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Joe Pesci puts his Jersey Shore mansion up for sale

Joe Pesci puts his Jersey Shore mansion up for sale

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Joe Pesci puts his Jersey Shore mansion up for sale

Academy Award-winning actor for his role in Goodfellas, Joe Pesci is selling his Jersey Shore waterfront mansion which has been his home for almost 30 years.

Whether as Vinny LaGuardia Gambini, Pesci’s character in My Cousin Vinny, or Nicky Santoro, his mob character with animal-killer instincts in Casino, Pesci’s skilled sense of timing brings his characters to life in a way that few actors can match. And after a lengthy sabbatical, Pesci makes his return to acting with Martin Scorsese, Robert De Niro and Al Pacino in a new film, The Irishman, on Netflix starting Nov. 27. In the meantime Pesci has put his Jersey Shore waterfront home up for sale in Lavallette, NJ for US$6.5 million.

West Point Island

Built in 1990, the 7,200-sq.-ft. contemporary with an Art Deco vibe is located in the West Point Island neighborhood, protected from Atlantic storms on Barnegat Bay and only a short bicycle ride to the beach. Bright, airy and spacious and taking full advantage of the beautiful view, the eight-bedroom, eight-bath home has an open floorplan with large rooms perfect for large parties that spill out to the spacious pool terrace at the water’s edge with boat dock beyond. The gated property is completely fenced with a large motor court that can accommodate multiple guests as well as a two-car garage for the owner.

Upon entering, a dramatic free-standing curved staircase sets the stage for the living areas. With white rooms filled with light and the backdrop of the bay through floor-to-ceiling windows, the living room with its two seating areas and pianos hint at musical get togethers. The large eat-in kitchen with island is perfect for preparing large meals for dinner guests in the dining room encircled by glass doors opening to the pool terrace and bay. The comfortable media room walls are decorated with posters from Pesci’s films and because his first job was as a barber, a barber’s chair occupies one corner as a poignant reminder. The upper level, which can also be reached by elevator, contains bedrooms and an office, all with upper terraces and spectacular views. A downstairs party room next to the pool and spa has its own kitchen for entertaining.

Not that Jersey Shore

Many celebrities who were born and raised in New Jersey have homes up and down the Jersey Shore, similar to Pesci. From makeup mogul Bobbi Brown to Jon Bon Jovi, Bruce Springsteen, author Mary Higgins Clark and many more, the shore is awash in glitterati.


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GTA developers tour New York City for land-use and design inspiration

GTA developers tour New York City for land-use and design inspiration

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GTA developers tour New York City for land-use and design inspiration

Representatives from GTA builders and developers recently toured New York City as part of the latest Housing Innovation Tour from the Building Industry and Land Development Association (BILD).

Tour participants met with industry experts from speciality fields and explored new housing, innovative use of land, various product types and learned about new sales and marketing strategies – all intended inspire participants for their projects back at home.

The BILD Housing Tour group, against the backdrop of Manhattan, from River House rental property in Port Imperial, N.J. Photos: Mike Suriano, Suriano Design Consultants
The BILD Housing Tour group, against the backdrop of Manhattan, from River House rental property in Port Imperial, N.J. Photos: Mike Suriano, Suriano Design Consultants

Highlights of the three-day tour included visits to:

• Hoboken, NJ’s revitalized waterfront, which included a tour of a former Maxwell Coffee House factory site. There, Toll Brothers and Hoboken Brownstone Company have built a lively neighbourhood with midrises, townhouses, parkland and views of Manhattan along the Hudson River.

• DUMBO (Down Under Manhattan Bridge Overpass) and Domino boroughs in Brooklyn. Both areas are formerly hubs for industry and warehouses, as the Hudson River was once the main transportation artery for coffee, sugar and other goods. Over many years, these neighbourhoods have been converted to luxury residential and mixed-use properties. In fact, DUMBO has become New York City’s fourth-richest community.

• Hudson Yards, NY. A must-visit when in New York City, Hudson Yards is the largest private real estate development in the U.S. by area. Upon completion, 13 of the 16 planned structures on the West Side of Midtown South will sit on a platform built over the West Side Yard, a storage yard for Long Island Rail Road trains. The community is home to more than 100 diverse shops and culinary experiences, offices for leaders in industry, significant public art and dynamic cultural institutions. It is also expected to host more than 55,752 workers on a daily basis. Hudson Yards is seen as a cutting-edge model for the future of so-called smart cities – those that leverage data to monitor and manage urban areas.

“Thanks to our trip sponsors, participants had opportunity to enjoy some of the Big Apple’s many cultural elements by experiencing fine culinary foods, visiting historic A&D Building, neighbourhood walking tours and attending an NHL hockey game,” says BILD President Dave Wilkes.

Tour sponsors comprised: Cassidy & Co., Coast Appliances, Figure3, Fisher Paykel, Maroline Inc., My Design Studio and Spectrum Realty. Tour hosts comprised: George Vallone of Hoboken Brownstone Company; Jack Chui of Douglas Elliman Real Estate & Fortis Property Group; Marina Trejo of Two Trees Development; and Natalie West of Related.

Photos: Mike Suriano, Suriano Design Consultants


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The top 4 international property investment markets

The top 4 international property investment markets

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The top 4 international property investment markets

If you’re looking to invest in offshore real estate – that is, markets outside of North America – there are four key markets you should look at first.

Lief Simon, international real estate investor and co-founder of Live and Invest Overseas, says he’s all in on overseas markets. And he has shortlisted four countries to help build your investment portfolio and personal freedom plan.

Why? International property stands out more than ever among investment options because it is both a hard asset and one of the best opportunities for generating cash flow while building real, long-term, even legacy wealth.

What makes these countries star performers? He says they are the world’s best options for diversifying across markets, currencies and asset types for both value appreciation and cash flow of up to 17 per cent per year that can continue for decades. In some cases, you can invest with as little as US$35,000.

1. Panama

Rental apartments and agricultural opportunities are the two key target areas here. Panama City, where resale transactions have slowed, is and will continue to be a buyers’ market in the short term. This year is a chance to buy on a dip, because, long term, Simon remains very bullish on the Panama City rentals market.

Yields continue to be strong, though not as strong as they were a couple of years ago, primarily because rents have softened.

Argentine, Colombian, and Venezuelan buyers have helped to keep the Panama City market stable and growing over the last dozen years, while other markets in this region have struggled or even collapsed.

Today, North Americans and Europeans continue to invest, but it’s Panama’s new relationship with China Simon predicts will fuel this economy through its next stage of growth. Chinese are arriving in Panama in volume and bringing lots of investment capital with them, just like they did in Vancouver in the 1990s. He foresees spikes in property values to new levels.

The second big opportunity for making money from real estate in Panama in 2019 is productive land. This country’s interior is a fertile breadbasket. Individual investors can even participate in organic plantations for turnkey agro-profits.

2. Brazil

Brazil is a large country with many different property markets, some more interesting than others.

“I recommend focusing on the Fortaleza area,” Simon says. “This coastal region is a top destination among Brazilian tourists. Rentals targeting the local holiday market can earn better than eight per cent net yield reliably.”

The Brazilian real remains stable against the U.S. dollar (at around 4.09 reais to US$1) and has been historically weak relative to the rate of 1.6 reais to the dollar of a decade ago.

Good yields and a weak currency make this country a very strong buy.

3. Thailand

Thailand appeals primarily for its agriculture, but it also deserves attention for its strong economy and expanding tourism industry.

The challenge in Thailand is that restrictions are placed on how foreigners can own property. Foreigners are able to own land only on leasehold.

A foreigner can hold freehold title to the construction on the land, but, unless the house is portable, you might not take comfort from that. Foreigners are also permitted to own condos freehold as long as they don’t own more than 49 per cent of the total area of the condo building. For this reason, the condo market is where most foreign investors focus their attention. A condo is also cheaper and easier to manage as a rental than an individual property.

Bangkok was the number-one visited city in the world in 2017 and last year received more visitors than London or Paris. Again, that’s worth the attention of would-be property investors, says Simon.

4. Portugal

Property markets in Portugal have been on the move since 2015. Some neighborhoods in Lisbon, for example, are now priced beyond what Simon believes is reasonable for an investment property. Other areas of this city, however, continue to offer good value and opportunity, especially if you’re up for a renovation project.

In this, the fourth quarter of 2019, Simon recommends focusing on the lesser-visited areas along the country’s Algarve coast and the Porto region north of Lisbon. And in Portugal, it’s possible for a non-resident to obtain a mortgage for the purchase of a property.


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6 steps to becoming a successful landlord

6 steps to becoming a successful landlord

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6 steps to becoming a successful landlord

Buying a condo to rent out for investment purposes is a great idea. But, for many, especially first-timers, it’s much easier said than done. So many questions, tons of details and plenty that can go wrong.

This is exactly why many owner-investors turn to Del Condominium Rentals, one of the largest professional condo management firms in Canada, with a portfolio of more than 2,500 condos in more than 280 GTA communities.

With experience like that behind you, you’re one step closer toward your goal of becoming a successful rental condo landlord.

Here, then, are six important steps to get you started in hiring a professional condo management company.

1. The initial meeting

Find a reputable property management company – such as Del Condominium Rentals in Toronto – and schedule the first meeting with one of its associates.

In this meeting, it’s important to review the details of what the property management company can offer. Describe your property, share your plans for the property and your goals, and ask as many questions as you think of.

Your property manager should be able to help you make all the important decisions on when and how to proceed.

2. Sign an agreement

Once you have selected a professional property management company and discussed all the important details, it’s time to sign an agreement. This contract will detail everything you have agreed upon and is the last step before the firm gets to work on your behalf.

3. Market your property

In the first two steps, you’ve hammered out all of the details, and you and the property management company have been agreed on a contract. Now it’s time for them to begin marketing your property – to help it stand out from the crowd.

This is where a quality property management company shows its mettle. Using its experience in the industry, it can now list your property in places potential tenants will see it – and to now only find but also screen prospective tenants. Finding the right tenant can make or break the success of you investment condo.

4. Finding the perfect tenant

Once your condo is listed and the inquiries begin to flow in, the property manager will handle everything. They will go through all of the queries, and screen potential candidates to find the perfect tenant for you.

The firm will invite interested parties to view the condo, explain all its features and characteristics, and conduct these meetings like an interview process to get to know these potential tenants.

When a prospective tenant is serious enough, and the property manager is comfortable with them as your renter, they will perform a credit check and call their references. Are they a good fit? Will they show respect for your unit and treat it as their home? Does the property manager foresee any issues with the tenant being able to pay the rent? These are among the key questions your manager will navigate.

5. Signing the rental agreement

Once the property manager has performed all the above steps to their – and your – satisfaction, it’s time to sign the rental agreement.

Again, this is where the manager’s experience and expertise will show – having found a suitable tenant, and now creating a suitable rental agreement.

Importantly, the rental agreement is a legal document that should include everything to ensure your safety as the property owner. Remember what we said in Step 1? Ask lots of questions. If you don’t understand something, ask the manager to clarify.

And, of course, they will do the same when they review it with your tenant.

6. Tenants move in

If all five steps to this point are successful, it’s now time for your new tenants to move in. The property manager will get them settled and receive the key deposit and the first month’s rent.

After they move in, the property manager will perform routine checkups to see how things are going, as well as perform regular maintenance when needed. For any larger repairs that pop up, the property manager will handle those as well. This is again where their expertise will shine through – finding and working with credible service providers that may be needed, such as a plumber.

You won’t have to worry about a thing, but since this is your property and you are ultimately the boss, ask your property manager that you be kept in the loop, and that you receive a full report afterward.

Otherwise, sit back and watch the rent flow into your bank account, while your tenant helps pay down your mortgage and the value of the property grows.

It’s a win-win-win.

Ready to set up that initial meeting?

Del Condominium Rentals is awaiting your call, to help you complete these six important steps, so you can be well on your way to becoming successful rental condo landlord.

RELATED READING

Building or renting out a condo? Call Del Condominium Rentals

In Conversation With… Shanker Narayanan, Del Condominium Rentals


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