dMosher

“Editor’s Notebook” with Diana Mosher: Transit-Oriented (Waterfront) Development

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Nov 082010

Every time we go to the beach (it’s the Rockaways for us), my husband remarks that he can’t believe such a beautiful spot has been so underutilized by the city. True, the beach is packed all summer and the concessions are open and the lifeguards are on duty. But there’s a bit of a neglected feeling.

I suspect he hasn’t thought it through to what his favorite beach would be like if it was converted into a tourist destination or if luxury highrises were built along the boardwalk. But I do admire—and share—the pride he feels for the Rockaways which is truly a transit-oriented beach destination (accessible by both subway and city bus).

According to an interesting New York Times story,  New York’s Next Frontier: The Waterfront, some smart developers, real estate lawyers and city officials have made the same observations. And they’re making plans now so that when the economy improves, they’ll have everything in place at the beginning of the next cycle.

Expect to hear more about waterfront development in all five boroughs of New York. Over the next decade, a massive number of multi-housing units could be added to the market… rentals and condos… affordable and luxury. It’s all mapped out in Vision 2020, a comprehensive waterfront plan recently unveiled by Mayor Michael Bloomberg. There are more than 500 proposals—from how to increase water access for sports enthusiasts to how protecting the city from rising sea levels.

Posted by dMosher at 12:44 pm

‘Editor’s Notebook’ Can You Meet the EPA’s Definition of Green Apartments?

"Editor's Notebook" with Diana Mosher No Responses »
Jul 012010

My excellent colleague Natasha Selhi passed along some interesting information from the Environmental Protection Agency (EPA) this morning.

The EPA wants renters to know that, much like single family homeowners, they do have control over how green their apartment homes are; in fact, they can express their dissatisfaction with a current apartment community by moving to another.

According to EPA, “A common misconception is that renters have little control over the environmental impacts of their homes. The truth is that renters can influence many environmental aspects of their housing, from choosing where they live to adopting everyday practices that save energy and water.”

EPA has devised a checklist to help select a greener rental house or apartment, as well as to reduce bills and have a healthier and more comfortable indoor environment.

EPA suggests that “before you sign a lease, investigate its green features and quality of its indoor environment. Discuss the considerations [on the checklist] as well as any of your own, with your landlord. If the unit does not meet some of the criteria, use your bargaining power and inquire with the landlord about making some updates.”

How is your apartment community doing with green? And will this EPA checklist help—or hurt—your leasing effort?

Posted by dMosher at 9:11 am Tagged with: , , ,

‘Editor’s Notebook’ A Visit to the Wind Farm: My Missed Opportunity

"Editor's Notebook" with Diana Mosher No Responses »
Jun 292010

It’s graduation season, and last weekend my sister-in-law threw a well-deserved party for our niece Monica who has completed high school. So, as planned, less than 24 hours (!) after I got home from NAA in New Orleans, I packed my overnight bag and we drove the five or so hours up to the Syracuse, NY area.

A highlight of my socializing with friends and family was the discovery that just 30 minutes away from my sister-in-law is a working wind farm. MHN reports on renewable energy trends, but here was an opportunity to see a real wind farm up close and personal… or at least from the viewing area outside. Located in Madison County, the Fenner Wind Farm produces electricity equivalent to the annual consumption of over 7,800 homes. The farm is owned by Enel North America and comprises 20 GE 1.5 MW wind turbines. It has been in operation since 2001 according to Community Energy whose page I landed on when Googling “Fenner Wind Farm.” Community Energy “leads the development and availability of fuel-free renewable energy with wind and solar power.” Its customers are utilities, businesses, institutions and individuals.

Unfortunately the graduation festivities went on longer than expected and my family vetoed the detour to the Fenner Wind Farm. But here’s a (not very flattering) stock art picture I found.

Even though this isn’t a great picture, I don’t agree that the turbines are ugly; in fact, I think they look quite graceful. What do you think about their appearance, and about NIMBYism in response to windfarms?

Posted by dMosher at 5:52 pm Tagged with: ,

‘Editor’s Notebook’ More Apartment Marketing Take-Aways (or ‘Tweets I Should Have Posted’)

"Editor's Notebook" with Diana Mosher No Responses »
Jun 282010

I just got back from the NAA conference in New Orleans. Attended lots of great sessions with my MHN colleague Anu Kher (including Social Media Marketing Fact and Fiction and How Good Is Your Property’s Crisis Management Plan) enjoyed catching up with industry folks, shot lots of videos for MHN TV which we’ll begin posting this week, and saw some interesting products which we’ll cover in the August issue of MHN magazine.

On the flight back I came across some notes scribbled in April during the Apartment Internet Marketing Conference. I meant to turn them into something longer, but got busy with other projects. It’s time to clean house and move on, so I share them here. Let me know if they resonate. As always, I can be reached at dmosher@multi-housingnews.com.

• Real time information overload? Does social media dominate your time? You can remove yourself from the scene by committing “social media suicide.”

• Mass mingling = impromptu meetings being fostered by social media + mobile

• Is social media reputation management or a way to increase sales? No right or wrong answer. Use it as a proactive brand-driven sales discussion.

• The current information overload situation will result in much of the social commentary going ignored. We will only pay attention to known people.

• Geofencing: this time next year we will all be talking about this next step in mobile marketing

• Bar codes will be big. We’re ten years behind the times in the U.S.

• Now’s the time to explore 3D marketing software tools.

• Hire people to post online videos which will include the user. Trend will develop with prospect put into picture of community.

• Don’t ignore the power of live video chat customer service. Engagement helps to address concerns, answer questions for residents and prospects.

Click here for my report from AIM including how the field of neuromarketing can deliver more accurate focus group insights by measuring true subconscious reactions.

Posted by dMosher at 8:54 am Tagged with: ,

How Do You Measure Consumer Confidence?

"Editor's Notebook" with Diana Mosher, Miscellaneous No Responses »
May 252010

I was chatting on the phone with a publicist earlier this week. After he got done with his editorial pitch, the conversation turned to other topics. He and his wife are thinking about downsizing and also moving to a warmer climate… maybe Florida, where there are condo bargains waiting to be snatched up.

It was just one consumer talking, but his optimism was contagious.

This anecdotal evidence reinforces the May numbers released by the Conference Board Consumer Confidence Index® which now stand at 63.3, up from 57.7 in April. The Present Situation Index increased to 30.2 from 28.2. The Expectations Index improved to 85.3 from 77.4 last month.

According to Lynn Franco, Director of The Conference Board Consumer Research Center, consumer confidence posted its third consecutive monthly gain, and although still weak by historical levels, appears to be gaining some traction. “Consumers’ apprehension about current business conditions and the job market continues to slowly dissipate. Consumers’ expectations, on the other hand, have increased sharply over the past three months, propelling the Expectations Index to pre-recession levels (August 2007, 89.2).” Franco added, “The improvement has been fueled primarily by growing optimism about business and labor market conditions. Income expectations, however, remain downbeat.”

So it must have been the perception of a good deal—or getting a lot for their money—that created a stir in Hawaii where dozens of people reportedly camped out for as long as two days outside the sales office of the Pacifica Honolulu condominium project.

They wanted to be among the first to snatch up a good deal. The project is now being developed by San Diego-based OliverMcMillan which has rebranded the condominium and increased the allure of the property.

This is good news since Pacifica Honolulu had stopped construction in the fall of 2008 after the developer lost his construction loan and stopped funding the project with his own equity. The 27th floor of the concrete tower had been poured, and the exterior glass and interior finishes were partially underway.

What good news are you hearing from your consumers?

Posted by dMosher at 11:10 am

‘Editor’s Notebook’ with Diana Mosher: If You’re Listening to Residents, Shout it Out

"Editor's Notebook" with Diana Mosher 1 Response »
Oct 062009

At the end of August I joined a new demographic when we dropped my oldest son at college for Freshman Orientation. It’s been a difficult transition for his parents and younger brother; but, it’s also an exciting one that we’re all enjoying vicariously, as he experiences his first taste of living away from home.

He likes his roommate, his instructors are brilliant, and the campus is just what he was looking for. We all agree the food is awful, but at least student feedback is encouraged. There’s a bulletin board in the dining hall where students can tack a note with their suggestions to the menu planners (and they do—by the dozens).

There’s really just one thing wrong with this picture…

The school doesn’t offer the option of paying tuition by credit card. Had we not been asleep at the wheel during the selection process, this small but important fact would have been noticed. And, it may have factored into the final decision.

We always put the family’s big-ticket purchases on the credit card. We do this for one very important reason: so that we can accumulate travel points for family vacations. Not being able to do so is a major disappointment—and a source of resentment. Especially since (I was told by the school) many other parents have also called, as I did, to see when this antiquated policy was going to be revisited. Apparently not anytime soon.

The college’s stance drove home for me the critical nature of some of the points raised during MHN’s recent webinar (which you can access here) “Found Money: Learn How To Streamline Financial Operations And Gain Efficiency.” Take-aways included recognizing that residents truly appreciate and value having choices in how they pay their rent, and that automation can dramatically reduce the costs associated with payment processing.

Whether picking a college or choosing an apartment home, the consumer is typically faced with a number of choices.

The apartment community that goes out of its way to make life as pleasant and convenient as possible has a clear advantage. The management team that not only takes the time to check in frequently with its residents, but also implements their suggestions, needs to convey these habits to prospects. Properties that implement suggestions can translate this proactive stance into a powerful marketing message.

Your competitors across the street might not be listening to their residents. If you are, be sure you shout it out.

[Diana Mosher is Editor-in-Chief at MHN. She can be reached at DMosher@multi-housingnews.com]

Posted by dMosher at 12:03 pm

‘Capital Insights’ with Jack Kern: Don’t Count Out Rents as House Prices Languish

"The Accidental Economist" with Jack Kern 1 Response »
Oct 022009

"I get knocked down, but I get up again, you're never gonna keep me down!"
Tubthumping Lyrics
(c) Artist (Band):Chumbawamba

Most forecasters have called rent declines an unfavorable trend through 2012, and commented on how the rents in place are tied, almost demonically to home price affordability. The commonly held view is that the strength of the housing market and the relationship between house price affordability and multifamily rent is sacrosanct, so much so that most analyst calls to the top 10 publics on rental play off of that theme.
I'm not so sure that's the case, and in fact it is beginning to look like the rental industry is gaining ground again. According to the most recent CSW data, the national composite home price rose approximately 2.9% on a quarter over quarter basis, not seasonally adjusted, and this is the first quarterly gain since the first quarter of 2006. According to the report, of the 20 metro areas surveyed, home prices increased in 15 regions, with Cleveland, San Francisco and Washington, DC leading the way. The prices are up, but not stunningly so in any metropolitan area.
Just for comparison purposes, I took at look at the September, 2009 Topline Report, courtesy of Pierce-Eislen. Starting with their San Francisco – Peninsula market I wanted to see how rental was faring overall against the newly released house price data. The average rent for September, 2009 was $1,658.96 overall, a decline from the prior month of $15.77. Rental concession participation rates, which I think is an excellent measure of demand strength, and only reported in Pierce-Eislen as far as I can tell, actually declined from 26.2% to 24.6%, probably indicating some positive trends coming in the next few months.

If you break down the rent numbers a bit further, the Topline report shows that at the Upper Mid-Range of properties, (those in the A- and B+ category), rents actually increased on both a month over month basis and their 3 month moving average. Since I was expecting to seek San Francisco still in trouble, the rent numbers overall and their composite sectors instead point to a positive outlook, at least incrementally.
I'm also interested in seeing what's happening in Washington, DC. Since the nation's capital is considered somewhat recession resistent, it wasn't surprising to see the city on the CSW list with house price increases, but rental in DC had taken a beating, and it made sense to see how the rents were now changing.
Again turning to the Pierce-Eislen data, (you can find all of this at www.pi-ei.com) rents in the Washington, DC-Suburban Maryland market averaged $1,263.14, a decline of $16.44 from the prior month. Using the same measure as before, all of the renter sectors declined, but again, on a three month moving average, the A- and B+ properties showed positive gains. What was really telling about the DC market is that the rental concession participation changed month over month from 45.5% previously, now down to 28%, demonstrating a different demand dynamic.

I now believe that rents are going to turn positive and there will be meaningful gains in certain metropolitan areas and submarkets, some appearing before the end of this year. I'm thinking that 2012 will probably look a whole lot different than what you're hearing at the industry conferences. My crystal ball is getting clearer but I still have a hard time getting it through security at the airport. As the forecasts are revised, just remember, we're talking about understanding the recovery, not fretting about the recession. Our internal forecasts and work show more progress in rent gains than anyone is expecting. I think it's about time.

(Jack Kern is the Managing Director of Kern Investment Research, and is fond of telling people he's called every recession, stock market decline and change in the colors of cars accurately since 1980. He can be reached at 301.601.1900 or Jkern@KernIRC.com)

Posted by dMosher at 8:01 am

‘Editor’s Notebook’ with Diana Mosher: What will ‘Smart’ Multifamily Look Like in 2050?

"Editor's Notebook" with Diana Mosher 2 Responses »
Sep 282009

Over the weekend I attended the wedding of a high school friend—her second marriage and his first. While she has had other attractive proposals during the 10+ years since her divorce, this suitor was different. He shared her life-long dream of leaving the suburbs for an authentically rustic lifestyle in Vermont.

We all know people who despise the hustle and bustle of city living. Hopefully there will always be a choice that suits them. Demographers predict that by 2050 as much as 70 percent of the earth’s population will be living in cities. Click here for a fanciful look at what some of tomorrow’s “mega cities” might look like.

IBM is just one organization that is looking to shape this trend as it unfolds.

To glimpse what a true smart city might look like, IBM suggests looking at Masdar City, which is being erected near Abu Dhabi, in the United Arab Emirates. Click here for MHN’s most recent coverage of the project. Planners there are working with top scientists, engineers and innovators to create interconnected systems and manage them through an integrated city dashboard.

IBM is aggressively spreading its message and capabilities to consumers. A new report from the IBM Institute for Business Value, “A Vision of Smarter Cities,” argues that cities must use new technologies to “transform their systems to optimize the use of finite resources. As sustainability for cities and the planet becomes ever more important, the question isn’t whether cities will do this; the question is: Which ones are doing it first? And who will do it best?”

There’s not much detail about the role of housing in IBM’s messaging, but multifamily will play a pivotal role in the success of the cities of 2050.

What steps will apartment owners need to take to retrofit existing properties and what “smart” systems will need to be offered in new construction from an operational as well as amenities perspective?

(Diana Mosher is Editor-in-Chief of Multi-Housing News. She can be reached at Diana.Mosher@Nielsen.com)

Posted by dMosher at 1:32 pm

‘Editor’s Notebook’ with Diana Mosher

"Editor's Notebook" with Diana Mosher 1 Response »
Aug 062009

Delaware Apartment Association Expands Scope of Services

Since the economic crisis began, the apartment industry has looked for a variety of ways to help renters stay in their apartments. But sometimes, despite these efforts, residents do lose their homes. The Delaware Apartment Association wants to help.

As Kevin Wolfgang, President of the Delaware Apartment Association, points out, multifamily professionals are on the front lines of this hardship and they witness the devastating impact on families.

“Renters want to know where they can turn for information and help. Through our own experiences as apartment operators and our involvement in task forces,” says Wolfgang, “we found it incredible that there is no single agency, source or web site where renters in Delaware can go to get all the information, resources and support they need to successfully manage their rental experience.”

With these needs in mind, The Delaware Apartment Association now offers an online Renter Resource Center to help all renters manage the renting process from beginning to end.

The Renter Resource Center provides information ranging from financial assistance to online rental guides, community services to renter’s insurance, tenant’s right guides to employment assistant—and more.

“While the website was created for renters, we are very excited by all the positive feedback we have gotten from the nonprofit agencies, charities, branches of government, and state agencies that have chosen to become our partners,” comments Wolfgang. “If an organization who provides a service to renters wishes to be part of this website, we encourage them to contact us.”

For more details, contact Michelle Carre at DelawareApartmentAssociation@gmail.com.

Posted by dMosher at 4:07 pm

‘Editor’s Notebook’ with Diana Mosher

"Editor's Notebook" with Diana Mosher No Responses »
Aug 032009

Coney Island: Balancing Profit with Personality

The Long Island beaches and the Jersey shore are both just a day trip away from my home, but my family sometimes enjoys staying within city limits for our beach outings. We like being able to get on the subway in our neighborhood and be at Rockaway Beach or Coney Island an hour later. Coney Island in particular (my new favorite) possesses a gritty urban vibe that I really like.

As Sebastian Smith explains in his travel report at TheAge.com, “The decline of Coney Island began more than half a century ago as urban crisis, social change and property disputes stymied development along the sprawling city beach.”

Yes, it’s seen better days, but the sense of history lingers on—and the people watching is fantastic. No New York City spot brings together as diverse a group. If you’re looking for local color, this is the place.

Developers like Coney Island too. Especially now that the subway terminal at Stillwell Avenue has undergone a major reconstruction with a terra cotta façade recalling the splendor of the former terminal as well as a roof with arches like those found in classic European train sheds (don’t forget the camera, like I did).

Also noteworthy is the fact that the new subway terminal is the largest renewable-energy enabled mass transit station in the United States. The roof is glazed with 76,000 square feet of photovoltaic panels that generate an annual output of 250,000 kW hours.

The potential for multifamily and hospitality development is staggering given the prices that ocean views would likely fetch. And the retailers will want to be there as well. While redevelopment efforts have been thwarted in the past, last week the City Council did indeed vote to approve zoning changes that will allow the city to reinvent this prime real estate. The rezoning plan includes hotels, restaurants, and four high rises as well as a 12-acre amusement district. The Coney Island Development Corporation has big plans. Click here for more about proposed projects and initiatives.

Now all eyes are on Brooklyn developer Joseph Sitt, who controls a large piece of land that the city needs in order to realize its plan. According to a report by Crain’s New York Business.com, Sitt appears to be close to cutting a deal with the Bloomberg administration.

Opponents say redevelopment will ruin Coney Island’s character. What do you think?

Posted by dMosher at 4:43 pm
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