Live/Work for Alexandria’s Main Drag
Gaver Nichols, a Virginia architect/developer conceptualized The Lofts at Del Ray Village as a mixed used 14,096 square foot brick structure with an aluminium roof and aluminium panels at the rooftop deck to function as a living/working space concept. The ground floor and basement will provide office space while the top two floors will provide four two bedroom rental units. Residents of the apartments are encouraged to take advantage of the opportunity to work from the first floor commercial space, but are not required to do so.
I find this idea intriguing because it is something that I have often thought of doing and it is encouraging to me to find other developers thinking along the same lines. This particular project was stalled due to the downturn in the economy and the tightening of funds.
Live-work condos offer dual-purpose space
Since working at home is a growing trend, a niche market for live-work housing units has developed. “There is no single definition of what constitutes a live-work unit.” There are condos with an extra room to be used however the occupant decides. There are loft-style apartments with a showroom and/or studio. In Miami there is a two tower condo project with adaptable bi-level units called LOTS which stands for living over the studio. Also many professionals, such as attorneys, writers and accountants, find townhomes or brownstones with a separate entrance to meet their work at home needs. There have been some zoning code challenges because the live-work concept is not fully commercial. There may also be some restrictions on what uses may be allowed in the work area if located in a residential area. While building live-work units do not cost the developer any more than traditional units, “as live-work has moved into the mainstream and becomes an accepted real estate product, prices for such units have gone up, often astronomically, and the likelihood of finding an affordable live-work space has decreased.” According to the Urban Land Institute’s McIlwain, “In a way, it’s a bit of a hype, because a lot of people work at home at least part of the time. So you could say most Americans reside in live-work units. The difference is that some are designed specifically for different kinds of activity.”
As someone who has worked from home for over 15 years, I find the idea of developing live-work projects very interesting. In my opinion, the work space should be a value added feature and should only add to the price accordingly.
$400 million live-work development shapes up, pending zoning change. Tampa, FL
This project located in the Westshore Business District is an “expansive 10-phase mixed use development” expected to include 1,000 residential units, 30,000 square feet of retail, 250 hotel rooms and 650,000 square feet of office space. According to Ron Rotella, Executive Director of the Westshore Alliance, the Westshore Business District is “no longer a commercial office market, it’s a regional activity center and has mixed use spaces, dining and restaurants to fit any budget – and adding residential cuts down those commute trips on the highways.”
With the cost of energy taking more and more out of the household budget, limiting commuting trips to and from work is a perk. Whether one is self-employed or works for a large corporation, being able to work from or near home is at the top of everyone’s list.
CommunityPlan: A Public Officials Education Curriculum
When the Arizona State Legislature eliminated a program to teach local officials about land use planning and decision-making, ULI Arizona partnered with six other public and private entities to fill the void. The newly formed CommunityPlan program will endeavor to provide the most relevant education and tools to assist Arizona communities in making informed and knowledgeable decisions that will impact the future vitality of municipalities across the state.
I liked this article because I had not previously given any thought to what education and/or experience decision-makers may have when it comes to making real estate related decisions.
Green Appraisal Trends for Real Estate Investors
Being green has become a value-added feature in determining price and appraised value. Appraisers are having to educate themselves on how to quantify the value of green features. As more data becomes available for appraisers to use, more green educational programs are also becoming available to appraisers.
As a real estate professional, this article is telling me that I also need to be aware of the value of green when working with clients, whether they are a buyer or a seller.
The Real Estate Collapse? It’ll Be in the Final
At one time, the only advanced education in the field of real estate was to get an MBA with a concentration in the field. Since 1995, “with the advent of real estate investment trusts and debt securitizations, academic institutions began taking real estate more seriously.” Because real estate is a cyclical industry many graduate schools have seen an increase in applications as professionals have lost their jobs and hope to complete an advanced degree in time to take advantage of a rebounding market. A number of schools now offer real estate degrees through their continuing education department and according to Charles Schilke, an associate dean at Georgetown University, “graduate degrees may be one of the fastest-growing areas of the real estate market right now.”
Since I am completing the MSRE, I was interested in what this article had to say about real estate degrees and who was offering what.
Real Estate Employment Drops
Based on data from the Bureau of Labor Statistics (BLS), the real estate sector lost 13,100 jobs from May through September. Since 80% of Realtors work as independent contractors, their income and business activity is easily tracked. According to the most recent information form the National Association of Realtors, real estate broker and agent income has declined recently.
As a real estate professional this was interesting to me to see how my income compared to other real estate professionals.
Lusk Center Real Estate Employment Report (USC)
Synopsis
Job opportunities for the USC Lusk Center class of 2011 were significantly improved over the previous three years. There was a 25% increase in the number of employers seeking candidates. 25% of the class went into the development sector, which has been the norm following the crash. 50% of the class found opportunities in real estate finance, investment and asset management. Most 2011 graduates received multiple offers with an average base salary of $90,900. 10% to 15% of the graduating class started their own business.
As I am completing the MSRE, I am interested in what other graduates have done and what they are making.
Some Interesting Real Estate Employment Statistics
Synopsis
Based on statistics in a Wall Street Journal article by Dana Mattioli, the median income for agents and brokers dropped 25%, from $49,300 in 2004 to $36,700 in 2011. The membership in the National Association of Realtors fell from 1.35 million in September 2006 to 1.14 million in September 2011. In addition 17% of real estate office employees, bookkeepers and assistants have lost their jobs in last two years.
Based on what I have read, I am lucky to still be working as a real estate professional.
