Category Archives: Real Estate

How is the real estate market doing in Elgin

The main way you can know how the Elgin land business sector is doing is to be educated. On this page, we will give you the data you have to see how the Elgin real estate Market is doing. Whether you are a homeowner in Elgin or a purchaser hunting homes down a deal in Elgin, IL, the accompanying data is given to give you a review of the Elgin Real Estate Market. The accompanying measurements incorporate just single family homes in Elgin. The measurements do exclude apartment suites, townhomes, or multi-unit properties.

Of the 859 homes that were available in Elgin amid June 2016, 84.3% never sold. 73.6% are still recorded available to be purchased, and 10.7% were removed the business sector by the home dealer for some reason. Of the considerable number of homes that were available to be purchased sooner or later amid June 2016, just 15.7% were sold! It is not a peculiarity. The rate of homes that offer in any given month is little when contrasted with the aggregate number of homes available. The way to being a piece of the “sold gathering” is to procure a Realtor that sees how to value your home given its area and condition.

Are there less Short Sales and Foreclosures in Elgin?

Amid June 2016 the real estate market in Elgin comprised of 84.6% Traditional homes deals. That is an expansion over May 2016 of 0.9% and development over June 2015 of 7.2%. Increments in the rate of Traditional home sales are a great sign for the market. Higher rates of Traditional home deals permit the home costs in the Market to rise, while, higher rates of Short Sales and Foreclosures drag the market costs down. The more abandonments and short sales that are available, the lower the general market costs will be, notwithstanding for conventional homes.

Are home estimations in Elgin, IL going up or down and by what amount?

All things considered, sold home costs in Elgin, IL have acknowledged (risen) 8.7% when contrasting June 2016 with June 2015 (year over year). All things considered, sold home costs in Elgin, IL have acknowledged (risen) 5.45% when contrasting June 2016 with May 2016 (month over month). You can see the pattern of where costs have originated from and where they seem, by all accounts, to be going in the Median List Prices and Sold Prices outline beneath.

Middle List Prices and Sold Prices for Elgin, IL

While fascinating and regularly reported all through the business, Month over Month (MoM) valuing insights can deceive about where land costs are inclining. Vacillations because of occasional interest in the Elgin Real Estate Market can indicate value diminishes MoM even while home costs keep on trending higher in the zone. To truly see how costs in Elgin are drifting, you should take a gander at the middle costs for an expanded timeframe. In the diagram above you can see the pattern of where costs have originated from and where they seem, by all accounts, to be going in the course of the most recent 13 months without measuring a single parent increment or abatement in costs too vigorously.

How rapidly are homes offering in Elgin, IL?

Individuals dependably need to know how rapidly homes are offering in Elgin. The above graph demonstrates the typical number of days homes were available before they sold in each of the most recent 13 months. While this is a fascinating number, it fluctuates when contrasting homes that had with lower their cost versus homes that sold at their unique rundown cost. How rapidly a home offer is constructed completely in light of its cost! It isn’t to imply that homes ought to be estimated low to offer, they unquestionably ought not as a rule. That costs the mortgage holder cash and can cut down property estimations for the whole neighborhood. Homes ought to be estimated at the most abnormal amount the business sector will bear for the homes area and its condition. Homes evaluated accurately from the beginning offer much quicker than homes that are overrated to begin.

Simple Ways to Improve Construction Site Safety

download (49)Construction site safety is an all-important facet of the construction industry. It is important to ensure the safety of the workers and staff on the construction team, whether it is building a new structure or demolishing an old one. It is crucial that they are protected from hazardous and toxic wastes. Construction site safety also involves taking steps to prevent accidents, injuries, and falls.

Although construction sites can be dangerous places, and statistics certainly prove that, taking meticulous and disciplined steps to ensure safety can prevent a lot of problems that are common now.

Even if a construction worker is not exposed directly to any hazardous waste, he could be exposed to it indirectly as part of his job. Any danger to the worker would depend on the duration and extent of the exposure to the hazardous material.

The kinds of dangers and illnesses and injuries that workers are exposed to on construction sites would differ from industry to industry. For example, brick masons could be prone to developing cement dermatitis and postural changes due to the heavy loads they carry (as do stonemasons).

Electricians could be exposed to solder fumes which contain heavy metals or asbestos dust. Insulation workers could be exposed to asbestos and other synthetic fibers that are harmful. Roofers can be exposed to roofing tar and excess heat.

There are different hazards for which construction site safety must be taken seriously. There are chemical hazards and physical hazards. Chemical hazards occur due to inhalation of vapors, gases, fumes, etc. Examples of this are bronchitis, asbestosis, silicosis, etc. It can also occur when chemicals get into contact with the skin, as in contact dermatitis and skin allergies. Those exposed to liquids and solvents could get neurological disorders. This is especially common among painters. Physical hazards could be due to heavy loads, noise, extreme cold or heat or barometric pressures. There can also be exposure to UV rays and radiation from welding. Strains, sprains, musculoskeletal disorders, etc., are common physical side effects. Falls, injuries and accidents are also common in construction sites.

In summation, here are a number of ways in which safety can be enhanced in construction sites, including the following:

  • Wearing well-designed protective clothing.
  • Wearing suitable footwear that can protect against unstable footing or slips.
  • Safe scaffolding.
  • Proper ventilation in sites. These would have to be mobile so that they could be taken anywhere, such as dust collectors mounted on trucks with their own power source, filters and fans. Measures such as these can reduce the exposure to toxic fumes and other hazardous gases.
  • Using material that absorbs sounds or reflects it will help to prevent noise-induced hearing damage.
  • Exposure to extremes of heat can be avoided by working at night, taking frequent breaks, drinking plenty of water, wearing sunscreen and sun-protective clothing, etc.
  • Emergency drills, first aid provision, and standby medical teams on site can help to provide immediate aid in the event of an accident and potentially reduce fatalities.

Is Your Construction Recruitment Agency Befooling You?

download (47)The market today has both good and bad construction recruitment companies. This content is an attempt to make the readers understand what the difference between the two is. Presently, the construction industry is witnessing its golden era; therefore, more and more people are trying to be a part of it. In order to get into the field, candidates are opting for recruitment agencies, especially those that are particularly catering to the construction sector. Unfortunately, not all the staffing agencies are worth trusting, like the one that reached my friend. There are a few reliable construction staffing agencies in the arena, but as stated a few.

It has now become really important to spot a bad construction recruitment agency, as the number of these fraud organizations is increasing at a rapid rate. Here are a few indicators that if taken into consideration can save you from a false staffing agency.

  1. The hidden cost

In case the agency asks you to pay for their services, you better maintain a distance. The staffing agencies are paid by the construction companies. As, the construction companies hire the recruitment agencies for their services; thus, the employers are the one to bear their charges and not you.

  1. The partially informed consultant

The consultants are among the best people to inform you about the job and company profile. So, if your consultant is not well aware about the company profile or if he fails to explain the job description, there is no point of connecting with him. They are paid for giving you complete information, and if they are not well-versed at it, you better don’t trust them.

  1. Encouraging false claims

There are many agencies that say, ‘it’s completely fine to put a few false statements here and there in your resume and interview.’ Trust me, it’s really not fine; rather, it is unethical. Being liberal to truth simply means to lie. The staffing firm that encourages it is indulging itself and you into an unethical act. Beware.

  1. Overconfidence

You must have heard the saying that overdose of anything and everything is bad, and the level of confidence is no different. An honest consultant will be confident, and he will not be ridding for a fall. He will not promise you that his connections will help you get the job, he will rather tell you that only your skills can get your through. Certainly, no one except the company itself can assure you job.

  1. Too Many Questions? Too Bad

Is the consultant more interested in gathering all your information, then actually briefing you on the job profile? An overview of your personal and professional background is more than enough for a recruitment agency. If they keep on digging, you should know where to put a stop.

Last Note: Everyone is not the same, everyone is not bad

As mentioned earlier, there are reliable construction staffing agencies around, so don’t just give up hope. Just keep your eyes and ears open while you deal with one.

$277 Million to Save the Statue of Liberty From Rust!

download (46)In an article in The Times on 11th April 2015, it was highlighted that $277 million was spent on trying to remove the rust. No matter how you look at it. $277 million is a lot of money; I wonder how and why an all-American (albeit French) icon was left to get into such a state in the first place?

My first question is why was the rust allowed to build and break down such an iconic structure to a point where its renovation cost as much as $277 million?!

‘There were cracks in her left eye, in her lip, in her nose and in her chin, she had a big stain on the front of her neck, almost like a drool. She had rust boogers’ wrote Jonathan Waldram in his book ‘Rust: The Longest War’.

A sorry state indeed for America’s First Lady, especially since her construction in the 1800s was such an epic undertaking in the first place.

Construction on a massive scale

Just to hold the 46m high statue upright requires a pedestal the height of a 30 storey office block. It was (and perhaps still is) the biggest concrete structure in the world. Over 240 men worked over a gruelling winter to complete it. The unusual shape makes safety scaffolding impossible so the construction was as difficult as it was dangerous. 300 copper pieces were fitted with more than 300,000 rivets to the skeleton; her robes consist of over 3,360 square metres of copper. Her outstretched arm is 12.8 m long and just one fingernail weighs over one and a half kilos.

The sheer blood, sweat and (maybe) tears that went into the construction makes me wonder why no cleaning & restoration regime was put in place from the start. I suppose this wasn’t high on the list of priorities for her creators. The statue has been subject to various renovation projects over the years, the most recent of which was in 2013.

What needs to be done going forward to preserve such an important American icon?

I’m not American so maybe I shouldn’t really care! On the other hand I can’t help but think this could have been prevented through some form of rust management or inspection programme. Reading around the subject there have been some claims that layers and layers of paint helped to conceal the corrosion. Not to mention the plethors of structural problems that have plagued her since she was erected in the late 1880s.

I hope that the Statue of Liberty now receives the care and façade maintenance she needs to live for another 100 years and beyond.

Author Bio: Reece Wood is an author, thought leader, façade condition consultant and innovator of specialist property façade and investment protection solutions working within the commercial property sector throughout the UK, Europe, Middle East & South-East Asia.

Working alongside commercial building owners, asset management companies, architects, surveyors and property management companies Reece Wood inspects, designs and implements unique façade management and protection solutions, which increase the property investors’ ROI, building performance and brand value.

Tips for Recycling Construction Site Debris

download (48)Construction site cleanup is an essential aspect of all construction-related work when you consider the large quantities of waste materials that are generated. Whether it is new structures that are being built or old structures being demolished, there is a lot of debris which has to be disposed of in a careful manner. Construction site cleanup should be done in a way that is eco-friendly, safe, and cost-effective.

Even though a large portion of the materials that are leftovers from a construction site are recyclable, they are still sent to landfills, which is a huge waste of valuable resource and materials. The best way to tackle this is to make sure that the recyclable materials are segregated from the non-recyclable materials during a construction site cleanup.

There is any number of toxic waste materials that could be left behind in construction waste, so this must first be assessed. When old buildings are demolished, there is likely to be a large amount of toxic waste from paints that contain lead and biocides containing mercury. There could also be fluorescent lamps containing mercury, leaded pipes, PCP ballasts, asbestos insulation, etc. In the construction of new buildings, the waste generated could be roofing tars, glue, solvent waste, paints and treated woods. These wastes should be segregated as toxic and non-toxic, and then as reusable and non-reusable. A door that has paint that is lead-based could be reused, but if it were to be discarded, it would have to be classified as dangerous waste.

When a building that is being demolished has structures that are of architectural or ornamental value, it is taken down and preserved carefully for sale or reuse. Doors and windows are regularly reused. Other materials that can be reused are carpets which can be recycled, gypsum board which can be used as an amendment for soil, and shingles which can be used for patching up roads. Cement blocks and bricks are also reused after mixing them with asphalt and concrete. This is then used to form the foundation for driveways and road beds. Wood lumber that is untreated and unpainted can be used as dimensional lumber or used in composting and landscaping after being chipped. It can also be used for trail surfaces, soil amendment, and to prevent soil erosion.

Here is a short list of substances that can be recycled from construction site debris:

  • PVC pipes
  • Vinyl siding
  • Carpet
  • Carpet pads
  • Aluminum siding
  • Asphalt shingles
  • Concrete
  • Brick or masonry
  • Antiques or ornamental stonework
  • Wood debris
  • Gypsum
  • Steel
  • Gas pipes
  • Metal pipes
  • Plumbing fixtures that are porcelain

 

3 Tips for Buying Commercial Real Estate Short Sales

download (44)Commercial short sales, which work in much the same way as foreclosures, used to be a fairly unattractive prospect. While you could pick up a property fairly cheap, you would often then have to find somebody to help you fix it up and turn it into a commercial premises that could actually be used, which pushed the cost up.

However, the current property market has created a climate whereby banks and lenders are much more willing to work with potential buyers in an effort to get non-performing loans off their books and back in the hands of people who will be able to start paying them again. As such, with the proper research you should be able to pick up the property at less than the asking price at a short sale, assuming you follow these tips.

Know The Property

Don’t go into a short sale with no idea about what the property you’re interested in is all about. In many cases the bank won’t want to tell you exactly how much a property is worth, so look into its history and work with a professional who is able to identify the positives and negatives before giving you a figure for what they think it should be sold for.

Keep this figure in mind when trying to purchase the property and use the results of your research as a bargaining tool. You will find that lenders are much more willing to sell quickly if you make a reasonable offer that takes the issues the property has into account, plus you don’t place yourself at risk of offering too much in the first instance.

Have The Budget

It is important to remember that the lender that is trying to sell the commercial property has already been burnt at least once before by a previous owner, so they will be looking for somebody who is able to demonstrate that they can back up what they say. As such, you should have more than enough money in your account to show that you will be able to handle initial costs and the loan repayments for a substantial period of time.

Print off bank statements and make sure that the right people see them. Furthermore, try to offer the largest initial sum that you can. This will help you stand out against other buyers who are interested in the property, in addition to increasing the confidence levels that a lender has in you.

Patience Is Key

Don’t get frustrated if your initial efforts end up fruitless. Some lenders may be a little stubborn and won’t be willing to let properties for a price that you deem fair, instead preferring to see if they can find a better offer. Don’t be suckered into making that better offer yourself.

Instead, simply wait and see what happens and always keep your budget in mind. In many cases you will find that nobody else has offered to purchase the property, which makes it much easier to negotiate prices once you show your interest the second time around.

Understanding Private Eminent Domain

download (40)The contribution of private businesses to the community

In 2006, the Oakland Tribune reported that Burlingame’s auto row “provides 50 percent of the city’s sales tax revenue every year.”

In 2013, the Orange County Register reported: “More than a fourth of San Juan Capistrano’s sales-tax revenue came from local car dealerships in the 2010-11 fiscal year, which ended June 30… ” *

So when a dealership needed an abutting vacant lot to expand, was the city wrong in taking the lot and selling it to the private dealership?

The money to buy the property came from the dealership. The adjoining lot had been vacant for years and its taking enabled the city to increase its tax revenue without taxing its citizens and thereby offer more services to its citizens for free.

One could say, “Well, that was a vacant piece of property and not some grandma’s home.” But that is begging the question.

That employs the same logic as the old story about the guy offering the girl $1,000 to go to bed with him and her accepting, only to have the guy then say “Would you go to bed with me for $10?” and her responding “What do you think I am?”

What she is had been established with her acceptance of the $1,000 offer. After that, they were just dickering price.

If your answer to the taking above was “Yes,” then the philosophy of taking of private property for private business is O.K. The philosophy cannot be O.K. in the case of the vacant lot, but not O.K. in the case of the grandmother’s house.

The distinction lies in the application of the law, not in the law itself.

The Law

The landmark eminent domain case was Kelo v. New London 545 U.S. 469 (2005) 268 Conn. 1, 843 A. 2d 500. wherein the court held, in an 8-3 decision, that the general benefits a community enjoyed from economic growth qualified private redevelopment plans as a permissible “public use” under the “Takings Clause” of the Fifth Amendment. In its ruling, the court noted, in part:

“The City has carefully formulated an economic development plan that it believes will provide appreciable benefits to the community, including-but by no means limited to-new jobs and increased tax revenue. As with other exercises in urban planning and development,12 the City is endeavoring to coordinate a variety of commercial, residential, and recreational uses of land, with the hope that they will form a whole greater than the sum of its parts.

As mentioned above, the Supreme Court vote in Kelo was 8 to 3. Could any reasonable person really believe that the justices are bad people because of their positions?

Can the power of private eminent domain be abused?

Sure it can.

But is the answer to “abolish the law” or to “abolish the abusers?”

When Congress thought President Nixon violated the constitution, it did not move to abolish the constitution, instead it moved to remove the president.

Purpose of this Article

The purpose of this article is not to advocate that private takings are good or bad, or to write a legal treatise on the subject.

The purpose is to demonstrate that reasonable people can have different opinions and their choices are not always between “good” and “evil.”

Oliver Wendell Holmes, the renowned Supreme Court justice, had a standing bet with lawyers that no one could give him a law wherein he could not, in turn, provide an example of where that law, if applied, would have a bad result.

Holmes lived to be 93 and no one ever won that bet. With every law proposed to him, Holmes provided an example whereby application of the law would result in an injustice.

Summation

In summation, the question ought not to be whether the person or entity seeking enforcement of private eminent domain is good or evil.

The questions ought to be: (1) whether or not the taking serves the greater good; and (2) are the people answering the question unbiased and reasonable people?

In a December 7, 2009 “California Eminent Domain Law” Blog, A.J. Hazarabedian took the view that: “Taking property by eminent domain to benefit an auto dealership might create jobs and increase local tax revenues, but is one of those uses of eminent domain which should be examined carefully.

Is this truly a taking for public use, or is the City instead using eminent domain for private benefit and to benefit its own coffers? Eminent domain for the elimination of true blight may well be appropriate as a public use; eminent domain for the sole purposes of benefiting a private auto dealer and increasing local tax revenues is questionable.”

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*Note: The sales tax base with respect to car dealers, does not always have the same result in every state.

In places like Texas and Missouri, car dealerships do not pay sales tax to the cities where they are located, but rather where the buyer lives. In those cities, other business provide the brunt of the taxes.

In 2006, Thomas J. Erman, SIOR, Vice President, NAI DESCO reported, in AreaDevelopment.com: “A developer wants to build a 476,000-square-foot retail center that is estimated to produce $170 million in sales per year within the first five years. The project would require a car dealer to relocate from that site.”

John Pico, a retired attorney, is the managing partner of Advising Automobile Dealers LLC and Pico Publishing Company. He has served as a Court Appointed: “Consultant to Debtor” in bankruptcy cases; “Mediator” in automotive disputes; “Arbitrator / Appraiser” in partnership disputes; “Consultant to Receiver” in a check-kiting case; “Superior Court Mediator” in dealership / lender litigation

He has been recognized as an expert in both State and Federal Courts.

He has consulted on upside-down positions of over $50 Million, out of trust position of over $4 Million and bank overdrafts of $30 Million. Since 1972, Mr. Pico has completed over 1,000 automobile dealership transactions, including buy-sells, valuations, litigation, Chapter XI bankruptcies, and business plans for open points.

Top 5 Facts About Commercial Contractors

download (45)Keeping pace with the globalization and modernization, the demand of commercial contractors is increasing day by day. A vast of majority of people are highly interested in hiring commercial contractors for the successful implementation of their projects. They want to get it done under the supervision of expert and experienced commercial contractors to give their constructions more strength and power to combat against various weather attacks like storm, rain, snowfall, hailstorm, and earthquake. The tendency of getting general contractors is increasing gradually. Under their supervision, you are sure to get the most modern construction that can stand you out from the crowd. They can create a different identity for you by providing you with cutting-edge solutions at the most competitive prices.

There are five important facts to explain well why people look for commercial contractors:

Sound Domain Knowledge

Their involvement in every construction-related matter has helped them acquire sound knowledge to make a project highly successful. They have a very good analytical power to analyze all necessary things and guide you righteously.

Very Good Management Skill

They gain a very good management skill in the course of time. It develops within them automatically with their active involvement, participation and execution of various commercial projects. Therefore, they become highly skilled in strategic planning. They can calculate your project cost perfectly and give you some basic guidelines and suggestions for making your project successful. They prepare a layout of the project with every necessary activity required at its various stages like planning, organizing, staffing, leading, controlling and executing.

Highly Skilled and Experienced in This Domain

As they are doing the same job and performing same activities repetitively for their various clients over the years, commercial contractors become highly skilled and experienced in this domain. Consequently, it becomes their area of specialization. This is why it is quite natural that the best decisions will come from them. This is one of the important reasons for motivating people to hire reputable commercial contractors.

Strong League with Realtors, Vendors and Suppliers

A long dealing with realtors, vendors and suppliers for meeting their clients’ need helps commercial contractors make a very good rapport with them. This helps any particular client receive some added benefits. The client can get a deduction by using the references of his commercial contractor.

 

One of the Vibrant Commercial Hubs in Singapore

download (41)Paya Lebar Central has been emerging as one of the vibrant commercial hubs in Singapore. The land bank offers more than 12 ha of land for commercial and residential property development. Both national and international property investors can come to invest here.

The Paya Lebar sub regional centre has been has been set to make a major commercial centre in Singapore. The planning authority has a mindset to create commercial clusters outside the city centre.

It has two adjacent parcels separated by Geylang Canal and Sims Avenue. As the information has come till date, Australian developer Lend Lease will take nearly 30 per cent of the total land. The rest part will be owned by its investment partner Abu Dhabi Investment Authority.

This bustling commercial hub will welcome many new investors to open their offices, hotels and other commercial centres. It is expected that the land will welcome a new hive of commercial activities with many new shopping malls, retail outlets, residential complexes, and attractive public spaces for happy leisure spending. This vibrant commercial hub has been developed outside the city centre as an important part of URA’s decentralisation strategy that focuses on modernization and urbanization. Side by side, an endeavour has been made to bring businesses and jobs very close to homes.

The land is perfect to become an exemplary commercial hub for its location, communication and perfect natural setting.

It is just a 10-minute-away by car from the Central Business District. It is well-connected by major roads and important expressways. Important expressways like the PIE and the ECP have made the land easily accessible from the different parts and points of Singapore city. Besides, roads like Paya Lebar Road, Sims Ave, and Changi Road have made the communication process convenient. Accessibility and convenience will be enhanced in future by creating more avenues and lanes.

The Geylang River flowing through this land will play an important role in enhancing the beauty of this commercial hub. There is a future planning of making this river more attractive with new public spaces and green lands. It is expected that with the completion of the Marina Barrage, the capacity of controlling the water levels will be increased.

The place surely has a bright future for more development. If you have decided for any property investment, this is the right time to do. Don’t let this opportunity slip from your hand. You are sure to receive a very good return on your investment.

The Intricacies of Scaffolding – Here’s the Lowdown

download (43)Scaffolding is one of the most significant domains for the construction and real estate industry in general. Any construction that has to be done, needs proper work before the activities can start. There are ways in which this can be achieved, and scaffolding is the most prominent of components for the same. Whether you are an individual or represent a construction firm, there are a few factors that have to be noted down and a decision on the scaffolds should be taken only after weighing all the conditions. Just for a heads-up, here you will be acquainted with a few of the most telling features of a scaffold. Have a look and approach your own initiative with a pruning eye afterwards.

The Platform is a Significant Component

For the safety of the scaffolds, the most important aspect is the platform. The plane on which the scaffold has to be erected, needs to be stable and firm. If it is a soil platform, the experts need to make sure first and foremost, that it is reliable enough to not subside when holding up the weight. In a way, the platform is as important for the scaffolding structure as is the foundation for a building. As they say, the first steps should be taken extremely carefully.

The Ladders and the Guard Rails

Another important aspect that has to be taken into account, is the construction of the guard rails and ladders. These are relevant for worker safety and hence need to be considered before work is initiated. The guard rails have to be of appropriate measurement, while the ladders have to be inspected for perfect fitting. The height of the guard rails of the scaffolds, for example, need to be around 45 inches in height. Whereas, the ladder for scaffold towers needs to take care of the fact that the gap from the top most point of the scaffold tower is around 10 inches and not considerably more than that.

Once these things are factored in, the next thing you need to make sure of, is the strength of the scaffolding structure. This brings us to the next point.

Aluminium Scaffolds – Used in the Most Reliable Scaffolding Techniques

For ensuring that a scaffolding construction is robust enough to support the weight of the workers that will work on it, different materials can be opted for. We all know about the robustness of Aluminium, and it is for this reason that Aluminium scaffolds are fast becoming popular these days. The aluminium scaffolds can withstand weights which might be impossible for other types of materials to sustain.

The above concludes a brief explanation of a few of the details whose prevalence should be prioritised. A little research before any constructional endeavour helps in the long run for a hiccup-free functioning till the completion of the project.