Come listen to the latest trends in recruiting millennials with housing to our market.
Guest Speakers: Todd Clarke CCIM and Dale Dekker
http://www.techfiestaabq.com/
Category: Housing
ABQ Biz 1st – Boomers, Millennials power apartment biz
At the annual Apartment Association market update last week, Todd Clarke discussed the latest generational drivers of apartment demand. View the complete article by clicking here.
Todd Clarke named as commissioner to Albuquerque Housing Authority
In today’s Albuquerque Business First, Todd Clarke was named as commissioner for the Albuquerque Housing Authority.
Cool Shape Shifting Home – your next cabin retreat?
Thanks to Gizmodo.com for finding this amazing shape shifting home.
As the roof rises, your ceiling becomes the heavens!
Now this is the way to view the stars!
The full video can be found here:
Upcoming NM MFA housing seminar
The NM Mortgage Finance Authority’s annual housing seminar is coming up – 8/22-24/2012 – don’t wait to register!
Apartment Property Tax Lightning update – 2011
On the 30th of January, 2012 our firm had a formal property tax protest hearing in front of the Bernalillo County property tax protest board.
The hearing took approximately 2 and 1/2 hours and the Bernalillo County assessor was represented by one commercial appraiser, one residential appraiser, the head of the residential department, as well as the county assessor.
We framed ourside of that case that this was not a not a decision of “value”, but rather implementation of the law and that the assessor’s office had not been executing the current laws consistently for all apartments. The assessor’s office framed their case as one of “value”, and we stipulated to the assessor’s updated value if the board found in favor of the assessors (this means that your property will receive a reduction either way, the only question is how much of a reduction).
Since we had close to a dozen apartment property tax lightning cases that had the same issue, we respectfully requested that the board here the arguments for all property’s and implement them individually on each property (this allowed the board to hear a dozen cases in 2.5 hours vs. 30 hours).
The outline document that is attached served as our narrative as we walked the formal property tax board through the following steps:
– demonstrate that your property is classified as residential
– demonstrate that your property had experienced more than a 3% increase
– demonstrate that other counties have been executing the law with no more than a 3% increase
– demonstrate that the Bernalillo County assessor’s office lost apartment tax lighting cases in 2010
– pull apart the logic underlying the assessor’s case as to why apartments should be treated different than single family homes
– pull apart the logic underlying the assessor’s case as to why apartments should be treated the same whether they are owner occupied or not
– share with the board the stipulated agreement we negotiated with the county in 2010
– remind the board of former board decisions that have found in favor of the apartment owner
– remind the board of former district court decisions that have found in favor of the apartment owner
Finally, we were able to get one of the appraisers to testify that the assessor’s office had a policy of rolling back apartments to the 3% over previous years value, but only in cases that had been previously protested, which demonstrated an uneven application of the law.
The assessor’s office presentation was focused entirely on how they had arrived at the value for the protest.
Unofficially, we have been informed from 3 different sources (including the assessor’s office) that we have prevailed in these cases, but as of this date, have not received written confirmation. As soon as we do, I will forward a copy for your files as well as an invoice showing the new value. The treasurer should then have their records updated prior to the May 2012 payment window.
If you would like a refresher on how our county got to where we are on apartment values – you can find a series of updates on our website at http://www.toddclarke.net/?s=property+tax, with the most detailed explanation at http://www.toddclarke.net/?p=969 .
Please email me if you would like to receive copies of the outline and/or the exhibits presented.
Rent vs. Own
Note how NM’s housing prices are still considerably higher than its rent levels? Unless we bring more apartment communities into the supply pipeline, that will be changing in 2012-14,
Homelessness in ABQ update
The Albuquerque Journal has an update on the homeless survey that was performed earlier this year.
As you may remember, I participated in the survey earlier this year, and was dumbstruck by the stories the individuals I met shared.
Although the focus on the article is about one individual who has made it into housing, then fallen out, and is working to get back in, the part of the story that left me the saddest was the number of people who have died since we surveyed them.
Those of us who own housing, who work in the housing industry must to more to help initiatives like the City of Albuquerque’s Albuquerque Heading Home as well as non-profits like Metropolitan Homelessness Project and Joy Junction to eliminate homelessness.
(BTW, I should mention that Mayor Berry received the Humanitarian award for his dedication on this issue. Having been on his team, I can tell you his desire to eliminate homelessness involved a lot more than the camera time many people might have seen and the survey of the homeless quickly turned into an emergency plan that the Mayor and City Councilors funded to get people out of the sub freezing temperatures and in shelter).
Valuation survey for NM Commercial Real estate released.
Cantera Consultants & Advisors has just released its 2011 value survey for NM Commercial Real Estate. The survey reflects the collective wisdom of industry professionals in NM.
Although Cantera uses the survey primarily for the benefit of it’s during property tax protest hearings, the survey has become staple in the commercial real estate market and is widely used and quoted by many of the brokerage, appraisal firms and county assessors in NM.
The most interesting trend reported in this year’s survey is the indication that most of the commercial property types have turned the corner on decreasing values as CAP rates have started to decrease (slightly).
Tomorrow’s edition of the Business Outlook in the Albuquerque Journal will highlight information from the report.
Last year’s survey results can be found here.
The 2011 value survey can be found CCA-Survey-10012011-v10.
Apartments become more expensive
Thanks to Melissa Montoya for covering the latest in apartment trends on KOAT TV 7.
First responses from 2011 Census of homeless – in ABQ they are finding housing.
An update from our from the Albuquerque Heading Home homeless survey we helped with earlier this year.
This article at 100k homes indicates that the first 15 homeless people from that survey have found housing – kudos to the Mayor and the folks at Albuquerque Heading Home for making this happen!
A new form of advertising – your house
Thanks to Gizmodo.com for sharing from Adzookie.com which is a UK based company that is offering to pay homeowners mortgages if they let them paint their house with advertisements.
Although the Gizmodo posting indicates the advertisement is only in UK, when I went to their website it looks like they are up and running in the USA as well!
Homeless survey in Albuquerque – Day 1
This morning starting at 4am, hundreds of volunteers, including Mayor Barry and his wife, scoured the city looking to survey the homeless and put a face with the statistics of being without a home.
As part of the 100khomes project, Albuquerque has created ABQheadinghome or Twitter
KRQE ran a full story this morning which can be found here.
I surveyed one individual who has been living in a makeshift tent in an arroyo on the west mesa. He has been homeless 7 months, and was recently attacked by three individuals who wanted his possessions. The attack was so brutal he was hospitalized and ended up receiving titanium plates in his head.
There has to be a better way to take care of all people who live here…this group seems determined to find it.
Update: Day 2– below freezing temperatures, blanked of snow on the westside, I was fortunate to be put on good friend (and City Councilor) Trudy Jones team – we introduced “Mike” who spent the night tented in highway culdesac.
The people on our Day 2 team were simply amazing – they knew the people we interviewed on a first name basis and made the process very comfortable for everyone.
Update: Day 3– the Mayor has announced that this survey has turned into a rescue misssion and the city is workign with APS to open up high school gyms for shelter from the unsually cold winter. Councilor Jones is raising money to feed the homeless, and United Way (and others) have raised over $50,000 in less than 48 hours.
It is one of the few times I’ve been speechless by the giving of others and honored to be a small part of the process.
Filing a claim of refund for 2010 property taxes
After many months of strategizing, negotiating, researching, and putting together our cases for our client’s, Cantera Consultants & Advisors Inc. recently settled all of its cases on the controversial apartment property tax lightning cases for 2010 (click here to read the summary).
In a recent (and copyrighted) Albuquerque Journal article, The Bernalillo County Assessor has indicated that she intends to roll back the 2010 values on all apartments that were raised more than 3% over their 2009 values.
If you own an apartment that experienced an increased of more than 3% in value (over 2009), and you did not file a protest by May 20th of 2010, there is one additional option available to reduce your property taxes for 2010 – you can file a claim of refund.
While this is a normal a service we offer our clients for contingency fee, in this unique situation, I believe the work we (and others) have done for our client’s this year has laid the foundation for the remaining apartment owners who haven’t filed to seek a refund.
If you meet the following criteria, you might be able to handle this case yourself:
– If you are the owner of a property not held in a partnership or corporation, you can represent yourself at district court to seek a refund of your property taxes.
– If you have already paid your property taxes, the full amount (not the first half installment)
– If you fill out a claim of refund (again, its more than a form, it is a lawsuit)
– If you file, in person, and pay the filing fee
In New Mexico, a claim of refund is lawsuit against the county, in which you, as the property owner, claim that you have overpaid the county in property taxes.
While I am not an attorney, and cannot offer any legal advice, I have been involved in a handful of claim of refunds and I can tell you that you can go to the district court website at www.nmcourts.gov and search the cases for the name “Karen Montoya” (our current assessor) and request a copy of a claim of refund from the court (you must do so in person, and they will charge you a copy fee) and use it as a model for your claim of refund.
You can also download Chapter 11 of our book “Understanding NM’s Property Tax System -2010 edition” that includes a blank form that we’ve used before. The deadline to file the lawsuit is 60 days after the property tax bills were sent out.
When filling out the form – be sure and look up your property’s property tax bill information at Bernalillo County’s website. Part of the form requires that you calculate what your property tax bill should be (based on 2009 values + 3%) vs. what it was on the actual tax bill.
Most tax consultants, such as our selves, are also working with attorneys and can provide assistance, but this maybe one of the rare situations, where everything has already been resolved (thanks to those owners who filed protest, and there consultants/attorneys who worked through the cases in 2010), that an owner maybe able to simply handle this themselves.
****disclaimer – in case I haven’t made it totally clear – this information is provided as a public service, and it not intended to offer legal or real estate advice. Going to court without legal representation is not a wise idea.
770 KKOB Radio update – 11/29/2010 – Forecasting real estate in 2011
Bob: what do you have for us today Todd
Todd: Good morning Bob! It’s hard to believe the holidays are already upon us and before you know it the end of the year will be here. As that time approaches, many of our customers wonder what 2011 will hold for the real estate industry and whether NM’s real estate market will lead, follow or diverge from national trends.
Bob: Todd, do you have a forecasting resource to help answer these question?
Todd: We sure do Bob, our firm has followed a publication called “the Emerging Trends in Real Estate” which is published by the Urban Land Institute and Price/Waterhouse/Coopers. For 32 years the authors of this publication have called upon the leading experts in the real estate industry to ask them what they see in their business in the coming year. This report provides an outlook on U.S. investment and development trends, real estate finance and capital markets, with a focus on key property sectors. The report draws on formal and informal surveys of real estate executives, investors, developers, and market experts around the U.S., including survey responses from over 500 real estate executives and personal interviews with over 125 industry leaders.
Bob: Sounds very comprehensive Todd, where can our listeners get a copy?
Todd: Bob there are two ways to get a copy – you can join the Urban Land Institute at www.uli.org, OR, you can attend their “Outlook NM” event to be held on the evening of December 9th, 2010
Bob: Can you tell me a bit more about this event?
Todd: I sure can – the national speaker is Chuck DiRocco from Price/Waterhouse/Cooper and he will be followed by our local panelists, Steve Maestas at Maestas Ward who will talk about retail, John Ranson of Grubb & Ellis who will address Office and Industrial, Jim Folkman of the HomeBuilders of Central NM who will discuss the single family residential market, and I will be covering the apartment industry.
Bob: Sounds like a full event – how can our listeners participate?
Todd: The cost of the event, which includes the publication is $60 – to RSVP – call the local Urban Land Institute office 505-269-7695 or call me anytime at 440-TODD.
Another Albuquerque historic landmark gone…
Almost a year ago, I wrote about the devastating fire at the Castle apartments. Located on Central Avenue at about 15th street, the apartments were incredibly well built, had an appealing interior design and finish and were well loved by anyone who has ever lived there.
Although several local developers looked at ways to save the structure and renovate the building, it was demolished this week. The following photos are pictures I took when I toured the property with the owners a few years ago and/or recent photos of the demolition.
KRQE website has coverage of the fire and the demolition.-
All that remains today are the original carriage houses, now car garages to the south of the original structures.
As one of Albuquerque’s finest apartment structures, you will be missed.
The Economist has such a way with words
Take this example whereby they explain the inputs a home buyer needs to make a decision:
Most people face a future that comprises a combination of Donald Rumsfeld’s known and unknown unknowns. Choosing to buy a house, for example, involves a series of bets on land prices, interest rates, taxes, job prospects, future planning decisions in the area selected and the structural soundness of the property concerned. It is impossible for any buyer to be confident about so many variables. Any decision must be a guess.
Small housing… now portable?
My friends and family will tell you that I’ve recently become a bit obssessed with Teardrop trailers – an offshoot of our family’s fabulous cross-country summer adventure.
My continual search for this perfect Teardrop trailer has yielded this trailer –
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I made a dozen or so trips to China, and can recall many amazing sites and feats that people were able to do on their bikes – from carryring a loady of 2x4s (on his shoulders) to more than one person on a bike – but nothing like the photo above. What do you suppose he does in that trailer? live? rent it out? store his mother in law?
(thanks to Kevin Cyr for taking the photo)
From one extreme to another in housing
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Having visisted Graceland right before driving to Asheville, NC to see the Biltmore Estate, it was very clear this house was and still commands the status of an “estate”.
And I must admit that as a destination/tourist magnet, the property is one of the best run venues I’ve been to – on part with how well Disney runs their entertainment venues.
Changes in real estate
Our family was at Elvis former mansion and last resting place this week, Graceland , and I was struck by the fact that housing has changed a lot since Elvis’s hey day.
In 1970 the average house size was 1,100 sf. Today it’s over 2,200 sf. Elvis’s big amenities were 3 TV’s, and a hundred disc record player.
The style, size and even taste of the house might be something any of our neighbors might have and besides the large lot it sat on, the house itself hardly seemed to qualify as a “mansion” by today’s standards.
(images courtesy wikipedia.org and bing maps)