NAR Chief Economist Yun Says Fed’s Last Rate Hike Was Unnecessary

May 11, 2023

WASHINGTON—National Association of Realtors Chief Economist Lawrence Yun said the Federal Reserve's most recent rate hike was unnecessary, and he expects the Fed will stop raising interest rates further, during the “Residential Economic Issues & Trends Forum” held at NAR's 2023 Realtors Legislative Meetings on May 10. Yun discussed recent developments in the U.S. economy…

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High Rates, Low Inventory Weigh on Regional Housing Market

April 20, 2023

WHITE PLAINS—The negative trifecta of high inflation and mortgage interest rates and low inventory continues to put a significant dent in home buying sales volume in the New York City/Lower Hudson Valley market. Single-family home prices values continued to rise in the first three months of this year in some markets, but indications are that…

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It’s a Small World After All: HGAR Global Initiatives Paying Dividends

April 20, 2023

Anyone who has ever been to a Disney theme park is familiar with the popular boat ride attraction featuring dolls of the world singing and dancing throughout the seven continents. “It’s a Small World” is meant to show how today’s world is really smaller than we think—given the technology now that can bring us all…

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Home Appreciation Nets Middle-Income Homeowners $122,100 in Past Decade

April 18, 2023

KANSAS CITY, MO—– A newly released housing report by the National Association of Realtors reveals middle-income homeowners accumulated $122,100 in wealth as their homes appreciated by 68% in the last 10 years. The report indicated all income earner brackets benefitted from home appreciation, however, some stark inequalities in benefits were revealed. The report, Wealth Gains…

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Value of IDA Projects in New York State Increased to $126B in 2021

April 13, 2023

ALBANY—As some critics of Industrial Development Agencies continue to call for additional oversight over their decisions and tax breaks granted to developers, a report released on April 11 indicates that a total of 107 local and county Industrial Development Agencies in New York State added $126 billion to the New York State economy in 2021…

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Five Business Organizations Tell Westchester State Delegation Housing Incentives Alone Will Not Work

March 29, 2023

WHITE PLAINS—The chief executives of five major business organizations in Westchester County, including the Hudson Gateway Association of Realtors, have jointly sent a letter to the Westchester State Delegation urging them that incentives alone will not solve the housing crisis in Westchester County and therefore lawmakers should enact some key facets of Gov. Kathy Hochul’s…

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Baby Boomers Overtake Millennials as Largest Generation of Home Buyers

March 28, 2023

WASHINGTON—The share of baby boomers has surpassed millennials and now makes up the largest generation of home buyers, according to the latest study from the National Association of Realtors released on March 28. The 2023 Home Buyers and Sellers Generational Trends report, which examines the similarities and differences of recent home buyers and sellers across…

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Five Questions With: MaryAnne Gilmartin Founder &CEO, MAG Partners

March 23, 2023

When Real Estate In-Depth pondered who would be the candidate for the Five Questions feature for Women’s Month, the logical choice was MaryAnne Gilmartin. Her background in real estate as she tells it almost began by happenstance, but her hard work has led her to found her own New York City-based real estate development firm—MAG…

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Governor, Legislature Debate How to Fix State’s Housing Crisis

March 20, 2023

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…

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Survey Says ‘The Sweet Spot’ to Sell a Home will be April 16-22

March 15, 2023

SANTA 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…

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HGAR Headquarters Property Sold to Hines for $110 Million

March 14, 2023

WHITE PLAINS—Commercial brokerage firm CBRE announced on March 14 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…

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NY State Expands Fair Housing Testing to Combat Housing Discrimination

March 1, 2023

ALBANY—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…

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$229-Million Amazon Warehouse in Slate Hill Seeks Incentives from Orange County IDA

February 22, 2023

SLATE 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”…

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Some Local GOP Politicos Line Up Against Gov. Hochul’s Housing Plan

February 15, 2023

MOUNT 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…

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Commercial Panel Predicts Hybrid Work Here to Stay; Office Conversion to Residential Will Continue in 2023

February 14, 2023

WHITE 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…

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