A wise real estate Yoda once told me that all a real estate agent has to offer are two things – time and knowledge. And sales comparables are certainly at the front of the line when it comes to knowledge. Commonly known as ‘comps,’ individually, they can provide guidance when attempting to value a similar property. And collectively, comps can provide insight into pricing trends, sales velocity and buyer characteristics. Back in the ‘old days,’ there were not many sources…

Written by Ira Krumholz, CPM® President of NAI Daus Property Management Division [email protected] Twitter @IraKrumholz 216-455-0905 Determining the value of a real estate asset is never an easy thing but the historic free fall in real estate values a few years ago and subsequent uneven recovery has made this task significantly more difficult. This month, we are going to discuss how a tumultuous market can impact the traditional approaches to determining value – cost approach, sales comparable approach and income capitalization…

Last month, we began a discussion regarding an analysis to compare a challenging decision that often faces a real estate investor – maintain the property as-is or upgrade the property with the expectations of achieving a higher rent. If you missed last month’s column (and shame on you if you did), we set up the following scenario: an investor owns a single-tenant office building and the tenant’s lease is expiring. The tenant is interested in renewing their lease. But the building is located…

Several years ago, April 2010 to be exact, I wrote a column titled ‘Suvivorman’. At the time, we were a couple years into the economic downturn and there was no quick end in sight. That column drew several parallels between a couple popular survivalist type reality TV series and the then-current real estate market. Half a decade later and the real estate market is significantly better. However, these shows didn’t just focus on getting through the bad times but also…

The President of our Property Management, Ira Krumholz, CPM ®  talks about all aspects of Property Management Services provided by NAI Daus. When you hear the phrase property management, what comes to mind? Perhaps you think about the employee at an apartment building that shows vacant suites to prospective tenants and coordinates moving in and out? Or maybe you think about the maintenance person at your office building that is called when there are some lights bulbs that need to be changed or the heat just isn’t keeping up…

Cleveland’s investment market turned in another strong year in 2014. Bolstered by improving real estate fundamentals and increased access to debt, investors were active across most sectors. And although distressed real estate continues to play a role in the overall market, it has significantly diminished when compared to a few years ago. After seeing the investment sales volume bottom out in 2009 at just over $190 million, the market has benefitted from a slow but steady improvement. The investment sales volume for 2014 was $714 million.…

Author: Alec Pacella NAI Daus – Managing Director [email protected] Twitter @dausyouknow In 1994, I purchased my first house – hard to believe that was over 20 years ago. And  although it was exciting, the thing that I remember most about that house was a conversation with the lender about the mortgage. I know – I have issues, but those that were around the real estate biz back then may remember how mortgage rates were at “historical lows.” And at 7.75%, my rate was indeed attractive (at…

The Northeast Ohio office market ended 2014 with minimal fanfare statistically speaking, but the future looks exceedingly bright. Overall, vacancy increased a minimal .32 basis points, mainly due to the addition of a now vacant suburban office building in the Southwest submarket, formerly occupied by NASA. But this seemingly lackluster activity doesn’t paint the complete picture. The Central Business District (CBD) is in the midst of a renaissance, which took center stage in 2014. The city’s resurgence received national recognition…

The Northeast Ohio Industrial market is the tightest it has been in well over a decade and ended 2014 at 6.92 percent vacant. This is a decrease from 7.69 percent at the end of 2013. Over the course of the year, there was 2.7 million square feet of net absorption, as compared to 2.4 million in 2013. However, helping to moderate this increase was the fact that suitable industrial product became more difficult to acquire in 2014 as the market…

NAI Daus announced today the promotion of Jill Dzina, ARM ® to Assistant Vice President and Senior Property Manager in the Property Management Division of NAI Daus. “Jill’s impressive track record and dedication makes her a natural choice for this position,” said NAI Daus’ President of Property Management, Ira Krumholz. Our focus on building relationships is fundamental to our business and Jill has consistently demonstrated her ability to connect with clients by understanding their business challenges and providing the right…