All Forum Posts by: Jessica Zolotorofe

Welcome @Nick G.! I'm in NJ also, so please feel free to message me any time with any questions. Best of luck!

@Moshe H. Morally speaking... if the agent did no work and didn't procure the sale, he or she shouldn't be entitled to a commission. As far as the legal side, unless you signed an agreement the broker, you have no obligation to pay a commission. If you went with another broker or if the Seller had to pay a commission anyway that would just be split with your broker, then I would say definitely tell him or her. But in this situation, I would probably not say anything unless you actually have an accepted offer, and then you can promise that when you have future investment interests, or if you sell this one, you will contact that broker, and refer him or her to people, but I wouldn't offer or agree to pay anything on the FSBO one. Just my personal opinion!

Little quiz to learn some fun facts before the weekend. What does everyone think? I was pretty surprised by some of them, myself. Answers will be posted later tonight, or you can message me and I’ll let you know how you did :) Good luck!

1. As of September 1, 2016, how many REITS were listed on the New York Stock Exchange?

(A) 43       (B) 97       (C) 189         (D) 226

2. Which of the following fast food chains is not in the top 10 global franchises for 2016?

(A) Burger King     (B) McDonalds     (C) Pizza Hut       (D) Wendy's           (E) KFC

3. Which is NOT one of the top 5 states where most building permits were issued in 2015?

(A) New Jersey          (B) New York       (C) North Carolina        (D) Georgia

4. Which 2 states issued the least number of building permits in 2015?

(A) Wyoming & South Dakota       (B) Alaska & Rhode Island       (C) Oregon & West Virginia

(D) Kansas & Kentucky

5. According to the Census, construction spending to date in 2016 amounted to _________ the same period in 2015.

(A) 3.4% above        (B) 2.1% below        (C) 4.9% above       (D) 5.3% below

6. Price per square foot in shopping centers in the NY Metro area currently average $25.50. Match the average price per square foot to these other locations.

States               PPSF

(A)Hawaii             (i) $36.86

(B)San Jose         (ii) $12.89

(C) Birmingham   (iii) $11.53

(D) Cincinnati       (iv) $44.73

7. At the end of Q2 this year, which were the 3 cities with the highest number of square feet of retail space under construction in the U.S.?

(A) San Francisco   (B) Houston    (C) Atlanta   (D) Dallas     (E) Miami

8. Which was NOT one of the 4 U.S. cities with the highest commercial property vacancy rates?

(A) Mobile, AL    (B) Chicago, IL     (C) Phoenix, AZ      (D) Akron, OH       (E) Sacramento, CA

@Steven Ellis Never trust opposing counsel! :) Just kidding (sort of)... but seriously... have a lawyer look it over, or, I assume you have pulled a title report or will be. The title company will have (usually in Schedule B of the commitment) what the requirements are for the trust to transfer title. The agent you work with should be able to tell you whether they are sufficiently satisfied to insure your title, or whether the trust needs to get its act together and get them over some documentation in order to close. Hope that helps some! 

Great. Best of luck on your journey. With the recent changes in law, that market is about to explode!

Such a good point, @Kevin Schaefer. I see advice on here often that you don't need a lawyer, so a lot of people think that they can do it themselves, especially when everyone is friendly or getting along. I totally appreciate that there are still good people out there that believe in a gentleman's handshake, but the unfortunate reality is that things go wrong and strong legal drafting can be your saving grace. There really is no substitute for good legal counsel. Of course, no lawyer can think of every single scenario that may arise, but aside from actual litigation issues, the goal is to never have to get to that point. If your lawyer is good and covers a lot of the issues that we see arise between members, you can avoid a whole lot of potential conflict later. Better to talk about the business terms now while things are still in a good place than having to argue over it later.

Hi all! So, I just ready the Harvard University's recently released State of the Nations Housing Report, and looks like construction of multifamily units is at the highest level since the 1980s! Do you think that means that the market is becoming over-saturated, or is it a good sign that the demand is high and it means that there is great opportunity for developers in that market?

My personal opinion is that lifestyles are changing and people that previously preferred more rural or suburban living are moving to areas more densely populated where jobs are closer-by and more jobs are available. Also to a similar point, with time and efficiency being such huge parts of our lives this generation, living in places where multi-families are most popular, you usually get the benefit of retail and restaurants nearby. Plus, cost sharing on capital expenses like new roof, plumbing, etc. in the future seems to be desirable with the uncertainty of the economy. That being said, while it is definitely expanding quickly, I’m surprised the mixed use development market didn’t come in at a higher number. Could it be because of the extra challenges of financing and managing a mixed use project, or what might be some developers’ hesitation? There is certainly some significant upside to it.

As far as over-saturation, I’m just really not sure what the answer is. I live in Jersey City and the rate of new construction of high rises is crazy, and pricing is even crazier. So, seemingly, there is still great prospect, but I suppose time will tell. It will be interesting to see how well all of these thousands of new units rent or sell once they are completed.

I would never advise a client specifically to invest in commercial, mixed use or residential/multifamily, real estate in general is a great investment if you do it right, but I do like to be able to give some perspective as far as pros and cons of each.

So, what does everyone think?

Welcome, @Kevin Schaefer! I grew up in Bergen County and I have been back in Northern NJ for about 10 years now. Happy to answer any questions. Good luck on your journey!

@Lyle McCartee, There is a man named David Bass that knows corporate entities inside and out. He can definitely help you out. His company is called United Corporate. Inbox me for contact info, if you'd like. I'm not sure I can put it on here without them removing my post!

@John Arendsen, Call Anthony D'Artiglio or Michael Ansell. They have a Cannabis Law Practice Group that can answer all of your questions. Inbox me for more info, if you'd like.