Posts in Category: Real Estate Predictions

Jason Halpern Achieves What Other Real Estate Developers are yet to Achieve: Reclaiming Glory in Historic Sites

Jason Halpern in Heavy Industry

Despite being in the real estate industry for only seven years, Jason Halpern has successfully positioned himself as an unstoppable force in the industry. He took the reins of leadership at JMH Development, his family-owned real estate firm, in 2010. Since then, Jason has aided the company to grow exponentially, remaining highly competitive in an industry that has seen many upcoming firms stage a spirited competition against veteran companies. As of now, the company has made investments to the tune of half a billion dollars in cutting-edge projects in and around NYC. Among the most notable projects that JMH has undertaken in the recent past include Townhouses of Cobble Hill and the luxury apartments on 184 Kent.

Jason Halpern: Entrepreneur

Jason has built a legacy for his ability to pick up historic properties, renovate them, and come up with entirely new and sophisticated properties. Some of the historic sites he has put his hands on in the recent past include Motel Ankara and the Surf House

Developing Motel Ankara

Jason Halpern with Team

Jason Halpern led JMH Development in the purchasing of Motel Ankara in 2014. Built in 1954, Motel Ankara was among the most popular historical hotels in southern Miami Beach region. Jason and his team renovated the hotel and opened it in 2015 as Aloft South Beach hotel. The hotel is a mixture of innovation and sophistication. It has more than 230 guestrooms, with each room averaging roughly 360 sq. ft. In September 2016, Jason led JMH to yet another milestone by selling the hotel to Rockpoint Group at an estimated price of $105 million. The Boston-based firm rebranded the hotel to The Gates Hotel South Beach.

Developing the Surf House

Jason Halpern with his Family

JMH Development acquired Surf House in 2015 at an estimated cost of $55 million. The 8995 Collins Avenue condominium was built in 1966 and had eight stories, with about 34 spacious residential units. As part of the purchase deal, JMH assumed ownership of a parking space along 90th Street that can accommodate more than 50 houses and leave ample space for commercial use. After the acquisition, the Jason Halpern- led real estate firm crashed the house down and erected a 12-story condominium. Records of what JMH made after selling out units in the apartment are unavailable, but each unit was valued at about $2.5 million. According to Jason Halpern, the units were designed to provide individuals in need of homes with affordable houses along the Miami Beach.

Involvement in Community Work

Outside of real estate business, Jason makes investments geared towards community empowerment. He is leading investor in the Joel A. Halpern Trauma Center. The facility has talented and highly qualified cardiac surgeons, neurosurgeons, and orthopedic surgeons. Pregnant women and children also receive specialized care and treatment at the facility.

Changes to Come for New York Real Estate

Real estate is one of the biggest and most profitable investment opportunities. The type of market largely determines how successful one can be. Places such as New York can be difficult for beginning investors, but very profitable for those able to navigate the deadly seas of the housing market. According to the New York Daily News, many things with the New York market will begin to see some changes.

 

After the financial crash, interest rates and house prices were at rock bottom. This was great for markets like New York that had astronomical prices on the housing market. With the market seeing some recovery, there is potential for many things to begin happening. First, the interest rates are going to rise without the prices going down. This means buyers are going to be spending a lot more on interest than they were. Second, sales will no longer be a random purchase by an overzealous buyer who never had the chance to enter the market before. Houses will be on the market longer.

 

Another area that will be impacted is the luxury condo niche. Apartments such as Town Residential will not only see a difference in price but buyer availability as well. The cost to live in New York is becoming increasingly difficult, so buyers will take their time with purchases. It is definitely a positive for sellers, who hope to see a decrease in fake buyers and an increase in real bids for their properties.

 

The stunning buildings are well worth their hefty price tags. With multiple luxury condos spanning the entire city of New York, the housing market will also see in increase in serious buyers that may help the market for nearby properties.

 

There is still hope for the real estate market. With the influx of buyers entering the market, it will be interesting to see the developments in sales tactics and the fluctuation in prices as new properties are bought and sold at prices the rest of the country will never see.