All Forum Posts by: Stephanie Jacobson
Stephanie Jacobson has started 4 posts and replied 406 times.
Post: WORST cities for permits, code enforcements, city inspectors
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
Quote from @Hassan Asif:
Quote from @Stephanie Jacobson:
Quote from @Hassan Asif:
Quote from @Stephanie Jacobson:
Quote from @Hassan Asif:
Quote from @Bobby Sharma:
I have had one of the worst experiences with rehabbing a home in Glendale Heights, IL (Suburb of Chicago) with the city inspectors. Some of the most picky, arrogant, expensive, nastiest, non-cooperative inspectors that I have ever met. Will never invest in that part of country again but I am curious to see what other cities to avoid. Wondering if we can get a list of the top 25 cities, municipalities to avoid for rehabbing.
Here you go!
Chicago IL, Los Angeles CA, New York City NY, San Francisco CA, Detroit MI, Boston MA, Newark NJ, Philadelphia PA, Oakland CA, Baltimore MD, Cleveland OH, Miami FL, San Diego CA, New Orleans LA, Washington D.C., Jersey City NJ, St. Louis MO, Atlanta GA, Minneapolis MN, Portland OR, Seattle WA, Oak Park IL, Pasadena CA, Syracuse NY, Ferguson MO.What did Syracuse do to end up on this list? 🤣
I’d love it if you fleshed this out. Have you had issues with code or zoning in Syracuse before? What was your experience?
I work with a design agency that handles drawings and permitting throughout the state. We deal with a ton of different counties simultaneously, and I evaluate based on how long it takes for a permit to go through and how lenient the city is during the permit process. We have done a few structural remodels in Syracuse and consistently faced illogical delays with the reviewers, along with new sets of comments each time. However, it's not the worst, which is why I placed it at the end of the list.
That makes sense, thanks so much for sharing your insight.
Post: WORST cities for permits, code enforcements, city inspectors
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
Quote from @Hassan Asif:
Quote from @Stephanie Jacobson:
Quote from @Hassan Asif:
Quote from @Bobby Sharma:
I have had one of the worst experiences with rehabbing a home in Glendale Heights, IL (Suburb of Chicago) with the city inspectors. Some of the most picky, arrogant, expensive, nastiest, non-cooperative inspectors that I have ever met. Will never invest in that part of country again but I am curious to see what other cities to avoid. Wondering if we can get a list of the top 25 cities, municipalities to avoid for rehabbing.
Here you go!
Chicago IL, Los Angeles CA, New York City NY, San Francisco CA, Detroit MI, Boston MA, Newark NJ, Philadelphia PA, Oakland CA, Baltimore MD, Cleveland OH, Miami FL, San Diego CA, New Orleans LA, Washington D.C., Jersey City NJ, St. Louis MO, Atlanta GA, Minneapolis MN, Portland OR, Seattle WA, Oak Park IL, Pasadena CA, Syracuse NY, Ferguson MO.What did Syracuse do to end up on this list? 🤣
I’d love it if you fleshed this out. Have you had issues with code or zoning in Syracuse before? What was your experience?
Post: WORST cities for permits, code enforcements, city inspectors
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
Quote from @Hassan Asif:
Quote from @Bobby Sharma:
I have had one of the worst experiences with rehabbing a home in Glendale Heights, IL (Suburb of Chicago) with the city inspectors. Some of the most picky, arrogant, expensive, nastiest, non-cooperative inspectors that I have ever met. Will never invest in that part of country again but I am curious to see what other cities to avoid. Wondering if we can get a list of the top 25 cities, municipalities to avoid for rehabbing.
Here you go!
Chicago IL, Los Angeles CA, New York City NY, San Francisco CA, Detroit MI, Boston MA, Newark NJ, Philadelphia PA, Oakland CA, Baltimore MD, Cleveland OH, Miami FL, San Diego CA, New Orleans LA, Washington D.C., Jersey City NJ, St. Louis MO, Atlanta GA, Minneapolis MN, Portland OR, Seattle WA, Oak Park IL, Pasadena CA, Syracuse NY, Ferguson MO.What did Syracuse do to end up on this list? 🤣
Post: Attention Investors. It's Time To Check Out The Syrac US E Market
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
Quote from @Ryan Kanaley:
Well, who do I have to talk to, to buy land to either build or get an MFH before it’s complete?
As far as an agent or the municipality? For agents @James Lucenti or I could help (and you can see James is much more optimistic, haha!). If you use the agent finder tool you’ll get me, so save yourself the time there.
As far as the municipality, most of my folks are keeping a close eye on Clay, Cicero and North Syracuse. If you’re looking for information on zoning, regulations and permits, I would start with one of them.
Post: Attention Investors. It's Time To Check Out The Syrac US E Market
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
Quote from @James Lucenti:
Micron Technology's decision to build a massive 1,400-acre semiconductor manufacturing plant in Clay, NY, a suburb of Syracuse, is poised to have a transformative effect on the local housing market. This project, known as the Megafab factory, is expected to create over 50,000 job opportunities and contribute nearly $10 billion to New York’s real GDP over its first 31 years. With 9,000 of these positions offering salaries exceeding $100,000 annually, the influx of employees and their families is projected to drive up demand for housing significantly. Currently, Syracuse multi-family properties are yielding a 10 cap rate, indicating a strong investment opportunity, while in Binghamton, large multi-family listings average at or below a 7 cap rate. The anticipated surge in population in Onondaga County, expected to grow by 25% over the next two decades, will likely escalate property values and rental prices. The construction of 12,300 new housing units, including 5,300 by the end of 2024, highlights the growing demand, with a notable focus on multi-family units. Syracuse is leading in this trend, with 6,000 multi-family units under construction. Meanwhile, Clay is set to see 1,350 new single-family homes, reinforcing its role in meeting the rising demand. The overall real estate market in Onondaga County appears robust, with increasing property values and a preference for multi-family housing. Additionally, the expansion of supporting industries, such as retail and hospitality, further bolsters the region's real estate prospects.
Maybe I should amend that- there might be properties trading over a 5-cap, but most likely in the southwest quadrant of the city where I would never show a property alone.
In Syracuse, the $800k+ price range is experiencing slightly less competition- I had a large complex just close at a 7-cap. Best I’ve seen all year.
Anyway. Careful with advising buyers in that area, it’s tough out there!
Post: 🏘 Top 10 Areas with Fastest 12-Month Multifamily Rent Growth: NAR Research
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
Hey, great to see Syracuse on this list! I believe it- the market has absolutely exploded thanks to anticipation over Micron, but still has an overall low barrier to entry. Thanks for the shoutout!
Post: What to look for a STR
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
By “greater New York area” do you mean NYC? If so, you’re probably trying to find something sort of close to both Toronto and NYC, so right in the middle of the state. I highly recommend the Ithaca area, maybe slightly east where Greek Peak is to catch a more year-round crowd. Ithaca is a bustling town, home to Cornell University and Ithaca College, so that helps with keeping it year-round as well (as opposed to Watkins Glen, Seneca Falls, or other lake towns where you only get activity in the warmer months).
I’ll send you a DM- I’d love to help!
Post: STR Opportunity Ithaca
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
Quote from @Mike Dawson:
Quote from @Stephanie Jacobson:
Quote from @Mike Dawson:
Quote from @Stephanie Jacobson:
Quote from @Mike Dawson:
Hey everyone. I have a unique opportunity to take a family owned property that normally just sits and turn it into an STR. I am having issues identifying if there are any restrictions. It is outside the city limits. Anyone have any insight on this?
So, the town of Ithaca (which is a sort of donut surrounding downtown) passed restrictions on STRs a few years ago. The city of Ithaca was more hesitant, though it looks certain they’ll restrict them now (or may have already?). If it has a mailing address of Ithaca, skip it, or make a call to confirm which town the property is actually in. For example, some Ithaca mailing addresses are actually under the jurisdiction of Newfield or Dryden.
My clients are having more luck in surrounding municipalities. My two favorites are Trumansburg and Lansing. Don’t skip places like Ovid, Moravia, or other towns between the lakes! Properties close to the wineries and within ten minutes of Ithaca have phenomenal numbers.
If you’re comfortable, feel free to DM me the address and I can look it up for you!
Checking now!
Post: STR Opportunity Ithaca
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
Quote from @Mike Dawson:
Quote from @Stephanie Jacobson:
Quote from @Mike Dawson:
Hey everyone. I have a unique opportunity to take a family owned property that normally just sits and turn it into an STR. I am having issues identifying if there are any restrictions. It is outside the city limits. Anyone have any insight on this?
So, the town of Ithaca (which is a sort of donut surrounding downtown) passed restrictions on STRs a few years ago. The city of Ithaca was more hesitant, though it looks certain they’ll restrict them now (or may have already?). If it has a mailing address of Ithaca, skip it, or make a call to confirm which town the property is actually in. For example, some Ithaca mailing addresses are actually under the jurisdiction of Newfield or Dryden.
My clients are having more luck in surrounding municipalities. My two favorites are Trumansburg and Lansing. Don’t skip places like Ovid, Moravia, or other towns between the lakes! Properties close to the wineries and within ten minutes of Ithaca have phenomenal numbers.
If you’re comfortable, feel free to DM me the address and I can look it up for you!
Post: STR Opportunity Ithaca
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
Quote from @Mike Dawson:
Hey everyone. I have a unique opportunity to take a family owned property that normally just sits and turn it into an STR. I am having issues identifying if there are any restrictions. It is outside the city limits. Anyone have any insight on this?
So, the town of Ithaca (which is a sort of donut surrounding downtown) passed restrictions on STRs a few years ago. The city of Ithaca was more hesitant, though it looks certain they’ll restrict them now (or may have already?). If it has a mailing address of Ithaca, skip it, or make a call to confirm which town the property is actually in. For example, some Ithaca mailing addresses are actually under the jurisdiction of Newfield or Dryden.
My clients are having more luck in surrounding municipalities. My two favorites are Trumansburg and Lansing. Don’t skip places like Ovid, Moravia, or other towns between the lakes! Properties close to the wineries and within ten minutes of Ithaca have phenomenal numbers.