Residential

Realtors Predict Higher Rates Will Lead to Slower Sales, Not Collapse

April 21, 2022

WHITE PLAINS—Realtors believe that the lower home sales numbers registered in the first quarter of this year were due primarily to record low inventory and not any sharp decline in buying demand. In fact, brokers interviewed by Real Estate In-Depth agree that current economic headwinds in the form of high inflation, rising mortgage interest rates…

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Study Finds No Major Impact on School Enrollment From Recent Multifamily Development Projects

April 21, 2022

ARMONK—A recently released study commissioned by The Welcome Home Westchester campaign has found there wasn’t any data from recent large multifamily developments in suburban Westchester communities to substantiate fears of a surge in student enrollment expressed by local opponents of those development projects. Not only have these projects been harmless to the districts, they have…

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U.S. Existing-Home Sales Slip 2.7% in March; Median Home Sales Price Hits New Record

April 20, 2022

WASHINGTON—Existing-home sales decreased in March, marking two consecutive months of declines, according to a report released today by the National Association of Realtors. Month-over-month, sales in March waned in three of the four major U.S. regions while holding steady in the West. Sales were down across each region year-over-year. Existing-home sales in the Northeast slid…

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Gov. Hochul Earmarks Up to $1 Billion for Route 17 Expansion

April 18, 2022

ALBANY—The most consequential economic development project for the mid-Hudson Valley region in decades is not a major corporate relocation, a large lease deal or a new massive warehouse developed by a national e-commerce giant. Instead, it will be a major infrastructure project that will surely facilitate mega deals like those mentioned above in the coming…

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Hudson Gateway Association of Realtors and BRI Urge State Senate to Approve Anti-Housing Discrimination Bill

April 14, 2022

WHITE PLAINS—The two leading realty and building advocacy organizations in Westchester County—the Hudson Gateway Association of Realtors of White Plains and The Building and Realty Institute of Armonk—are urging State Senators to confront the region’s legacy of deliberate housing segregation by passing a bill that would eliminate discriminatory restrictive covenants that continue to exist in…

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Michele Johnson Appointed CFO at J. Philip Real Estate

April 13, 2022

BRIARCLIFF MANOR—Michele Johnson has been named Chief Financial Officer at locally-based independent real estate brokerage firm J. Philip Real Estate. In this position she will be responsible for the brokerage’s financial matters, including budgeting, reporting, statutory compliance, forecasting and company planning. Johnson has more than 35 years of financial and management experience. For the past…

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NYSAR Issues Call to Action to Oppose ‘Good Cause Eviction’ Legislation

April 13, 2022

ALBANY—The New York State Association of Realtors issued a “Call to Action” on April 12 to alert its membership that the State Legislature is considering passage of “Good Cause Eviction” legislation, which would restrict the ability of a landlord to evict a tenant, even in cases where their lease has expired so long as the…

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NAR Study Suggests Biggest Obstacle to Homebuying Is the Lack of Affordable Housing, Available Inventory

April 13, 2022

“In the current hot market, people who have traditionally enjoyed homeownership can capitalize on those gains to realize new opportunities. Meanwhile, the market becomes increasingly unaffordable, and the obstacles greater, for those trying to enter the market.” WASHINGTON—The lack of affordable homes is the top obstacle holding back potential home buyers of all races, but…

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Furniture Sharehouse Celebrates 15th Anniversary Serving Westchester County

April 11, 2022

WHITE PLAINS—Furniture Sharehouse, one of the many charities supported by the Hudson Gateway Realtor Foundation, recently celebrated 15 years of serving Westchester County at its modest location at the Westchester County Airport in White Plains. “We could not have reached this amazing milestone without the incredible support of the HG Realtor Foundation and others who…

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What You Need to Know About the New Standard Operating Procedures (SOPs)

April 11, 2022

There are a lot of questions and concerns from our members relating to the newly instituted Standard Operating Procedures (SOPs). This month’s article can serve as a “cheat sheet” on the basics and, hopefully, will answer many of your questions. NYSAR’s SOPs template can be found here. • The new SOPs requirement is effective April…

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Westchester County IDA Votes to Grant Preliminary, Final Approvals of Incentives for White Plans Multifamily Projects

April 4, 2022

WHITE PLAINS—At its latest session, the Westchester County Industrial Development Agency has voted preliminary and final approvals of financial incentives for the construction of a pair of multifamily residential projects in Downtown White Plains. The two projects—70 Westchester Avenue and 51 South Broadway—represent a total private investment of $171 million and are expected to create…

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Ukrainian-American HGAR Member Launches Fundraiser for Ukraine

April 1, 2022

IRVINGTON—Luba Sydor, a Ukrainian-American Realtor with Houlihan Lawrence’s Irvington office, has launched a fundraising campaign for medical and military supplies for Ukraine’s Dnipro Territorial Defense Battalion, as Russia continues to wage war on the country. Sydor has established a special Amazon.com shopping list as a convenient way for people to donate much needed supplies: https://www.amazon.com/registries/custom/38Z8HUOB4WHKG…

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Mortgage Rates Increase to Highest Level in More Than Three Years

March 31, 2022

WASHINGTON—Mortgage applications decreased 6.8% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending March 25, 2022. The Market Composite Index, a measure of mortgage loan application volume, decreased 6.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the…

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NAR: Millennials Remain Dominant Home Buyer Generation with 43% Market Share

March 24, 2022

WASHINGTON—The share of millennial home buyers increased significantly over the past year. They are also the most likely generation to use the Internet to find the home they ultimately purchase and most likely to use a real estate agent, according to a report released by the National Association of Realtors on March 23. The 2022…

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Understanding Digital Currency and Closing Deals with Cryptocurrency

March 21, 2022

Amy Chorew, a Connecticut Realtor and President of Curated Learning, first heard about cryptocurrency back in 2017 while having her hair styled. “My hairdresser was talking about buying a condo and cashing out $50,000 in cryptocurrency as part of the down payment. All I could say at that time was ‘what’s that?’” she admitted. Fast…

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