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Latest Blogs

Renovations

Renovations

If you have purchased or inherited an older building and mean to use it to rent out, there may be a couple of things that you need to do first. Unfortunately, not every home is move in ready, even if someone was living in it up until it came into your possession. This is often found when older residents had been the most recent owners, but it can happen with just about any building that you find. If this is something that you have run into, then you likely have to do quite a few renovations.

                  Renovations can be extremely scary and daunting. As an example, I know that the home I grew up in needs to be heavily renovated if I want to use it as a rental space. In fact, everything will need to be pulled out, the wiring throughout the house redone, and the extension fixed due to a sloppy job that was done before my parents purchased it. The house was built in the 1960’s during a housing boom in the area and this is a story that we hear time and again. Poor workmanship when the house or building was put up can cost you a large amount of money down the road, so you always want to make sure that you are ready for that possibility.

                  Even if you don’t have to strip a house down to the studs, something may still need to be done before a resident can move in. You may want to knock down a wall that has no purpose (just make sure it isn’t a supporting wall), or maybe you want to add an expansion to one of the corners of the house. After all, an extra bedroom or even just another bathroom can be a huge selling point for someone who is trying to start a family or has simply outgrown their one bathroom residence.

                  The main thing to remember when doing renovations is that it is okay if you don’t do everything yourself. Not everyone can be a master contractor and there’s nothing wrong with that. Just don’t cut any corners or it may end up being very unsafe for those who are going to move in, and by extension you. Call around and talk to some people for a little bit of help and you will be much better off.

Winter Weather

Winter Weather
Winter is my least favorite season. For some reason, the thought of all the snow and cold just ruins my mood, and having to shovel it just makes it worse. While I may not like the oppressive heat of summer, at least I don’t need to freeze my fingers off getting rid of inches upon inches of white, heavy stuff just to get around. It seems almost impossible to get through each new winter, and it is increasingly more dangerous the older we get. Thankfully, there are some things we can do to try and stay safe during this season.
One of the first things I will suggest if you are in charge of an apartment complex or building is to get a snow blower. It makes it infinitely easier to move the snow that has fallen to a different area and will reduce the time you need to spend outside significantly. This is especially good if you have a chronic disorder that is set off by lower temperatures or heavy amounts of moisture. It is also much better for your back than having to shovel, especially if it is wet and heavy and dense snow. That really is the absolute worst.
Another suggestion that I will make is to add a lip or barrier on the top of the roof or roofs of your building(s). Falling snow is a great danger and falling ice is even worse. I remember in university, they would have to block off around the buildings just so that kids wouldn’t be hit by the stuff falling off when it finally started to melt. Granted that didn’t help up much when part of the theater roof came in under the weight of a particularly bad snow storm, but there wasn’t much anyone could have done about that without having replaced the roof before the season started.
We suggest asking around and seeing what other property owners in your area have done to help keep their residents safe during the winter. Checking the stability of your roof is certainly something that will not go unappreciated. It is also always a good idea to check however the building gets heat. I’m sure we’ve all been in that situation. We hope that you have a safe winter and hope that it ends soon.

Holidays

Holidays
Around the holidays, many people feel the need or desire to help others. While this is often done through a donation to a toy or coat drive or volunteering at the local soup kitchen, these things may not be your calling. That’s perfectly fine, as no one should be forcing you to do anything you don’t want to. However, if you do want to offer your residents a little holiday present, here are some clever ideas that we have heard over the years.
1. Candy. Let’s face it, almost everyone loves candy of some form or another. We have seen all kinds of candy go to residents and it’s always a sweet idea. Some people buy their residents a box of chocolate, others buy them candy canes. Whatever the candy, it is always welcome.
2. Discount. Many landlords we know, especially if they have had the same renter for multiple years, will offer a discount for the rent in the month of December. One thing is for sure, we haven’t heard anyone complain about that yet!
3. Gift Cards. Some landlords that we know have given their residents small gift cards. These have ranged anywhere from prepaid visa cards that can be used almost everywhere to a simple slip of paper that you can get from a local diner that states how much money they have in credit. Residents are almost always thrilled about gift cards from local eateries because let’s face it, after you cook for your entire family, you don’t even want to look at the oven or the dishes again for weeks.
4. Toiletries. This one was relatively unique, but still a very cute idea. One landlord that we know of made snowmen out of rolls of toilet paper with toothbrushes for arms and a few bars of soap wrapped up in black paper for the hat. With extra visitors coming and going around this time, we’re sure people appreciated the spare toiletries to use!
There are hundreds of things that you could do to celebrate the holidays with your residents if you choose to do so. Even if none of these ideas strike your fancy, a quick search online could lend you more choices than any of us know what to do with. We hope you all have a wonderful season and stay safe throughout it.

Holiday Parking

Holiday Parking
If your apartment complex is anything like the one that I live in, parking is a highly sought after commodity. Each apartment only receives one assigned parking spot and there is nowhere near enough parking for each person to have another spot. There are visitor spots, but they are extremely hard to find during the day and impossible at night. During the holidays they become even more difficult to come by and unfortunately there are no lots within walking distance which can be used. This often results in people parking in spots which are reserved for residents that have been vacated for whatever reason only to fuel dismay when the person returns back home.
One thing that you may want to do if parking is an issue on a normal day is release a letter to your residents gently reminding them that parking spaces are limited and residents have priority in reserved spots. The holidays often see family and friends coming to visit and this can result in an even worse scarcity of valid spots. Make sure that your residents know that double parking and parking in non-valid spots will not be tolerated during the season, especially if you are in an area that sees the need for snow removal often.
Another thing that you can do is offer a few numbers for towing companies. No one wants to be “that person” that gets someone else’s car towed during the holidays, but no one wants to be the person who can’t go home at night due to someone being in their spot either. It gets cold at night during this time of the year and I don’t know about you, but the thought of having to walk the better part of a mile due to someone taking a spot that isn’t theirs right in front of my door isn’t something that fills me with that warm feeling the holidays are supposed to bring.
Unfortunately, the holidays always bring a lot of stress to people. Parking at your own apartment shouldn’t be one of the reasons for this. Do your best to help out your residents when it comes to parking and hopefully everyone will get through this season with a smile on their face and some warmth inside and out.

Holiday Safety

Holiday Safety
The holidays are meant to be a wonderful time of the year filled with love and friends and family. Unfortunately it is also full of dangers and things can change in an instant. Now I’m not trying to fear monger here, but the fact is that nearly 47,000 fires occur during the holiday season and that’s only one type of tragedy that can occur. This isn’t taking into account car accidents, weather related injuries, or burglaries that are also often higher during this time of the year. Thankfully there are a few things that you can do to help make sure that nothing takes down your holiday spirit.
One of the biggest problems during this time of the year is the concern of fires. Candle fires, for example, are four times more likely to occur during the holidays than any other time of the year. Having a tree can also be dangerous if it is allowed to dry out, as they quickly become fire hazards. It has been reported that one in every 22 fires that are started by trees result in at least one death. It doesn’t matter how much egg nog you’ve had, that is a sobering fact. Always make sure that you are using lights that are safe, that all candles are only burned when someone is watching them, and most importantly that all fire detectors are operable. Having a working smoke alarm cuts down the death rate due to fire almost by half.
Another thing that you can do to help keep yourself and your family safe during this season is by making sure that you have the right tires on your car. Having snow tires can make all of the difference in the world and will help make sure everyone gets home safe from traveling to grandma’s. While you are gone, make sure that nothing has been left that can overheat and that all candles have been put out. Also, it may be a good idea to keep your curtains closed so that people can’t see what presents you got to open.
From all of us here at Talley to all of you, we wish you the best holiday season. We hope to see you next year and will continue to do all we can for you and yours!

Latest News

Charlotte fastest growing city over last 10 years

Charlotte fastest growing city over last 10 years

CHARLOTTE, N.C. — Charlotte was the fastest growing city in the last decade. New numbers from the Census Bureau show the urban area grew 65 percent from 2000 to 2010. The next fastest growing urban area was Austin, Texas at 51 percent.Las Vegas came in third at 43 percent. To put that in perspective, the country’s entire urban population grew 12 percent during the same time. The state of North Carolina ranks second in the nation for largest rural populations with 3,233,727. Texas came in first with 3,847,522 people and Pennsylvania came in third with 2,711,092 residents.

 

See more @ http://www.wsoctv.com/news/news/local/charlotte-fastest-growing-city-over-last-10-years/nLfBM/

Talley Properties Announces Opening of New Facility

Talley Properties Announces Opening of New Facility

Charlotte—Talley Properties Inc., a property management firm serving the Charlotte area real estate market has announced their move to a new facility 2716 Westport Road. The move will be official March 23rd.
The brick, 2-story 7300 square foot building is situated on an acre plot and includes 5000 sq feet of office space and a 2300 sq. foot warehouse. It was built in 1998 and served as a corporate office for a local builder.

According to owner and President Tony Moore, "Talley Properties has experienced tremendous growth since 2004. We feel this new office will provide us with a stable location to continue to serve our existing clients while giving us room to continue to grow and expand our services." Moore received his BS in Management and Production Sciences from UNC Wilmington. A native of Lincolnton, he now resides in Gastonia with wife Cathy and their children, Melissa and MaKenzie.

Talley Properties has specialized in midrange to high end residential and commercial property management since 1980. Their mission is to provide full service management to a diverse group of investors. With the goal to achieve long-term relationships with their investors, they are on call 24-hours a day, and provide quick, efficient same day service. Visit Talley Properties at www.talleyproperties.com or call 704-332-2206.

In shaky economy, renting increasingly tops owning

In shaky economy, renting increasingly tops owning

It's an ideal time to buy a home, but many potential buyers in Sioux Falls are forgoing home ownership and the American dream.

Instead, despite historically low interest rates, a drop in home prices and an ample inventory of houses to chose from, many are opting for short-term rental agreements.

Some question whether there's still value in owning a home .

Others say the popularity of renting is a trend that will be a short-lived function of economic uncertainty. Many potential first-time homebuyers don't want to be tied down to a home. They don't know whether the future will bring a pay raise or a layoff. So they opt for an apartment or town home.

The trend of renting will turn around eventually, but it's going to be slow, said Michael Roach, assistant professor of economics at the University Center and Dakota State University.

"That's a short-lived phenomenon we're experiencing simply because of where the housing market has gone for a couple of years," he said. "(Homeownership) is still the American dream; people still want homes. People still want to own their own home, but they want to do it in an environment that makes economic sense."

As the local economy grows and adds jobs, and as new businesses pop up, Roach said home ownership will pick up.

"Especially for younger people, younger families, nobody likes uncertainty when they're dealing with that amount of money. It's the biggest investment most people will make in their lives," he said. "People are gun-shy still, and it's going to take a little while to get over that."

Fear is the No. 1 reason for the shift from home ownership to renting, said Tony Ratchford of the Ratchford Group with Hegg Realtors.

He said although home inventory has dropped in Sioux Falls, and business is better than last year, it's not as good as he had hoped. He's had clients who sold homes and moved into rental properties to get out from under some debt. He also owns five rental properties that he said he gets calls about weekly.

"It's just been absolute fear. ... They just don't have confidence in the economy," he said. "People were careful with their money. They realized the cost of gas, cost of food and have a fear of the economics of the world that brought them to the realization to pay off debt, pay off credit cards and just hunker down a little and make life cheaper."
Ratchford said he thinks Sioux Falls has hit bottom and predicts things will pick up by summer. At that time, he said the market will be more balanced, home values will increase, rentals will be mostly full and prices will be up. People will realize it's cheaper to buy than rent.

"The American dream of owning your own home, it's such a great investment, but the last three or four years we haven't seen that," he said. "Some people are questioning whether or not there's any value in owning a house anymore. I know there is, and long term it's going to be a big deal. It's part of the cycle of what happens when you have a down dip."

Kayla Pederson, 27, never has owned a home, and said financially, she can't buy a house now. This month, she moved into a two-bedroom apartment with her 4-year-old son after living with a friend and saving money.

"These days, it's more common. I'm hearing friends and acquaintances move in with friends or parents to catch up until they're ready to get out on their own," she said.

Pederson recently moved back to Sioux Falls from Colorado. Although she has a degree in business management, she was unemployed for more than two months before she was hired as an IT support technician in June. She plans to own a home someday but said renting is the best option now.

Pederson passed on buying a foreclosed home in the Denver area. She's glad she did.

"With the economy, you could get more bang for your buck, but when we had time to think about it, we decided renting was a better option," she said. "I knew eventually I was going to be moving back home."

Matt Larson, president of the Realtors Association of the Sioux Empire, said pending home sales were up 16 percent in October compared with last October. Pending sales this year are up 0.9 percent. New listings and inventory are down.

Larson said people remain cautious.

"It should start improving in 2012, and I think we're going to lead the country out of it in the Midwest, because we didn't have the terrible downside," he said. "I think we're going to outperform most markets."
Rental vacancies in Sioux Falls are at an all-time low of 4.58 percent, said Dan Siefken, executive director of the South Dakota Multi-Housing Association. That's the lowest the organization has seen since it began the vacancy survey in 1996, he said.

It's also down substantially from a record-high of 13.28 percent in January 2010.

"I think (apartment living) is back in vogue," he said. "People went through a period of time where they were sold on the fact that home ownership was for everybody and that you were throwing your money away if you rented. Now they're realizing that renting is a good bargain."

Siefken said the high vacancy rates of 2010 can be attributed largely to the first-time homebuyer tax credit perks. Now, he said, renters are finding a savings in renting when they don't have to pay property tax, maintenance, insurance, lawn care and snow removal and other costs.

Today's renters don't want homeowner costs, but they do want more than a couple bedrooms, a bathroom and a kitchen. They want units with dishwashers and a washer and dryer. They want complexes with heated garages or underground parking, fitness facilities, pools and Jacuzzis, Siefken said.

"They're pretty much must-haves," he said. "Those apartments are getting harder and harder to find; those complexes have almost zero vacancy."

Angie Stingley, manager for Boulder Creek and Boulder Pointe Townhomes, said she has 184 units and expects one vacancy this month. She said if there is a vacancy, it doesn't last long.

The Dunham Co. will start construction next spring on a 262-unit apartment complex on South Grange Avenue. CEO Don Dunham expects it to be ready for tenants next fall.

"The old days of Section 8 housing and 4-plexes, that's not good enough for young professionals today," he said. "If you make enough money, you want to live someplace nice, but that doesn't mean you want to buy a house."

That's why Dunham hasn't built any single-family homes in more than two years. There's no demand.

He said the company used to have 40 to 50 spec homes for sale at all times throughout the area that includes Sioux Falls, Dakota Dunes, Yankton and Elk Point. Dunham said the company has about 150 lots fully developed and ready for single-family homes, but there's no plans for buildings.

"We're just trying to liquidate what we still have," Dunham said. "There is no demand. People are seeing that a home is not the deal it used to be anyway."

Rental Prices Soaring as Home Values Stay Low

Rental Prices Soaring as Home Values Stay Low

Foreclosure Deals, a leading provider of foreclosure listings, news and information, has released new research on home prices and rent values across the nation. Drawn on data collected from regional and local real estate markets, the numbers demonstrate the relationship between the average cost of rent and the average cost of a home purchase in each state, which can help homebuyers choose the best markets in which to invest.

"Foreclosures have had a huge impact on home values," remarked John Evan Miller, a real estate analyst with Foreclosure Deals. "In almost every market, prices are well below their 2008 values, simply because there are so many homes available."

Foreclosure Deals presents the new data compared with values recorded in 2008 using an infographic available on their web site, and the impact of the foreclosure wave is clear. In many areas, home prices are extremely low, while rent prices are notably higher.

"Rents are up, and they're going to stay up," said Miller. "Even though it's the best market for homebuyers we've seen in over a decade, the recession made a lot of people reconsider spending at the time, so they rented. This drove up demand, and prices, for rental properties."

Despite the sluggish economy, Miller points out that this is the perfect market for real estate investment. He adds that mortgage interest rates are also at historic lows, creating other opportunities for value investing.

"Not only do you have rock bottom prices, you've got a terrific market to rent out your property while you wait for prices to rise. And they will rise. Home values will come back, but the days of 3.5% and 4% mortgages aren't going to be around forever. Once home values rise, those interest rates will rise too."

Experts currently predict average rental costs to be 4.5% higher than by the end of 2011 than their value last year, and up another 3% in 2012. In contrast, foreclosure homes currently offer savings of anywhere from 10% to 50% off market value. As buyers who put off buying a home during the recession look to start buying again once the economy improves, it will create the opportunity for big profits for foreclosure investors.

"In a great many cases, you're going to end up paying less on a monthly mortgage payment if you buy a home than you would in rent on the same property," said Miller. "Could there be a better reason to buy than that?"

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