BRIARCLIFF MANOR—The savory aroma of old-fashioned home cooking filled the air, while a line of silver serving trays overflowed with piping hot, delectable selections of meatballs and chili at The Briarcliff Manor recently. HGAR’s first ever “Chili-Meatball Cookoff,” planned by the association’s RPAC Committee, brought in more than 60 hungry participants and raised more than…
Read MoreWASHINGTON—As part of the National Association of Realtors’ Real Estate Forecast Summit held on Dec. 15, real estate economists and experts predict a continued strong market, marginal improvement in the nation’s for-sale inventory crisis and higher interest rates. The virtual program began with an opening address by 2022 NAR President Leslie Rouda Smith, followed by…
Read MoreThe Delta variant surge and the emergence of the Omicron COVID-19 variant, as well as high inflation, have many business leaders nervous heading into 2022. The residential real estate sales market has been booming in the United States, thanks to strong demand and low borrowing rates. What’s in store for the residential and commercial markets…
Read MoreNEWBURGH—The consensus from a panel of veteran New York Realtors is that while some headwinds exist for the housing market in 2022, conditions are favorable for continued strong sales and rising prices. One panelist said that despite a slowdown in sales, “there is still a lot of meat on the bone” in the current strong…
Read MoreNEW ROCHELLE—The National Association of Hispanic Real Estate Professionals (NAHREP) Westchester Chapter held its Annual Sales Award Gala at the Glen Island Harbour Club in New Rochelle on Nov. 10. The organization handed out its major awards and also announced that Jose "Joe" Maymi, Howard Hanna | Rand Realty will be serving as NAHREP 2022…
Read MoreALBANY—New York State Gov. Kathy Hochul announced on Dec. 7 the recent enactment of legislation (S.6950/A.7667) that makes it unlawful to disrupt or fail to provide essential services and habitability for interim multiple dwelling units and allows tenants to pursue a claim in New York City Housing Court. The bill, which was signed into law…
Read MoreALBANY—New York Gov. Kathy Hochul announced on Dec. 6 that New York State is the first state in the nation to receive U.S. Department of the Treasury's approval to launch its Homeowner Assistance Fund, a program that will provide up to $539 million to help eligible homeowners avert mortgage delinquency, default, foreclosure, and displacement. Applications…
Read MoreBEDFORD HILLS—At a press conference earlier today (Dec. 6), U.S. Rep. Sean Patrick Maloney (D-18) expressed confidence that the reform of the unpopular SALT Cap is at hand. There have been reports that Senate Democrats are at odds over the particulars of how to reform the SALT Cap, which is to be part of President…
Read MoreWASHINGTON—The Federal Housing Finance Agency (FHFA) today announced the conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2022. In most of the U.S., the 2022 CLL for one-unit properties will be $647,200, an increase of $98,950 from $548,250 in 2021. The market area of the Hudson…
Read MoreNEW YORK—Townhouses in New York City are a distinct combination of history, privacy and living space. Just as the properties are unique, so are the transactional intricacies that come with the acquisition. Real estate experts joined leading legal and financial professionals to discuss townhouse transaction complexities and how to streamline them in a virtual panel…
Read MoreWHITE PLAINS—The more than decade-long saga of the French-American School project in White Plains has come to an end with the sale of the 130-acre parcel to Long Island-based residential development firm The Farrell Building Company. Joseph Farrell, owner of The Farrell Building Co., which is based in Bridgehampton, NY, told Real Estate In-Depth that…
Read MorePOUGHKEEPSIE—The highly anticipated final report from the New York State Department of Transportation’s Route 17 Planning and Environmental Linkage (PEL) Study group is recommending the state move forward with a General Use Third Lane in each direction on Route 17 in Orange and Sullivan counties that could if built as one major project cost anywhere…
Read MoreOSSINING—Downtown revitalization efforts in the Village of Ossining and across the Hudson in the Town of Haverstraw each got a $10-million infusion of cash. New York Gov. Kathy Hochul announced at an event held at the Joseph G. Caputo Community Center here on Nov. 22 that Haverstraw and Ossining will receive $10 million each in…
Read MoreWASHINGTON—Existing-home sales increased in October, marking two straight months of growth, according to the National Association of Realtors. Two of the four major U.S. regions saw month-over-month sales climb, one region reported a drop and the fourth area held steady in October. On a year-over-year basis, each region witnessed sales decrease. Existing-home sales in the…
Read MoreYONKERS—City of Yonkers, Westchester County and New York State officials joined with the Municipal Housing Authority for the City of Yonkers and The Community Builders recently to celebrate the completion of 172 Warburton at The Ridgeway, a new $53.5-million mixed-income residential community in Southwest Yonkers. 172 Warburton at The Ridgeway continues the strong partnership between…
Read MoreNEW YORK— Christie’s announced on Nov. 17 that it is selling its Christie’s International Real Estate business to Chicago-based real estate brokerage and technology firm @properties, and entering into a long-term global brand license agreement with the company. The new strategy for Christie’s International Real Estate is designed to build upon the success of the…
Read MoreBronx's thriving real estate market showed no signs of slowing in the third quarter of 2021. The dwindling housing supply and rising demand have resulted in a steady flow of transactions throughout the summer months. The Bronx has also been one of the hardest hit by the COVID-19 pandemic, with the highest job losses among…
Read MoreReal Estate In-Depth recently interviewed and posed “Five Questions” to New York City Council Member and former New York State Assemblywoman Vanessa L. Gibson, who will be taking office in January 2022 as the new Borough President of the Bronx, succeeding Ruben Diaz Jr. who decided not to run for re-election after serving three terms.…
Read MoreCHICAGO—The National Association of Realtors announced on Nov. 15 the adoption of changes to its guidance for local Multiple Listing Service broker marketplaces that reinforce greater transparency for consumers. The changes ensure disclosure of compensation offered to buyer agents, ensure listings are not excluded from search results based on the amount of compensation offered to…
Read MoreWASHINGTON—Among repeat home buyers and home sellers over the last year, a key factor for moving was the desire to live closer to family and friends, while an equally important motivator was the need for more space or a bigger home. Sellers as a whole were able to benefit in these transactions, typically earning their…
Read More