Tag: Real Estate

Real Estate in Cairo

On June 8, 2015

In commercial real estate, Gary Richetelli, global real estate, real estate

In recent global real estate news, sectors of the Cairo market have shown a positive increase performance-wise upon analysis during the first three months of 2015. This improvement in their market lead to a stronger confidence and investment inclination, helping increase political and economic stability for the country.

gary richetelli cairo real estate

According to an article published in Property Wire, “A new analysis from international real estate firm JLL says that this confidence is most clearly illustrated by the recent announcement of the mega real estate project Cairo Capital which will serve as an extension for New Cairo and will draw the centre of gravity further to the East of the existing city,” (Improved Economy and Political Stability Boost Cairo Property Markets). Data confirmed that residential sale prices increased across Cairo over the first quarter of the year. In addition, the hotel real estate market has also shown an increase in performance with the amount of tourists and occupancy rates rising.

Improved sales figures within the residential market in Cairo are also showing an increase. According to Property Wire, “Apartment and villa sale prices increased during 2015 across all the areas monitored by JLL as many residential developments have few units left and have increased prices accordingly,” (Improved Economy and Political Stability Boost Cairo Property Markets).

Even better news is that this positive economic outlook is expected to continue to increase investment in the residential sector throughout the year. Cairo is undoubtedly a city to keep an eye on for the entirety of 2015. For more information about Africa’s real estate market, read this article published by Property Wire.

Georgetown University’s New Global Real Estate Center

By Gary Richetelli

On April 28, 2015

In commercial real estate, Gary Richetelli, real estate

In recent real estate news, two Georgetown University McDonough School of Business alumnus are donating $10 million for the school to build a global real estate center. Robert Steers and his wife, Lauren, want this center to help both undergraduates and MBA students prepare for global real estate careers by offering various career planning strategies and consulting projects.

Georgetown’s new Steers Center for Global Real Estate

Mr. Steers is the current CEO of the global investment manager Cohen and Steers in New York City, which focuses on real estate innovation, along with infrastructure and commodities and income solutions. Mr. Steers commented on his excitement of the new building to the Washington Business Journal, stating, “‘It was important to me to see Georgetown McDonough create a formal real estate center with the financing to be permanent and to think and plan strategically,’” (Clabaugh, Georgetown Biz School Alum’s $10M Gift Funds Center for Gloal Real Estate).

The Steers Center for Global Real Estate, which was once the school’s Real Estate Finance Initiative will implement individualized career planning with experienced professors and mentors, helping the school become one of the primary destinations for global business education.

For more information about the new Steers Center for Global Real Estate, please read the Washington Business Journal’s article here.

Can New App Make Applying for an Apartment Easier for Tenants and Brokers?

By Gary Richetelli

On September 4, 2014

In Gary Richetelli, real estate

Zapp by Zumper hopes to make the rental application process a breeze.

There’s no dearth of apps and websites that can make finding an apartment a bit easier. Sites like Trulia, Zillow, StreetEasy and others help buyers and renters filter apartments by price, size, location, fee/no fee, and even more specific criteria. But if you’ve ever tried renting an apartment in a highly competitive market like New York City, you know that finding the apartment is half the battle.

So you’ve found a listing you love, decided you can afford it, met the broker, toured the space, and now it’s time to move. So what’s next? The dreaded application. The application process for an apartment can be a crucible for both prospective tenants, brokers, and landlords. There may be help on the way.

Techcrunch recently profiled real estate startup, Zumper, a company that has been trying to establish itself as a competitor to some of the other big names in online real estate rentals by matching tenants and property managers. While they have their own take on the process, this isn’t necessarily anything new. What could be a gamechanger is Zapp, Zumper’s latest app that actually allows tenants to apply right through their phones. Imagine an apartment hunting process that allowed you to find and apply for an apartment all from one app on your phone. No paperwork, no signing and scanning, and best of all, no expensive credit checks.

Zapp allows you to apply for apartments for free has partnered with Experian to provide $10 credit checks, a fraction of what you’d pay on the average. You can also reuse the credit check to apply for other apartments once it’s been run.

Zapp is launching now, but only on a limited basis in the San Francisco metro. With around $8 million in funding, Zapp is poised to make a big change to something that most shoppers consider a major headache.

NYC Real Estate Watch: Cooper’s Moves to Open Second Location

By Gary Richetelli

On July 9, 2014

In commercial real estate, Gary Richetelli, real estate

Cooper’s is banking on the tech sector being thirsty for craft beer after their recent 10-year lease signing for a second location.

How do you catch a Silicon Alley tech executive with money to burn on food and drinks? You bait him with 24 types of craft beer.

A recent real estate deal watch in Crain’s New York profiles Tom O’Byrne, the owner of New York’s LES Cooper’s Craft and Kitchen. O’Byrne recently made a splash by inking a deal for a 2,000 square foot space on 8th avenue in New York’s hip Chelsea neighborhood. By moving to open a second location with a 10-year lease in one of NYC’s most expensive neighborhoods, it’s clear the O’Byrne doesn’t believe the craft beer trend is going anywhere any time soon.

According to reports, rent for the space comes in at around $150 per square foot. So why is O’Byrne confident enough to pay such a steep price? One of the reasons is the flourishing tech community in the Chelsea area. As expensive as the neighborhood has been over the last several years, rent continues to rise on a regular basis. For example, similar ground-floor retail spaces on 8th Ave. skyrocketed nearly 70% in the last year alone. The spike is most likely due to the proximity to major tech players like Google and Twitter who have offices in the area.

The original Cooper’s has been operating in the Lower East Side for about three years and O’Byrne clearly feels it’s time to strike while the iron is hot. He’s clearly banking on craft beer becoming a staple rather than a fad. While unique microbrews don’t seem to be going anywhere any time soon, those in the business should take note of another niche gastronomical trend’s death knell. Just as Cooper’s announced a new craft beer centered bar, the NYC based cupcake bakery, Crumbs shuttered its doors. It seems no food or drink fad is safe from falling out of favor with fickle New Yorkers.

Pro Tips for Low Stress Mortgage Payments

By Gary Richetelli

On October 14, 2013

In Gary Richetelli

There are ways to make the best of high mortgage payments.

Paying mortgages isn’t fun. They’re usually large payments, and they often remind homeowners of an investment they fear will never pay off. Forbes.com has some tips on how to make the best of a bad situation if you’re paying a mortgage. Here are just a few:

1.Cut your taxes. The interest on up to 1.1 million of your mortgage debt is deductible from federal taxes. With the money you save on taxes, a five percent mortgage rate can look more like a three or four percent one. The more you’re taxed (i.e. the higher income bracket you’re in), the more money you’ll save.

2.Pay back as early as possible. If you decide to refinance and take the long-term (30 years) loan with the higher interest rate and you pay everything back early (15 years), you will incur less interest costs than if you paid throughout all 30 years. Plus, if anything bad happens, at least you’ll have more time to repay it and not have your home foreclosed.

3.If your home value plummets, you don’t have to repay the loan. A bank can’t force you. You can just give them your collateral (the home) and move on with your life. The bank will have no right to your other assets. This move is particularly valuable when your mortgage payment due is worth more than the value of your home.

4.Take out some home equity and profit from your mortgage by investing in stocks. You can use the equity, invest the money in over 100 companies to spread risk, and get a return that can help assuage mortgage troubles.

These are just a few ways to keep your stress in check when it comes to making mortgage payments. Thanks for reading and come back soon for more tips and news from the real estate industry.

Real Estate Spotlight: Corner Duplex Sells for 12.3 Million

By Gary Richetelli

On September 23, 2013

In Gary Richetelli

A duplex on 72nd street recently sold for 12.3 million.

A recent New York Times article recaps a major sale on 72nd street in Manhattan. Check out the full article for details but here are some notable highlights:

After being put on the market with an asking price of $12 million, the duplex ignited a bidding war that within three weeks jumped to $12.3 million. This selling price is promising for property values and those looking to pursue real estate. Seller Alexandre Chemla commenting on the duplex says, “It has beautiful light and views and a special floor plan that makes it feel like a home and is ideal for a family. Also, it has been completely renovated and beautifully maintained over the years and was in immaculate condition.”

The unit is 4600 square feet in size. It has two levels with fourteen rooms, sweeping staircases and a hand forged balustrade. The layout of the apartment includes five bedrooms, four bathrooms a powder room, reception and entertainment room. There is also a living room with a fireplace, a paneled library, dining room, and chef’s kitchen. Finally, the lower floor contains a separate guest suite.

The buyers name is Munib Islam, a managing partner at Daniel Loeb’s hedge fund. They were represented by Cathy Franklin of Brown Harris Stevens who were also listing agents for a three bedroom, four and a half bath simplex at the same building. The three bedroom apartment which sold for $8.85 million was recently purchased by Dylan Lauren, the daughter of famous designer Ralph Lauren and her husband, Paul Arrouet.

Only ten blocks south of the duplex on 125 east 72^nd street is a $15 million apartment being sold by none other than Emeril Lagasse. Although, the selling price has dipped down to $13.5 million the 19 foot wide 6,900-square-foot apartment is still selling for more than the famous chef paid for it. The initial purchase price that Lagasse paid came out to $11.5 million only four years ago. This would mean a $2 million profit in just 4 years of appreciation. Ultimately, the signs are looking good on the real estate market in New York.

Detroit Housing Market Not Following City’s Lead

By Gary Richetelli

On August 14, 2013

In Gary Richetelli

Housing prices in Detroit continue to rise in spite of city’s financial woes.

The city of Detroit has been in the news a lot lately, but for all the wrong reasons. The city government recently filed for chapter 9 bankruptcy, which early estimates indicate is the largest municipal bankruptcy in U.S. history. The debt totals between 18-20 billion dollars, far surpassing the previous largest bankruptcy which was declared by Alabama’s Jefferson County and totaled around 4 billion. Things have gotten so dire in the Motor City, government officials are appraising and considering selling off some of Detroit’s most treasured works of art. Reports are that Christies is set to appraise the 60,000 piece collection, which is entirely owned by the city of Detroit.

While Detroit scrambles for ways to begin to pay off billions of dollars of debt, an interesting statistic about the city’s real estate market has recently emerged. According to MLive.com, a Michigan news site, Realtor.com has named Detroit a “Top Turnaround” city for the housing market. This may seem surprising in the wake of the city’s bankruptcy trouble, but Realtor.com’s Detroit listings grew 37% in price since last year. In addition to rising prices, the percentage of unsold homes in the Detroit Metro have decreased by about 26%.

What’s noteworthy about these statistics is that this is not a phenomenon reported only by Realtor.com. According the the MLive article, many real estate sources have seen jumps in price when it comes to Detroit housing. More interesting still is that while these prices have risen quickly, Detroit still has some of the lowest home prices in the entire United States.

Perhaps the most astonishing stats mentioned in the article are the amount of abandoned buildings and their prices within Detroit. There are about 78,000 abandoned buildings with some being priced at only $500!

It remains to be seen if the housing recovery can continue in Detroit amidst the city’s financial troubles, but it seems clear that Detroit’s housing prices are a must-watch for anyone in the real estate business.

Aspire Once in Awhile: Celebrity Homes

By Gary Richetelli

On July 19, 2013

In Gary Richetelli

Lance Armstrong dumps his Austin Lake home.

When searching for the home of your dreams, it’s usually good advice to stay within your means. If we learned anything from the housing meltdown of 2007, practicality should be one of the number one tenets of buying a new home.

That said, every once in a while it can be fun to get lost in the clouds and indulge in the world of celebrity real estate. Whether it’s to dream about the future, or simply to gawk at the largesse of the nation’s wealthiest celebrities, keeping tabs on the lifestyles of the rich and famous can be a fun exercise. Here’s a little run down on the latest in the world of celebrity home buying and selling.

Lately, there has been a lot more of the latter, with celebrities dumping their massive homes in favor of…other massive homes. In Lance Armstrong’s case, he sold his Lake Austin mansion only six weeks after purchasing it. It was apparently purchased by race car driver, Bret Curtis. As the NBC article notes, Armstrong’s reason for selling is unknown. What does seem clear, however, is that Curtis will be enjoying some of the more opulent features of the house. With a private boathouse, cabana, pool, and spa among other amenities, this is clearly not your average lakehouse.

Fear not for Lance, though as money troubles do not seem to be the reason for the sale. He recently moved into the former Lt. Governor of Texas’ 7,646 square foot home.

Armstrong isn’t the only former sports star ditching his home. Hockey’s Great One, Wayne Gretzky , listed his Scottsdale homefor $3.395M.

Just as some of last generation’s sports legends seem to be moving out, one of this generation’s rising stars is putting his rookie contract to quick work. Washington Redskins QB Robert Griffin III has purchased a 2.5M home to match his royal sounding name. This is an exciting time for the young field general as he continues his rehab from an ACL tear and is set to be married this month.

That’s all for now. Check in reguarly for more updates on the world of real estate.