Property management horror stories

February 14, 2023

Rise and shine! It's a new day and The Shaker is here to serve you the best mix of residential real estate news. Yummy yummy.

What you should know:

Several South Florida residents have complained about a property management company called GK Properties.
Residents have reported mold, leaks, pest infestations, and other issues in their apartments and say the company hasn't addressed them.
GK Properties has been the subject of several lawsuits, and some residents say they are worried about their safety and health.
Some residents have organized and are demanding better living conditions and more accountability from the company.
GK Properties has not yet commented on the recent complaints.

Real Estate Expert Predicts Further Fall in US House Prices

Jeff Taylor, board member of the Mortgage Bankers Association, has predicted a 4 to 6% decrease in home prices this year, with some markets experiencing a fall of 7 to 9% due to the Fed's interest-rate hikes.
Despite 30-year mortgage rates falling almost 100 basis points since October, Taylor still expects trading volume in the housing market to shrink to its lowest level in 40 years due to uncertainty around inflation and interest rates.
As of February 9, the average 30-year fixed-rate mortgage stood at 6.12%, according to Freddie Mac.
Taylor says that despite the Fed's aggressive monetary policy, homebuyers and sellers should still carry out deals and not wait for the Fed to start easing or cutting rates.
A booming labor market is likely to lead to two more rounds of rate increases and a shakeout, according to Taylor, who noted that the housing market is currently at a strong equilibrium between buyers and sellers.

A unique property in Hutchinson, Minnesota, consisting of a three-screen movie theater, four luxury apartments, and retail space is up for sale for $1 million.
The apartments are described as luxury suites with one bedroom, one bathroom, and laundry.
The property was built in 1937 and the current owners renovated it completely.
The buyer can live in one of the apartments and rent out the others, making it a prime commercial real estate investment.
Other features of the property include an elevator and a rooftop deck.

The Housing Authority of the City of Alameda (HACA) has secured a $5.5 million loan from the California Statewide Communities Development Authority to acquire and rehabilitate a 31-unit apartment complex in Alameda, California.
The loan will enable HACA to preserve and expand the availability of affordable housing in the city.
The complex, known as Island Terrace Apartments, will undergo extensive renovations to improve living conditions for residents, including upgraded kitchens and bathrooms, new flooring, and energy-efficient lighting.
The acquisition is part of HACA's ongoing efforts to address the affordable housing crisis in Alameda, where the median home price is over $1 million and the cost of living is among the highest in the nation.
The loan will be repaid over 30 years at a fixed interest rate of 2.75%, and the project is expected to create jobs and stimulate the local economy.

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