The Economy and North Albany

Admit it, the economy is bad and like the beginning of winter, it's only going to get worse. The lofts on Broadway, rumor has it, are on hold. Local businesses everywhere are seeing sales drop. We all have to cut expenses, in business and at home: drive shorter distances for the same item, eat out less, forgo luxuries, cut out unnecessary expenses. Here are a few suggestions.

1. Drive shorter distances, but don't compromise quality. Walk when you can. The fuel you save may be significant.

2. Eat out less. Chances are you will eat healthier in the process. But don't abandon restaurants. Think about what it would be like if they all failed. Life without restaurants. Patronize local, good quality restaurants before chains. Money spent from local establishments stays in the community.

3. Think about purchases. Ask yourself if you really need it. Can I buy a less expensive item that will do the same thing.

4. Unnecessary: land lines when you have a cell phone, second cars, second homes, RV's with little use (hotels can be cheaper), are some examples.

5. Turn your thermostat down one or two degrees in winter and up in summer.

See you at the bank.

Has the mortgage crisis got you down?

It's probably a good time to buy with prices slowly decreasing, but the lenders are tight. Camille and I recently took out two separate mortgages and the scrutiny was incredible. They required proof for everything. If it had been that way years ago perhaps this wouldn't have been such a problem. But what about today, what about your dream home? If you are in it for the long haul, then buy the house you love. If you think it's a great investment, factor in closing costs, interest, taxes, repairs and you will see that owning a home isn't as profitable as people believe. Few rarely do all the math and look at the buying price vs. the selling price. I like a simple formula for rental property: if I can make a few hundred dollars a month over ALL expenses and keep about 50% of my mortgage payment as equity, then it's a good deal.

Former Noche To Reopen With A New Name and Look

Unfortunately Jack Rabbit Slims was not successful. This is the site of the former NOCHE bar. According to Matt Baumgardner, former owner of Noche, the club will eventually reopen with a different name and theme. Let's keep our eye on it. Their success is North Albany's success. Come down and support them.

So Much For Sale

As I look around the neighborhood at the old warehouses and commercial buildings, it seems there are quite a few for sale. Some are located on Broadway and others off road. Just as things were starting to pick up in North Albany, the housing disaster struck. It may take a while, but I still think the area is a great place for the right businesses. The former Noche has now undergone a facelift and Jack Rabbit Slims seems to be an up and coming music venue. I'll have to stop in. Some of the artists have stopped by the warehouse and one band purchases a maniquine torso which now is on stage with them.

Plugging The Local Business

Silver Fox Architectural Salvage, http://www.silverfoxenterprises.com ,home decor division took a trip to NYC today to drop off some of their finest wares at New York Magazine. They are going to appear in an article about Brooklyn Flea, a new market starting on April 6th. Out of the 100+ vendors, the were selected as part of the top 10 to gain mention in the article, due to come out March 24th. Let's hope it brings them more business.

On another note, Habitat for Humanities ReUse store will be having an open house this Friday from 10am - 4pm. A collaboration between the ReUse Store, Historic Albany Foundation's parts warehouse and Silver Fox Architectural Salvage focusing on advertising and possibly combining resources on select salvage jobs may be in the works.

Another Warehouse

Well, Camille and I were looking for another warehouse in N. Albany to house a thrift store and "anything goes" flea market. We heard about the old housing supply store on Broadway and the adjacent properties. It sounded good, but unfortunately the owners let the roof leak, the cellar was flooded and our pockets are not deep enough and our time is not long enough to take on another property needing that much attention. The word on the street is "foreclosure" is in the future. Maybe we can get it for a dollar from the city. NOT. Just kidding. Well, I've learned one thing. If it looks bad, it will cost you at least double your estimate. We will keep on looking, waiting for that great space. And we are committed to NORTH ALBANY.

Barbara Smith's Visit

About an hour after closing on 12/23 Barbara Smith came to visit AT THE WAREHOUSE. It was perfect timing since the customers and vendors were gone, so Camille and I and Barbara spent a great deal of time discussion the area and the business. She loved the place and she is friendly, articulate, funny and caring. We are going to be attending some of the local neighborhood association meetings and hopefully hold some AT THE WAREHOUSE. Our goal has always been to get the local politicians involved. It's great to add her to the short but growing list. I asked Barbara to get the word out to Corey Ellis and with the right support, hopefully we can have a robust outdoor Farmers Market come spring.