ALBANY—A coalition has been formed consisting of the states of New York, New Jersey and Connecticut that intend to file suit against the federal government over the recently enacted federal tax reform law. The suit, which has yet to be filed, specifically targets changes made to state and local tax deductibility. The Tax Cuts and…
Read MoreWHITE PLAINS—The residential home sales market in the Hudson Valley remained robust in 2017, rising 4% over 2016’s sales totals. However, the rate of growth declined sharply from the 12.5% sales increase posted in 2016. Realtors interviewed by Real Estate In-Depth believe that the positive sales momentum will continue in 2018, despite the expected impacts…
Read MoreSEATTLE—The multi-billion dollar sweepstakes for Amazon’s second North American headquarters (HQ2) is now down to 20 locations. Although some New York City suburban locations submitted bids for Amazon’s HQ2 including Westchester County, 19 mostly urban cities and Toronto, Canada made the final 20 cut. Amazon considered a total of 238 proposals. Amazon’s corporate headquarters is…
Read MoreTARRYTOWN—Both at his recent inauguration and again in a speech before the Westchester County Association earlier this week, Westchester County Executive George Latimer stressed that his administration will be one that promotes “respect and cooperation” and will solicit ideas from both sides of the aisle. An overflow crowd attended the inauguration of the 64-year-old veteran…
Read MoreWHITE PLAINS—Commercial brokers believe that the commercial office market in Westchester County is strong enough that if conditions continue over the next few years the county could see the first new commercial office development project in decades. Approximately 80 real estate professionals attended the annual Commercial Broker Roundtable program staged by the Hudson Gateway Association…
Read MoreWHITE PLAINS—2017 proved to be another positive year for residential sales in the Hudson Valley following the remarkably strong sales of 2016. Participants in the Hudson Gateway Multiple Listing Service Inc., a subsidiary of the Hudson Gateway Association of Realtors, Inc., reported total residential sales of 18,854, which was a 4% increase in sales over…
Read MoreWASHINGTON—Two members of the New York State delegation in Congress have introduced bipartisan legislation to restore the state and local tax deduction that was capped at $10,000 as part of the federal tax reform plan passed late last month. U.S. Reps. Nita Lowey (D-NY-17/Rockland-Westchester) and Peter King (R-NY-2/Nassau-Suffolk) introduced the “SALT Deductibility Act” on Jan.…
Read MoreEditor’s Note: The National Association of Realtors recently posted on its website an extensive analysis of the recently passed federal Tax Reform and Jobs Act. The following are extensive excerpts of that analysis. WASHINGTON—The National Association of Realtors worked throughout the tax reform process to preserve the existing tax benefits of homeownership and real estate…
Read MoreWHITE PLAINS—2017 HGAR President Dorothy Botsoe ended her year in office the same way that she started it—offering free networking outreach events to the HGAR membership in Westchester, Putnam, Rockland and Orange counties, as well as the Bronx. Her 2017 Holiday Networking events began in November at the Mix Cocktail Bar at the Crowne Plaza…
Read MoreALBANY—Gov. Andrew Cuomo in his “State of the State” address on Wednesday here vowed that the state will file suit against the recently enacted federal tax reform law and will also study restructuring the state’s income tax revenue system. Calling the federal tax reform law an “arrow aimed at New York’s economic heart,” Gov. Andrew…
Read MoreST. LOUIS, MI—New York State ranked third behind Illinois and New Jersey in out migration, according to a study released recently by moving company United Van Lines. The United Van Lines' National Movers Study stated that more Americans are moving westward, while the Northeast and Midwest continued to lose residents. In 2017, more residents moved…
Read MoreNEW YORK CITY—New construction starts in the Bronx are expected to surpass the $2-billion plateau in 2017, according to a report released today by the New York Building Congress. While several new large public works projects came on line this year, the residential housing sector in the borough accounted for more than 50% of the…
Read MoreWASHINGTON—Recently released reports on existing home sales and pending sales in November released by the National Association of Realtors showed strong sales activity. However, NAR predicts conditions will weaken somewhat in the new year. The National Association of Realtors reported on Dec. 27 that pending home sales were mostly unmoved in November, but did squeak…
Read MoreALBANY—New York State Gov. Andrew Cuomo citing the legislation’s potential costs, reached an agreement on Dec. 18 with the State Legislature to have three state agencies study the fiscal impacts of establishing the New York State First-Time Homebuyer Savings Program. The governor signed the New York First Time Homebuyer Savings Program (NY First Home) bill…
Read MoreALBANY—Rockland County, reversing years of earlier frustration in landing state funding under Gov. Andrew Cuomo’s Consolidated Funding Application competition, took home an impressive $5.8 million in CFA funding in this year’s competition. Rockland County Executive Ed Day said the awards include funds to expand private businesses, revitalize communities and encourage tourism. "This investment in Rockland…
Read MoreWASHINGTON—It is no longer just millennials fueling interest and investment in walkable communities. According to a new report from the National Association of Realtors, members of the silent or greatest generation (those born before 1944) also prefer smaller homes in neighborhoods with easy walks to shops and restaurants. The 2017 National Community and Transportation Preference…
Read MoreWASHINGTON—As expected, in a procedural vote the House of Representatives approved the Tax Cut and Jobs Act on Wednesday. The controversial measure passed 224-201, with no support from Democratic Congressional representatives. A total of 12 House GOP members voted against the bill. The Senate passed the bill earlier in the morning by a 51-48 margin.…
Read MoreWHITE PLAINS—Westchester County Executive-Elect George Latimer announced his first key administration appointments and all are very well known and respected in political, business and media circles in the county. Latimer announced on Dec. 19 that he had nominated retiring County Legislator Ken Jenkins to be his Deputy County Executive, former New York State Department of…
Read MoreAfter Bringing County Back From Financial Brink Day Looks to Advance Key Policies in Second Term NEW CITY—The chief focus of Rockland County Executive Ed Day’s first four years in office was to implement governmental and budgetary reform to improve county government operations and put the days when county government was on the brink of…
Read MorePredicting the real estate market is about as easy as timing the stock market, due to the complex interplay of forces that create the market. Four basic numbers tend to drive real estate—home sales, home prices, months supply of inventory and mortgage rates. The economy, encompassing inflation and unemployment, as well as policy decisions on…
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