Jody Kriss Discusses Latest Trends in Real Estate InvestingPosted: Updated:
NEW YORK, NY / ACCESSWIRE / July 4, 2018 / Openness to change has transformed real estate into an attractive industry for investors in 2017. As digital technology continues to penetrate more markets and customers expect businesses to adapt to their needs faster, Jody Kriss, a real estate and financial expert, explains the impact of the latest trends and how they will influence the foreseeable future of the industry.
According to Urban Land Institute’s Emerging Trends of Real Estate 2017 report, small and midsized developers have a considerable advantage when it comes to addressing a range of current needs for commercial and multifamily buildings. In 2015, the number of firms in the multifamily and commercial property with less than 20 employees per firm accounted for 91% and 86.5% accordingly. This distribution has remained steadfast since 1990. Nimbleness and local knowledge allows small developers to make affordable offers to buyers by building offices, stores and houses outside the core CBD, avoiding high land cost inflation and utilizing “Contextual” zoning to take advantage of infill opportunities, both in the cities and suburban territories.
The significance of small developers is further solidified by the National Association of Realtors and The Washington Post: “Millennials – the demographic cohort under 37 and America’s largest living generation – make the biggest share of home buyers at 34%.” As pointed out by Jody Kriss, more Millennials are buying their first home in 2017 and the numbers are projected to increase annually. The fact that Millennials are extremely tech savvy and willing to pay more for smart homes makes the investment opportunities particularly appealing. Smart technologies, expected to become a $130 billion industry by 2020, are quickly penetrating real estate, forcing both small and large developers to adapt to change. Social media channels represent a similar area of interest. An average Millennial spends 5.4 hours on social media every day and expects all businesses to be present, active and reachable. This gives developers an opening to reach more customers and enhance their online presence.
Furthermore, digital technology made real estate more practical through crowdfunding platforms. Investors can now research, examine and evaluate vetting deals from the convenience of their laptop or tablet, with the option to begin investing with as little as $1000. Crowdfunding platforms offer a transparent and detail oriented business environment, providing a wide range of information and the ability to closely monitor and control holdings online. Moreover, the market has become more accessible, due to the small minimum amount needed to invest and the means to reach a wider segment of the population via the internet.
Jody Kriss is the principal and co-founder of East River Partners LLC, an investment management and real estate development company. For the past seven years, Jody has been diligent with ten residential condominium projects in Brooklyn and Manhattan, with a total value of over $150 million. Previously, Mr. Kriss partnered the development of a 47-story ground-up hotel in Manhattan, the assemblage and sale of a 100,000 SF residential site in Brooklyn and worked as an Associate at APC Realty Advisors, an investment banking firm.
Jody Kriss – Principal and Co-Founder of East River Partners LLC: http://jodykrissnews.com
Jody Kriss Launches Masterfully Crafted Condo Project in Brooklyn: https://finance.yahoo.com/news/jody-kriss-launches-masterfully-crafted-042700028.html
Jody L. Kriss – The New York Times: https://www.nytimes.com/2013/10/09/realestate/commercial/jody-l-kriss.html?_r=0
SOURCE: Jody Kriss
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