Real Estate
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The Real Estate page features information on local realtors, buying property on St. Croix, and tips on buying/selling your home.

Pamela Hunt McFadden, GRI has been in the real estate business since 1976. She was first licensed in Pennsylvania, where she and her late husband had a beautiful office in a country-side Bank Barn in Upper Milford Township for James P. McFadden Appraisal and Real Estate.
Pam is a Certified Residential Real Estate appraiser in Pennsylvania and has been in business i St. Croix since 1999. Known as “Jake’s Mom” for years (he won’t allow the handle now that he’s 16), she has won awards every year from the get-go for stellar performance. She now has a successful rental property management portfolio of approximately 65 units with exceptional office staff/support team. Pam has the designations of Associate Broker and GRI and specializes in comparative market analysis and rental management of your purchase. References available upon request.. 778-7000, ext. 113 or 277-1846.

If you find yourself in a credit pinch and don't know where to turn, click on the link above for Credit Repair. They will work with you and your creditors to develop a plan that will help you get back into good credit standing. Once you complete the form that will open, they will arrange for your first consultation.
Buy Now For Home Deals

(MS) — Now might be the right time to buy for people looking to get a deal in the housing market. The prospects can be especially lucrative to renters who have no property of their own to sell.
Home foreclosure rates soared to an all-time high in the last quarter of 2007 (rates for the first quarter of 2008 were unavailable at press time). Reports indicate that the percentage of mortgages that fell into foreclosure increased to a high of 0.83 percent late last year. California and Florida make up 30 percent of all foreclosures. In lieu of a depressing housing market, interest rates have been slowly lowered on a steady basis in an effort to revitalize sales. The combination of low rates with a high inventory of homes can open doors of opportunity for buyers looking to get into a house with a low mortgage payment.
Keep in mind, however, that many lenders are tightening up on loans extended to potential buyers. Gone are the days of creative loans, once most targeted to subprime borrowers. Many lenders paid the price for fancy funding and faced bankruptcy or government legal action. In today’s lending market, borrowers should expect more conservative options in mortgage loans, including the need for down payments, some at the standard 20 percent.

Money-Saving Tips
With the advantage in their favor, buyers have more options at their disposal when buying a home.
1. Don’t be afraid to make a low-ball offer. Many homeowners selling are looking to recuperate as many costs as possible or are in potential pre-foreclosure and need to sell fast. Offer what you think the house is truly worth, without being concerned about the asking price. If a seller is ready to wheel and deal, your offer won’t be tossed out so quickly.
2. Shop around for loans. There are still deals to be had. Contact lenders and find out if they have any real estate owned (REO) properties in inventory. While the price of the home might be relatively on par with the rest of homes on the market, you may be able to negotiate on your interest rate or points on a mortgage if the lender is anxious to part with the property.
3. Negotiate repairs. Now is the time to make sure that sellers present a property that is in pristine condition, particularly if they’re not flexible on price. With an abundant inventory of homes, sellers should realize that theirs is competing with more homes than ever before. A buyer should get most of what he or she asks, including above and beyond routine maintenance repairs.
4. Don’t play the waiting game. Some experts say there are plenty of signs indicating that prices will continue to fall. Others tell us that the market has already reached the bottom. Are you ready to take that gamble to save a few more dollars? Don’t take a passive approach and sit around waiting. If you find a house and the price, neighborhood and condition is right, buy it. After all, your end goal is to buy a home — at a good price.
5. Use a real estate agent. With more properties on the market, things can get confusing for the average person looking to buy. Real estate agents will be anxious to help you find a home because they may have experienced a decline in commission from a drop in home sales. Rely on an agent’s expertise and knowledge of inventory. TF085780
Did You Know?

(MS) — In spite of government intervention efforts aimed at helping homeowners in bankruptcy, recently proposed legislation will likely run into several stumbling blocks, a telltale sign that foreclosures could once again be on the rise in 2008. Due to adjustable rate mortgage loans secured by homeowners during the recent real estate boom, many homeowners are now facing rising interest rates they cannot afford. Financial experts and those in the real estate profession are widely predicting foreclosures to increase as a result, with estimates as high as 1.8 million homeowners losing their homes to foreclosure in 2008. Even those who aren’t facing foreclosure could be negatively affected. At the U.S. Conference of Mayors in late 2007, the sentiment that property values would sink as 2008 wore on was unanimous. Furthermore, as more and more properties go into foreclosure, local governments will continue to lose money, since property tax collection will be greatly reduced. TF085752

  
Tips on Renting Out That Extra Room

(MS) — Coming off the recent real estate boom, lots of homeowners are finding themselves in over their heads with respect to meeting their mortgage payments. However, many homeowners with extra space are discovering the value of renting a room. Before doing so, it’s best to consider the following.

• Set the rules before anyone moves in. You’ll likely want any prospective tenant to share a relatively similar lifestyle to your own, such as work schedule, social habits, etc. Before anyone moves in, establish rules with respect to overnight guests, drinking alcohol or smoking on the property and other issues.

• Get things in writing. Should any unforeseen problem arise (such as an unruly tenant), a verbal agreement will not stand up in court. You’ll need a written agreement that stipulates all rules and details concerning how much advance notice is needed to move out.

• All current occupants should meet any potential tenants. Anyone who currently lives in the home should be included in the tenant interview process. If a spouse leaves it up to his or her husband or wife, arguments could ensue over whether or not the person in charge made the right choice. To avoid those unnecessary arguments, make sure everyone meets prospective tenants, including the kids and even the family pet. FH079034
Did You Know?

(MS) — Looking to buy a home, be it as a place to start a family or merely as an investment property? One thing to consider before house hunting is the property tax you’ll have to pay once you sign on the dotted line. According to data compiled by the U.S. Census Bureau in 2005, residents in New York’s Westchester County pay the highest property taxes in the country. These homeowners paid an average of $7,337 in 2005. In fact, New York and its neighbor, New Jersey, boasted the five highest counties in the country with respect to dollars paid in property tax. The Empire State’s Nassau County was owner of the nation’s second-highest property tax, with homeowners paying an average of just over $7,000. Rounding out the top five were New Jersey’s Hunterdon, Bergen and Essex counties, each of which boasted property tax figures between $6,600 and $7,000. The most affordable county in the country? That title belongs to Arizona’s Apache County, where the average property tax in 2005 was just $126, slightly edging Louisiana’s St. Landry’s Parish, whose residents paid an average of $127 in property tax in 2005. FH079038
Home Improvements Can Help Sell Your Home

(MS) — The real estate bubble has burst, or so the economists tell us. Sellers are at a real disadvantage for the first time in several years. Where houses were once snatched up almost as soon as they were listed, now inventories of homes for sale are sitting on the market for months on end.

With this current state of affairs, sellers must do all they can to make their house the most attractive one around. Buyers are more discerning than ever and won’t settle for a subpar home when there are plenty of other options.

“Making improvements both inside and outside of the house that boost its appeal to buyers can help push a sale in the seller’s favor,” says Don Zeman, renowned radio personality, host of “Homefront With Don Zeman,” and home improvement expert. “When homeowners can do much of the work themselves, they’ll save money and hone valuable skills that can last a lifetime.”

Zeman, together with Woodcraft, the woodworking industry’s leading provider of tools, products and education, offers the following renovations and tips that could help sell a home.
Enhance curb appeal. A home with a high “curb appeal” is one that appears inviting to prospective buyers when they first pull up to the curb to check the home out. Curb appeal has little to do with the home’s condition, but lots to do with prospective buyers’ perceptions of the home. To increase a home’s curb appeal, take good care of the lawn, planting appealing flowers if necessary, and keep all bushes and trees well trimmed. Adding architectural items such as shutters, decorative trim work, new railings, or even a porch or pergola can go a long way to improving a home’s appeal. For the do-it-yourselfer, project guides for these and other items can show you the way and at a discount from purchasing a finished product.

Focus on the details. High quality details throughout a home can set it apart from others on the market, particularly in housing developments where many homes follow a common layout. Naturally, improvements will vary depending upon how much of an investment you can make. Think about updating cabinetry and countertops in kitchens, if possible. Swap out cabinet hardware and knobs and change outdated fixtures for an instant update on a budget. Woodcraft offers an assortment of hardware options by Laurey as well as tandem drawer slides and hinges by Blum to enhance the functionality of your cabinets. Adding moldings, baseboards, mantels, and custom-looking built-ins are other ways to upgrade the look and feel of a home.

You’ll need a good router, like the Porter Cable Speedmatic, and there are hundreds of router bit styles to create any look you want. Precision measuring tools, such as those by Pinnacle, will assure the correct angles and dimensions. Additionally, when you truly are “doing it yourself,” the Third Hand Support System provides the extra help needed to hold these items in place while installing.

Paint possibilities: Nothing transforms a room faster than a new coat of paint. Neutral colors throughout the home allow potential buyers to envision their belongings and décor in your home most easily. Resist the urge to try paint treatments or texturing techniques, as anything that is difficult to change or cover-up may deter buyers. Also consider giving existing woodwork new life with an updated stain or finish. The Earlex HVLP Spray System can speed this job along and assure an even finish every time.

Keep the flooring presentable. Flooring is often a tough call for sellers. Some think the wrong flooring can make a home extremely difficult to sell, while others feel that it’s easy for prospective buyers to imagine simply pulling the carpet up, making this a non-issue. Unless the flooring is in terrible shape, with tears, chips, or lots of stains, a thorough cleaning/resurfacing by a professional service is probably all it needs. If you want to replace the flooring, keep in mind that it could be an expensive project if you hire a professional. With a few helping hands and a little know-how, you may be able to replace a floor yourself. Determine the cost of new flooring, versus the return you’ll get on that investment before beginning. Be sure to fix as many imperfections to flooring as you can before putting the house on the market if you’re not going for a total replacement. The Fein MultiMaster Pro Floor Kit was created to ease this process along through its many cutting, scraping and sanding tools. There are also additional attachments, like the Tileworker Kit and Wood Kit, for refinishing or replacing broken tile, countertops, windows and doors.

Selling a home will require a little more work than in years past. For more helpful tips from Don Zeman, click on www.homefront.com. To learn more about the products mentioned, visit www.woodcraft.com. SH082459
Choosing a Time to Sell a Home

(MS) — Homeowners are fully aware of the fluctuating real estate market that’s existed since the turn of the century. What’s a good market one day might be bad the very next, making it even more difficult to choose a time to put a home up for sale.

Often adding to that difficulty is the handful of other variables, such as weather, geographical location, and just how many other people are selling at the same time as you. Those thinking of putting their home up should consider the following factors first.

• Local economy: If your local economy is struggling, then it’s generally a bad time to put your home up for sale. High unemployment rates are one thing, but if a large company with rumored layoffs is in your immediate area, chances are people will be shying away from looking for a home. Large purchases such as home buying are understandably put on the back burner when people fear they might be losing their jobs.

On the other hand, if a large company is moving into your area and bringing with it an entirely new workforce, this is great for your local economy and and represents a good time to put your home up for sale, as those migrating to your area will need a place to live.

• Interest rates: This is a no-brainer, but low interest rates make housing more affordable, creating a great opportunity for sellers. Chances are, if you’re selling a home, you’re also looking to buy one, so low interest rates will not only help you sell your home, but help you better afford to buy your new one as well.

• Competition: Competition can work in two ways. If your home is one of very few in your area on the market, that’s a good thing, as potential buyers will be more likely to compromise if there are fewer choices available to them. However, buyers like to comparison shop as well, and might be quick to make a decision if they can compare your house to another in a similar price range.

• Pending sales: The pending sales in your area can indicate whether a market is moving slowly or rapidly. Pending sale refers to homes that have been sold but not yet closed. To determine how quickly or slowly a market is moving, compare the number of pending sales to the number of new listings. If there are substantially more new listings than pending sales, the market’s not moving fast, and it might not be the best time to sell your home. If the ratio is closer to 1:1, then the market’s doing well. In general, there will always be more new listings than pending sales, but the closer the two numbers are to one another will indicate the condition of the market you’re about to enter.

• Season: Traditionally, spring has been the time most sellers put their homes on the market, which makes it one of the more competitive times to sell your home. If you’re experiencing a mild winter, you might want to consider putting your home on the market in mid- to late-winter. Interest rates will likely be lower around this time, and you’ll face less competition as well. If it’s a particularly harsh winter, however, this is not a good approach, as buyers won’t be out patrolling neighborhoods in two or three feet of snow. FH079852
Securing A Mortgage In Spite of Poor Financial Standing

(MS) — Despite a housing boom in recent years that saw seemingly everyone get approved for a mortgage, some people with less than stellar credit histories are still approaching their mortgage application with a degree of trepidation. Fearful of what they might discover, those in such a situation can take several steps before beginning the process that could make things go more smoothly once they begin contacting lenders.

Get your credit report, and work on any discrepancies. Just because an item appears on your credit report, that doesn’t necessarily make it part of your history. Obtain a copy of your report (via Experian or Equifax) and examine it carefully. Any discrepancies should be taken care of. In addition, if there are any items on the report currently in collections, try and pay those down before applying for a loan. Too often couples apply for a loan only to have incorrect information on their report result in that application being denied.

Try to increase your credit limits. While it might seem puzzling for people with an admittedly troubled credit history to ask for more credit, should you be granted your requested increase it will indicate to prospective lenders that your current creditors are confident you have turned the corner and are beginning to re-establish yourself as a person worthy of receiving a loan.

Try to erase existing debts. You won’t need to erase all debt, but decreasing your debt to a more manageable figure will encourage lenders to take a longer look at your application. Applicants who already have a mountain of debt to overcome are less likely to be given a loan. However, if your debt is relatively small and manageable, and you’ve shown an ability to consistently pay it down, your application will become more attractive to prospective lenders.

Keep things as stable as possible. If you have been sizing up a career change, you might want to consider holding off on it until you’ve completed the application process and actually been approved for a loan. Like any lender, mortgage lenders want someone with a stable life and steady career, as such borrowers are more likely to be able to pay their debt. Lots of change before submitting an application indicates, fairly or not, that your life is in a certain degree of disarray, which will not help your cause.

Don’t open any new accounts. New accounts, be they with a department store, car dealer or any other lender, indicate that you might be putting yourself in another bad situation. Steer clear of opening any new accounts and using credit as a way out of any financial jams you might find yourself in. MM07C263
Increase Home Value With Customized Outdoor Living Spaces

(MS) — You’ve re-done the bathroom, laid hardwood floors in the kitchen and finally added that deck you have been dreaming of. Increasing your home’s value is typically thought of as requiring months of construction and thousands of dollars. However, taking your home renovations outdoors to create a unique outdoor living space can take minimal time and will provide valuable square footage.

In fact, three of the four types of home improvement projects that significantly increased a home’s value at the time of resale were exterior upgrades, according to The National Association of Realtor’s “2007 Remodeling Cost vs. Value Report.” These improvements include replacing siding, adding wood decks and upgrading wood windows. Other upgrades that increase home value include landscape lighting, upgraded patio furniture and creating an “outdoor room” by adding an awning over a deck or patio.

“With recent housing market fluctuations, it’s more important than ever to make economical home upgrades,” says Michelle Sahlin, managing director of the Professional Awning Manufacturers Association (PAMA). “Expanding outdoor living is not only economical as it adds valuable square footage to the home, but it’s also functional. Increasing outdoor living space creates another area of the home where people can cook, play, entertain or even relax —ultimately increasing the home’s value.

Outdoor rooms are already being seen in million-dollar “showcase” homes. There are covered eating areas next to the pool, covered outdoor cooking spaces with refrigerators and gas grills, and even outdoor home theaters with built-in projector screens or encased plasma televisions. These trends in outdoor living are not only for the rich and famous — the ideas can be incorporated into any home at a range of prices.

Creating an outdoor room at your own home can take just a few days and can cost as little as a few hundred dollars. The style and function of your outdoor room is entirely up to you.
“There are many options to consider when extending your indoor space to the outdoors; many of which make the home stylish and smart,” says Sahlin. “Additions like awnings not only provide protection from the sun and heat, they also keep your home cooler by shading windows and doors from the sun. Awnings have been proven to be a trendy tool for eco-minded and design-savvy homeowners.”

Finding creative ways to increase home values can leave many homeowners at a dead end. But, by thinking beyond your home’s four walls and taking your design ideas outdoors, you are opening up a new world of possibilities.

For more information about adding an outdoor room to your home, visit: www.awningstoday.com/rel/springhome/htm. SH082454

  

Create outdoor spaces that will increase your home’s overall value with the addition of a deck or awning.
   
Downsizing Your Home
(MS) — Oftentimes, senior citizens or even younger empty nesters find their homes have gotten too big for them. Once the kids move out, a bigger home can not only seem really empty, it can be a genuine chore to take care of. As a result, many seniors and empty nesters decide to downsize their homes, moving into smaller homes that are more accommodating to their new lifestyles.

While this is an obvious decision for many, it isn’t always an easy one. In addition to growing attached to a home, especially one in which their children grew up, homeowners are suddenly faced with the difficult decision of what will make the trip to their new home and what won’t. When deciding to downsize their home, homeowners might want to consider the following approach with their sudden abundance of excess possessions.

• Begin where you rarely go. Lots of homeowners have rooms in their home where they don’t spend a significant amount of time. Living rooms that are more for show than leisure, for instance, can be a good place to start downsizing. Consider parting ways with furniture that’s not regularly utilized but intended more for show. Ridding yourself of excess furniture will do a great deal in lessening your moving load.

Another area to consider is the basement. Oftentimes, basements have items such as pool tables, ping pong tables, etc., that were purchased to entertain the kids. These items won’t be necessary at the new home, and chances are they won’t fit anyway.

• Make the kids a part of the process. Kids often cherish things from their youth that parents might not know about. To avoid leaving something behind that your kids might cherish, involve them in the process of downsizing. If they truly value something you’ve decided to get rid of, give it to them rather than simply selling or donating it. Depending on how many kids you have, it might be hard to determine who gets what. Create a system before you begin downsizing and involve the kids in the creation of that system.

• Get a decent head start. Start downsizing enough in advance to enjoy the process. If you save everything until the last minute, you won’t get to enjoy reflecting on the many memories you’ve made in your current home. A head start will also afford you the time to better determine what possessions you value, and which ones you’re not really attached to.

• Decide what to do with the excess. Your kids won’t cherish all of your possessions and neither will you, so this will leave you with lots of stuff to get rid of before moving into your smaller home. There are many ways to rid yourself of items you won’t be taking along. Donations are almost always accepted by thrift stores, and depending on the time of year you move, a garage sale might be a viable option as well.

• Remember to make room for especially treasured items. If there are items that you genuinely cherish but you think might make for a tight fit at your new home, do your best to make room for these items anyway. If need be, go back over what you’ve decided to take and re-examine if it’s worth more to you than other items you’ve determined are must-haves. SH082420

  

When downsizing to a new home, involving the kids in the process is a good way to make faster work of sorting through belongings.
   
The Good and the Bad of Sub-Prime Lenders

(MS) — Sub-prime loans are largely responsible for pushing the real estate market into the stratosphere in years past. They enabled people who would not normally be able to finance a home a shot at the American dream.
Now that the housing bubble has popped, or is at least deflating rather quickly, many sub-prime borrowers who negotiated unconventional loans are feeling the heat. Some lenders are facing bankruptcy as a result of high foreclosure rates on sub-prime deals. But it could be the people who bought homes with fancy financing that are paying the ultimate price.

Defining Sub-Prime Lending
To understand the sub-prime market, it's important to clarify just who sub-prime lenders and borrowers are. Sub-prime lenders offer loans to borrowers who do not qualify financially for traditional mortgages. Many times sub-prime lenders are independent organizations, but increasingly they've become a subset of larger mainstream banks and lending organizations. Sub-prime lenders rarely advertise themselves as such. The way they are identified is by the prices of their financing options, including higher rates of interest, which will nearly always cost sub-prime borrowers more in the long run.

Sub-prime borrowers are those who do not qualify for prime loans. This is largely due to a poor credit rating. It may also be because adequate funds are not on hand for a substantial down payment on a home.

Sub-prime lenders were seen as heroes when they helped millions realize their home-buying dreams. But these lenders can also be seen as money-hungry enemies. Many time sub-prime lenders actively solicit borrowers who would normally qualify for prime mortgages. Whether through lack of knowledge or research, these borrowers get hooked by the sub-prime marketing strategy and end up getting roped into a mortgage that will cost them more. In fact, many sub-prime lenders will target current mortgage holders with refinancing schemes and money-back options that seem too good to be true; many, in fact, are. Sub-prime loans were also the mainstay of the flipping phenomenon, where borrowers didn't worry about financing terms since they believed their flip would turnover quickly in the sellers' market

Risky Options
Sub-prime lenders employed "tricks" to make loans more affordable to those who couldn't swing prime mortgages. They lowered underwriting standards and offered a bevy of "affordability" products, like extra-long-term or "interest-only" mortgages (in which principal payments are deferred for a time) and loans with low teaser interest rates, known as hybrid mortgages, that balloon after a few years.

Today, these risky lending options have backfired. With slowly rising interest rates, many sub-prime borrowers have found themselves unable to pay the escalating mortgage bills. As a result, more and more are defaulting on their loans. This has a trickle-down effect to lending organizations.

Late payments increased to around 12.6 percent last autumn, according to Morgan Stanley, up from about 7 percent at the end of 2003. And many sub-prime lenders are closing their doors, forced into bankruptcy. Big banks are also facing the heat. General Motors, which subsidizes lending organization Residential Captial, may have to take a $1 billion hit to cover bad loans. Due to sloppy lending, HSBC has seen bad-debts rise to over 35 percent, nearly $10 billion dollars as of 2006.

Getting the Best Deal
If you're looking for a mortgage, consider these tips to avoid the possible pitfalls of sub-prime lending.
• Don't jump on a mortgage solicitation without first shopping around with other lenders.
• Know your financial standing and credit score. Sit down with a prime lender and talk about eligibility for mainstream financing.
• Keep in mind that the too-good-to-be-true scenarios often are. If you cannot afford a home right now with mainstream financing, think about whether a few changes down the road (saving more for a down payment, addressing debt) might make it possible in the near future. TF082464

  
   
What to Look For in an Investment Property

(MS) — While the investment game is never a sure thing, one of the most solid investments a person can make is real estate. As the old saying goes, “God’s not making any more land, so the price is only going to go up.”

But if the real estate game were that easy, everyone would be a millionaire. Because of the expensive nature of real estate and the uneasiness many people feel when they decide to invest in it, consider the following tips before taking the plunge.

• Look for the right location. It’s always important to remember that buying an investment property isn’t the same as buying a home you’re going to live in. But some of the same rules apply. One such rule is location. While those looking for their own home will likely look at privacy, the local school system and other things, when buying an investment property it’s best to look in a high traffic area that’s close to public transportation. The high traffic means more prospective renters will see your “For Rent” signs, while accessibility to public transportation will increase your pool of potential tenants.

In addition, it goes without saying that a desirable locale can often rent a place on its own. Rental properties in trendy neighborhoods often rent the fastest and landlords can often charge more for less.

• Look for low-maintenance properties. These days, the practice of “flipping” houses is more popular than ever before. Those who are just starting out investing in real estate, however, should avoid this approach and all high-maintenance properties. Flipping a house requires substantial capital to turn a profit, as you’ll need to do lots of maintenance before you can rent or sell the property. If you’re just beginning to invest in real estate, you’ll want a low-maintenance property that will begin turning a profit more quickly than a property that will need lots of repairs.

• Inquire about the property’s rental history. If you’re buying a property with multiple apartments, examine the property’s rental history. If the current tenants are good with their payments, this will ease your transition to becoming a landlord. If current and past tenants were consistently late paying rent, this might tell you something not only about those tenants, but the neighborhood as well. Good neighborhoods don’t need to beg for tenants, and therefore landlords don’t have to put up with tenants who don’t pay on time. If the property has a history of tenants who pay late, this might be indicative of a neighborhood where people don’t want to live, and therefore landlords might have to accept less desirable tenants who cannot pay on time.
• Speak with local officials about codes and zoning. Landlords who have owned a property for several years often get away with things that new landlords won’t get away with. This can include problems with zoning or fire codes. Be sure to ask local officials about a property before signing on the dotted line.

• Look for a newer building. Particularly for first-time investors, it’s always best to look for a newer building. While an exact age is arbitrary, try and find a building that’s less than 30 years old. Older buildings require more maintenance, and if you’re new to real estate, you might not be skilled at maintenance yourself of know of a qualified handyman to act as your super. Plus, older buildings, while they often have more character, are less desirable to prospective tenants and are often harder to fill than newer buildings.

• Look for sellers who aren’t in-state. A big part of buying real estate, whether it’s property you plan to live in or rent out, is negotiating. When buying an investment property, you can often gain the upper hand if you’re buying a property from an owner who doesn’t live in the state where the property is located. Such owners often prefer selling quickly and minimizing headaches over getting the best price. MM07C205

  



Those new to the real estate investment game would be wise to look for newer buildings.