WASHINGTON—The National Association of Realtors Pending Home Sales Index fell for the third straight month in May, but Joseph Kirchner, Ph.D., chief economist for Realtor.com, says Realtors don’t need to press the panic button, at least not yet. The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 0.8% to 108.5 in…
Read MoreIn a Daily News editorial, the New York City writer Errol Louis commented on the New York City co-op bill. He stated, “At present, co-op boards aren’t required to explain why they accept or reject applicants, leaving boards free to discriminate based on race.” For nearly four years, New York City Councilman Brad Lander has…
Read MoreFor residential tenants in New York City, the right to a bedbug-free environment is included in New York City’s Housing and Maintenance Code, Subchapter 2, Article 4 . That provision specifically names bedbugs in the list of insects that the residential landlord is legally obligated to eliminate. The New York City Department of Housing Preservation…
Read MoreWASHINGTON— Existing U.S. home sales rebounded in May following a notable 2.3% decline in April, and low inventory levels helped propel the median sales price to a new high while pushing down the median days a home is on the market to a new low, according to a report released on June 21 by the…
Read MoreALBANY—The New York State Assembly and Senate passed the top legislative item on the Realtor agenda this legislative session—the First-Time Homebuyer Savings Account. The Assembly passed the measure on June 19th by a 142-1 vote with the only negative vote by Westchester County State Assembly Member Sandy Galef. The measure passed the Senate the same…
Read MoreNEW YORK—A civil jury has awarded Douglas Elliman approximately $5 million in damages in its court battle with rival brokerage firm William Raveis over allegations Raveis poached Elliman agents to its Armonk office, according to a report in the Real Deal. The trade publication reported that the jury awarded the monetary damages on Tuesday in…
Read MoreWHITE PLAINS—While developers have stepped up and broken ground on huge projects downtown and have ambitious mixed-use plans in all corners of the city, the City of White Plains has begun seeking investor interest in what will likely be the most attractive and strategically located transit-oriented parcels anywhere in the city. The development to be…
Read MorePEEKSKILL—Ginsburg Development Companies, joined with City of Peekskill and Westchester County officials on June 13 in breaking ground on a $64.5-million mixed-use project that will transform the former St. Mary’s convent property into a resort-style tourist destination. The new development will include luxury rentals apartments as well as a spa, hotel and restaurant. Called “Fort…
Read MoreNEW ROCHELLE— Political, civic and business officials from the City of New Rochelle were on hand for Monday’s groundbreaking for a new residential project whose name all but gives away its target market—the “Millennia.” New Rochelle Mayor Noam Bramson, along with officials from the New Rochelle Industrial Development Agency, the Community Preservation Corporation, and Tompkins…
Read MoreTARRYTOWN—In a move the company says is to grow its presence and modernize its offices, Westchester Property Management Group, Inc. announced recently the relocation of its corporate headquarters from Hartsdale to its new site, a 4,000-square-foot home in the Tarrytown Corporate Center at 520 White Plains Road. The move was expected to be completed this…
Read MoreNYACK—Ellis Sotheby’s International Realty recently announced it will partner with New Story, a non-profit organization that works to transform dangerous living environments into communities of safe, sustainable homes. The firm will encourage its agent network to participate through donations on closings and provide exposure to New Story through its marketing efforts. “New Story puts 100%…
Read MoreNANUET—Karen McCabe, manager of Weichert, Realtors’ Nanuet office, announced that the office recently participated in the 2017 Nanuet Chamber Street Festival held on June 4th. The event, organized by the Greater Nanuet Chamber of Commerce, attracts more than 15,000 people annually to the Main Street festivities. Those who attended the street festival enjoyed live entertainment,…
Read MorePIERMONT—Better Homes and Gardens Rand Realty held a grand opening ceremony for its Piermont office at 540 Piermont Ave. on June 8th. The new Piermont location is Rand Realty’s second office in the Rockland Rivertowns, joining its branch at 46 South Broadway in Nyack. “Having a home on the Hudson River is an unmisssable opportunity…
Read MoreOSSINING—Ginsburg Development Companies, along with county and village officials staged a ribbon cutting on June 1st to commemorate the official grand opening of 3 Westerly Bar & Grill, a new nautical-themed restaurant located at GDC’s recently completed Harbor Square luxury rental complex on the Hudson River waterfront. “Today’s grand opening of 3 Westerly Bar &…
Read MoreMOUNT VERNON—Multifamily investors, who have bypassed this storied Southern Westchester locale for decades for such Westchester cities as Yonkers, New Rochelle and White Plains, are finally taking notice of the City of Mount Vernon for both its opportunities and challenges. Mayor Richard Thomas, who took office in January 2016 on a platform of reform, an…
Read MoreWASHINGTON—Declining for-sale home inventory may finally be catching up with the nation’s residential sales market. The National Association of Realtors reports that pending home sales in April fell for the second consecutive month. NAR in a report released on May 31st, stated that its Pending Home Sales Index fell 1.3% to 109.8 in April from…
Read MoreNYACK—Ellis Sotheby’s International Realty and Edward Hopper House have announced the creation of Museum School Partnership programs for five local Hudson Valley public schools with monies raised during a fundraiser held last year. The $21,300 raised at the Oct, 15, 2016 benefit ultimately created partnership programs at five local schools: Lime Kiln Elementary in Suffern…
Read MoreWASHINGTON—U.S. real estate markets are increasingly becoming international, and changing demographics brought forth by immigration and growing interest from foreigners are positioned to bolster home sales activity and prices. That was the collective forecast from speakers at an international real estate forum organized by the REALTOR® University Richard J. Rosenthal Center for Real Estate Studies…
Read MoreRAMAPO—At a press conference staged near a controversial housing development at Patrick Farm here, Rockland County Executive Ed Day signed an Executive Order prohibiting county departments from issuing permits that do not comply with the General Municipal Law. “When it comes to development, for far too long we see laws disregarded or broken—with no consequences,”…
Read MoreNEW YORK—The multifamily development floodgates opened last year when developers put their money on the State Legislature enacting a replacement for the 421-a tax incentive legislation. New York Building Congress president and CEO Carlo A. Scissura believes that developers bet on New York State passing a new 421-a tax incentive program this past legislative session…
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