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…
Read MoreOn 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.…
Read MoreWASHINGTON—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…
Read MoreWASHINGTON—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…
Read MoreFrom left; Joseph Simone, president, Simone Development Companies and presenter of the Martin S. Berger Award for Lifetime Achievement; Patricia Valenti, executive managing director, Newmark Knight Frank, and Chair of the 2018 Real Estate Awards Breakfast; Michael Weinstock, Market President-Connecticut, M&T Bank and recipient of the March of Dimes Legacy Award; Peter S. Duncan, president…
Read MoreNEW YORK CITY—A survey released recently by the International Council of Shopping Centers reports that retailers are gearing up for another successful Thanksgiving Weekend as consumers plan to spend an average of $554.90 with $207.30 dedicated to holiday gifts. Omnichannel retailers stand to benefit the most, with 93% of shoppers planning to spend with retailers…
Read MoreWHITE PLAINS—Co-working firm Serendipity Labs continues to expand its suburban and secondary market offerings and has announced plans to open new locations at properties in White Plains and Buffalo, NY, in a suburb of Milwaukee and in Downtown Cincinnati. The Rye-based company announced three new management contracts and a letter of intent in a fourth…
Read MoreBOSTON—Housing affordability, disruptive technology and rising interest rates were just some of the issues the Counselors of Real Estate named most likely to affect the real estate industry during a session titled “Update: The Top Ten Impacts on Real Estate 2018-2019” at NAR's 2018 Realtors Conference & Expo. Each year CRE members pool their research,…
Read MoreNYACK—Nyack College and the Alliance Theological Seminary hope to secure necessary approvals to shift their campus academic programs from Nyack to their Lower Manhattan campus. Officials with Nyack College said that the approximately 107-acre campus on at 1 South Blvd. in Nyack will be put on the market for sale if the plan is approved…
Read MoreNEW WINDSOR—Governor Andrew M. Cuomo announced on Nov. 12 that a $10-million expansion of the National Purple Heart Hall of Honor in New Windsor is planned. The expansion is geared at further recognizing and paying tribute to those who have been awarded the Purple Heart, America's oldest military decoration. The expansion will include a new…
Read MoreBOSTON—While challenges face many of America’s commercial real estate markets, Realtors specializing in the sector should have confidence for growth to remain steady in the coming year. That’s according to the sentiments of two economists who spoke at a commercial economic issues and trends forum at the recent 2018 Realtors Conference & Expo in Boston.…
Read MoreYONKERS—In a span of less than a week, New York City-based investment firm AMS Acquisitions LLC acquired two major downtown parcels here that could bring significant new development to the district and adjacent waterfront. AMS Acquisitions LLC, which earlier this month acquired the Chicken Island property from the City of Yonkers, announced on Nov. 9…
Read MoreELMSFORD, NY -- Hudson United Mortgage Services, LLC, a full-service mortgage banker/broker licensed in New York, New Jersey, Connecticut, and Florida, is growing its footprint in Westchester County with the opening of a new office at 570 Taxter Road in Elmsford. The firm also reported it has brought on Donald Arace, a veteran of the…
Read MoreRHINEBECK—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…
Read MoreNEW YORK—While the online retailing giant has yet to announce its intentions, multiple press reports state that Amazon has decided to split its highly sought after HQ2 requirement or its second corporate headquarters to two locations and the finalists are: Long Island City, Queens; Crystal City, VA and Dallas. The Seattle-based company last year announced…
Read MoreYONKERS, NY—Former City of Yonkers Mayor Angelo Martinelli, the longest serving mayor in the city’s history, passed away peacefully at his home on Oct. 27 at the age of 91. Martinelli served as Mayor of Yonkers from 1974 to 1979, and from 1982-1987. The mayor’s passing was first reported by the Office of Yonkers Mayor…
Read MoreWHITE PLAINS—The Hudson Gateway Realtor Foundation will return to the Westchester Hills Golf Club in White Plains for its 2018 Holiday Party on Thursday, Nov. 29 from 6:00 p.m. to 9:30 p.m. The event will include a one-hour open bar, appetizers, buffet dinner, DJ and dancing. In addition, attendees will have the chance to win…
Read MoreTARRYTOWN—A record crowd of approximately 1,500 members and affiliates attended the 102nd Annual Meeting and Member’s Day of the Hudson Gateway Association of Realtors held on Oct. 29 at the Doubletree Hotel in Tarrytown. During the association business portion of the program, HGAR membership elected the 2019 slate of HGAR directors that will be headed…
Read MoreWASHINGTON—Single female buyers continue to be a powerful force in the market, while low inventory, rising interest rates and increasing home prices are holding back first-time buyers despite notable interest in buying a home. These factoids were part of the National Association of Realtors’ 2018 Profile of Home Buyers and Sellers report released on Oct.…
Read MoreOn 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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