|April 04, 2020||UPDATE-REAL ESTATE APRIL 4, 2020||no comments|
INTERVIEW WITH 41 YEAR EXPERIENCED REAL ESTATE BROKER, JIM TURANO OF DIVERSE REAL ESTATE IN MIDDLE VILLAGE, NY 11379. A SPECIAL THANK YOU!*THIS IS NOT THE TIME FOR OWNERS WHO JUST PURCHASED BUILDINGS THESE PAST 4 MONTHS TO RAISE TENANTS RENTS.
People all over Queens, Brooklyn and the Bronx are receiving notices for their rents to be increased. This is insane.
*Business owners renting for years are currently asking for a discount in rents during this pandemic and while being ordered to close their businesses down. Some new business owners who signed leases these past three months are asking their Landlords for some type of help since they can not open their new businesses, and are ordered to be closed.
On another note owners of apartment buildings, are being killed by rent control apartments lately. If someone moves out, owners not remodeling the apartment because they will receive the same rent as before. And with new laws being written up that if tenants do not pay rent during Pandemic they can not be evicted is another blow to Landlords.
Residential Sales-Right now everything is a standstill in Real Estate Market. So if three months go by until we get sort of an all clear again to go out, I see home prices dropping at least 5-10% when we resume again. Because the market will become flooded with homes, and buyers are going to look for those special deals.
Commercial Deals-The future of the most sophisticated buyers will pounce on is the one of a kind, one tenant type of property to purchase. No headaches, no rent control, and with a Triple AAA tenant picking up some of the expenses is going to be the only smart way to go for investors of the future. (BANKS, BOARD OF EDUCATION, FRANCHISES, ETC.)
Again a special thank you for always taking the time out and educating all the owners, buyers, investors and sellers. You have been a big help in shedding light on the Real Estate market today and for the past four decades.
JIM TURANO/BROKER-DIVERSE REAL ESTATE 1-347-837-9206
.... 73-12 METROPOLITAN AVENUE, WITHIN THE D CAP INSURANCE CO. SERVICING MIDDLE VILLAGE, GLENDALE, RIDGEWOOD, MASPETH, ELMHURST, REGO PARK AND FOREST HILLS FOR OVER 41 YEARS. PAST PRESIDENT OF THE KIWANNIS CLUB, LIONS BUSINESS ORGANIZATION AND VICE COMMANDER OF THE MASPETH VETERANS ORGANIZATION.