All Forum Posts by: Joseph Koury

John - what did you think of KC? I did some demographic and migration studies earlier this year and happy to share. Here is some interesting data for you right now in KC. In April, there was a 35% drop in new listings and in May the drop was 18%. The average home price in February sold for $235,000 and in May it was $255,000. The number of days homes sat on the market in May of 2019 was 21 days vs 4 days in 2020. COVID is making a big impact in inventory, driving prices up, and creating pent up demand. I suspect that will loosen a bit but don't see prices coming down for a couple of months as supply catches up to demand. If you want the January demographic report, please feel free to send me an email. 

Hey Kim - All good info above. Kansas City is a great city with some rough migration trends, which is why it's so important to invest in growing neighborhoods within our city. There are also some political factors to take into account when looking at Ks or MO. I created a pre-COVID Market report back in Jan of 2020 outlining some of this info. Feel free to message me and I will send it over. 

@Shirley Giraldo I created a Kc multifamily market report and happy to share it. Shoot me a message - we can chat about the market here.

The National Apartment Association summed up why paying rent in times like this is important by breaking down $1 spent on rent. I love the education piece of this and believe it’s something that is drastically misunderstood. Great job NAAHQ.

Please share with your networks.

https://youtu.be/ZQfb4ZztqH4

https://www.naahq.org/sites/default/files/naa-documents/dollarrent_v3.pdf

 We would only consider disclosing whether the building has a reported/confirmed infection but not the actual case. We are trying to take cues from the CDC, the Department of Health in our respective cities, medical professionals, and legal but it seems there is no consistency of messages. Is there a moral obligation to disclose? Or do we not have enough information yet about the virus to make that call so just wait on higher-level organizations to make it for us? 

Should multi-family property managers (specifically common area spaces and elevators) disclose whether someone in their building has reported and confirmed Covid-19 to all their residents? 

You are completely right and I should mention that I think it’s going to get worse in the short term but in the long run our technology and medication evolves with virus. I think people as a whole have a longer life expectancy now than ever before in history and that will continue. 

Originally posted by @Kevin Lefeuvre:

How will the actual crisis impact the real estate market in your opinion

Let's say the virus gets worse and death rates increase(I don't think it will, but just for fun..). This will lead to fewer people working in the office and more people working from home - companies are already telling their employees not to go to work. The live/work model of multifamily properties will become more attractive to the customer and apartment demand will be on the rise - high and low end. Property managers will market their property on having the cleanest/coronavirus-free properties and will up their cleaning game. There will be a shortage of cleaners and the cost will go through the roof, but that's ok because people in other hospitality industries that are shut down like cruise lines and airports need jobs. Apartment owners will invest in health technology for their properties and each multifamily property will be required to report the health records of their residents. There will be a John Hopkins map of every multifamily property in the US and how many "Cases" the property has. Properties with the least cases will be the most desirable and the most expensive. People start to value virtual workspaces more now than ever and virtual reality amenities and internet connectivity will become the next big amenity. Eventually, the virus will take over the apartment dwellings due to the high density of hosts or people will no longer be able to adapt to the virtual world of confinement and they will go crazy. People will first start to migrate away from big cities into micro-communities near water sources and good sun-light. They will harness solar technology and create garden communities with a maximum of 1000 people per community. Tiny homes will boom and the coronavirus will fade out of existence. 500 years later, people will start moving back into urban environments and give birth to a new pandemic, the ModeloVirus.

@Scott Mac - thank you for the insightful response - good stuff. Agree with the answer of "no!". The investors share in the profits in the form of preferred returns and equity splits.  I am with you on the discussion that profits and returns can't be discussed due to SEC and the SJW's are also molded by other motives. I can, from my experience, confidently say that there are far too many renters/people don't understand the real benefits/costs of real estate investing. The title of this post was an, admittedly shameful hook, but just curious if there are ways to be more transparent or organized in education and information. Maybe to not get the SJW's, but get the people on the fence to understand and keep the majority. It's tough to watch misguided government-induced regulations unnecessarily drive up costs and ultimately rents.