The Power Is Now Real Estate Magazine | October 24, 2022

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Maybe, Just Maybe… Vacant Downtown Office Spaces are what the nation needs to solve the Housing Crisis

Currently, the U.S is facing a significant housing crisis since both rents and house prices are at or near record high levels. High inventories and the ever-increasing demand are various reasons leading to such instances.

It has also led to the realization that office spaces in prime land are empty and might not get back to full occupancy since most workers have settled on working remotely and thus will never return to their town offices. Workers in expensive cities and costly commute

areas will not get back to their offices and are comfortable working from home.

America is tossing on new norms after the Covid 19 pandemic. Realtors are unsure how to handle the unresolved issue of empty office spaces on prime land, especially in urban areas and the suburbs. Even as most workers return to the office for the first time after the Pandemic, most buildings are half empty, and their future is uncertain.

Some office buildings will probably be converted to

apartments, townhouses, condos, and other facilities. A shift towards converting empty offices to residential places will hugely add stock to the tight market. According to Brian Kropp, Vice President of Research in Human Resources at Gartner, “We’re not going to need as much office space as we have now,” Thus, it would benefit the city if they utilize that space in other ways.

In a survey conducted by Security Systems Company, Kastle office spaces are 43% occupied. Large companies such as Twitter are downsizing

their office spaces since it has allowed their workers to work entirely from home if they choose to. Other mega companies like Apple encourage workers to report to the office at least twice weekly.

Converting offices to homes is not new to Americans. It started in 2010 when the nation was facing significant impacts brought by The Great Recession, and since then, it is something that is being slowly incorporated.

According to the rentals site RentCafe, approximately 8000 units were converted to residential units from offices, particularly in Philadelphia and Washington D.C. 2022 looks forward to receiving 13000 units ready for residential use emphasizing primarily in Los Angeles and Cleveland cities. The act of converting office space to homes could be more rapid due to uncertainties witnessed after The Covid 19 pandemic.

Converting office space to residential units is quite challenging due to the immense work included, the lengthy timelines for the completion of projects, and many regulatory barriers. In most cases, office buildings with the most opportunity are also the hardest to invest

in and thus take longer to complete.

WHY COULD OFFICES REMAIN NOT OCCUPIED?

Companies such as financial and legal firms have ordered employees to return to their offices fully five days a week. However, employers also agree that not all employees will agree to return to the office fulltime, especially if it is possible to execute all functions remotely. For example, in New York City, most of its workers work from home, and only less than 40% of the workers return to the office.

In other Cities such as Texas, more than half of the employees had returned to their offices, especially in affordable areas such as Houston, Austin, and Dallas. Most firms prepared well that about a quarter of their employees will continue to work from home while more than fifty percent of the workers will be hybrid, leaving only a small group of people who will fully return to their offices.

A lot of office space is going to be left unused. Instead of companies having them and catering for rent and other technical services monthly, it is cheaper to downsize the excess space. So that they

fulfill the real estate needs other than leaving such areas unoccupied for an unpredicted duration of time which could extend to over 20 years.

TYPES OF OFFICE BUILDINGS TO BE CONVERTED TO RESIDENTIAL HOUSES.

The most probable houses that will be converted to apartments and condos are houses constructed in the 1970 and 80s. Such buildings are considered those of EPC class C and are not modern to suit modern needs, such as indoor and outdoor space and a lot of light, among others. For instance, 550 luxury apartments in Philadelphia were converted from initial office buildings.

There is hope that most empty office spaces will be converted to residential homes encouraging a 24/7 life in most cities. The drive to utilize office towers is beneficial not only to developers but cities as well. As much as office townhouses will be converted to residential homes, there will still be enough space for office use. When workers need to collaborate and work together, young workers, who usually love meeting their colleagues in person, have enough room.

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R O T H E R B E W E L L

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PROPERTY INFORMATION:

This wonderful mountain home in the beautiful subdivision of Alpine Village is a Must See! Large bedrooms, 2 bathrooms, spacious living room, great kitchen/dining combo. (New flooring and kitchen counters/cabinets in 2021.) Covered back deck, fully fenced back yard, unfinished basement acts as a workshop/hobby area. Two car garage and additio nal parking for RV or additional vehicles. Attic space the length of the home for tons of storage. Primary, second home or long/short term rental opportunity. Schedule your showing today before it’s gone!

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Beautiful Tall Pine Trees surround this Rustic and Beautiful Country Cabin located just outside of Alpine AZ. Many consider Alpine and Nutrioso the Yellowstone of Arizona. This spacious cabin sits on one acre and is within a short distance of Luna Lake! Fishing, Hunting, Hiking, and Exploring are all within the area. The homehas many nice appointments throughout including an open kitchen with lots of cabinet space, a brick surround wood stove in the living room, and spacious bedrooms.

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PROPERTY INFORMATION:

A rocky bluff on the northside of this 47.5 acre par cel provides an exquisite backdrop creating the per fect property for privacy and seclusion. The rocky bluff extends as a natural wall along the north side of a large, open meadow area that is bound by the local road and a wash which travels along the south side and through a section of the property, leaving approximately 13 open acres on the southeast side of the wash. The Arizona artist who owns this land has used the wash sand many times in her sand impressions. Amazing pieces of petrified wood are continually being found and the diversity of plant life gives credit that the soil is potentially suitable for growing a variety of plants. Owned by one family since 1983, Well can be drilled.

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PROPERTY INFORMATION:

Looking for a ‘’Tiny’’ home? Here is your opportunity to own an affordable home just below the Mogollon Rim that offers horse privilege’s, No HOA, RV par king, Arizona’s largest national forest-Tonto Natio nal Forest surrounding the community, allows short term rentals and close proximity to numerous Rim Lakes. This Quintessential cabin is adorned with tall Ponderosa Pines! Come to the heart of Arizona and enjoy all four, mild, seasons in the charming com munity of Tonto Village. Wildlife enthusiasts, hikers, bikers, UTV/off-roaders, and stargazers will All be enthralled! Your future memories await you! Call and schedule your showing Today! Home is sold AsIs. Cash only.

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California

3 acre lot in the beautiful Santa Cruz Mountains. Lots of previous work and efforts have been put into this property and now it’s just waiting for the next owner to build it into their dream home. A well engineered driveway leads past a forgotten gem of a zinfandel vineyard, up to the existing garage and building pad with gorgeous mountain views. Septic tank was installed but not put into operation. Public water already on site. Power pole is already on the property. Just a short drive to Scotts Valley, Santa Cruz and the Silicon Valley, this lovely property provides peace and tranquility.

us help you stay in

code to apply.

over 3000 sq foot

Amazing! 4

with a huge bonus room, one bedroom downstairs. This open floorplan home has been professionally done everything! The kitchen is every cooks dream! Granite countertops and stainless steel

Alarm system, WIFI Attic Fan, Quiet cool fans in the upstairs rooms. Upstairs balcony with view new composite decking. Large RV access with water, electric and a Tesla EV charger in 3 car

Additional 11’X30’

along with a 10 X 14 storage shed.

Garage has cabinets and hanging storage racks. Backyard has a Fenced dog run, Built in BBQ Island, Fire pit and a wonderful view off both the backyard and off the balcony upstairs. Paint has recently been done outside this home will not disappoint! Buyer has the option to buy furnished negotiations will direct with Sellers. Floor plans are attached as supplements and virtual tour is attached.

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Property Information

home is priced to sell!!!

country home in beautiful Julian with a Trex low maintenance wrap around decking, central heat and air-conditioning located on a corner lot. Home offers privacy and the potential for great views.

to the best of my knowledge only need cosmetic repairs, a little landscaping and is only a couple of mi nutes from downtown Julian The lucky buyer will make this a great vacation rental or country home. Please preview the home with the matterbox tour with the 3D url

the

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Property Information

Owner may carry with a respectable down payment. Wonderful Remodeled Mid Century Modern on nearly a .5 acres private lot with a permitted guest house which is tenant occupied. The main home has a large bright and inviting open floor plan which is perfect for entertaining and opens to a spacious backyard. Some of the upgrades include a wide open kitchen with top of the line granite countertops, pull out pantry draws, a spice cabinet and a farm style sink which opens up to a combination living family room area which will let your imagination run wild as you set it up to fit your lifestyle. The main living area has vinyl wood plank flooring with plush carpets in the bedrooms. The hall bath shower has been creatively designed for easy access.

*The Annual Percentage Rate (APR) is a variable rate based upon an index and a margin. The APR will vary with the Prime Rate (the index) as published in the Wall Street Journal. The variable rate APR will range from Prime + 0% to Prime + .435%, depending on the applicant’s credit score. This variable rate is based on auto-debit of payments from a First Bank checking account. If not auto-debiting payments from a First Bank checking account, add .75% to the rate. The APR may increase or decrease but will not exceed 18% nor will fall below 4.25% except during the 12 month promotional period. During the promotional period the rate will be Prime - 1.51% and the promotional rate requires auto-debit of payments from a First Bank checking account. As of July 28, 2022, the APR ranges from 5.50% to 6.685% and the promotional rate is 3.99%. Rates are subject to change. This promotional rate is available only for consumer checking account clients of First Bank who do not have a HELOC with First Bank as of July 27th, 2022. Offer available for applications accepted July 28, 2022 – September 21,2022.

Maximum credit line is $500,000 and there are no closing costs for standard documentation.

**Rate subject to change. Available on Home Equity Lines of Credit (HELOC) originated April 1, 2019 or later. Minimum lock amount is $5000 Each advance is subject to a onetime $50 fee. Each HELOC is limited to three (3) Fixed Rate Advances at any one time.

expires September 21, 2022.

PROPERTY INFORMATION:

For and Elegant and Unique Home? This Is It! This 5 Bedroom Home Has Everything You Need, From The Exquisite Pool & Spa To The Theater Room! in This Tri-Level Home, You Will Be Amazed Walking Into This Circular Formal Entry Way. Start Your Journey To The Upper Stairs Where The Master Bedroom, Thetheater Room, The Living/Dining Room, Family Room, Kitchen and Outdoor Balcony Are. Then Take Another Journey Down The Stairs To Your Other 3 Bedrooms.

PROPERTY INFORMATION:

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Home$tart® is a down payment and closing cost assistance program offered by FHLB

FREQUENTLY ASKED QUESTIONS

Who can qualify for a Home$tart grant?

earning up to 80 percent of area median income for the location of the residence being purchased Income limits are adjusted based on household size Home$tart recipients must also:

• Complete a home buyer education class

•

You must have a signed Purchase and Sale Agreement to enroll in Home$tart.

How much grant money may I receive through Home$tart? Home$tart participants may receive up to $7,500 in grant funds

How do I enroll in Home$tart?

Des Moines and participates in the Home$tart program. A list of participating located within the Affordable Housing Products section of our website, www.fhlbdm.com Your lender will qualify you for Home$tart and explain the program in greater detail.

LENDING STRENGTH

Are there any restrictions on the type of home I may purchase?

Home$tart grants may be used to purchase single-family homes, manufactured homes, condominiums and other types of residences. The home you purchase must be used for your primar y residence There are no neighborhood restrictions (i.e., type or location)

Are there restrictions on how the grant may be used?

Home$tart grants may be used for down payment and closing costs for purchase of a home or for repairs in connection with the home purchase.

What happens if I sell my house?

If your home is purchased with Home$tart assistance, it is subject to a

on the length of time you own the home, and the funds will be taken from your sale proceeds If you sell your home at a net loss or to another low- or moderate-income home buyer or if you lose your home through foreclosure, the prorata amount owed on your grant will be forgiven; in these cases, your title company should contact FHLB Des Moines to request a forgiveness

have to repay the grant. It’s all yours!

Federal Home Loan Bank of Des Moines is a member owned cooperative that provides funding solutions and liquidity

grants to create livable communities for households with limited incomes.

QUESTIONS? CONTACT

Eric L. Frazier MBA Vice President and Mortgage Advisor Corona

eric.frazier@fbol.com Office: (800) 261-1634-703

FEDERAL HOME L O AN BANK OF DES M O INE S

D o w n Payment a nd C l o s i n g Cost A s s i s tan c e for Q u a l ify i n g Home b uyer s

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Forgivable

Builder

Forgivable

features:

benefits:

s t a M e s a

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PROPERTY INFORMATION:

Quiet and private contemporary home located North of RT 67 near to Transylvania Pond and Radey Pond. Perfect get-away or condoalternative. Large natural stone fireplace is a central feature in the great living room. Home office/den setup, cathedral ceiling in living and dining room, open floor plan. Great yard for gardening and entertaining. Stately stone walls appear in yard and offer sitting areas and natural barriers. Some TLC will make this shine! Bring your ideas and offer today :-)

PROPERTY INFORMATION:

2 BEDROOMS 1 BATHROOMS PARKING

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California Housing Finance Agency

calhfa usda Rural Development Program

CalHFA USDA features:

100% LTV USDA first mortgage loan

30-year term, fixed interest rate

Rural areas throughout California are eligible

Additional benefits: First-time homebuyers can also add the MyHome Assistance Program, a deferred payment junior loan for down payment and/or closing costs, to CalHFA USDA for up to 105% CLTV.

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PROPERTY INFORMATION

Excellent opportunity close to jobs , schools and shopping . Located on a corner lot with multiple access areas for additional parking /storage and large shed . Features inside include an open split 3/2 floor plan with addl bonus /flex room / New AC , dining sliding room doors and high ceilings . Many possibilities ...Priced to sell . Don’t miss out ..Room sizes are estimated ...

PROPERTY INFORMATION:

opportunity with this beautiful move in ready 3 bed 2 bath

on a private lot and featuring an oversized 736 Sq Ft garage/workshop. Freshly painted throughout. Beautiful kitchen with granite countertops and stainless-steel appliances. Recently updated hot water tank and updated windows, NEW AC and many more upgra des including electric hook up for your RV. Conveniently located close to shopping,I-95 Mims 46 exit and the Indian River Lagoon. Seller will provide recent 4 point, wind mitigation and home warranty.

PROPERTY INFORMATION:

Don’t miss out on owning this gorgeous condo! Just 12 minutes away from the White Hou se, this beautiful one-bedroom condo is located in the Chevy Chase area of Washington DC. It features a newly renovated full kitchen, 1 full bathroom, and a huge walk-in closet. This unit is located on the 3rd floor of the controlled access Jocelyn Building. Beautiful hardwood flooring throughout the living room and bedroom. Furnishing your unit with handpainted artwork will be a breeze with Chevy Chase Art Gallery & Custom Framing just 7minutes away. Enjoy take-out or dine in at some of the city’s favorite restaurants which are just minutes away. You don’t want to let this one pass you by!

Homeownership May be Closer than You Think

The GSFA OpenDoors® Program, provided by Golden State Finance Authority (GSFA), provides down payment and closing cost assistance (DPA) in conjunction with 30-year fixed rate home financing.

The DPA (up to 7%) is provided in the form of a zero percent interest rate Second Mortgage combined with a Gift.

On a $300,000 Mortgage Loan, 7% in assistance = $21,000.

Only the amount of assistance provided as a Second Mortgage has to be repaid and not until the home is sold or the First Mortgage is paid off. Any assistance that is provided as a Gift is forgiven as soon as escrow closes.

You may be able to purchase a home with little-to-no money out of pocket and maybe much sooner than thought possible.

Down Payment Assistance up to 7% of the First Loan amount

Available to First-time or Repeat Homebuyers

FHA, VA, USDA and Conventional Loan Financing

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Property Information

split-level home with a large, private backyard. This terrific home features new carpet, a two-tiered deck, a heated and insulated garage, a large 16x10 storage shed, a newer a/c unit, a large foyer, three bedrooms, and 2 full baths - one with a jetted tub! It is located in a wonderful location near parks and bike trails. If you are looking for a move-in-ready home with privacy, this is the home for you!!

primary

in

a second living area.

(shared driveway and well)

show

North Carolina

North Carolina

You May Qualify for Homebuyer Assistance, up to 4 Percent

Individuals or families purchasing a primary residence in California with a USDA Rural Development loan guarantee through the GSFA Platinum Program will be eligible for homebuyer assistance of up to four percent of the mortgage loan amount.

The assistance is provided as a low interest rate Second Loan, amortized over 15 years*. The assistance can be used towards closing costs or for principal reduction.

USDA’s guaranteed home loan features 100 percent financing and is available to low-to-moderate income homebuyers in rural areas, typically communities with populations of 35,000 or fewer. Coupled with the GSFA Platinum Program, qualifying homebuyers may be able to purchase a home with no money out of pocket.

GSFA Platinum Program USDA Guaranteed Home Loan

Zero down.

100 percent financing.

Closing cost assistance, up to 4 percent.

No first-time homebuyer requirement.

No Mortgage insurance requirement.

New or existing residential property allowed.

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Where Starting Over happens every day!

We’re Starting Over, Inc. a 501(c)(3) organization dedicated to supporting and uplifting people experiencing the effects of mass incarceration, systemic racism, housing insecurity, substance addiction, and mental health issues. We believe that people impacted by these issues are the ones closest to the solutions, which is why we are a Black led and criminal justice impacted organization engaged in this work. From experience, we’ve learned that housing is critical, but alone, it is not enough to support those exiting prisons or the streets We not only provide transitional housing, but also include holistic services such as peer support, case management, employment, wellness, and re entry services We also work to address the root causes of our houseguests’ difficult situations, leading grassroots organizing and policy initiatives in the Inland Empire region and statewide. Established in 2009, we’ve served over 1,400 men, women, and families in Riverside and Los Angeles Counties through the re entry and transition process.

We believe that the past does not define our future. We’re invested in creating safe and equitable opportunities for all members of our community, and especially those with past convictions Housing opportunities are crucial for our community members and directly affect their ability to thrive.

Starting Over, Inc. is committed to reducing and eliminating the many barriers to life after incarceration. We have a deep commitment to identifying and implementing evidence based approaches to strong communities and families. We seek to creating program/project solutions where the need exists in our community We do lots of things at Starting Over, Inc but our primary goal is to address the immediate effects and root causes of incarceration, be it through housing, employment, legislation, or community organizing

T t i l d ith i itiatives, access our services, or support our work through donations, you can or office@startingoverinc.org.

Transitional Housing

We currently operate eight homes in LA and Riverside Counties open to men, women, and children, with options for sober living or harm reduction housing All of our services are available to our houseguests, many of whom have been unable to obtain housing after being released due to their conviction histories

Case Management Peer Support

Our Case Management specialists provide support to our guests with obtaining necessary documents/identification and accessing insurance, education, healthcare, clothing, food, & more.

Our houseguests are not alone our support specialists, having experienced incarceration, addiction, and homelessness themselves understand our guests' needs and the barriers they face. We’re here to meet our guests wherever they are in their journeys and to support them moving forward through empowerment, support with recovery, referrals, and mentorship

Family Reunification, Equity, & Empowerment (FREE) Project

Mass incarceration affects not just individuals, but families many of our community members and guests experience family separation at the hands of the child welfare system. The FREE Project is system impacted led and organizes parents and family members in a non judgemental space, advising on best practices and dependency court procedures We recently sponsored and passed statewide bill that eliminates major barriers to child placement and allows family members with criminal convictions unrelated to caring for children to be considered as placement options allowing for suitable family members with criminal convictions to step up in times of crisis

Employment

Through our Path to SEED program, we connect guests and community members with employment opportunities and provide training & support regarding obtaining and retaining employment, often a major hurdle for formerly incarcerated individuals.

Marshall Legal Clinic

Our free clinics provide relief for expungements, wills/trusts, immigration, and more with the support of local legal organizations

Policy Advocacy

In the past year, we’ve co sponsored and/or supported nearly a dozen statewide bills to reduce the scale of mass incarceration and its collateral consequences We’ve also worked locally to influence Riverside County to reduce criminal history look back periods from 7 years to 3 years in 2017 and to enable youth coming out of probation to be able to stay with their family members in subsidized housing

Grassroots Organizing & Civic Engagement

Our Participatory Defense organizing model (based on Silicon Valley De Bug) empowers family and community members in the courtroom to positively impact their loved one’s outcome and to bring them home. As fiscal sponsor and start up organization of Riverside All of Us or None (a chapter of a national initiative of formerly incarcerated people, family members, and allies advocating for the rights of the currently and formerly incarcerated people) we ensure that system impacted leadership remains at the center of the fight to keep our community together and address the social problems that incarceration purports to solve Our community outreach team also disseminates voter registration and public health information regarding COVID 19, and we organize food and clothing relief for community members in need.

PROPERTY INFORMATION:

Multiple Offers Received. Highest and Best due by 8:00 PM on Friday, April 22nd. Walk to Lake Lavon in minutes. This home is located in a small & quiet lake area. The home features 3 bedrooms and 2 full bathrooms, living room and eat-in kitchen. Lots of updates and special features inside. The backyard is a gardeners dream and features a large wooden deck, greenhouse, storage building, raised garden beds, and water collection system. Last but not least, cool off on hot summer days in the stock tank pool. At the end of the street is Avalon Park and the shores of Lake Lavon.

PROPERTY INFORMATION:

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