Types of Commercial Real Estate – What Every Investor Should Know

By Gary Richetelli

When most people think “types of commercial real estate,” their minds immediately turn to office space classes. They’re not wrong, exactly: the distinctions between the three major classes of office space—Class A, B, and C—are critical for any commercial real estate investor (not to mention prospective tenant) to understand.

(I actually wrote about office space classes elsewhere on this blog. Check it out if you have time.)

But office space classes don’t tell the whole story.

Commercial Real Estate in All Its Forms

Commercial real estate comes in many different forms. In fact, office space for which the three-tier classification system makes sense is just one small part of the equation. Several other important types of commercial real estate exist. As a current or prospective real estate investor, you need to have a firm understanding of them all.

VTS has a great article on the different types of CRE. It’s highly recommended reading. For now, let’s quickly walk through each type’s features.

Type #1: Multifamily Housing

Many laypeople don’t realize that multifamily housing is a type of commercial real estate. Though any housing other than single-family detached is technically “multifamily,” most zoning codes (and the FHA) lump smaller multifamily structures (duplexes, triplexes, and quadplexes) under the “single-family” umbrella. Following this rubric, multifamily housing can include:

  • Condominiums
  • Co-op housing
  • Special-purpose housing (assisted living, 55+, transitional)
  • Apartment buildings
  • Manufactured housing communities (trailer parks)

These categories can be broken down further still. For instance, apartment buildings are typically categorized as:

  • Low-rise (three stories or less)
  • Walk-up (4–6 stories, without an elevator)
  • Mid-rise (4–9 stories, with an elevator)
  • High-rise (nine or more stories, with an elevator)
  • Garden (low-rise in a suburban or parklike setting, usually with an interior courtyard or exterior green space on the property itself)

Type #2: Hotel/Hospitality

Hotels, motels, inns, and resorts fall into this category. Though short-term, peer-to-peer rentals (of the sort you’d book on Airbnb or VRBO) are regulated and taxed as hospitality businesses, they occupy a gray area in this classification scheme. Short-term rentals owned and operated by property management companies or hospitality businesses generally are considered commercial real estate. Private rooms and mother-in-law apartments rented out on occasion by individual homeowners typically aren’t.

Per VTS, hotels and hospitality properties can be subdivided into:

  • Resorts (large-scale, amenity-rich properties in popular vacation destinations)
  • Full-service hotels (large self-contained properties with concierge, front desk staff, porters, restaurants, and possibly retail)
  • Boutique hotels (smaller properties with full-service trappings)
  • Limited-service hotels (smaller properties without full-service trappings)
  • Casinos (full-service hotels or resorts with on-site gaming)

Type #3: Retail

Retail real estate can exist on its own or as part of a larger mixed-use (housing, office, hospitality) development. It takes many different forms:

  • Multi-use storefronts (retail on the ground floor, offices or apartments above)
  • Strip malls (retail units arrayed around a parking area)
  • Enclosed or outdoor shopping malls (larger developments with retail units arrayed around indoor or outdoor pedestrian walkways)
  • Big-box retail (large-format stores with a single anchor and possibly a handful of smaller support businesses in “pad” units on the structure’s periphery)

Type #4: Industrial

Industrial real estate doesn’t have to be smoky, smelly, or loud. In fact, light industrial tenants are seen as good neighbors. This type of CRE can be divided into:

  • Flex space (low-impact, flexible “maker” spaces that can be used as creative officing or light assembly)
  • Light industrial (low-impact assembly and logistics operations)
  • Warehouse (larger-scale storage and distribution)
  • Heavy industrial (large-format, highly customized processing and assembly facilities)

Type #5: Office

Remember those classes? Here we are. Office space can be:

  • Class A (large-format, top-flight amenities and technology, generally new construction or renovated, prime location)
  • Class B (mid-aged construction, fewer amenities, good location, potential for value-added updates)
  • Class C (smaller-format, minimal amenities, outdated technology, older construction in need of updates)

Miscellaneous

VTS identifies a sixth type of commercial real estate: “special purpose.” Special purpose properties don’t fall into any of the five relatively neat categories above. That doesn’t mean they’re uncommon; houses of worship, for instance, make up a notable special purpose subtype. But their suitability for rank-and-file commercial real estate investors isn’t always clear.

For the record, common types of special purpose commercial real estate include:

  • Tax-exempt houses of worship (churches, mosques, synagogues, temples, and the like)
  • Sports and entertainment venues
  • Private parks and museums
  • Storage facilities, including self storage and auto storage

Which type of commercial real estate looks like a good fit for your investment strategy?

Need a Commercial Real Estate Loan? This Startup Can Help

By Gary Richetelli

For better or worse, peer-to-peer lending platforms like Lending Club have been in the spotlight for years now. Other players in the booming fintech industry have been decidedly lower-key. But as new laws and regulations make it easier than ever for regular people to put their money to work in alternative investments, a few worthy fintech startups are finally earning a place in the sun.

RealAtom is among the most interesting of the bunch. The D.C.-based startup (technically headquartered in Arlington, Virginia, but same difference) is democratizing the arcane and often frustrating process by which commercial real estate developers find and close on financing.

Sara Gilgore’s article in the Washington Business Journal lays it out nicely, but it’s worth taking a closer look at how RealAtom (and the competitors that are sure to come out of the woodwork soon) actually works. If you’re looking for a commercial real estate loan, you’ll find this fascinating.

What Does RealAtom Do?

RealAtom is a next-generation platform that connects CRE developers seeking financing for planned development projects or property purchases with deep-pocketed lenders and investors seeking “solid returns.” (RealAtom’s words.) RealAtom’s lenders include:

    • High net worth individuals
    • Commercial banks
    • Pension funds and other money managers
    • Hedge funds
    • Insurance companies
    • “Alternative lenders,” including fintech companies that build diversified baskets of alternative investments—more on that below.

According to RealAtom’s co-founders, the company had more than 200 lenders in its database after just five months in business. Not bad.

How It Works

Property developers use RealAtom to produce project-specific loan requests. The platform’s lenders then review these requests and pursue those that fit their objectives and risk tolerance.

Loan types include permanent, bridge, and mezzanine. RealAtom operates from coast to coast, meaning there’s no geographic restrictions to hamper lender-borrower connections. The company employs experienced advisers who walk borrowers through the process, making it a great option for novice developers and high net worth individuals trying their hand at real estate lending for the first time.

Plus, the platform’s turnkey nature doesn’t preclude customization. As in traditional transactions, the ultimate terms of any given deal on RealAtom are between the borrower and lender.

Why It Matters

This model isn’t exactly novel—companies like SelectQuote have applied it to individual insurance for years, with impressive results. And firms like Quicken Loans, whose Rocket Mortgage product threatens to disrupt residential real estate lending, are making their presence felt too. But RealAtom is one of the first companies to successfully translate this concept to the ultra-complex world of commercial real estate financing. That’s no small feat.

Companies like RealAtom sell more than speed and efficiency. By streamlining the underwriting process and connecting motivated developers with willing lenders, RealAtom actually reduces transaction costs.

With a ready-made onboarding platform—what RealAtom calls “an entire marketing department”—lenders can devote fewer resources to sourcing and evaluating new deals. Meanwhile, developers gain access to a vast pool of funds that in the past they would’ve had to amass drop by time-consuming drop. With less friction and waste, both sides can focus on doing what they do best—and, if all goes well, earn a tidy profit along the way.

More Opportunity for Real Estate Investors

RealAtom is far from the only ambitious startup setting out to democratize the real estate business.

Whereas RealAtom focuses on simplifying financing for existing CRE investors looking to purchase or develop properties the old-fashioned way, a host of other small companies are doing their part to open up the CRE market to investors who’d otherwise lack the financial resources and wherewithal to take advantage.

Companies like Fundrise and RealtyMogul apply the equity crowdfunding model to real estate projects, giving risk-tolerant investors access to broad, geographically diversified portfolios of commercial and residential properties with low investment minimums. Many of these platforms limit participation to accredited investors—individuals with annual incomes reliably north of $200,000 or assets in excess of $1 million—but some are more lenient.

Before making any investment decision, speak with a financial adviser to determine your risk tolerance and long-term objectives. Like any asset class, commercial real estate carries considerable risks, and equity crowdfunding instruments present special challenges that you need to acknowledge and understand before proceeding.

If you do decide that commercial real estate is a suitable investment, you won’t want for access. There’s never been an easier time to gain exposure to the CRE market—whether you’re old-fashioned, cutting-edge, or somewhere right in the middle.

Office Space Classes – Tips for First-Time Commercial Landlords

By Gary Richetelli

Even if you’re brand-new to the commercial real estate industry, you’ve probably heard of office space classes—the broad categories by which commercial offices are evaluated against one another.

Office space falls into one of three classes: Class A, Class B, and Class C.

Contrary to popular belief, these classes don’t hew to standardized definitions. There’s no national or international standard for Class A office space, for instance.

Rather, office space classifications are locally relative. Though Class A office space is always more desirable than Class B space, which is in turn more desirable than Class C space, each class is only as good as its cohort. Class A space in the Boston area looks very different from Class A space in Dallas, which looks very different from Class A space in Seattle or Salt Lake City or Grand Rapids, Michigan.

Amid all the relativity, is there anything we can say for sure about the three classes of office space?

Yes—and it’s required learning for novice commercial real estate investors looking to cut their chops in an overwhelming and often high-stakes field.

The ABCs: Basic Guidelines for Class A, B, and C Office Space

What’s in a class? Here’s an overview of the three major office space classifications:

  • Class A: Class A office buildings are larger, newer, and better located than Class B and C buildings. They’re also more energy-efficient, secure, and amenity-rich. Older-construction Class A buildings have typically undergone extensive renovations in the recent past. Unsurprisingly, they command higher rents—and therefore have significantly higher income potential—than lower-class buildings.
  • Class B: Class B buildings are older and not always in pristine condition, but they’re solidly constructed and fairly well-appointed. In desirable areas, it’s common for enterprising investors to retrofit existing Class B space to meet local Class A standards, rather than build new.
  • Class C: Class C buildings are even older than Class B properties. They’re often inefficient and technologically out-of-date. They’re popular with bargain-hunting tenants and hands-off landlords. It’s rare to find Class C space in prime locations.

What To Look For in a Commercial Office Property

Irrespective of class, you’ll want to consider these factors as you evaluate commercial properties:

  • Location: Location is (almost) everything. GPS makes it easy to get anywhere these days, but most tenants don’t want to send their clients to out-of-the-way office parks or back alleys. Millennial professionals love being in the thick of things too.
  • Age: Tenant tastes and needs change over time. Older buildings typically aren’t configured for today’s collaborative, technology-driven white collar workplace.
  • Building Size: Even large tenants are more flexible than they used to be, but blue-chip firms still prefer large buildings capable of housing whole departments or entire workforces. As a general rule, Class C buildings can’t support these types of tenants.
  • Cost: Class A office buildings are highly sought-after. Not surprisingly, they’re expensive—and, when supply is tight, competitive. The upshot: better cash flow.
  • Tenant Quality: Class A space attracts the most desirable tenants. Class B draws a mixed crowd. And Class C falls to those priced out of the higher two tiers. If tenant quality is a concern, plan accordingly.

Trophy Buildings

Is the three-tiered classification system really the best way to categorize the amazing variety of office space? It certainly seems restrictive.

According to 42Floors, a popular commercial real estate education resource, the three-class system may at the very least be incomplete. In many markets, Class A office space can be further divided into two tiers—“regular” Class A and a much smaller, more exclusive “trophy building” category.

Like the three traditional classes of office space, the trophy building subclass is ill-defined. 42Floors describes trophy buildings as “cream of the crop buildings that are industry leaders in every respect—technology, architectural design, posh finishes, and environmental sustainability…[t]hese buildings are in the best locations and are the most exclusive.”

Trophy buildings typically live in central business districts, less commonly in highly desirable peripheral areas with upscale amenities and first-rate transportation infrastructure. Intangible factors, such as iconic stature or preeminent location, can play into the trophy designation as well. For instance, an impartial observer might not think that New York City’s Empire State Building is a “cream of the crop” building, but its status as one of the world’s most recognizable office buildings is an intangible benefit that adds tremendous (and hard-to-quantify) value.

What class(es) of office space does your commercial real estate investment strategy encompass? Or do you prefer to steer clear of commercial office space altogether?

Tips for Commercial Landlords – How To Spot & Get Rid of Bad Tenants

By Gary Richetelli

Seasoned commercial property investors have a sixth sense for spotting problematic tenants: inconsiderate neighbors, financial deadbeats, nonconforming users.

Landlords newer to the business don’t have the benefit of experience. If you’re worried about unwittingly allowing foxes into the henhouse, look for tenants that exhibit these red-flag behaviors:

1. They’re using a sham company. Unscrupulous tenants sometimes use sham companies to disguise their true identities. Before formalizing a lease, do your due diligence, up to and including confirming the identities of all named officers and cross-checking state business registers.

2. They struggle to pay utilities. Unfortunately, this only occurs once problem tenants are safety ensconced at your property. But it’s nevertheless an important early red flag that no commercial landlord should ignore. Unless it’s impractical to do so, avoid folding utilities into your tenants’ rent—you’ll have an easier time spotting cash flow problems this way.

3. They resist personal guarantees. Require commercial tenants to personally guarantee their lease, period. This is a basic but crucial legal step that can save you thousands of dollars on a broken lease. Principals who resist very likely have their reasons—and not good ones.

4. They haven’t been in business very long. Be wary of companies that haven’t been in business very long, even if the principals provide personal guarantees and pass their credit checks with flying colors. Young businesses are inherently unstable, and therefore more likely to skip out on a commercial lease.

5. They have shoddy or spotty references. Avoid tenants who can’t produce positive references on demand.

Limiting the Damage From Bad Tenants

The best way to avoid dealing with bad tenants is to thoroughly vet all prospective tenants.

Unfortunately, this is easier said than done. In challenging commercial markets with low occupancy rates, it’s tempting to look the other way and rent to anyone who can come up with a security deposit. Likewise, landlords with multiple properties, competing obligations, or thin staffs often struggle to keep up with the administrative side of their profession, including tenant vetting.

For the sake of argument, let’s assume that even the most careful landlords allow the occasional problem tenant to slip through the dragnet. Once you have a bad tenant on your hands, what can you do?

Draft an Ironclad Lease Agreement

Your first move—even before the first indication that you have a problem tenant on your hands—is to hire or retain an experienced commercial real estate attorney to draft an ironclad, owner-friendly lease agreement. The added expense is well worth it. If you’re able to prevent even a minor financial loss with a well-drafted agreement, the contract will likely have paid for itself.

If you’ve retained a competent attorney familiar with the laws in your jurisdiction, your lease should include every realistic eventuality. In other words, it should provide you with every opportunity to formally evict a problem tenant.

That said, commercial tenants enjoy robust legal protections in most states. Evicting problem tenants is therefore not a straightforward matter. For simplicity’s sake, let’s look at the most common way to incentivize bad tenants to change—and to get rid of them should they refuse.

Evicting a Tenant for Unpaid Rent: Basic Procedure

1. Determine the tenant’s ability to make good. Eviction doesn’t need to be your first response. Before going any further, evaluate your prior relationship with the tenant and determine whether they’re likely to resolve the arrears. If a payment plan is realistic on any reasonable timeframe, it may be preferable to (and cheaper than) a drawn-out court battle.

2. Refuse partial payment or keys. If you judge that the arrears won’t be resolved amicably, resist the urge to cut a partial-payment deal or accept the tenant’s keys prematurely. Either step may preclude you from collecting additional rent.

3. Provide a notice of default. Serve your tenant with a written notice of default outlining the full amount owed and the date by which that amount must be paid in full.

4. Serve a formal eviction notice. If the stipulated due date passes without payment, serve your tenant with a written notice of eviction. Work with your attorney to schedule an eviction hearing in court.

5. Ask the court to lift the bankruptcy stay (if applicable). If the tenant files for bankruptcy, the bankruptcy court may grant a temporary stay of eviction. Consult with your attorney about petitioning the court to lift this stay. In many cases, the petition will be granted, and your tenant will be required to leave in a matter of days.

Have you ever evicted a problem tenant? How did the situation conclude?

Redesigning Your Office Property to Maximize Your Investment – 5 Tips

By Gary Richetelli

Commercial landlords are not passive investors. Anyone who tells you otherwise is either willfully ignorant or working an angle.

Maximizing your commercial office property’s value—and income potential—takes a lot of work. You can delegate a great deal of the day-to-day to your office management team, but the big stuff requires closer attention. You can’t afford to get it wrong.

Redesigning and renovating part or all of your commercial office property is a great way to boost its value. Unfortunately, it’s a pretty high-stakes affair. Poor or incomplete work can actually reduce your property’s assessed value and income potential.

These five tips aren’t the final word on successful office redesigns, but they’re a helpful starting point for first-timers. Before you tear into any walls, you’ll want to consult an office design pro (if you don’t already have one on staff) and study comparable projects in your area.

1. Consider the Property’s Purpose and Promise

Start by evaluating your property’s strengths, weaknesses, and purpose, beyond the basic stuff that you can answer in your sleep. Consider:

  • The property’s current utilization: occupancy rates, tenant activities, urgent issues (structural problems, mechanical system issues)
  • The property’s location and relationship to the built environment: where it’s located relative to comparable properties, local zoning codes and the pliability of zoning authorities, parking, transportation connections, access to amenities
  • The property’s tangible and intangible assets: historic value, noteworthy interior or exterior amenities
  • The property’s suitability: how well it serves the needs of current and future tenants
  • The property’s flexibility: potential financial or logistical constraints (if any) on ambitious renovations

Your answers to these and other questions will determine the scope of your project.

2. Focus on Curb Appeal

First impressions matter. Though the meat of your renovation project is likely to take place inside, beyond the public’s gaze, the value of an attractive, coherent exterior can’t be overstated. This is especially true in pedestrian-oriented districts, where everyday passersby study facades up close.

Even if it means simply updating your signage and refitting street-facing windows, an exterior spiff-up can pay dividends. And you might not have to pay the full cost out of pocket. Popular tax deductions for landlords may apply to exterior work, particularly if it’s energy-efficient. Many municipalities and business associations offer facade grants too, reimbursing part or all of the cost of street-facing upgrades.

3. Emphasize Existing Assets

Exposed brick? Antique lighting? Ornate tiling? Vintage steel or woodwork?

Put assets like these to work in your favor. Rather than knock out an exposed brick wall or update old-school lighting with sterile, energy-efficient alternatives, work your redesign around the building’s singular features. There’s little downside to finding out once and for all what’s above that drop ceiling.

4. Don’t Skimp on Repair and Replacement Work

Attractive facades and appealing interior design elements might get prospective tenants in the door, but practical improvements actually lock down the lease. Leave more than enough time and money to address the urgent issues you identified before beginning your project. Pay special attention to problems that could impact tenant safety or comfort, such as failing mechanical systems, rickety flooring, non-compliant accessibility features, and the like. If your primary concern is bringing your property in line with comparable office spaces in your area, take care of this stuff before addressing aesthetics.

5. Delegate to Your Tenants

If you lack the resources or attention to manage a major office renovation project (or manage the contractors responsible for that project), consider delegating some or all of the work to your tenants.

You can do this in a number of ways. One of the most common is a tenant improvement allowance (TIA), a per-square-foot allowance that tenants can use to update their floor space as they see fit. This is an effective strategy for small-scale and partial redesign projects, and the work required on your end is minimal. You can also adopt a more informal rent credit strategy, though this approach is vulnerable to cost overruns and after-the-fact disputes.

Remember: You Answer to Your Tenants

No matter where your office property renovation takes you, never lose sight of the most important part of the equation: your tenants.

If you’re undertaking improvements while your property is partially occupied, you need to go above and beyond to accommodate your tenants. Don’t assume that the long-run promise of first-rate office space is enough to divert their attention from the inconvenient here-and-now. The last thing you need to deal with during a complicated and expensive renovation project is a gaggle of disgruntled tenants.

Tips for Investing in Commercial Real Estate

When people first start to get involved with real-estate, it is often when buying a single-family house. However, many people overlook the benefits of investing in commercial real estate either in their area or across the country. There are plenty of reasons why you should get involved in commercial real estate – from making profits to helping an area develop exponentially in a positive way. Regardless of how big or small your investment is, here are a few tips that will help you reach more success as you explore the world of commercial real estate:

The first step when it comes to investing in commercial real estate is to think big, especially if you are getting involved with commercial financing. It’s important to note that the more units you buy, the cheaper they will be per unit. Most commercial real estate investors recommend buying properties that have at least 10 units

Next, remember to take your time. Unlike investing in a single-family house for the first time, commercial real estate deals take much longer to purchase, renovate, and sell. Try not to rush through this process, as you will be more prone to making investment mistakes if you do so. An article published by Nu Wire Investor suggests to “think of commercial deals as big bonuses or your retirement vehicle, not a way to create quick cash to pay the bills,” (10 Tips for Investing in Commercial Real Estate).

While we’re on the subject of time, be prepared to spend a lot of your spare time focused on your commercial real estate investment, especially if you are new to the field. Houses all tend to be very similar, so if you’ve gone through a few processes of buying and selling residential real estate, you’ve probably noticed how quickly things get done your second and third time buying and selling. This is not true with commercial real estate. It will take the most time at the beginning, when you are deciphering between deals and making offers – just make sure you stick it out and know that things will get easier as time moves on.

Remember, investing in commercial real estate is a learning curve and a time commitment, so give yourself some slack if you think things are not going the way you planned. For more information about investing in commercial real estate, read Nu Wire Investor’s article here.

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Filed Under: Commercial Real Estate, Gary Richetelli Tagged With: Commercial Development Company, Connecticut, Gary Richetelli, New Haven County, Orange, Property Management, Real Estate

New England Spring Open House Tour

On Sunday, May 3rd, The Greenwich and Old Greenwich offices of Berkshire Hathaway New England Properties will be hosting their Spring Open House Tour.

The event will kick off at 11:30 am at their Greenwich office on Putnam Ave, where there will be a short, insightful presentation on real estate. The presentation will include some of the most essential topics when it comes to buying and selling in today’s real estate market, such as: market trends, making sense of local sales data, how to prepare your home for sale, negotiation tactics, and how to select a real estate agent.

Lunch will be provided after the presentation, followed by over thirty open house tours hosted by various agents. You won’t want to miss out on viewing some of Connecticut’s most talked-about real estate, especially if you are thinking about buying or selling a property. The open house showings will be ending around 4 p.m.

At this event, information will be provided about various vendors’ companies and services, along with a distribution of discount coupons to use at local restaurants.

For more information, check out the Berkshire Hathaway’s New England Properties and Home Services site here.

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Filed Under: Real Estate News Tagged With: commercial real estate, Connecticut, Gary Richetelli, Open Houses, Real Estate

How to Sell Your Home Faster

Although when most people think of real estate, they think “location,” it’s important to note that location and pricing aren’t the only factors that go into successful real estate endeavors. There are many smaller-scale, unique factors that aid in selling your property more quickly that most people overlook. Let’s take a look at a few good ways to plan and sell your home at a better price so that it can get off the market as fast as possible:

First, know the best time to list. Spring is usually the go-to season in the real estate market, but spring is also a very general term with a wide range of months. So how can you know exactly when to put your house on the market? According to an article published by CNBC:

“‘In every market, there’s this sweet spot,’ said Humphries, who is also the chief economist at Zillow.com. Aim to list after the first wave of sellers in January and February, and before the influx of buyers in April and May, which will mean your listing pops up when most buyers are starting their hunt, boosting the average sale price by 2 percent. Nationally, that timing works out to the last two weeks of March, he said, or maybe a little later for cold-weather locales,” (Grant, The ‘Unique’ Reason Your Home is Still on the Market).

It is important to look at trends in the current market before you put your house up for sale, because just a few weeks too soon or too late could hurt the final results.

Get Your Property Market-Ready By Spring

Spring is here, and that means that the real estate market is about to pick up. So, if you’re thinking about selling your home or renting out a commercial property anytime soon, now is the time to do so. It’s extremely important for your piece of property to stand out so that you can get a great offer; and remember, competition is high at this time of year, so you’ll really have to focus on your spring maintenance. Here are some good tips to help with your preparations to get your property market-ready for this time of year:

First, now that the snow is melting, it’s time to get the exterior of your house looking lavish and new. To start, focus on your lawn, decks/patios, and the exterior wall conditions of your house. This winter was a rough one, so you may have to spend a little extra money on outdoor maintenance for your property, but it will be worth it in the end. Make sure you have sprinklers for your lawn and that your patio or deck is swept and stained.

As far as the walls of your piece of property go, look for water stains, which hint that the gutters are not handling runoff well. Especially after this past winter, you may find holes and cracks in the walls that need to be mended. The gutters and downspouts should be cleaned and pointed in the right position so water is directed away from your house or building. For this, it’s probably a good idea to hire a professional to clean your gutters, which should cost between 100 and 200 dollars.

With a great-looking piece of property from the outside, the interior should be up to par as well. Windows, indoor leaks, and heating and air conditioning units should be your top priority when it comes to the inside of your house. Windows should be checked for caulking and weather stripping, and may even need to be replaced if your home or building is old. One of the first things a potential buyer will notice is a draft coming from one of the windows, so make sure it’s not one of yours. The second thing a potential buyer will notice is a leaky faucet or clogged drains, so be sure you look carefully for any puddles near the dishwasher or for sinks in the bathroom that don’t drain properly. Air conditioning and heating units should also be thoroughly checked-out and cleaned, so be sure to vacuum all the dust inside of the vents.

Lastly, as the weather gets warmer and your property is getting prepared to go on the market, be sure to do some spring cleaning because your house should be in the best shape possible. Be sure you vacuum furniture and carpets, dust window frames and ceiling fans, wash cabinets and walls, and clean the tiles in your bathroom. It’s the little things that make the biggest difference, so be sure to clean every little crevice of your property. For more tips on how to get your property ready for the spring market, read this article published on Realty Times.

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Filed Under: Real Estate News Tagged With: commercial real estate, Gary Richetelli, Real Estate, Spring Cleaning, Spring Real Estate Market

Why You Should Move to New Haven

Situated between two of the East Coast’s most prominent cities, New York and Boston, New Haven flourishes in assets from both (think mouth-watering pizza and New England beaches). With a multitude of businesses and attractions, New Haven is becoming a desired area for both homeowners and companies alike. Here’s a list of some of the many reasons as to why New Haven is the new hype:

First, as New York is home to Columbia University and Boston is home to Harvard, New Haven’s beloved ivy-league school is none other than Yale University, which holds not only the largest University-owned football stadium in the nation, but supplies various events for students and locals to enjoy all year-round. The Yale Bowl is the University’s enormous football stadium, which hosts the infamous Harvard-Yale game annually.

In addition, Yale owns the oldest college art museum in the United States. According to an article published by Movoto Insider, “The gallery holds 200,000 pieces of art ranging from ancient times to the present day and representing art from all over the world. Plus, it’s free to the public, making this art-going experience all the more enjoyable,” (Zane, 30 Things to Know About New Haven).

The Shubert Theater is one of New Haven’s landmarks, and attracts musicians, dancers, and artists from all kinds of backgrounds. From The Pixies to the Nutcracker Ballet, there is a show for everyone, no matter how old you are. But, make sure you keep track of the show you want to see, because tickets sell fast! People from all around New England and New York travel to the Shubert Theater, not only for the performances, but to get a glimpse at the impeccably decorated interior and exterior of the theater itself.

New Haven’s pizza scene is another attraction that lures people into the city. Widely known Frank Pepe’s, Modern Apizza, and Sally’s are three of New Haven’s, and New England’s, best spots to grab a slice. But, as they say in New Haven, “apizza” has been perfected all throughout the growing city.

Lastly, New Haven is home to Five Mile Point Lighthouse, also known as New Haven Harbor Lighthouse, “a picturesque lighthouse in New Haven on the harbor entrance to Long Island Sound, five miles from Downtown,” (Zane, 30 Things to Know About New Haven). This five mile beach strip allows people to enjoy all aspects of the beach without being too far from the city. So if it’s a beautiful day after work, change your clothes and go for an enjoyable jog along the coast – you can even bring your dog!

For further information on more of New Haven’s best attractions, read this article published by Movoto Insider, you won’t think twice about where you’ll move next.

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Filed Under: Real Estate News Tagged With: Connecticut, East Coast Real Estate, Gary Richetelli, New England, New Haven, Yale University