ALBANY—Gov. Kathy Hochul in her address on her proposed Fiscal Year 2024 Executive Budget on Feb. 1 outlined her “New York Housing Compact” that looks to address the housing shortage in New York State by building 800,000 new homes over the next decade. The plan sets housing target growth rates at 3% for downstate municipalities…
Read MoreAlthough the population continues to increase, fewer Americans decided to move in 2022. After a historically low moving rate in 2021, data indicates that even fewer Americans moved across the country last year. However, this is not a new trend. Millions of people moved during the pandemic, driven by the opportunity to work remotely, the…
Read MoreWHITE PLAINS—The residential sales market in the Hudson Valley and New York City continues to transition from the COVID-19 pandemic-induced frenzied period where buyers flocked to take advantage of historically low interest rates. In 2022, high inflation and the Federal Reserve’s actions of hiking interest rates to tamp down the inflation rate that reached a…
Read MoreALBANY—In her 2023 State of the State address on Jan. 10 in Albany, New York Gov. Kathy Hochul outlined key initiatives to reduce crime and gun violence, enhance mental health services and address the affordability crisis in the state. The governor introduced her “New York Housing Compact,” a groundbreaking strategy to catalyze housing development that…
Read MoreRichard Haggerty, who has worked in various roles at the Hudson Gateway Association of Realtors and its predecessor organizations for nearly four decades, will go down in the annals of HGAR’s storied history as the leader who guided it to become a major real estate organization in the New York metro region. In his 10-year…
Read MoreEntering 2022, Realtors interviewed by Real Estate In-Depth were hopeful that the housing market would remain strong as a follow-up to the feverish sales pace of the previous year, fueled by strong housing demand and the continued influences of the coronavirus pandemic. However, they were fearful that rising interest rates would take their toll on…
Read MoreIn the 1970s and 1980s, the parking lot at the White Plains Mall was filled with shoppers and diners who were patrons of such Downtown White Plains staples as Scotch & Sirloin, Dag’s Tavern, Wallauer Paint & Design, McDonald’s and in the later years Bob Hyland’s The Sports Page. For a time, many in the…
Read MoreWASHINGTON—What was evident from the forecasts from noted real estate economists, including National Association of Realtors Chief Economist Lawrence Yun, at yesterday’s Real Estate Forecast Summit is that while 2023 will be a difficult year for many, it will in no way mirror the severe downturn the industry suffered in 2008. Yun, forecasts that 4.78…
Read MoreWHITE PLAINS—The Hudson Gateway Realtor Foundation, the charitable arm of the Hudson Gateway Association of Realtors, donated a total of $36,500 to 23 charities and non-profit organizations throughout the Hudson Valley and beyond in 2022. As it enters its 10th year of fundraising, the foundation is gearing up for another successful year of providing financial…
Read MoreSANTA CLARA, CA—Amid higher mortgage rates and budgets squeezed by inflation, homebuyers looking for affordability in 2023 will find that prices aren't coming down, according to the Realtor.com 2023 Housing Forecast released on Nov. 30. Instead, with the housing market beginning a gradual adjustment that could last through 2025, what next year will offer buyers…
Read MoreSLEEPY HOLLOW—The Hudson Gateway Association of Realtors held its 106h Annual Member Appreciation Day and Annual Meeting on Monday, Oct. 24 at the Sleepy Hollow Hotel and Conference Center here that was highlighted by the announcement that veteran Manhattan Realtor Tony D’Anzica of DynaMax Realty, NYC, Inc. is the organization’s 2023 President. At the event,…
Read MoreNEW YORK—If the last few years have taught real estate practitioners anything, it is the old saying that “All real estate is local” is very short-sighted. With the COVID-19 pandemic, worldwide inflation and the Russian invasion of Ukraine as key evidence, the influence of global events and trends play a critical part in the health…
Read MoreWASHINGTON—Existing-home sales retreated for the ninth straight month in October, according to the National Association of Realtors. All four major U.S. regions registered month-over-month and year-over-year declines. Northeast home sales fell 6.6% last month as compared to September 2022 and 23% from October 2021. Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and…
Read MoreHASTINGS-ON-HUDSON—The burgeoning movie and television production industry in the Hudson Valley could be getting larger as a major “green” television-movie studio project in Hastings-on-Hudson is now in the approval process. Executives with Atlanta-based Electric Owl Studios made a presentation before the village’s Board of Trustees last evening (Nov. 15) on its $100-million television/movie studio project…
Read MoreWhen Brian Tormey, President of TitleVest Agency in Manhattan, attended HGAR’s Members Appreciation Day in October, he had no idea it would end with him being named the Association’s Affiliate Member of the Year. “I was completely surprised, and I am truly honored,” he said. “I really never expected this.” Tormey has been an Affiliate…
Read MoreWHITE PLAINS—The long-promised redevelopment plan for The Galleria at White Plains, which was the focal point of the urban renewal of the downtown district in the late 1970s and early 1980s, is taking shape. While details are still sketchy at best, the owner of the 870,000-square-foot, four-level retail property—Pacific Retail Capital Partners and Aareal Bank—announced…
Read MorePORT CHESTER—It appears that plans to redevelop the long-shuttered United Hospital property off Route 1 in Port Chester can finally proceed to construction in 2023 after nearly two decades of false starts and community opposition that prevented shovels turning dirt on the venture. Rose Associates and BedRock Real Estate Partners announced they recently secured final…
Read MoreWASHINGTON—The National Association of Realtors has notified the Hudson Gateway Association of Realtors that it will bestow the PLATINUM Global Achievement Program Award for 2022 to HGAR for its global services initiatives undertaken by its Global Business Council at a national conference in Orlando in a few weeks. The PLATINUM Global Achievement Program award is…
Read MoreWHITE PLAINS—Home sales continued to decline in the third quarter of this year as the New York City and Hudson Valley markets grapple with stubborn low inventory levels, high inflation, rising interest rates and home prices. Overall home sales in the region fell in the fourth quarter of 2021 and now in the first three…
Read MorePOUGHKEEPSIE—Two major company’s combined promised $120 billion in investments in New York State prompted President Joe Biden to visit the Hudson Valley earlier this month to tout the legislation that is driving this historic infusion of private capital—the $100-billion CHIPS and Science Act, which was passed by Congress earlier this year. On Oct. 4, in…
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