WASHINGTON—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 MorePHILADELPHIA—The Hudson Gateway Association of Realtors was well represented “Riding” into 2023! I am excited and pumped that I was able to travel to Philadelphia for the Realtor Party Training Conference that was held from Nov. 29 through Dec. 1. It was a tremendous opportunity to “Ride with the Brand” and kick off a great…
Read MoreGOSHEN—New York State Supreme Court Justice Sandra Sciortino, recently granted summary judgment to a group of property owners and declared the City of Newburgh’s Good Cause Eviction law (Local Law 6) null and void. In her Nov. 29 ruling, Judge Sciortino said Local Law 6 “alters substantive provisions and procedures of existing state law by…
Read MoreSEATTLE—Mortgage rates will take center stage in 2023, with high rates likely to make it the slowest housing-market year since 2011, according to annual end-of-year predictions from tech real estate brokerage Redfin (redfin.com). The following are the dozen Redfin predictions for the housing market in 2023. Prediction #1: Home sales will fall to their lowest…
Read MoreMADISON, NJ— Anywhere Real Estate Inc., formerly known as Realogy Holdings Corp., announced on Dec. 6 a number of executive leadership changes, including the departure of M. Ryan Gorman as CEO of Coldwell Banker. Anywhere, which operates a portfolio of real estate brands, including Better Homes and Gardens Real Estate, CENTURY 21, Corcoran, ERA, and…
Read MorePOUGHKEEPSIE—Marist College recently honored three distinguished members of the Hudson River Valley community at the college’s annual President’s Community Breakfast, including Freddimir Garcia, Diversity, Equity and Inclusion Officer at the Hudson Gateway Association of Realtors, Inc. The honorees all received President’s Awards for Community Service for their significant contributions to the local area from Marist…
Read MoreNEW YORK—In a deal announced by JLL Capital Markets on Dec. 5, the Solow Building Company has sold three Upper East Side multifamily properties to an equity syndication by GO Partners for $825 million. The properties at One Sutton Place, Two Sutton Place and One East River Place total 858 units. The three buildings are…
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 MoreWASHINGTON—The Federal Housing Finance Agency announced on Nov. 29 increases to the conforming loan limit values for mortgages to be acquired by Fannie Mae and Freddie Mac in 2023. In most of the United States, the 2023 CLL value for one-unit properties will be $726,200, an increase of $79,000 from $647,200 in 2022. For high-cost…
Read MoreYORKTOWN—The Town of Yorktown reports that two developers—Toll Brothers and AMS Acquisitions—have submitted zoning requests that would allow their respective 55+ housing developments to proceed to construction. Toll Brothers, Inc. is seeking zoning changes at 2448 Catherine St. to permit a 118-unit townhouse community for active adults over 55, mostly on undeveloped land next to…
Read MoreJoseph Patrick Kelleher, a veteran commercial real estate executive and former chairman of the Bronx Chamber of Commerce, died on Nov. 25. He passed away at home surrounded by his wife and two children. The cause of death was Glioblastoma, an aggressive brain cancer. Kelleher was diagnosed in May 2022. He was born in New…
Read MoreWHITE PLAINS—Hudson Gateway Association of Realtors President Anthony Domathoti announced on Nov. 22 in an e-mail message to the association’s membership that the Executive Committee had appointed HGAR Chief Operating Officer Jana Currier as Interim Chief Executive Officer. The appointment was necessitated by the impending departure of longtime HGAR Chief Executive Officer Richard Haggerty, who…
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 MoreALBANY—The New York State Association of Realtors has announced that 12 NYSAR members have been selected for its Leadership Academy. Four members of the Hudson Gateway Association of Realtors have been selected to participate in Leadership Academy #6 in 2023—Brian Anthony Phillips, T. Teresa Belmore, Robin Ham and Veronica Suarez. Other Hudson Valley area Realtors…
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 MoreNEW YORK—OneKey MLS reported a 2.50% decrease in the closed median residential sale price between September and October 2022 in its nine-county Hudson Valley/New York City regional market area. For October 2022, OneKey MLS reported a regional closed median sale price of $585,000, representing a 2.50% decrease as compared to the reported $599,999 in September…
Read MoreWASHINGTON—An overwhelming majority of metro markets saw home price gains in the third quarter of 2022 despite mortgage rates that approached 7% and declining sales, according to the National Association of Realtors’ latest quarterly report released on Nov. 10. Forty-six percent of the 185 tracked metro areas registered double-digit price increases, down from 80% in…
Read MoreSANTA CLARA, Calif., Nov. 7, 2022 /PRNewswire/ -- A record number of Americans became real estate agents in recent years. It can be a challenging career for newcomers, and the early struggles to find success means only 4 in 10 new real estate professionals are confident about having a long-term career in real estate, according…
Read MorePORT CHESTER—The Hudson Companies announced on Nov. 9 that it had closed on the acquisition of a fully-entitled development parcel at 27-45 North Main St. and 28 Adee St. in the Village of Port Chester. Company officials said plans for the site call for a mix of rental housing, retail space, and community facilities. The…
Read MoreWASHINGTON—When compared to a year ago, the share of first-time home buyers dropped to a record low, while the age of a typical first-time buyer increased to an all-time high, according to a report released on Nov. 3 by the National Association of Realtors. The median distance buyers moved from their previous homes more than…
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