Albany Home Sale Prices Decline in 4th Quarter 2009

According to the National Association of Realtors 4th quarter report, the median sale price of Albany Capital District single family homes fell -5.4% compared to the same period last year. This is slightly below the National figure which came in at -4.1%.

The median house price for the Albany-Schenectady-Troy region was reported at $182,700.

City of Albany Buys Arbor Hill Real Estate

The city of Albany purchased a large chunk of Albany real estate last week when it paid $282,000 for 15 buildings located primarily in the Arbor Hill section of the city.

The city purchased the properties from St. Joseph's Housing Corp, considered to be one of the city's largest slumlords. The Albany based agency is a non-profit that provides affordable housing to the poor.

The troubled agency has had cash flow problems for some time resulting in major deterioration of the condition of the the properties.

The properties were purchased at a foreclosure auction. The majority of the properties were unoccupied at the time of sale.

The city will have The Albany Community Development Agency assume ownership of the buildings. The plan is to renovate the structures to include a total of approximately 45 apartments units.

The Landlord's Guide To Evicting A Tenant

One of the most difficult things about being a landlord is having to evict a tenant. If your tenant is violating the conditions of their lease agreement, you may have to initiate eviction proceedings in order to legally force them off your property.

While state and local laws may vary, in most areas the stipulations for legally terminating a lease early resulting in the eviction of a tenant include:

• Non-payment of rent
• Damage to your property that has not been corrected
• Illegal activity occurring on your property
• Any other conditions of the lease that have been broken and not corrected

Once you've established the need to evict your tenant, you will have to adhere to the proper legal channels and follow local laws and procedures. Check with an Albany Real Estate Attorney or the court system in your jurisdiction. They will be able to inform you of the specific steps you will need to file for an eviction.

Document carefully. Eviction of a tenant is a legal process so make sure you keep copies of all records pertaining to your property. These include payment receipts, any notices you have sent to the tenant regarding the problem, photos of any damage to the property, etc.

Most areas require landlords to send a notice of intention to evict, giving the tenant a specified period of time to correct the problem. These "pay or quit" or "correct or quit" notices should be documented and sent through certified mail.

It is illegal to evict a tenant without filing the proper paperwork, so take vigilance that this is done accurately and in a timely fashion.

Make sure you are present at the court hearings and are prepared with the documentation to prove your case. Failing to attend or coming to the hearing unprepared could result in a decision that favors your problem tenant.

Never try to assist the actual eviction process. Landlords are not allowed to aid in the eviction in any way. Eviction must be carried out by an officer of the law or an officer of the court.

By doing some research and following the regulations set by your state's legislature, you can make this typically unpleasant process a much easier experience.

Note: None of the above should be construed as legal advice. It is always advisable to consult an attorney before proceeding with any legal action.