ALBANY—As negotiations continue at the State Capital on the 2023-2024 New York State Budget, Gov. Kathy Hochul and state legislative leaders agree that the state is facing a housing crisis. The issue seems to be how to go about solving it, through offering carrots in the form of incentives to spark new affordable housing construction…
Read MoreSANTA CLARA, CA—While any astute real estate professional will tell you it's nearly impossible to time the real estate market, there is one week that is most likely to get home sellers the best possible outcome, according to Realtor.com. Nationally, homeowners who list the week of April 16-22, 2023 will hit the sweet spot in…
Read MoreWHITE PLAINS—Commercial brokerage firm CBRE announced today that the headquarters building for the Hudson Gateway Association of Realtors has been sold to Hines U.S. Property Partners. Hines U.S. Property Partners is the flagship commingled U.S. core plus fund for Hines, which is headquartered in Houston. No financial terms of the transaction were disclosed by CBRE…
Read MoreALBANY—New York Gov. Kathy Hochul announced on Feb. 24 a $2.2-million expansion of New York’s Fair Housing Testing Program designed to root out discrimination in home rental and sale transactions. New York State has partnered with six nonprofit organizations across the state to deploy undercover testers to act as potential renters and home seekers. The…
Read MoreSLATE HILL—Scannell Properties of Indianapolis, IN and Seattle, WA-based Amazon have filed a joint application with the Orange County Industrial Development Agency for tax incentives in connection with their proposed $229-million, 925,000-square-foot warehouse distribution project to be built on 100 acres of a former commercial sand gravel mine here. The proposed “Slate Hill Commerce Center”…
Read MoreWHITE PLAINS—New York Gov. Kathy Hochul traveled from Albany to the Pace University Elisabeth Haub School of Law here on Feb. 21 to announce a host of funding awards to communities in the Mid-Hudson Region to finance downtown revitalization campaigns and infrastructure projects. Gov. Hochul announced that the City of Port Jervis will receive $10…
Read MoreARMONK— The Building and Realty Institute released a new study on Feb. 16 entitled: The Housing Stability and Tenant Protection Act: An Analysis of Early Impacts in Westchester County” that revealed both tangible fiscal impacts, as well as unintended consequences of the Housing Stability and Tenant Protection Act (HSTPA) enacted into law in 2019 on…
Read MoreNEW YORK—Approximately 300 Realtor members, as well as federal, state and county political leaders were on hand for the Hudson Gateway Association of Realtors’ 2023 Installation gala on Feb. 2 at the lavish Marina Del Rey in the Bronx. The highlight of the program entitled “Building Bridges That Unite Us” was the installation of veteran…
Read MoreMOUNT PLEASANT, NY—Add Mount Pleasant Town Supervisor Carl Fulgenzi to a growing list of mainly Republican government officials who have come out against Gov. Kathy Hochul’s “New York Compact” housing plan that calls for the development of 800,000 new housing units over the next three years. Fulgenzi in a prepared statement cited the state’s home…
Read MoreWHITE PLAINS—The annual Commercial Real Estate Roundtable has certainly been known for its share of spot on, sometimes offbeat and even startling predictions over the years. The 2023 program, presented by the Hudson Gateway Association of Realtors Commercial Investment Division, did not disappoint as the panel offered frank assessments of the office, multifamily and retail…
Read MoreWASHINGTON—Approximately nine out of 10 metro markets registered home price gains in the fourth quarter of 2022 despite mortgage rates eclipsing 7%, according to the National Association of Realtors’ latest quarterly report. A total of 18% of the 186 tracked metro areas registered double-digit price increases over the same time period, down from 46% in…
Read MoreWASHINGTON—President Joe Biden in his 72-minute address last night before a divided Congress stressed that the State of the Union is strong and pushed his economic agenda that includes trillions of dollars in funding for infrastructure, climate change and semiconductor manufacturing that is creating tens of thousands of new jobs in the construction industry alone.…
Read MoreALBANY—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…
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