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Attainable housing issues and barriers: Affordable rental housing | Real Estate

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Across the country, and here in the Grand Valley, the real estate market is seeing rising demand, higher construction costs, and rising values ​​and prices, which can be good news for someone who bought their home for $ 280,000 10 years ago (the is now the case) worth $ 430,000). This is not so good news for new buyers or tenants.

Real Estate Weekly launches a monthly series on some topics and barriers to accessible housing here in the Grand Valley, starting this week with a close look at the lower-income rental market.

Local communities, housing interest groups and other stakeholders are aware of the problems in the housing market and work together to find solutions. The city of Grand Junction recently partnered with the Mesa County Health Department and Grand Junction Housing Authority to commission a housing needs assessment from Root Policy Research, a front range research firm that analyzes data and helps provide strategies. Although the city took the lead in the study, the data and needs assessments collected are regional across the Grand Valley, including Fruita, Palisade, and greater Mesa County.

The final report is not complete, but city planners and councilors saw a draft that confirms what many in the housing industry believed.

“I was surprised at the level and number of households that are costly and heavily costly,” said Tamra Allen, director of community development for the city of Grand Junction. “There are people in our community who are really struggling with housing.”

According to the report produced by Root Policy Research, 52% of Mesa County’s renters are cost-burdened, which means they spend more than 30% of their income on housing costs, and more than half of those people are heavily cost-burdened. spend at least half of their income on housing costs.

The median rent in Mesa County has increased 21% since 2010, while rental income has increased only 14%.

There is also great demand for rental properties with vacancies as low as 3 percent, which means property owners can increase the amount they charge for rent. Some property owners may also sell older, cheaper rentals that didn’t bring in as much rent just because the property market is so hot right now that everything is selling, often at prices that owners could not have imagined five years ago.

Since 2014, the Colorado Housing and Finance Authority (CHFA) ​​has helped fund federal and state income tax credits to build five new rental buildings to meet the specific needs of lower-income tenants. Together, these five new buildings brought 270 affordable rental homes to market. Unfortunately, it’s a drop in the ocean.

“Between our voucher program and our properties, we routinely serve more than 2,000 names,” said Scott Aker, chief operating officer for the Grand Junction Housing Authority (GJHA). “Our waiting list for programs is also over 2,000.”

GJHA owns 11 housing complexes serving low-income, elderly, or disabled customers. The most recent buildings, 2814 Patterson and The Highlands, were funded with CHFA support. The newest property, 2814 Patterson, opened about a month ago. The building has 54 one-bedroom apartments and 6 two-bedroom apartments. All apartments are income restricted.

Housing Resources of Western Colorado also owns five properties on-site for a total of 180 units.

Karis, Inc. recently opened Laurel House, a 34-unit home designed to support and house formerly homeless youth and young adults.

“We’re struggling to accommodate the people,” said Beverly Lampley, director of development and communications for Catholic Outreach. “During the COVID, the tenants’ working hours were shortened. You’re not getting kicked out yet because of the eviction moratorium, but we’re seeing people coming in with $ 4,000 in arrears. “

According to the Root Policy Study, poverty has increased in all Grand Valley communities, including Palisade, Clifton, Grand Junction, Fruita, and Mesa Counties, since 2010.

Although new rental properties are in the planning phase and currently under construction, none of them are designed for low-income tenants. GJHA has built on all of the land it owns, but according to Akers, the agency is always excited and actively looking for the next development opportunity.

Western Colorado Housing Resources owns 13 acres in the Clifton area but is awaiting the Clifton Community Transformation Project, a proposal and needs assessment project for the Clifton area, before deciding how best to use the land.

An interesting note on the affordable housing dilemma; Foothills Housing, the company that recently purchased nearly 170 acres near Community Hospital between G Road and Hwy 6 & 50, has presented a conceptual plan for the property that includes an affordable shared apartment as well as off-the-shelf housing and housing development. It’s very early in the process, however, and the project representative didn’t return calls to discuss the details of the proposed low-income sharing community.

The need for affordable housing in the Grand Valley is enormous. In the properties built with the CHFA tax credit, the median household income is only $ 12,696 per year. Housing ensures stability and a decent life and lowers the costs of other social services. Next month the series will focus on market price rents.

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Are There Fees for Canceling a Real Estate Agent Contract?

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You did your research, found a real estate agent who you thought was right for the job, and signed an agreement for the professional to list your property. But when time goes by – and your house isn’t sold – you may be wondering: Can you terminate this real estate contract – and if so, at what cost?

In a perfect world – where we all read the fine print before we sign a legally binding document – you already know the answers to these questions because they are in the listing agreement you signed.

But this is the real world – a world where many of us sign things up in a hurry and don’t expect there to be any problems. If that’s the case for you, here’s what you need to know about terminating a listing agreement.

What is in your listing contract?

Of course, nobody can force you to sell your home, but real estate brokerage contracts are legally binding contracts.

Listing agreements vary between real estate companies, property managers, and cities and states. In general, however, they all typically include a time frame that they cover for a particular property. If the contract doesn’t include a cancellation fee, you can cancel at any time and you’ll be off the hook. However, many list a fee that will be billed to the seller if the contract is canceled before that expiration date.

The fee often covers the agent’s time and expense. This may include the costs incurred by the agent to have your property listed on the multiple listing service in your area, as well as forms, photos, videos, brochures, and other means of promoting your home. In some cases, the fee is a percentage of the list price.

If there are any fees, you can always wait for the contract to be completed to avoid the possibility of having to pay them. In many cases, however, even if you cancel early, you can make arrangements with your real estate agent.

“If you quit early, chances are the broker will let you off the hook for the rest of the contract – at least most of us – especially if the homeowner requests that termination,” says Maria Jeantet is a real estate agent at Coldwell Banker C&C Properties in Redding, CA. “It all depends on what you do when you tell them you want to cancel.”

Reasons for terminating a listing agreement – and alternatives

The reasons why people want to terminate a listing contract vary. If you’ve decided not to sell your property after all, that’s one thing. But if you want to cancel the listing because you’re not happy with your agent’s advertising, or disappointed that they’re not getting as many views or offers as you hoped, that’s another matter. The latter can often be worked out with your agent through clear communication about what you are dissatisfied with and what changes you would like to see.

Jeantet says it’s best to always be direct with your agent.

“Keep it clean. Either speak heart-to-heart to your current agent about the resignation or talk to them about getting more out of their service for you,” she says.

If this is not effective, you can also consider contacting a broker’s brokerage firm (if your broker is not the broker / owner) to discuss the issues and possibly reassign a different agent.

If nothing can be resolved, it may be in your best interest to cancel, even if you have to pay a fee.

Make sure you get the cancellation in writing because if you are listing your home with a new agent within the time period covered by the listing agreement and there is no written cancellation from your current agent, your current agent may charge commission fees to sell the home. Look back at your listing agreement to see what it says.

Not all real estate relationships work, people change their minds, and circumstances change. This is why it is so important to do your research when it comes to choosing a real estate agent and carefully examine what is in a listing agreement before signing it.

The post Are there any fees for canceling a brokerage agreement? first appeared on Real Estate News & Insights | realtor.com®.

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What Community Associations Should Know From HOA Attorneys – Real Estate and Construction

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Servicing, repairs, upkeep and rule enforcement include for a. daily business Community association – now one of the most common forms of housing in North Carolina.

To date, nearly 27% of the state’s population lives in some type of single family home, townhouse, or condominium managed by a homeowners association known as an HOA.

With its explosive growth and abundance of housing options, from affordable new homes to multi-million dollar neighborhoods, the Triangle has become a hotbed for these types of planned communities. In response, the company recently announced a dedicated team to assist new and established boards of directors and managers of associations in Raleigh, Durham, Chapel Hill and the surrounding area in addressing the challenges of running an HOA.

The Triangle Team consists of litigation attorneys Amy Wooten, Lawyer for business and community associations Madeline Lipe, Real Estate Lawyer James Toddand creditor attorney Thomas Wolff. Each has a unique perspective to serve and guide a community organization at all stages of development and through all kinds of disputes and conflicts.

I recently asked my colleagues to share the most important things about HOAs. This is what they had to say:

“I would say that risk management is one of the most important things that community associations need to know and appreciate!”

Amy Wooten, Litigator

It is vital that community associations take a proactive approach to managing risks that they may face for many reasons. One of these reasons is that proactive risk management can reduce the likelihood of litigation against a community association or enable the community association to defend itself in the event of a legal dispute. It can also better enable a community association to cope with the financial difficulties and other stressors that often arise when a community association finds itself in a situation where it is the party to litigate. In short, an association’s risk management strategy should include seeking legal advice and advice early on when a potential dispute or legal problem arises. This requires the community association to invest in legal fees. In my experience, however, these dollars are mostly well spent. Whereas, skipping this investment, among other negative consequences, will result in community associations incurring significant legal fees that could be avoided or significantly reduced if they had been proactive in finding an attorney.

“When it comes to a community union question, the starting point is almost always the same … start with the administrative papers.”

Madeline Lipe, Lawyer for business and community associations

The relevant documents of a community association (declaration, statutes and statutes) form the basis for understanding the role of the community association. The purposes of the community association are set forth in its administrative documents which, along with the applicable North Carolina bylaws, outline the association’s responsibilities, define the rights and obligations of owners, and generally set the framework of the community. Accordingly, it is important to know what is in the relevant documents so that the powers, duties and limits of the association are understood.

“Community associations are empowered, governed, and constrained by the real estate contracts that create their communities.”

James Todd, Real estate attorney

It is important that ward associations understand the authority and limits of their covenants. We often come across church associations that “for as long as everyone can remember” have been operating in a certain way without understanding why. We can help analyze and change the covenants – whether it be a review of decades-old covenants that do not meet the current needs of the fellowship, or proposed changes to bring the covenants into line with longstanding practice. A community association’s covenants are the framework in which it operates – we can help ensure that this framework meets the needs of your community association. “

“One of the most important things to keep in mind when dealing with overdue accounts is taking action early and being consistent in enforcing a homeowner’s payment obligations.”

Thomas Wolff, Attorney for creditors’ rights

Homeowners can find it much easier to pay off their arrears when they are still manageable and relatively small. Contacting them early and being ready to work out an appropriate payment plan can help prevent major problems before they arise. However, there will always be accounts that can prove to be disruptive and ultimately require legal help. In these cases, it is still important to contact the association’s legal advisor to take swift action to maintain the repayment claim and mortgage the defaulting homeowner’s property. In most cases, the lien covers not only the overdue reports, interest and other charges but also the legal fees of the association. Acting quickly helps the association to achieve an optimal repayment position and makes the growing debt difficult for the homeowner to overlook – especially if he wants to sell or refinance his property. By acting early and dealing consistently with overdue accounts, an association can help increase its chances of recovery.

Not every community association conflict may need an attorney, but having qualified legal representation can go a long way towards ensuring the health and peace of your HOA. Our triangle team, supported by our full service, nationwide Practice of community associations, is ready to support your community association.

The content of this article is intended to provide general guidance on the subject. You should seek expert advice regarding your specific circumstances.

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Cushman & Wakefield Echinox Adopts Yardi to Manage Commercial Real Estate Portfolio

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The independent and operated subsidiary of Cushman & Wakefield will use fully connected cloud-based software to manage commercial real estate

AMSTERDAM, June 22, 2021 / PRNewswire / – Cushman & Wakefield Echinox, a leading real estate company in the Romanian market, has selected Yardi® as its technology partner for commercial property management in. elected Romania. The platform will offer investors, developers, owners and tenants a full range of services. Cushman & Wakefield Echinox manages around 50,000 square feet of office buildings in Bucharest.

Cushman & Wakefield Echinox launched Yardi® Voyager Commercial to streamline property and financial management. Yardi Voyager combines real estate management and accounting with property, finance, budgets, forecasting, construction and maintenance and offers a holistic view of an entire commercial real estate portfolio.

“We chose Yardi Yoyager Commercial as an integrated platform for real estate, finance and ancillary cost management, tenant settlement, accounts receivable, accounts payable and budgeting. Yardi gives us the ability to provide improved access to data, which will improve the quality of reporting to our customers and will help us meet our growth goals, “said Mihaela Petruescu, Partner Asset Services Cushman & Wakefield Echinox.

“We are excited to have Cushman & Wakefield Echinox as our newest customer in Romania, “said Neal Gemassemer, Vice President for International at Yardi. “We look forward to working with Mihaela and her asset services team as their passion for exceeding customer expectations and their experience guarantee adaptable customer-centric solutions.”

Learn more about how Yardi supports real estate and property management clients in all areas Europe.

About Cushman & Wakefield Echinox

Cushman & Wakefield Echinox is a leading real estate consultancy in the local market and the exclusive subsidiary of Cushman & Wakefield infield Romania, owned and operated independently, with a team of over 60 professionals and employees offering a full range of services to investors, developers, landlords and tenants. You can find more information at www.cendunginox.com

About Cushman & Wakefield

Cushman & Wakefield is one of the world’s leading providers of commercial real estate services with 50,000 employees in over 60 countries and a turnover of 7.8 billion euros. More information is available at www.cushmanwakefield.com

About Yardi

Yardi® develops and supports industry-leading investment and real estate management software for all types and sizes of real estate companies. Yardi was founded in 1984 and is based in Santa Barbara, California.and serves customers worldwide from offices in Australia, Asia, the middle East, Europe, and North America. Visit Yardi.com/EU for more information.

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SOURCE Yardi

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