WASHINGTON—On July 31, President Donald Trump signed into law the “National Flood Insurance Program Extension Act of 2018” (S. 1182), which reauthorizes the Federal Emergency Management Agency to enter into new contracts for flood insurance through Nov. 30, 2018. The President’s action came after the U.S. Senate passed the short-term flood extension measure by an…
Read MoreWHITE PLAINS—While some city and business officials were surprised by Walmart’s decision to shutter its 180,000-square-foot Downtown White Plains location on Aug. 10, a veteran retail broker has seen it coming for some time. Martin Deitch, executive vice president with retail brokerage firm Aries, Deitch & Endelson of Hartsdale, NY, tells Real Estate In-Depth that…
Read MoreWASHINGTON— Existing-home sales decreased for the third straight month in June, as declines in the South and West exceeded sales gains in the Northeast and Midwest, according to a report released by the National Association of Realtors on July 23. The ongoing supply and demand imbalance helped push June’s median sales price to a new…
Read MoreNEW YORK CITY—New York Gov. Andrew Cuomo followed through on his threat and announced on Tuesday that New York State had filed a lawsuit against the federal government over what it termed as the unconstitutional federal tax reform law enacted earlier this year. The lawsuit contends the new SALT (state and local tax) cap was…
Read MoreWHITE PLAINS—Continued low for-sale inventory caused home sales to fall and home prices to continue to trend higher in most of the Lower Hudson Valley in the second quarter.Overall home sales fell 5.7% in Westchester, 4.6% in Putnam and 11.3% in Rockland counties in the second quarter, according to the recently released “2018 Second Quarter…
Read MoreTARRYTOWN—Approximately 150 Realtors and affiliated real estate professionals gathered at the DoubleTree Hotel in Tarrytown on July 12 to celebrate the 50th anniversary of the Fair Housing Act and to hear housing advocates press the point that while significant progress has been made, much work needs to be done to ensure fair housing for all.…
Read MoreNEW YORK—Representatives of the title insurance and closing industries hailed a recent ruling by New York State Supreme Court Judge Eileen A. Rakower that turned aside recently enacted state regulations aimed at curtailing what the state termed as excessive marketing costs and other unscrupulous activity in the title industry. The ruling handed down on July…
Read MoreWHITE PLAINS—A plan to redevelop an underutilized stretch of Westchester Avenue in White Plains that will feature more multifamily development and some retail space in the downtown district is progressing. A proposal by Sabre Chauncy, WP, LLC to build 276 units of rental housing and nearly 25,000 square feet of retail space at 80-100 Westchester…
Read MoreWHITE PLAINS—Second quarter home sales figures in the lower Hudson Valley region served by the Hudson Gateway Multiple Listing Service Inc. appear to be following a patten of deja vu in terms of price appreciation and constricting inventory. In most areas of the region the median sales price for a single-family residential home increased by…
Read MoreWASHINGTON—With America’s homeownership rate struggling to match falling unemployment and increasing consumer confidence, protecting the benefits of the secondary mortgage market remains critical to the health of the overall housing industry. On June 22, the National Association of Realtors hosted a roundtable event examining the scope and status of comprehensive Government-Sponsored Enterprise, or GSE, reform,…
Read MoreCARMEL, NY—The Alexandrion Group, is looking to spend perhaps in excess of $50 million to establish its first US distillery in Putnam County. The company, which announced last July its intent to expand to the US, says it will spend more than $40 million in the construction and renovation of its new 120,000-square-foot distillery and…
Read MoreWASHINGTON — U.S. existing-home sales fell for the second straight month in May, as only the Northeast region saw an uptick in activity, according to a report released on Wednesday by the National Association of Realtors. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 0.4% to a…
Read MoreALBANY—A report touting the burgeoning craft brewing industry in New York State clearly shows that the Mid-Hudson region is the top market for this sector. A report released by Gov. Andrew Cuomo on June 14 noted that the Mid-Hudson Valley added the most new craft manufacturers statewide, with 93 new businesses opening in the past…
Read MoreWHITE PLAINS—One of the key people who helped shape the modern-day Hudson Gateway Association of Realtors has passed away at the age of 75. Longtime Board Legal Counsel Edward I. Sumber died on June 5 in Palm Beach Gardens, FL. Real Estate In-Depth talked with association leaders from past and present who were in unison…
Read MoreSummer is coming and that translates to the feel of beach sand on bare feet, the aroma of dinner on the barbecue grill, and the sounds of everything from classic rock to jazz to country music filling concert halls throughout the Hudson Valley. Bands like Kansas, Poison, Yes, America, Jefferson Starship, Lady Antebellum and Justin…
Read MoreRYE BROOK—Metro-North President Catherine Rinaldi briefed members of the Commercial Investment Division of the Hudson Gateway Association of Realtors and the Business Council of Westchester on June 7 on the latest railroad initiatives, including the long-awaited improvements to the White Plains station. Rinaldi, who recently spoke before the Orange County Citizens Foundation on the needs…
Read MoreWHITE PLAINS—Two veteran residential brokers and “Rising Stars”—Chirag Shah and Jason Wilson—have ventured out on their own and formed a new boutique brokerage firm here called “LifeNY.” The two Realtors, who both have been heavily engaged in the Hudson Gateway Association of Realtors, say their new firm will have “a laser focus on client services…
Read MoreHARRISON—It’s rare indeed that the effects of Cannabis get much attention at a business event, perhaps with the exception of programs geared to either the medical or in some states law enforcement communities. But, times are definitely changing. On May 30, the Business Council of Westchester and Fordham University’s Real Estate Institute staged a roundtable…
Read MoreYONKERS—A study that began last November on the future of the Empire City Casino property here has resulted in a sales agreement valued at $850 million. The deal, which is expected to close in less than 12 months, will put an end to 46 years of the Rooney family owning the iconic casino and harness…
Read MoreRYE—A host of state, county and local dignitaries were on hand for the official groundbreaking of the St. Regis Residences Rye here earlier this month. The project, being developed by Harrison-based Alfred Weissman Real Estate, will include 95 luxury condominium residences ranging from one- to four-bedroom units located within five three- to four-story buildings constructed…
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