By Alec Pacella, CCIM Managing Partner at NAI Daus apacella@naidaus.com (216) 455-0925 Twitter @dausyouknow Double Vision If you are a frequent reader of this column, you’ve read about various highlights of my youth. I’ve shared stories about my Aunt Norma’s unspeakable sauce (Prego), my Uncle Ralph’s cool gifts (Swiss Army knife) and the untold fortunes lost when my mom pitched my baseball card collection (welcome to the club). Another such event involves comic books, one of my favorite pastimes. For…

By Ira Krumholz President of NAI Daus Property Management ikrumholz@naidaus.com Twitter @IraKrumholz One of the primary duties of a property management firm is to ensure that a real estate asset is being properly maintained. While some firms are set up to complete the majority of these services in house, most will use third-party service providers to perform at least some of these tasks. Therefore, the contract between the management company and the service provider becomes a critical document. This month, we…

By Alec Pacella, CCIM Managing Partner at NAI Daus apacella@naidaus.com (216) 455-0925 Twitter @dausyouknow A few months ago while attending a conference in Austin, Texas, I had my first experience with Uber. Although I certainly knew about this service, I never had the occasion to give it a try. But on this particular evening, several of my conference colleagues had consumed enough rubber chicken dinners and decided we should head out on the town – a perfect opportunity to give…

By Ira Krumholz President of NAI Daus Property Management ikrumholz@naidaus.com A few months ago, most property owners received a letter from their county auditor that revealed their new 2015 re-assessment. Every six years, the Ohio Revised Code requires each county to reappraise all of their respective taxing parcels. These reappraisals are updated every three years, a triennial update. In 2015, all of the parcels in Cuyahoga, Lake, Lorain and Portage counties were updated. Mistakes can sometimes happen, especially considering these…

By Alec Pacella, CCIM Managing Partner at NAI Daus 216-455-0925 apacella@naidaus.com Among the favorite memories of my youth were birthday celebrations – most notably, mine. Both of my parents had six siblings and even though all of my aunts and uncles worked hard to make ends meet, they would always remember my birthday. The gifts were typical fare for that era – Matchbox cars, puzzles and baseball cards. But one of my uncles, Uncle Ralph, would always get me something…

By Ira Krumholz President, NAI Daus Property Management Division ikrumholz@naidaus.com Momentum was certainly a key word last year. At the top of the list was the great positive momentum associated with Cleveland’s multifamily sector. Much of this was associated with Cleveland’s central business district, which grabbed most of the headlines. During 2015, nearly 500 new units were completed in the downtown area, but despite this additional inventory, occupancy rates continued to hover near 100 percent. There are approximately 275 units…

Last month, we introduced a discussion that compared leasing real estate versus owning. The focus of that article was on some of the primary advantages and disadvantages of each and included at least some degree of subjectivity. This month, we are going to look at a much more objective measure. There are actually two different analytical measurements that can be used. One utilized the net present value (NPV) of each alternative while the other utilizes the IRR of the differential…

By Ira Krumholz, President of NAI Daus Property Management Division ikrumholz@naidaus.com A few months ago, most property owners received a letter from their county auditor that revealed their new 2015 re-assessment. Every six years, the Ohio Revised Code requires each county to reappraise all of their respective taxing parcels. These reappraisals are updated every three years, a triennial update. In 2015, all of the parcels in Cuyahoga, Lake, Lorain and Portage counties were updated. Mistakes can sometimes happen, especially considering these…

Growing up as a child in the 1970s meant that I watched a lot of television. I was a car freak at a very early age and would always pay particular attention any time a commercial aired for a new car. Looking back at this now, two things stand out. First, aside from Ricardo Montalban touting the rich Corinthian leather of the new Chrysler Cordoba, I can’t recall all that many auto commercials actually airing – certainly not to the…

Ira Krumholz, CPM ® was installed as President of Chapter 41 Northern Ohio of the Institute of Real Estate Management (IREM).  The installation was held on November 6, 2015 at the Tudor Arms Hotel in Cleveland’s University Circle district.  During the installation, Ira spoke of his vision for the coming year.  Ira told the gathering, “As Cleveland is a leader in the nation in healthcare, education and the like, we want our property management firms to lead the country as…