we’re seeing that it’s not all about price.

All of these items will lead to less home sales in Bergen County during the next decade.  And let’s not forget that New York City has proven to be a better investment for buyers, and is still the go to place to live in our region

The argument for affordability based solely on an equation (price and interest rates…and compared to increasing rental rates) is an argument that the real estate industry machine has been hammering consumers with since the market crashed.  Their sales pitch has fallen flat.

There needs to be a new message and a new zoning that will allow the suburbs to compete for buyers…and tax dollars.

It is foolish to believe that things will go back to where it once was. To do that you would have to totally ignore a dramatic shift in the demographics of who today’s buyers are, and believe that their views haven’t changed AT ALL regarding life, and possession, and risk on investments

With the exception of 3+ years of unprecedented sales activity, the Bergen County housing market is fine (with the exception of a decrease in the value of our homes).  Sales are steady, as are prices.

As all indicators point to, an increase in home sales is highly unlikely anytime soon.

To be continued…

How new rental projects along the waterfront will affect area home sales

Just came across this article on NTTimes.com titled….Feeding the rental appetite…by Antoinette Martin, where the author details numerous upcoming  rental projects that are slated to be built in Hudson County, as well as some interesting facts that back up her perception for the areas future as it pertains to housing.  Though the article was published in February 2012, the facts remain relevant:

HUDSON COUNTY indisputably rules the rental housing market in New Jersey: It has the largest supply of Class A units — around 13,000, according to industry experts — and commands the highest average rental rates of any part of the state. This year and next, that rental kingdom is projected to grow rapidly      

As these projects get off the ground and start renting out, I believe that it will have a negative effect on the for sale market in the outling markets in Bergen County and elsewhere in New Jersey. Home sales in the suburbs will suffer as young buyers flock to these projects, rather than buying homes in the suburbs. And it will happen sooner rather than later:

  • people will put off making a purchase or rental decision while these projects are being built
  • there’s no real rush to buy a home because interest rates and prices aren’t inflating anytime soon

Developers are already at work on, or have recently announced, projects that will add several thousand more units in waterfront communities like Hoboken, Jersey City and Weehawken, and hundreds of other units elsewhere. Hudson County is one part of the state where builders “can still get the economics to work” in their favor, said David Barry, the president of the Ironstate Development Company in Hoboken. “You have to add in the fact that multifamily rentals seem to be the only thing for which builders can get a construction loan from lenders these days,” Mr. Barry added, noting that this factor was keeping the rental development market “very warm, if not hot.”  

Even if the economy picks up these rental projects will thrive for decades compared to home sales and new home construction.

If you’re trying to sell your home in towns like Tenafly, Cresskill, Closter and Demarest, then you need to find a way to compete for the first time buyers who make up a majority of home buyers in our area.  You need to find a way to entice them with their future ties in the community, because the rental market is an easy “buy”for them.

And these new mega projects that contain every modern amenity imaginable that everyone now looks for, so they too will affect the older once more established rental markets like Fort Lee and Hackensack, because they can’t compete with new more vibrant projects and locations.

As I point out time and again on this site.  It’s all about competing for sales.

It’s all about marketing.

More retail for Nutley and Clifton?

Roche announced Tuesday that it plans to shut the 83-year-old location, which includes 2 million square feet of space on a 119-acre campus. The site once was home to 5,000 workers, but now contains only 1,000 employees and 1,000 contract or temporary workers. Roche said it plans to end operations by the end of 2013, clean up pollution on the site and sell it by the end of 2015

As per a past in northjersey.com…Retail development expected for much of 119 acres Roche is leaving. it seems as though the commercial real estate brokers have their mind made up as to what the 119 acres that Roche will be leaving behind will be used for…at least in their mind.

Can’t wait to see what actually happens many years from now, when the people who actually have to put up the money to purchase the property the plane it out and obtain all the necessary approvals to develop it come up with.

By then who knows what will happen with the economy, retail development, retail in general, and with the change in demographics.

The smartest comment on the matter comes from famed super-broker Andrew Merin of Cushman & Wakefield….

Real estate brokers said Nutley and Clifton would probably resist large-scale residential development on the site, because of the cost of providing services, especially schools, for a big influx of new residents. But Merin said multi-family development on at least some of the site would increase the tax base and provide needed housing.

“That’s how you attract young people back to these towns,” he said.

Retail and towns will die in suburbia if young people are forced to live elsewhere because of ta lack of affordable housing, and a lack of mass transportation…and all the other amenities that today’s buyers are looking for.

119 acres is a huge project, and an equally huge undertaking, and it would be a crime not to develop an all inclusive mixed use project as Hartz Mountain and Gene Heller has done in the past in many communities.  Mixed use projects are where it’s at for the future development of large scale projects.  Developers need to give back something of value to the communities they want to build in…and this is the way to do it.

And btw, by the time it takes to put a shovel in the ground, who knows what the state of retail will be. Will consumers need more places to shop for  items they can easily get online?

Fort Lee’s affordable housing dilemma, isn’t such a dilemma

Advocates sue Fort Lee over project

Hudson Lights

The Center at Fort Lee

I’ve always been a an advocate of New Jersey’s effort to create affordable housing.

  • affordable housing helps stabilize local real estate markets
  • it makes it affordable for some to live in the town that they grew up in, but can’t afford to live there because of exclusionary and antiquated zoning laws that create larger and more expensive properties and incredibly high taxes
  • it help create a better mix of residents…young, old, move up buyers, first time buyers without families, and move down buyers who want to remain part of the community they helped build
  • and it stops developers from raping a community for their own profits

Though not all of the line items for the Affordable Housing Act are fair to developers or towns, the program has nonetheless worked to the benefit of New Jersey as a state-wide community.

Having built numerous projects in several New Jersey towns, I believe that developers need to give back to the community, for being allowed to develop projects for profit.

However, in the case of the article in northjersey.com, it’s unreasonable for the developers of these two projects in Fort Lee to set aside 20% of the units for affordable housing.  That is an unreasonable percentage given our current economic conditions…at this time.

There is a way to work out a compromise where in the future, when the market changes and grows and rents can be increased, the number of affordable units could then increase at that time.  A simple solution for a not so complex matter that’s a win win for everyone.

Let me know what you think.

 

Fort Lee grappled with future development for 20 years. Revitalizing the area will now begin

I don’t understand the purpose of a recent post on northjersey.com titled….Fort Lee grapples with questions on future development.

Two projects…The Center at Fort Lee received approvals a few months ago, and Hudson Lights was just approved a few days ago…are a culmination of grappling with a problem for 20 years.

This article makes it as though this grappling is in its infant stage, when in fact it’s not.

The future plans for development in Fort Lee are finally in place, and the only question is, when will these projects be started and when will they be completed, so the community can start seeing the benefits from all the new traffic that will come into the area.

Hudson Lights and twin towers project in Ft Lee are becoming a reality

The proposed Hudson Lights project and the already approved “yet to be named” twin towers: A view from space

The two new projects that will be started in Ft Lee this year offer some exciting opportunities for the surrounding communities. Yes it’s going to be a bit of a pain while the construction is taking place, but once everything is completed everyone (even in Tenafly) will benefit from this enhancement:

  • The eyesore that we’ve all lived with for 20+ years will now become an iconic looking project.  No one can deny that that this isn’t an amazing upgrade for Ft Lee and all of New Jersey
  • If they’re smart, and upgrade their businesses, the area retails will have an influx of people to fill their stores. And if they don’t take advantage of this opportunity, they have no one else to blame but themselves
  • The area restaurants will see a boom in their business…the delivery business should go wild.  And this isn’t just for Ft Lee…this is going to benefit the entire area
  • 1500+- new apartments will be filled with people (2000-3000 people?) from all over the region and these people will shop and dine here
  • New retail creates better existing retail…only if they have what people are looking for.  And now the retailers will have to compete with the new project, so it’s not going to be a guarantee.  They will have to work it if they want to be successful
  • New employment opportunities will exist.  This is a huge plus
  • Contrary to popular opinion…traffic patterns and timing should actually get better because of the proposed upgrades
  • The residential rental business will boom for everyone…not just for the new projects

There will defiantly be some bumps in the road (no pun intended) throughout the construction process, but that’s to be expected. Just get these projects underway and completed as soon as humanly possible, so we can all start enjoying the benefits.

Suburbia needs more projects like this.

Here are a few satellite shots of the area, via bing and google earth.  Now you’ll see why this is such a valuable location

Yes, I’ve developed a lot of real estate projects in my career, and I love seeing progress.  And why shouldn’t the suburbs start benefiting from what it has to offer.  Politics aside, these projects are needed for a multitude of reasons.  Whether or not the original developers make money or not, the community as a whole will benefit for decades to come.  And that’s what really matters here.