Residential

Most Counties in HGAR Region See Increased Home Loan Limits

December 2018

WASHINGTON—On Nov. 27, the Federal Housing Finance Agency announced it will raise the national conforming loan limit for 2019 by 6.9% from $453,100 to $484,350. In addition, the high-cost limit will rise from $679,650 to $726,525. As a result, loan limits will be higher in all but 47 counties or county equivalents across the country…

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December Legislative Update: Proposed Increase to Residential Appraisal Threshold

December 2018

On Nov. 20, 2018, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively "the agencies") released a proposed rule that would increase the current threshold for residential real estate transactions requiring an appraisal to $400,000. The current threshold is $250,000.…

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Rising Prices and Rates Cause New Home Sales to Fall Sharply

November 2018

WASHINGTON—Sales of newly built, single-family homes fell to a seasonally adjusted annual rate of 544,000 units in October after an upwardly revised September report, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This is the lowest sales pace since December 2016. However, on a…

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Ginsburg Unveils Plans for City Square in Downtown White Plains

November 2018

WHITE PLAINS—Ginsburg Development Companies LLC recently unveiled its transformative plan for the Westchester Financial Center in Downtown White Plains to the White Plains City Council. The City Square project calls for the renovation of the existing office complex and the conversion of a portion of the office space into multifamily housing and retail and community…

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NAR: Existing-Home Sales Increase for the First Time in Six Months

November 2018

WASHINGTON—Existing-home sales increased in October after six straight months of decreases, according to the National Association of Realtors. Three of four major U.S. regions saw gains in sales activity last month. Total existing-home sales, https://www.nar.realtor/existing-home-sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.4% from September to a seasonally adjusted…

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Westchester Board of Legislators Approves Co-Op Transparency Bill

November 2018

WHITE PLAINS—The Hudson Gateway Association of Realtors secured one of its more significant legislative victories in years on the evening of Nov. 19 when the Westchester County Board of Legislators overwhelmingly approved a compromise co-op transparency bill. The bill will establish new rules to make the cooperative sales process faster for buyers and sellers and…

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Berkshire Hathaway Relocates Westport Office

November 2018

WESTPORT, CT—Berkshire Hathaway HomeServices New England Properties announced recently that the firm’s Westport office has moved to 20 Wilton Road, a Class-A waterfront space at the National Hall complex, located directly on the Saugatuck River. With an abundance of natural light, the nearly 4,400-square-foot office is located on the second floor of this state-of-the-art property.…

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ERA Insite’s ‘Paint Nite’ Raises Funds For North East Westchester Special Rec.

November 2018

PLEASANTVILLE—ERA Insite Realty, as part of its spirit of giving back to the community, sponsored and organized a “Paint Nite” fundraiser on September 25th at the Mt. Pleasant Community Center in Valhalla to benefit the programs at North East Westchester Special Recreation. The event was spearheaded by Kathy Courtney, licensed real estate salesperson with ERA…

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Benefit Raises Nearly $33,000 for Arts Education Program

November 2018

NYACK—Ellis Sotheby’s International Realty and Edward Hopper House Museum & Study Center raised nearly $33,000 during a recent event for the Edward Hopper House’s arts education program, which has supported over 1,000 Hudson Valley public school students in grades K-12. The Oct. 6 benefit, now in its third year, drew approximately 100 attendees and raised…

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Grand Lux Teams Up with Benchmark Property Management

November 2018

MAMARONECK—Grand Lux Realty announced on Nov. 5 that it has formed a partnership with Benchmark Property Management. The new company will be titled Grand Lux Realty-Benchmark and the office will be located at 951 East Boston Post Road in Mamaroneck. This will be Grand Lux Realty’s fourth office with other locations in Armonk, Ardsley, and…

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Westchester County Legislators to Vote On Compromise Co-Op Transparency Bill

November 2018

WHITE PLAINS—The long sought-after battle to enact legislation to bring transparency to the cooperative purchase process in Westchester County appears to be at hand. An overwhelming majority of those in the residential real estate and cooperative management sectors testified at a public hearing on Oct. 29 in favor of a compromise bill negotiated by county…

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Rhinebeck Brokerage Joins Houlihan Lawrence

November 2018

RHINEBECK—H.H. Hill Realty Services Inc., a prominent boutique firm with deep roots in Rhinebeck, has recently joined Houlihan Lawrence’s Hudson Valley brokerage team. H.H. Hill, which has a vintage, family-owned office on Montgomery Street in the heart of the Village of Rhinebeck, has six agents who specialize in the sale and purchase of Hudson River…

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Minnesota Broker Installed as 2019 NAR President

November 2018

BOSTON—The National Association of Realtors installed John Smaby, a second-generation Realtor from Edina, MN as 2019 president of the National Association of Realtors during the 2018 Realtors Conference & Expo being held here. Smaby was NAR's 2018 president-elect and 2017 first vice president. He has been in the industry for nearly 40 years and is…

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Yonkers Once Again Looks to Develop Chicken Island

October 2018

YONKERS—City officials hope to end more than four decades of frustration and failed attempts to develop the Chicken Island property in Downtown Yonkers. In what city officials termed as a “game changer” for the downtown district, the City of Yonkers announced on Oct. 29 it had signed a letter of intent to sell the six-acre…

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LEGISLATIVE AFFAIRS: Co-op Bill Advances to the Full Legislature

October 2018

On Monday, Oct. 29th the Westchester County Board of Legislators finally held a public hearing on the co-op disclosure bill. Realtor members of the Hudson Gateway Association of Realtors spoke in favor of the compromise bill. The bill calls for a 15-day time period in which a board must notify an applicant they received the…

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Brokerage Studies Market Changes Since ‘The Great Recession’

October 2018

RYE BROOK—Houlihan Lawrence released a report on Oct. 18 that examined in depth the impacts of the Great Recession on the housing market in Westchester County, the Hudson Valley and Fairfield County, CT. In the introduction to its overall findings, Houlihan Lawrence described how the Great Recession changed the New York City suburban real estate…

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U.S. Home Sales Fall in September

October 2018

WASHINGTON—U.S. existing-home sales declined more than 3% in September after a month of stagnation in August, according to the National Association of Realtors. All four major regions saw no gain in sales activity in September. Existing sales in the Northeast fell nearly 3% in September as compared to September 2017. Total existing-home sales, https://www.nar.realtor/existing-home-sales, which…

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