Residential

OneKey MLS Expands Regional Presence With Acquisition of Mid-Hudson MLS

December 8, 2023

FARMINGDALE, NY—OneKey MLS reported on Dec. 8 its acquisition of Poughkeepsie-based Mid-Hudson MLS, a privately, broker-owned multiple listing service with more than 1,400 agents and approximately 350 offices throughout Dutchess County. The acquisition brings OneKey MLS's subscriber base to nearly 50,000 real estate professionals in more than 4,800 participating offices, serving Montauk to Manhattan and…

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Governor Unveils Massive New Housing Plan at Creedmoor Site in Queens

December 7, 2023

ALBANY—New York Gov. Kathy Hochul unveiled the Creedmoor Community Master Plan, a massive mixed-use project to redevelop underutilized land at the 125-acre Creedmoor Psychiatric Center campus in Eastern Queens. The plan, released on Dec, 6 looks to transform approximately 58 acres of the state-owned Creedmoor campus from surface parking lots, overgrowth, and vacant buildings into…

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NY State Selects Winning Team to Redevelop Former Correctional Facility in Harlem

December 6, 2023

ALBANY—New York Gov. Kathy Hochul unveiled Seneca, the selected proposal to redevelop the former Lincoln Correctional Facility in Manhattan on Dec. 5. The proposed condominium project would invest more than $90 million in Harlem, bringing 105 affordable homeownership units, community spaces, and jobs with ambitious MWBE contracting and local hiring goals. A 65% Minority-Owned Business…

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Northwest MLS Executive Appointed to OneKey MLS Board of Managers

December 5, 2023

FARMINGDALE—OneKey MLS, the largest MLS in New York State, has announced the appointment of Tom Hurdelbrink, President and CEO of Northwest MLS (NWMLS), to serve as an Outside Manager on its Board of Managers for 2024. OneKey MLS remains true to its mission to be the ONE Source Real Estate Marketplace for subscribers and consumers…

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Howard Hanna | Rand Realty Announces Leadership Changes

December 1, 2023

NANUET—Howard Hanna | Rand Realty reported on Nov. 30 a number of strategic leadership changes across several offices. JP Endres, a seasoned leader with more than a decade of management experience, is set to spearhead the upcoming Scarsdale office located at 1515 Weaver St., slated to open its doors in January 2024. Born and raised…

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U.S. Pending Home Sales Fell to Record Low in October

December 1, 2023

WASHINGTON—Pending home sales dropped 1.5% in October, according to the National Association of Realtors and reached the lowest level since NAR began tracking pending contract sales more than two decades ago. The Northeast posted a monthly gain in transactions while the Midwest, South and West all recorded losses. All four U.S. regions noted year-over-year declines…

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Gov. Hochul Requests Major Federal Disaster Declaration for Damage in NYC Region Caused by September Torrential Rains

November 29, 2023

ALBANY—New York Gov. Kathy Hochul requested on Wednesday a Major Disaster Declaration from President Biden to support the ongoing recovery of downstate communities impacted by the significant flooding occurring during a two-day period in late September. If granted by the federal government, this declaration would provide federal funding for the boroughs of Brooklyn and Manhattan,…

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FHFA Raises Conforming Loan Limit Values for 2024

November 29, 2023

WASHINGTON—The Federal Housing Finance Agency has announced new conforming loan limit values (CLLs) for mortgages Fannie Mae and Freddie Mac (the Enterprises) will acquire in 2024. In most of the United States, the 2024 CLL value for one-unit properties will be $766,550, an increase of $40,350 from 2023. However, in some high cost areas, including…

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Realtor.com 2024 Housing Forecast: Housing Affordability Finally Begins to Turnaround

November 29, 2023

SANTA CLARA, CA—Lower mortgage rates and easing prices will help spark the beginning of an affordability turnaround in 2024, according to the Realtor.com 2024 Housing Forecast released today. But the supply of existing homes will still be tight and renting will remain a competitive option in most markets. Overall, in 2024, Realtor.com forecasts that buyers…

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Westchester LDC, IDA Boards Approve Financing Deals For New York Blood Center, Senior Housing Projects

November 28, 2023

WHITE PLAINS—The Westchester County Local Development Corp. recently approved $52 million in bond financing for the $ 108-million redevelopment of the former Avon headquarters in Rye into a 187,000-square-foot facility for the New York Blood Center. In addition, the county’s Industrial Development Agency granted final approval of financial incentives for the construction of a $44.5-million…

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U.S. Existing-Home Sales Fell 4.1% in October

November 21, 2023

WASHINGTON—Existing-home sales dropped in October, according to data released on Tuesday (Nov. 21) by the National Association of Realtors. Among the four major U.S. regions, sales slid in the Northeast, South and West but were unchanged in the Midwest. All four regions experienced year-over-year sales declines. Existing-home sales in the Northeast fell 4% last month.…

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Eight Questions for NAR Interim CEO Nykia Wright

November 21, 2023

Chicago-based business executive Nykia Wright takes the helm Monday as interim CEO of the National Association of Realtors. Wright, who earned an MBA in General Management and Strategy from Tuck School of Business at Dartmouth and was named to the Crain’s Chicago Business 2018 40 Under 40, doesn’t shy away from a challenge. In her…

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National Association of Realtors Installs 2024 Leadership

November 21, 2023

WASHINGTON—Tracy Kasper was installed as 2024 president of the National Association of Realtors during the 2023 NAR NXT, The Realtor Experience held in Anaheim, CA. With more than 30 years in real estate, Kasper, a Realtor from Nampa, ID, is broker-owner of Berkshire Hathaway HomeServices Silverhawk Realty. She has served on NAR's board of directors…

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NAR Attorneys: Buyer Representation Is Not a Thing of the Past

November 17, 2023

The Sitzer/Burnett verdict does not prohibit the practice of making offers of cooperating compensation, NAR attorneys said Monday at NAR NXT, The REALTOR® Experience in Anaheim, CA. Listing brokers decide how much compensation to offer to serve in their seller’s best interest. This is solely a matter that’s negotiated between brokers and their clients. Following…

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NAR Chief Economist Forecasts Existing Home Sales Will Rise 15% Next Year; Mortgage Rates Will Range Between 6%-7% by Spring 2024

November 15, 2023

ANAHEIM, CA—Elevated mortgage rates, high home prices and limited housing inventory are making the dream of homeownership difficult for Americans, according to NAR Chief Economist Lawrence Yun. Yun analyzed the current state of the U.S. residential real estate market and shared his 2024 outlook yesterday (Nov. 14) during the Residential Economic Issues and Trends Forum…

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Governor Signs Deed Theft Protection Bill

November 15, 2023

NEW YORK—New York Gov. Kathy Hochul signed legislation on Nov. 14 to protect New Yorkers from deed theft, a practice in which property owners are defrauded out of the property titles to their homes. The bill—S.6577/A.6656—enhances deed theft protections by empowering the Attorney General and local District Attorneys investigating or litigating deed theft to pause…

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Affordable Housing Stood Out as Recurring Theme of 2023 ‘Putnam County Day’

November 13, 2023

CARMEL—More than 100 people filled the banquet room at the Putnam County Golf Course recently for HGAR’s annual Putnam County Day. Invited legislative guests included New York State Senator Pete Harckham, New York State Assemblyman Matt Slater and Putnam County Executive Kevin Byrne. Commercial brokers from Houlihan Lawrence were also invited to speak. While it’s…

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NAR: Typical Home Buyer's Annual Household Income Climbed to Record-High $107,000 in 2023

November 13, 2023

WASHINGTON—The median household income for home buyers jumped to $107,000 from $88,000 last year, underscoring the increasing income required to purchase a home, according to the National Association of Realtors' 2023 Profile of Home Buyers and Sellers released today. The annual survey of recent home buyers and sellers—this year tracking transactions between July 2022 and…

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Yonkers Senior Housing Property Secures Nearly $17-Million Refi Deal

November 13, 2023

YONKERS—Rockabill, a leading development partner and consultant to nonprofit owners of affordable, supportive, and transitional housing, and national commercial and multifamily mortgage banking company BWE, recently announced the refinancing of Monastery Manor, a 147-unit affordable apartment building for seniors in Yonkers. Monastery Manor is owned by the Finian Sullivan Corporation, a Yonkers-based not-for-profit whose mission…

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