5 Reasons to Invest in Syracuse Multifamily Property

Acquiring a property is not always the first that jumps to mind when someone says “invest.” We think stocks, open a Roth IRA, pump up the 401k, but there are other options.

The Syracuse market is full of opportunity, let’s break it down.

1- Interest Rates   They’ve never been lower! Period. Exclamation! In the history of financing; lenders haven’t seen anything this low, ever. I remember just a few years go when people were getting rates as low as 5.25% and that was shocking. Now you can find them as low as 2.83% for a 15 year fixed rate. Fixed Rate! go when people were getting rates as low as 5.25% and that was shocking.

2- Cash Flow   With the right criteria, you could LIVE FOR FREE! Take this real scenario: A 2 family house for sale in Mattydale, CNS Schools listed at $119,000. The tenant paid $900/month for 3 beds & 2 baths and driveway parking, a landlord may be able to get more per month. 3 beds + 2 full baths is not easy to come by in a two family, plus it was in a preferred school district, so let’s say the rent is $1,000. A first time home buyer with an FHA loan would pay approximately $14,000 for a year of taxes, closing costs & down payment, with a monthly of about $1,100/month. What is even better is an FHA buyer can roll in some of that $14,000 to off set their upfront closing costs, and it would be reflected in the monthly payment. But the bottom line is, you could be living here and only paying about $100 per month. If an investor scooped this up, collecting $2,000+/month, PLUS they can write off the interest.  There are deals like this all over Onondaga County, be ready to make an offer if the numbers work.

3- Variety   When people think of “rental property” in Syracuse, they think: Syracuse University Neighborhood. The truth is there are multifamily properties that sell for as little as $15,000 for two units up to $1.7 Million for 76 units. There are properties for sale with conditions, neighborhoods and price ranges for any investor’s palate.  The Syracuse University rental market is dominated by investors that acquire many of their properties quickly & for cash. They tend to hold the properties for a long time, and have a very high turn over rate with students coming in and out. And condition can vary, but often the feedback I get from owner occupant investors is disappointment in the quality for your dollar. There are other areas of the city that get pretty good rental amounts besides the Syracuse University. Try Tipperary Hill, Eastwood, around the LeMoyne College area and downtown Syracuse. Downtown Syracuse has experienced some major residential growth in the past few years, and there is more to come, I predict.

4- Shortage of Rentals   It’s no secret our economy is suffering, and according to market forecasts home ownership will drop 1-2 percentage points, as we recover. Plus, “the single-family rental market, a growing and distinct market from multifamily, has expanded 16% (about 3 million units) since 2007.”  No matter how far we advance in technology there are some things we will always have a need for: hairdressers, dental hygienists, plumbing and of course: homes for rent. For every house, apartment, condominium, and townhouse that goes up for rent, there just aren’t enough to fulfill the waiting list of qualified renters that want to move in. It’s just a fact that “FOR RENT” are two words that will not linger on as long as “FOR SALE” will on a property. In 2005, at the height of the real estate market, renters were buying homes* and according to Freddie Mac, the number of renters is on the rise. (*Freddie Mac refers to “non multifamily housing” as 1-4 units)

5- Lower Prices  Syracuse has phenomenal prices on property for sale. That is a big factor as to why we work with so many out of town investors.  According to the NYS MLS over the past 12 months our average sale price is $76,600, our median was $59,900, meanwhile the rest of the country sold had a median price of$128,600.

It’s a win-win for investors in Syracuse. With low rates, variety in choice and the demand for rental property, it’s an obvious return on investment. Plus, interest is still tax deducible in New York State.

For more information the Syracuse Real Estate Market, contact MICHELENASTRI@KW.COM. Your Syracuse Keller Williams Real Estate Resource.

Buck-A-Shuck Oysters

Where can you get fresh, beautiful, big, salty, delicious, succulent oysters? For only $1 each? Once per month at Kitty Hoynes, in Armory Square Syracuse. Nov 9th, Friday, we went down to Syracuse’s Downtown area to enjoy the Syracuse Beer Week festivities. Beer Week happens literally all over our reigion at all kinds of places, including Wegman’s, Tops, your local corner stores, gas stations, favorite bars & restaurants.

We began at Blue Tusk for the Duvel tasting and eventually landed at Kitty Hoynes for none other than the free Guinness and $1 oysters. YES, f-r-e-e Guinness. Plus the bar was fully stocked with unlimited selections of beers around the world. What else could you ask for?

The oysters were perfect, the atmosphere was much less chaotic than I imagined. When I heard there were $1 oysters, I pictured pandemonium, swarms of people, lines of anxious folks shoving to get to the cocktail sauce. It was so pleasant and calm and simple! There was a counter-high ice box about 2 feet by 4 feet and a foot deep with ice & oysters. A man stood behind with an apron, gloves & an oyster knife ready to start shucking. I never saw anyone shuck like this, shell after shell, bicuspid valves popping open one after another. One special, important action the shucker did upon each oyster that he opened– he smelled each one to make sure it was just right for serving.

Oysters at Kitty Hoynes

Ordering was easy:  a quick visit to the bar, pointed to where we sat & in a few short minutes, we were brought over a perfect plate of the freshly opened mussels accompanied by oyster crackers, just enough cocktail sauce & little bits of lemon. After only 6 each, we had to order a few more. Good thinking. Kitty Hoynes usually features Bluepoints, but due to Hurricane Sandy, they had Wellfleets freshly delivered. Wellfleets are a similar species of oysters and similarly appreciated.

Reuben Fritters

Kitty Hoynes will be featured on triple-D (formally known as “Diners, Drive-Ins & Dives“), on Monday night. Guy Fieri visited and filmed the show in Syracuse this August and the pub’s debut is Monday night at 10pm on FoodTV. I heard that Mr. Fieri tried the Reuben Fritters, we couldn’t leave with out a sampling of those. Filled with a little sauerkraut and lots of corned beef & a taste of swissy-cream cheese, paired with whole grain mustard dipping sauce.

See you at the next buck-a-shuck night!

Oyster Station

Bottom’s Up | Oysters Anyone?

North Side Neighbors: The Quilty’s Are Moving

The Quilty Family of 107 Hillside Street have their home for sale in Syracuse and are looking for a new owner, is it you? Their journey began six years ago, beginning as a newly married couple and the purchase of their first house,  in the city. Syracuse’s north side is a great place to begin a family. They now have two children here, and the memories here have made this house a home, for the The Quilty family.

This Syracuse house for sale may stand out to buyers because of it’s large master bedroom and total overhaul of the kitchen. Many family meals have been cooked & baked at Hillside Street. Plus many of the major mechanicals are updated for the next owner: new roof, new central air, new furnace & new hot water tank. The fully fenced private yard has provided plenty of memories of the kids playing with the family dog. “We love the front porch. It has always been a family favorite.” Plus there are plenty of windows to let in plenty of natural light.

The Quilty’s love being close to schools and they say it is perfect for a young family like them to be walking distance to a park. Being near by a pharmacy and close proximity to shopping offers convenience to the whole community.  Neighbors are nice and some are a part of the neighborhood watch group. The surrounding home owners are polite and engage in small talk. 107 Hillside Street is a great place to raise a family.

Buyers looking for an affordable, updated home in a safe neighborhood and close to shopping & school parks:  here it is.

This slideshow requires JavaScript.

Sedgwick Family is Moving

216 Wheaton Road, Syracuse House For Sale

The Sportelli Family has lived in their Syracuse-Sedgwick home for almost 60 years. Like many American families, they were born into a home and lived their until they went to college or married, and then bought a home of their own to raise a family in.  However, there are experiences that make their house & neighborhood a special place that they’ve called home for so many decades.

“My home, 216 Wheaton Road in Syracuse, is currently on the market for sale.  This home has been in our family for 57 years. My favorite memories of the house 216 Wheaton Road, Syracuse House For Sale 216 Wheaton Road, Syracuse House For Sale include the family holidays we had sitting around the dining room table telling stories.

Tomatoes in the Back Yard

Every summer, we always grew tomatoes in our backyard and had big picnics with our extended family in our yard. We enjoyed so many memories in the large family room.  216 Wheaton Road offers many valueable features like the stunning cherry hardwood floors, the four good sized bedrooms, plus the extra storage.

A Family of five loved, laughed, cried and grew up together in this loving home. 

The school across the street, Salem Hyde, is one of the premier schools in Syracuse. People move to the neighborhood for this school. There is shopping and banking options within walking. One favorite restaurant is Riley’s where you will always meet someone you know. Grey Park is the place for a soccer game or kite flying and the Salem Hyde playground  has equipment appropriate for all ages. As far as the neighborhood, all of the Wheaton Road neighbors care about their neighbors and the property in our area. Sedgwick and its surrounding area is safe and friendly. People watch out for each other and help in whatever way they can. If I could tell anyone anything about this home I’d make sure they knew This is a great family home.”

Stunning Cherry Hardwoods

Lovely Backyard

Riley’s For Dinner

Salem Hyde School

For more information on this home for sale or other homes for sale in Syracuse, call the Nastri’s 315 701 6996 or email: michelenastri@kw.com

Search for homes www.findcnyproperties.com

Night at Francesca’s in Syracuse

Thursday nights are kind of when my weekends begin; I so often work Sunday’s and Saturday’s, too. We had made it a date that we would go for dinner, and we decided a place, then greeted by the hostess, sat, reviewed menus and wine list and were ready to place our orders. The waitress proofed us, and Mark, with a full beard, age:  32, forgot his I.D.’s, thus we were denied the wine.  We weren’t going to stand for enjoying a beautiful veal chop with no wine to accompany it. We decided to leave after the manager came over and told us they would not serve anyone without proper identification. Disappointment set it and crescendo-ed into frustration as we walked to the car. We were now ‘hangry.’ and ‘thirstrated’. Hangry is when you are so hungry that you actually become angry. Thirstrated is when you are ready to relax with a nice adult beverage and some other force out of your control puts a hiccup in those plans. 2 adults hangry and thirstrated in a dark parking lot after 8pm, you can imagine how difficult it was to agree what to do next. This was a date-night-fail. We got in the car and totally unsure where to go or what to do next… (Why is it all the time in this town, I make a mental note to “try that place”, and when it comes time to “try that place” I can’t think of the place I wanted to try!? Is there an app for that?)

A moment of clarity and calmness came over Mark and he was able to pull the trigger:  “Little Italy! We are going to Francesca’s.” “Perfect.” I was in agreement.

Not only was I politely greeted, but the bartender offered me up a drink immediately
followed by a genuine compliment on my dress. (We are off to an ideal start.) Thirstration- gone. The hostess got our table ready and she complimented my bag as she sat us at our candlelight table for 2.

Patrick O’Brien– probably the best server I’ve ever had. He was fantastic and smart. He greeted us, took our wine order with no questions asked. In fact, he began to tell us about a wine store on Pearl St., Vinomania, one of my favorite spots in Syracuse, and we were now on common grounds with common friends. Wine was poured as he recited the incredible featured items of the evening. Scallops, risotto, authentic calamari salad, parrot fish, mahi-mahi, layered eggplant side… Culinary poetry was flying from his tongue so effortlessly that I was expecting him to take a bow at the finish. After his performance, I had to tell him what had happened to us just 15 minutes ago.  He laughed and shared a similar story about the same restaurant involving Guy Fieri’s visit to Syracuse a few weeks ago, and how he had ended up leaving frustrated, too! Mark & I meditated on the menu and decided.

We opted for the 2 giant sea scallops over almond risotto with fresh pea shoots, and apple slices and a beet reduction sauce to start. Best. Risotto. Ever. It was cooked so perfectly, exact crunch you would expect from a 5 star restaurant in Hell’s Kitchen. Slivered almonds tasted toasty and subtle, the scallops had a perfectly seared exterior and when you bit into it, the inside was so succulent and perfectly tasty. For dinner, we had the surf & turf special:  14 oz NY Strip, aged 30 days in-house accompanied by 2 sea scallops, 3 giant shrimp, 2 split grilled lobster tails finished with a sweet-chilli sauce.  The steak: cooked perfectly medium rare, scallops were purposefully undercooked, which is what I prefer; delicate & succulent. The split lobster tails were good, shrimp were great. Sides were garlic mashed potatoes & vegetable medley.  Between the starter and the entrée, this was a perfect meal for 2. Everything was perfect, perfect, perfect. We finished our bottle of 7 Deadly Zin’s and chatted more with Patrick. He gave us the grand tour of the outdoor seating area and helped us visualize how a rehearsal dinner or 100 person wedding could be set up back there, knowing Mark and I are recently engaged.

Thank you to the entire staff at Francesca’s.

For more scoop on things to do in Syracuse or the real estate market in Syracuse:  subscribe to my blog, watch my YouTube Channel and visit my website to search for properties for sale in Central New York. 

 

 

 

 

 

 

Horseback Riding in Central New York

Earlier in the spring, Mark and I went horseback riding ten minutes south of Syracuse, at Quarry Ridge Stables on Rt 80.  The horse farm was really simple with hay-mudded parking and a simple, one level, cabin-style office. We were greeted by a friendly young ranch-hand, with a passion for fresh air and horses. We went without any reserverations and were able to get going right away, two horses which were ready to ride. For $35 we took a trail ride into the woods with a guide. “Texas” was my horse,  a big guy. We rode,  trotted and went up and down some mild inclines throughout the woods and in the open fields.

Going horseback riding was such a great time, I decided to do it again with a group. Thanks to Facebook,  it was simple to organize a private event and 11 of us went to Highland Forest.  Each brought wine or Pinterest-inspired treat to share. We arrived around 2 and one group rode at 2:30 and a second at 3:30. While the other group rode the other group stayed back and enjoyed the treats and wine. We laughed, ate,  sipped & sampled.
The trails at Highland Forest were so peaceful, the views are stunning. The beauty in Upstate NY is everywhere. The horses were so easy to ride and the instructors are fun. this is a fantastic activity in and around the Syracuse area. Horseback rides are great for ages 8& up, groups of 2 or more. Calling in advance was helpful to the park and riding instructors.

For more things to do in Syracuse or information on the real estate market in Syracuse, I’m Michele Nastri from Keller Williams Realty in Syracuse with The Nastri Real Estate Team.