Real Estate News - James Prendamano

Home Prices Rising Nationwide

James Prendamano, CEO of Casandra Properties, once again had the opportunity to speak with Tracey Porpora from the Staten Island Advance.  The topic of their discussion was centered around the Federal Housing Finance Agency’s second quarter House Price Index. Despite rising home prices across the country, the New York-New Jersey metro area has managed to only see a modest appreciation and comes in at 91 out of 100 metro areas in house price appreciation. 

James was quoted in the article saying, “There has been, and we believe will continue to be, a shift away from what is now been dubbed the “McMansions” as the millennials continue entering the housing market.  You’ll notice red hot real estate markets like Boise are offering a slice of city…

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Storefront Vacancies on 2 of Staten Island's Corridors

Casandra Properties CEO, James Prendamano, recently had the opportunity to speak with Tracey Porpora of the Staten Island Advance about a recent report conducted by the City Planning Department entitled “Assessing Storefront Vacancy in NYC.” The report highlighted 2 areas on Staten Island; New Dorp Lane and Port Richmond that have experienced storefront vacancies. 

James was quoted saying, “Both of these corridors (New Dorp Lane & Port Richmond Avenue) were once walkable and on-site parking was not a requirement. One of the unintended consequences of downzoning and zone changes in the surrounding neighborhoods have in essence frozen these buildings in time. They don’t have adequate on-site parking that meets the retailer’s requirements.  When you…

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Calling all Programmers

Since Casandra Properties was founded back in 1989 by mom, the Real Estate industry has undergone so many changes. We’ve talked about this quite a bit in some of our other posts and while it’s changed dramatically we believe that the most exciting times, and our ability to really use technology to drive sales, still lies ahead. 

When I started in the business we were over the moon excited about the dial up modem and the fact that we could once a day, get the hot sheets that provided new listings. However, this process was not a quick one. This required the patience to strap the phone into the device that communicated to the server and printed on our dot matrix a daily report!  As time marched on the innovations came fast and furious.  The…

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Real Estate Portfolio Optimization (RPO)

Back in 2005, long before most of the competition, we saw very stormy times ahead in the Real Estate and overall economies. In response to this, we developed a program that we called RPO, Real Estate Portfolio Optimization. 

The idea was as the market was shifting there would be a double hit for institutions and Not-for-Profit’s in particular. When you couple a slowing economy with overall budget cuts and the government’s tightening of the belt you end up with a cash crunch for these Not-for-Profit’s. The RPO program was designed to take a look at NFP’s real estate portfolio’s, which shockingly were viewed as liabilities, and convert them into positive cash flowing assets. The strategy was to identify, assess, optimize and where appropriate liquidate -…

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Opportunity Zones

Don’t let numbers fool you, there’s some real opportunities in those zones...

Historically sales numbers and pricing in the census tracts, now known as the opportunity zones, have been tough.  By tough I mean over the last 20 years or so, there has been zero growth.  In fact, there has been a steady decline in not only sales quantity but also pricing.   I was recently reading an article on the Reonomy site and saw the chart in the article. They say a picture’s worth a thousand words... so ouch...very ouch baby....

If that’s not bad enough, since the announcement of the Opportunity Zones being included into the tax laws...yep you guessed it the numbers are still declining!

So what does this mean in our little slice of heaven for Staten Island Real Estate…

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Stop thinking outside the box, it no longer exists!

I was reading with great interest an article this am in WWD entitled Next-Gen Proof Your Business by Kaley Roshitsh.  I was particularly interested in the parallels between the fashion/retail industry and the Real Estate Industry.

In essence, the article talked about how the Gen Z peeps (typically defined as having birthdates between the mid-1990s and the mid-2000s) have little if any brand loyalty.  Interestingly enough - this isn’t a rebellious movement. In my opinion, this is born out of opportunity and an entrepreneurial spirit.  

The last few decades have brought so much change to the world.  Technology has blown the doors off conventional thinking and allowed us to really think outside the box.  

The fashion and retail industries are ripe for change. …

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Staten Island Most Affordable in NYC for First Time Home Buyers, Realtors Say

We always welcome the opportunity to chat with our friends in the press.  It’s an extra special treat when we can opine about our beloved Staten Island Real Estate market. 

I had the pleasure of chatting with Tracey Porpora over at the Staten Island Advance last week about New York City’s ranking for affordability of first time homebuyer’s options.  The title of the article was Staten Island Most Affordable in NYC for First Time Home Buyers, Realtors say.

The list was published on WalletHub.com.  This personal finance website ranks a host of categories city by city related to personal finance.  

The website focuses on twenty-seven different metrics designed to factor in everything from Real Estate tax rates to property crime rankings - from cost of living…

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The Rent Regulations are coming...The Rent Regulations are coming...

Well, if you’re in the Real Estate business, by now you have probably read your fill of articles on the new rent regulations and how they will impact your respective portfolio.   The changes are coming fast and furious.  If you take the time to do some digging, you will find these sweeping changes are not limited to Rent Controlled and Rent Stabilized units.  Market Rate units are also significantly impacted.   Layer on top of this, New York State has amended its Human Rights Law to include Source of Income as a protected class and you have a perfect storm - and it’s headed right for the residential multi-family market in New York City.  While the sheer quantities of the housing stock in NYC and the other boroughs is significantly higher than Staten…

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Staten Island, the Final Frontier

I was going to write this morning about all of the recent regulatory shifts in the rental market, our predictions (which have been consistent and spot on!), and how we see opportunity in this market as everyone runs for the hills.  

Instead, I woke up and nestled into my favorite blogging spot, opened my blinds and was greeted with this majestic view.   

I thought about how every day, every sunrise, we are greeted with a new set of opportunities and a bit of a clean slate.  I decided to save the heavier material for later in the week, today let’s talk about the amazing opportunities in real estate right here on Staten Island, shall we?

Staten Island, the forgotten borough, Staten Island never misses the opportunity to miss an opportunity.... remember…

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Top 5 Staten Island communities for home buying in 2019

Our CEO, James Prendamano, spoke with Tracey Porpora from the Staten Island Advance to discuss the Top 10 Staten Island communities for home buying in 2019.  Staten Island residential sales remain strong across the Island with 1,358 homes sold so far, this year.  

Great Kills and Westerleigh came in as the top 2 communities for home buying this year.  “Westerleigh offers the best of the North Shore with certain South Shore elements, and Great Kills offers many of the South Shore Housing stock benefits, but is still home to transportation hubs and a manageable commute,” said James Prendamano. Annadale, Huguenot and Eltingville followed Great Kills and Westerleigh on the list to round out the top 5 communities with the most homes sold on Staten…

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