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New Buffalo considers ban on short-term rentals



“Let me be very clear, I am against short-term rentals,” said John Humphrey, who was elected mayor of New Buffalo in November 2020, a town of 1,800 permanent residents 70 miles from downtown Chicago on the shores of Lake Michigan. Short-term rentals are generally understood to be anything that is shorter than a month and usually for a few days.

Humphrey, a former Chicago resident who has lived full time in New Buffalo since 2014, said that short-term rentals for a fee are equivalent to commercial use of a property, and if that property is in a residential zone, “do it illegally.” . No residential zones in New Buffalo allow commercial use. “

The current development does not emphasize short-term rents as commercial use. The proposal to the planning committee would change that by stating that “like a restaurant or bookstore,” Humphrey said, short-term rental in a residential area is not allowed.

Existing permits would likely continue to exist, but they would not be transferred to a new owner when the property is sold. Humphrey said there are about 100 existing permits in these zones and another 40 in commercial areas. He estimates that there could be about as many short-term rentals that are operated without a permit.

The elimination of short-term rentals “is absolutely insane and not in the best interests of anyone in New Buffalo,” said Laura Murray, a CPA at Downers Grove who has had a second home in New Buffalo for about 14 years. She did not use it as a short-term rental, but applied for a permit in 2019. This was refused due to a then new moratorium on new permits, which has since been extended to November.

Murray and other second home owners, including Skokie’s Edan Gelt, estimate that short-term renters pump more than $ 4.5 million annually into the New Buffalo economy through restaurants, grocery stores, and other expenses.

“When these houses are empty, nobody goes to Barney’s [grocery store] or the stray dog [bar and grill,]”, Said Gelt, who works in marketing. “Tourists spend a lot of money in New Buffalo. Are you sure you want to keep her from coming? “

Gelt’s main residence is in the Palatinate, and she and her husband, Gene Khalminsky, have owned a three-bedroom house in New Buffalo since 2013. When their children were younger, they did not rent the house for short-term rent, but in recent years, when the children in the Palatinate were more busy, they rented it out. With the rental income, she said, “the house pays for itself, but we don’t make a big profit.”

One of Humphrey’s arguments against short-term rentals is that their proliferation has helped drive home prices in the city to the point where full-time residents are priced out. Thanks to that, along with low interest rates and COVID-driven demand for homes outside of the city, “our properties are overvalued,” Humphrey said.

The average price of homes sold in the New Buffalo area, a 15-mile stretch of Lake Michigan from New Buffalo to Bridgman, the average home sales price has increased 25% since the same period in 2020 and 37% since 2019, so Data from the Southwest Michigan Association of Realtors. It is larger than the increases in other areas of southwest Michigan, although some of them are inland rather than on the coast.

The average sales price in the New Buffalo area this year, just over $ 549,000, is well above the other lakefront stretches the Southwest Michigan real estate group tracks. The median price was $ 352,000 in St. Joseph and about $ 344,000 in South Haven. Inland locations are typically under $ 200,000.

New Buffalo, like many traditional second homes, is inundated with “second home” sales to people not removed from Chicago work and school locations.

A home with the potential for a source of income is clearly being sold for more than one without it.

Jessica Lee and her husband, whom she did not want to identify, bought a house in New Buffalo for about $ 300,000 in 2020 and moved full-time from Chicago. Lee said her real estate agent said the house would get $ 100,000 more if it had short-term rental permits.

“The reality is that if the people who lived here in New Buffalo went away, they couldn’t afford to come back,” said Darwin Watson, New Buffalo city manager.

Kimberlee Wendt, Executive Director of the Harbor Country Chamber of Commerce, emailed Crain a statement saying, “While we recognize tourism as the main economic engine here, the chamber also supports a balanced effort between businesses and residents to to build a thriving community every year – a round life and one that can maintain the workforce. ”

The chamber’s new economic committee is addressing the issue of affordable housing “and other vital needs such as childcare in this tourism-based economy,” the statement said.

Efforts to end short-term rents “are closing the gap between locals and second home owners they call Fips,” Murray said. Fips is a long-time Michigan reference to “damn Illinois people”.

In March, a group of Chicago area people with homes in New Buffalo sued the city in federal court over its moratorium on short-term rents. Another lawsuit has been filed in a Michigan state court. Both lawsuits have not yet been decided.

The lawsuits allege, in part, that New Buffalo officials are violating property rights with their extended moratorium, which has cooled the short-term rental market and home values.

“It’s an excess of personal property rights,” said Murray. “If I want to rent my property for a few days, I should be able to.”

In recent years, New Buffalo officials have taken steps to reduce the disruptive effects of short-term rentals on the city. In May 2019 they introduced a permit requirement for the first time, later they tightened the parking and garbage regulations.

Nonetheless, short-term rentals and the associated traffic, noise and partying are “destructive to the quality of life in our neighborhoods,” said Humphrey.

Murray, who has owned her New Buffalo home for about 14 years, said she hadn’t remembered more than a few short-term tenant problems on the property during that time. City officials, she said, “try to deal with the one to five percent who break the rules by punishing the other 95 to 99 percent of the people. Do not throw the baby out with the bath. “

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Real Estate News

Celebrating 40 years in Taos Real Estate | Success Stories



Louise Rose is just as individualistic in her attitude as she is as an independent Taos broker. This combination has ensured that it successfully brings clients together with the home, land or investment of their dreams.

Before Louise moved here, she was a stockbroker with a NYSE firm. She raised her sons Justin Bailey and Andrew Morrison, who graduated from the eclectic and distinguished Taos High School. “Children who grow up here are well prepared to live anywhere in the world.”

Louise is blessed with loyal clients who appreciate her upbeat approach, ability to listen, and insane sense of humor.

“Finding someone for the perfect home or ranch is the most personal transaction they can have,” said Louise. “It’s worth finding exactly what you’re hoping for. To get to know a customer, you have to listen carefully. Especially if you come from outside the city, it is important to understand exactly what attracted you to our unique and fascinating heart and soul of the Southwest. “

It’s an intuitive process that takes countless hours with people of many languages, cultures, and ethnicities. Often times the first home she shows them is the one they choose.

“Show them what they want; not what other customers desperately want or need to sell unless it’s the perfect thing. That saves everyone a lot of wear and tear. “

Louise has lived in Taos since 1973 and has seen many changes. She believes that no matter how many people move here, the spirit and essence of Taos never change.

In 1982 she carried out the first “Realtor Tours” together with another broker. Within two years, the brokers were ready for a multiple listing service (also known as MLS). Customers finally got the benefit of knowing that the home they were buying was the best choice for them and they no longer had to go to every real estate agent in town to find out what was for sale.

In 1985 she and two other people brought the first real estate franchises to Taos. Louise sold her successful ERA Taos Realtors in 1991. Three years later, she bought the Realty World, Taos franchise and then sold it to work independently.

With the market hot today, her boutique business is in demand through word of mouth and referral.

Louise said, “I personally rarely go to a doctor or lawyer for advertising because the most experienced and talented are as busy as they can get. When I do advertising, it is to the benefit of my salespeople, so that they get the attention. ”

Her longstanding clients include the Comptons: Mike, a successful commercial high quality contractor, and Jane, the Taos optician, whose first appointment is in early October.

Louise sold the Comptons her first Ranchos home, the first they looked at; and then 20 years later she sold it for them to the first buyers who looked at it.

The new doctor, his wife, and their poodle lived in a motel and needed a place to stay immediately.

Two weeks later, the Comptons were out with their two young daughters, four horses and three dogs.

The Comptons are currently selling Taos Creek Cabins, which can be seen in the pictures with Louise on this page.

Pat Allen, another longtime Taoseño and owner of 9 to 5 Ship & Print, said, “I remember the first house Louise showed me was the one I bought. It was the easiest purchase ever. She is still my broker after 30 years.

Louise’s pink, white, and black property signs are eye-catching. Each carries a reminder, “Please don’t disturb the owner,” a thoughtful touch that embodies both the agent’s signature personal style and savvy business acumen.

Louise has enjoyed a life of world travel and adventure and, when she’s not selling real estate, is working on a book. If you are a happy new customer, she will pamper you with stories and you will instantly connect with this powerhouse of energy. They know that you made the right choice in choosing your broker.

“The last decade has been the best of my life and I’ve been happier than ever,” she said. Share your enthusiasm and let Louise Rose help you find the home that will make you happier than ever.

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Real Estate News

Tucker Carlson exposes real estate companies ‘wrecking’ America



“Gavin Newsom is turning the state of California into a swamp,” said Fox News host Tucker Carlson on Tucker Carlson Tonight.

TUCKER CARLSON: In addition to all of the other problems California has, property prices are higher there than anywhere in the country. The average home price in the state of California is now over $ 800,000, more than double the national median. In the past few years, California leaders have passed dozens of laws that they claim will fix the problem because it really is a problem. Governor Jerry Brown, the last man, signed 15 housing laws in 2017 alone. Last year, Gavin Newsom signed 18 separate housing laws. Did it work? No not at all. They didn’t work for the people who live in California. But they weren’t intended for people who wanted to buy houses. Instead, these bills had one purpose: to destroy suburban houses and replace them with high-density apartments. Of course, real estate developers make more money when single-family houses are leveled and replaced by multi-family houses. And real estate developers happen to be the main donors to the California Democratic Party, and Gavin Newsom in particular.

Real estate development company Marcus was one of Newsom’s largest funders in the recent recall election. This week, after surviving the recall, Gavin Newsom tragically rewarded these real estate developers with the largest housing bill ever. Newsom has just signed a series of laws, SB9 and SB10, that will abolish the suburbs in the state of California. The state that invented the suburbs. These bills were approved by the California Building Industry Association, which, citing, “represents the interests of home builders and developers of residential and commercial projects. There will be some new commercial projects in the California suburbs.” As the New York Times put it, you quote, “SB9 essentially ends the single-family zone zones.” Property owners now have state approval to convert any single family home in the state of California into a 4 unit apartment complex. How does this improve someone’s life? It will not. It means demolishing houses to build rental units.

At the behest of his donors, Gavin Newsom is turning the state of California into a swamp. It’s not just happening in California, Oregon recently passed a nationwide ban on single-family home zoning. That’s crazy! Cities like Minneapolis and Sacramento have started allowing apartment buildings on single-family lots. Crowding problem anyone thinks? By the way, only the Chinese government seems to be doing everything possible to rule the real estate developers. “Housing should live and not for speculation,” said the Chinese president. Woo, I hate to quote the President of China but in this case he’s right, one of the largest and most indebted real estate companies in the world is collapsing and China has signaled that it will never be interested in a bailout again. In this country, real estate companies not only get bailouts, they can also write laws that destroy your neighborhood. And in many parts of America, they can tear down the neighboring house and turn it into a residential complex. Big!

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Real Estate News

Crow Holdings Announces Closing of Ninth U.S. Diversified Value-Add Real Estate Fund with Approximately $2.6 Billion of Investable Capital



DALLAS – (BUSINESS WIRE) – Crow Holdings, a leading national real estate investment and development firm, today announced the definitive closing of Crow Holdings Realty Partners IX, LP (“Fund IX” or the “Fund”). Managed by Crow Holdings Capital, Crow Holdings’ investment management company, the fund invests in value-adding real estate investments in the United States, primarily in industrial and multi-family homes and specialty sector opportunities.

Fund IX was oversubscribed with approximately $ 2.3 billion in commitments, above its original ceiling of $ 2.0 billion, and received strong support from existing investors and significant participation from new investors, including global banks and Insurance companies, pension plans, family offices and high net worth individuals. The fund has also co-invested a total of $ 265 million in equity, resulting in total investable equity of approximately $ 2.6 billion for the strategy. Fund IX marks the company’s largest fundraiser to date and is a significant increase over the $ 1.3 billion pledges raised for the previous fund.

The fund focuses on diversified value-add investment and development opportunities in multiple property types in major US markets. Today these possibilities exist mainly in industrial and multi-family houses as well as in special sectors such as prefabricated houses, comfort and gas, self-storage and student dormitories. The fund was fully launched during the Covid-19 pandemic and began investing during this challenging time as well. To date, more than 63% of the fund’s capital has been invested in 62 investments, primarily in the high-growth regions of the Southwest, Southeast and Mountains of the United States

“We appreciate the trust our investment partners have in the continued ability of our team to deliver results to them,” said Michael Levy, CEO of Crow Holdings. “This successful degree shows recognition for our company’s long-standing track record, real estate expertise and, in particular, for our early recognition of the considerable tailwind behind the demand for logistics and e-commerce, the changing population demographics and changing housing preferences as an integral part of our differentiated investment strategy . ”

“With more than 63% of the capital employed in Fund IX, we are already achieving strong investment results, including the repatriation of capital at the beginning of the fund’s life cycle through rapid realizations. This achievement is recognition of the team who have worked hard during this unprecedented and challenging time to continue fulfilling our commitment to all partners, ”said Bob McClain, CEO of Crow Holdings Capital. “We believe that our pipeline – particularly in the industrial, multi-family and specialty sectors – will continue to offer attractive opportunities to grow results throughout the life of the fund.”

Hodes Weill Securities, LLC acted as placement agent for Fund IX.

About Crow Holdings

Crow Holdings is a leading national real estate investment and development company with 70 years of operations and $ 21 billion in assets under management. With a strong track record across property types and market cycles, Crow Holdings pursues unique investment opportunities through a range of strategies and risk-return profiles, creating value for its investors, partners and communities. Operating out of 17 offices in the United States, Crow Holdings has extensive industry reach with expertise in multi-family, industrial, office and specialty sectors and has developed or acquired more than 225 million square feet. Our core principles of partnership, collaboration and reconciliation of interests remain central to Crow Holdings today. More information is available at

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