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.

Reaching Out to Our Ward Leader

Below you can find a copy of an email I sent to the Hon. Barbara Smith, ward leader for our district. Hopefully she will respond. In the past several phone calls have gone unanswere. Please tell us about your experience with local leaders.


Dear Ms. Smith:

Since June 2nd, AT THE WAREHOUSE has been open and features a weekend multi-vendor market including locally made crafts, specialty foods, a dance studio, café and all in the backdrop of an architectural salvage business. As the ward leader of that district, I once again invite you to come down and see the place. We have live music from 11am – 2 pm on Saturday and Sunday. We are a member of the Albany Visitors and Convention Bureau and have helped not for profit agencies including the regional food bank, Sheppard’s Purse, Greyhound and Mokawk Hudson Humane Society and NY bike safety coalition by granting free use of our space for various purposes. If you stop by, please ask for Camille or Fred.

You can visit our website, which is currently being updated http://www.atthewarehouse.net




Sincerely,

Fred from Silver Fox Enterprises