It’s been two months, and the casino is settling in. The anticipation, and now reality, of having a full scale gambling and extended entertainment venue in Sullivan County, NY is beginning to take shape along many fronts. Read the extended article and listen to the podcast for a fuller understanding of the what Resorts World Catskills is doing and how it is effecting the local economy and infrastructure.
For 2017, home sales in Sullivan County NY increased by 2.2 percent with end of year total accounting for 590 home purchases. Median prices rose from $128,000 to $135,000 accounting for a 5.5 % increase from 2016 levels. Medium pricing is defined by 50 percent of homes sold fall above $135,000 with the remaining 50% falling below that number. (See Local Realtors: Pace of home sales largely returning to prerecession levels)
Local Sullivan County brokers anticipate stronger sales for 2018 with many more showings occurring in the usually slower winter months. The “Casino Effect” has shaped the Monticello, NY market to some extent by creating excitement and new motivation for home buyers to consider buying while commercial investors continue to eye the area to determine long term investment potential.
Overall, realtors® are optimistic 2018 will continue the upward trend with m.)ore buyers and somewhat higher pricing due to stronger demand. The rental market is being driven by the new casino housing demands while other businesses continue to expand job opportunity creating a better return on investment for rental property.
The idea of purchasing a property and having renters can be an exciting business venture that offers lucrative financial rewards. However, there’s a lot involved in being a successful landlord and it’s important to be aware of what’s required before making the commitment. Whether you’re investing in one rental property or five, here are some questions you should ask yourself before getting involved.
Can You Do-It-Yourself?
There’s a lot more to being a landlord than taking the rental check, and one of these things is being there for the tenant when push comes to shove. If there are issues with the heating or the fridge breaks down, you’re going to be the one who has to facilitate or complete the repair, so you’ll need to have the wherewithal to fix problems effectively. While there are many situations where a repairperson can help, having some DIY skills goes a long way towards turning a better profit.
Do You Have The Time?
Weeks and even months may go by where your tenant requires little to nothing from you, but if you own an older property or have several renters, even maintaining the place can get to be quite a bit of a chore. It can be a good expenditure to have a contractor take care of these issues, but you’ll still have to use your time to find the right person and oversee the budget. If you already have a pretty full schedule, being a landlord will add a lot more to the pile.
Can You Deal With The Risk?
It can be easy to turn a profit if you have a renter, but if you happen to own property in a vacation area or a community on a downturn, it may be more difficult to find renters consistently. There may be periods of time where tenants are scarce, and this means that you’ll have to be comfortable with financial instability in order to weather the storm. While the moneymaking months can make up for the off-season, if you doubt your ability to take on the financial risk, this may not be the right choice.
Being a landlord is a considerable responsibility that will require you to take on financial risk and serve your tenants effectively and efficiently. If you’re thinking of becoming a landlord and are looking for a rental property, contact John Kavaller. He has vast experience and will share the “ins and outs” of how to buy, maintain, and meet the many challenges associated with income producing properties.
It’s Christmas Eve day and warm for late December in Otisville, New York. Well not quite Otisville, actually Mount Hope. That’s sort of true, Catskill Country Real Estate is in the Town of Mount Hope, but our office address is actually Middletown, NY 10940.
It’s not easy having a difficult address to define or having bushy eyebrows. Marilyn keeps trying to sit me down for a haircut and calm conversation. Clippers out, comb, scissors and that awful buzzing sound fill my ears—oh—they need a buzz cut too.
TMI—yes I know. Nobody really cares about haircuts these days—especially earcuts. Well maybe barbers do, but I’d have to go to Facebook in that there seems to be a good deal of interest in photos of just about anything. Updating status must include personal information about personal grooming—hold on, let me check Twitter too ……………………………………………
Yep—just as I suspected. All the social network platforms show the broker with the bushy eyebrows is trending and may go viral. There seems to be an unusual amount of static about busy real estate brokers, interest rates moving upward, and the Polar Vortex simmering down.
It’s been a very busy year for Catskill Country. We’ve closed many transactions, formed more solid relationships with other real estate firms and REALTORS®, helped a number of folks get into homes, and expanded our services to a multi county territory.
Our reviews are moving steadily upward as we seek to maximize our relationships with new clients, referrals, and our advertising venues. Our budget allows us to profile thousands of homes on our two websites making it easy for consumers to research and review almost too much information.
The one key difference between Catskill Country and our competitors centers on my absolute commitment to immediate contact with anyone wanting more information about real estate. We welcome all questions and respond almost as soon as we are contacted so you aren’t waiting around for answers.
I have bushy eyebrows but– I understand how to listen and bring your real estate goals into focus, and accomplish the mission of helping you buy or sell property in the Mid-Hudson and Catskills Region of New York State.
While many people may be hesitant to consider real estate as a viable long-term investment, owning property has a steady historical track record and isn’t as volatile as other investment markets can be.
Any investor who hasn’t seriously considered it as an option should take a closer look at the benefits of owning real estate and why it is the ultimate long-term investment strategy.
It Becomes A Consistent Source Of Income
Investing in rental property has the added benefit of being able to show regular returns in the form of rental income. Unlike other long-term investments that require a level of patience in order to profit, real estate can provide a large sum return in the future while still providing financial benefits on a monthly basis.
An Investment That Anybody Can Participate In
Many forms of investment require a level of skill or familiarity in order for first timers to jump straight into it with any level of confidence. Real estate is one investment that anybody can enjoy, thanks in part to the insight that can be gained from family and friends who have gone through the same process.
The level of knowledge that’s required to invest can be gained with some simple investigating to learn more about local areas that have increased in value and the kinds of homes that are popular. John Kavaller can take that information and add to it, providing invaluable expertise to the process.
Consider It To Be A Guaranteed Retirement Plan
Saving for retirement has become harder to commit to as each year goes by. Money being left in a savings account or an easy to sell investment can be dipped into at any point, leaving very little when retirement starts to roll around.
Using property as a long-term retirement plan requires a level of commitment to the investment and upkeep to the property that guarantees there will be something tangible to bank on later in life.
While investing in real estate may seem simple, especially when compared to other investment markets, it’s still recommended to consult with John before making any decisions. He has a level of knowledge about which areas will be the wisest to invest in depending on how long in the future you are looking to sell. Contact John for a substantial conversation about real estate investment FREE.
With the cost of rent going up across the board and becoming even less affordable in metropolitan centers, it’s never been a better time to seriously consider home ownership. While the price of a home and all the associated costs can certainly seem like a tight squeeze after years of renting, here are some reasons you may want to consider giving up your rental and springing for a home instead.
It’s An Automatic Savings
It’s a sure bet that the money you spend on rent is going down the drain as soon as the month is over, but investing your money into a home each month means that you’re actually putting it into something tangible that you can profit from later on. While there are no certainties that the price of your home will improve, there’s a good chance you’ll stand to make a bit of money in the end that will easily offset the cost of insurance and property taxes involved in buying a home.
The Insecurity Of Apartment Living
With apartments being bought up all the time and torn down to make way for new developments, it’s always a possibility that the day may come when your home won’t be your home anymore. The good thing about using your purchasing power to invest in a home is that it gives you the freedom of feeling like you really have something that belongs to you, and you probably won’t have to worry as much about your loud next door neighbors or a landlord that never completes the required maintenance on your apartment.
You Can Consider A Roommate
An apartment often means a smaller amount of space, but it’s possible that a home purchase may provide you with a little bit of extra room and a place for a renter who can help with the monthly bills. Whether you decide on a friend, relative or someone you don’t know, this can be a great way to make home purchasing a little bit more economical and still provide you with the equity you’ll need to make it a worthwhile, long term investment.
With rent becoming less affordable in so many cities, the idea of purchasing a home is becoming a more tenable reality for many people. If you’re interested in what is out there and are curious about your own possibilities for home ownership, you may want to contact John Kavaller, Broker-Owner at Catskill Country Real Estate.
There are many ins and outs involved in securing a mortgage lender, and as a result there are many offers and options out there which are only around to take advantage of prospective homebuyers. If you’re on the lookout for a home and are trying to wade through all the details successfully, here are some things you may want to be aware of.
The Perfect Rental Deal
If you’ve ever rented an apartment in the past, it’s entirely possible that you’ve run into deals on Craigslist where a sizeable, stunning property is advertised at a very modest price. While scams like this are quite common when it comes to rentals, they also occur when scammers copy MLS listing and pretend to be an agent facilitating a real estate deal. There’s no sure way to avoid scams like these, but ensure you don’t hand over money or sign anything unless you’re 100% certain whom you’re dealing with.– Never send cash or immediately executable funds without checking out credentials, identity, and correct contact information.
Lenders Who Push The Envelope
Reliable lenders will be upfront with you when explaining the details associated with your mortgage, so it’s important to be cautious if you end up dealing with someone who asks you to exaggerate or embellish your financial claims. The only way to make a solid investmmoent is to be honest about your financial situation, and anyone trying to inflate your income and the price you can pay is only hoping to gain a piece of the profit for themselves.
Investment Speakers And Seminars
With so much information out there, many people look for courses that will make them aware of the basics of investing so that they can do some of the legwork on their own. Courses like these can be useful in many cases but if they happen to be sponsored by an organization and are charging high attendance fees, there’s a good chance they’re trying to endorse their own services and may not be providing the most accurate information. Instead of guessing for yourself, you may want to read up on the basics and follow up with a trusted lender for any additional questions.
There’s a lot involved in delving into the real estate market, and that’s why it’s important to watch out for the kinds of things that may not be serving your best interest. If you’re currently looking for a lender and are planning on buying a home soon, you may want to contact John Kavaller, broker-owner at Catskill Country Real Estate for a suggestion.
If you’re at the stage in life where home ownership is nearly within your reach, you’re probably wondering whether you should start looking for a home or whether you should just keep renting. Renting is easier, people say, and it gives you more mobility. But over the long term, all that rent money can really add up – and it eventually reaches a point where buying a home is a better deal.
So why is paying a high rent a worse option than buying a house and getting a mortgage? Here’s what you need to know.
Renting Doesn’t Generate Equity
One of the single biggest sources of wealth in the United States is home equity – as you pay down your mortgage, you invest more and more of your money into your property, and it appreciates in value. When you eventually sell that home, you make a profit. The monthly payment is something you’d have to make anyway, whether you rent or own – but when you rent, your monthly rent money lines someone else’s pockets, while when you own, paying down your mortgage actually creates wealth for you.
Renting Doesn’t Give You Access To Homeowner Tax Credits And Deductions
There are all sorts of tax benefits available to homeowners that renters simply can’t access. As a homeowner, you can deduct your mortgage interest from your taxes owing, reducing your taxable income – but there’s no such deduction for renters. You can also deduct property taxes and some closing costs when you buy a home – there are no corresponding tax benefits for renters.
There are also several tax credits available to homeowners that aren’t available to renters. Things like renovations or simply buying a home for the first time can give you tax benefits that renters can’t access.
If You Can Muster Up A Down Payment, Owning Is Cheaper In The Long Run
One of the biggest hurdles keeping young people out of the real estate market is the down payment. It’s not easy, but if you can save up enough money for a down payment, you’re actually better off buying a home than continuing to rent.
According to Trulia, the median home price in metro Houston in Texas is just under $163,000, while the median monthly rent for an apartment is $1,550. That means renting would cost $18,600 per year, while buying a home (assuming a 20% down payment and 30-year term) would cost $9,384 per year in mortgage payments. In other words, owning is about half as expensive as renting in the long run.
Renting may be a good short-term solution, but over the long haul, owning is almost always better. Call me and let’s figure out if you have a realistic opportunity to purchase a home of your own.
It’s full speed ahead in the Sullivan County, NY Catskills. New York State has granted the required gaming license permitting the Adelaar Casino, at the Montreign Resort, to operate a full scale, Las Vegas/Atlantic City type gaming complex.
The local excitement and enthusiasm surrounding the build out is palpable with business meet-ups, rejuvenated Chambers of Commerce events, and county level, municipal planning sessions evident.
EPR has sponsored two recent job and contractor events in both Sullivan and Orange County and is the lead company responsible for resort development. According to the Wikipedia: “Empire Resorts is a company that owns the Monticello Raceway racino in the Catskill Mountains 90 miles from New York City. Headquartered in Monticello, New York, Empire is 78.6% owned by Kien Huat Realty Sdn Bhd of Kuala Lumpur, Malaysia.
Local projects envision an influx of tourist dollars to be generated by the renewed interest in Sullivan County. This former tourist, destination fallen on hard times over the last fifty years, is making a come back. Investors and speculators are measuring up potential opportunities as the infrastructure revs up for the billion dollar Montreign Resort.
Look for continued commercial real estate sales to burgeon with residential rental inventory tightening. Working men and women need solid housing and in the short run, Sullivan doesn’t have near enough to accommodate the influx of temporary workers.
The rental market will continue to grow based on the new jobs created by the resort project. Expected to be completed in early 2018, two thousand plus jobs will drive the need for comfortable and affordable housing.
Residential real estate will also enjoy a boost driven by the Sullivan County revival. Still a buyer’s market right now, sellers can look forward to a more even market where fair value eventually returns to par.
All in all, prospects are brighter than ever for Sullivan County. Second home owners still have the rarefied back road byways, commercial interests will seize routes 42, 52, 55 and I86/Route 17 corridor leading to Monticello.
Look for real estate price improvement and be sure to contact me for current information about Sullivan, Ulster, Orange County.
As in most endeavors, experience and judgment play critical roles in accomplishing the task at hand. And although conceptually the selling and buying of real property appears to be fairly simple, it isn’t. Statistics say real estate law produces more litigation than any other area which is proof positive of how intricate a real estate transaction can become.
Each state has different rules, regulations, guidelines, and laws governing how real property is purchased and sold. Reams of decisions, clarifications, and precedents are published weekly attesting to the complicated nature of the real estate business.
In the area I work (Sullivan and Orange County, NY), the following providers are among those called upon during different phases of a transaction. The services required vary by transaction type and flow of the process.
Attorney for seller, buyer or both
Agent for buyer and seller: For example
Environmental service providers
Building trades people
Property management firms
Any other providers needed to assure the closing takes place according to our client’s wishes
In NYS, licensed salespeople work under the the guidance and direction of the broker’s license. And as in life, so it is in real estate: Not all are created equally.
A competent broker manages, guides, and is responsible to those doing business with the firm. The experienced broker stays on top of the transactions in the office and problem solves with salespeople to overcome the challenges that invariably arise during any real estate transaction.
My services center on client satisfaction. Period. It’s my job to get your business executed and closed by being the expediter, middleman, problem solver, and coordinate the myriad and varied number of tasks required to get your home sold or purchased.
Please feel free to view recommendations made by a number of my clients and customers over the years. Thanks for your consideration.