Residential

Nearly Three Out of Five Realtors Say Limited Inventory Prevented Clients from Buying Homes in 2021

July 13, 2022

WASHINGTON—Amid a persistent housing supply crunch, 57% of Realtors cited a lack of inventory as the leading reason limiting potential clients from completing a transaction, according to the National Association of Realtors’ 2022 Member Profile, an annual report analyzing members’ business activity and demographics from the prior year. However, as housing demand surged last year…

In Memoriam: Maureen Mushlit

July 13, 2022

The Hudson Gateway Association of Realtors is saddened to inform its membership of the passing of longtime Orange County Realtor Maureen (Biggane) Mushlit of Newburgh, formerly of Warwick and Goshen, on Wednesday, July 6, 2022. She was 80 years old. A Realtor for more than 40 years, Mushlit was passionate about helping young families achieve…

City of White Plains Completes 6.8 MW Community Solar Portfolio

July 7, 2022

WHITE PLAINS—The City of White Plains and DSD Renewables (DSD) have completed the construction of a nine-site, 6.8-megawatt (MW) community solar portfolio, the largest municipal solar energy deployment in Westchester County. The portfolio is expected to generate 8,100 megawatt-hours (MWh) of energy annually, tripling the amount of solar energy produced in Westchester County and enough…

Yonkers, Westchester to Acquire Waterfront Properties to Create New Ludlow Park

July 7, 2022

YONKERS—On July 6, Yonkers Mayor Mike Spano announced the city had reached an agreement to purchase eight parcels of land along the Hudson River in the Ludlow section of the city to be developed into a new waterfront park. The City of Yonkers and Westchester County have committed a total of $20 million towards the…

Pyramid to Begin $40M Multifamily Project by Galleria at Crystal Run Mall Later This Year

July 7, 2022

WALLKILL—After securing approvals from the Town of Wallkill earlier this year, construction will begin later this year on a new 224-unit multifamily housing development across from Pyramid Management Group’s Galleria at Crystal Run shopping mall here. Syracuse, NY-based Pyramid Management Group announced the project timeline on July 6. Pyramid is working with Long-Island based Eliviat…

Hudson Valley Second Quarter Home Sales Fall; Bronx Market Posts Impressive Sales Gains

July 7, 2022

WHITE PLAINS—While the perfect storm of low inventory, rising interest rates and persistent inflation have certainly had their impact, the lower Hudson River Valley and greater New York City suburban real estate markets have continued to show remarkable resiliency in the second quarter of 2022. Although the market has, in some instances, slowed compared to…

Yonkers Municipal Housing Authority Opens Affordable Housing Waiting List

June 29, 2022

YONKERS—For the first time in more than 10 years, The Municipal Housing Authority for the City of Yonkers will be opening its waiting list for Housing Choice Vouchers (Section 8) for affordable housing. MHACY reported on June 27 that it is seeking to add 3,000 people to its waiting list for affordable housing vouchers. The…

Northeast Pending Home Sales Rose 15.4% in May

June 29, 2022

WASHINGTON—Pending home sales crept higher in May, ending a six-month streak of declines, according to the National Association of Realtors. Regionally, month-over-month results were mixed as the Northeast and South experienced increases while the Midwest and West posted decreases. Year-over-year contract activity slid in all four major regions. The Pending Home Sales Index, a forward-looking…

Affordable Housing Project Opens at Former Juvenile Detention Center Site in Hunts Point

June 23, 2022

NEW YORK—New York City Mayor Eric Adams and other city officials were on hand yesterday to cut the ribbon on a 183-unit affordable housing project developed on the former site of the Spofford Juvenile Detention Center in the Hunts Point section of the Bronx. The detention center was closed in 2011, after 54 years in…

Construction Begins on LGBTQ+ Friendly Senior Project in Downtown White Plains

June 23, 2022

WHITE PLAINS—Westchester County Executive George Latimer was joined by LGBTQ advocates and others on Wednesday (June 22) to turn the first dirt on the county’s first LGBTQ+ friendly housing development that will bring 140 units of affordable senior housing to Downtown White Plains. The project will also include a larger space for The LOFT LGBTQ+…

Region’s Luxury Market Still Strong but Changes Appear Likely

June 23, 2022

WHITE PLAINS—The luxury market in Westchester County continues to be strong based on current sales data, however, officials with Houlihan Lawrence tell Real Estate In-Depth that the volatile stock market, rising interest rates and inflation are bound to bring about some changes in the weeks and months ahead. Anthony Cutugno, Sr. Vice President, Director of…

Realtors Expect Home Sales Slowdown; Not a Market Collapse

June 22, 2022

WHITE PLAINS—With a backdrop of rising interest rates, slowing buying demand, high inflation and a turbulent stock market, some industry observers are questioning the strength of the residential sales market and forecasting hard times ahead. With the recent 0.75% increase in the short-term benchmark lending rate by the Federal Reserve to try and tame high…

Hundreds Attend First DEI Summit Co-Sponsored by HGAR

June 21, 2022

MAHWAH, NJ—The sold-out inaugural Diversity, Equity, and Inclusion (DEI) Summit attracted hundreds of Realtors from across the New York metro region and provided valuable insight into the need for Realtor associations and their members to implement programs and policies that embrace DEI and promote Fair Housing. The two-day DEI Summit was held at the Sheraton…

U.S. Existing-Home Sales Fell 3.4% in May; Median Sales Price Surpasses $400K for First Time

June 21, 2022

WASHINGTON—U.S. Existing-home sales retreated for the fourth consecutive month in May, the National Association of Realtors announced today (June 21). Month-over-month sales declined in three out of four major U.S. regions, while year-over-year sales slipped in all four regions. The Northeast was the outlier with a 1.5% increase in single-family home sales in May. The…

Panel Takes Deep Dive into NY Real Estate, Social Media and Channeling into Gen Z

June 17, 2022

NEW YORK—They’re smart, tech-savvy and in the market for housing, and they’re using social media to see what’s trending and who’s selling. Generation Z—defined as the 72 million people born between 1997 and 2012—are not your typical buyers and that presents challenges and opportunities for Realtors and agents. Real estate experts explored Gen Z’s patterns…

Redfin: U.S. Luxury Home Sales Fall 18% in First Quarter New York City is an Outlier with Sharp Increase in Sales

June 13, 2022

SEATTLE—Sales of luxury U.S. homes fell 17.8% year-over-year during the three months ending April 30, the largest drop since the onset of the coronavirus pandemic sent shockwaves through the housing market. By comparison, sales of non-luxury homes fell 5.4%. That's according to an analysis of luxury real estate trends released on June 10 by Redfin.…

MC Real Estate, Tokyo Trust Capital Acquire 416-Unit Apartment Complex in Elmsford

June 10, 2022

ELMSFORD—The 416-unit The View on Nob Hill Apartments complex here has changed hands. The new ownership is a partnership of New York City-based MC Real Estate Partners, LLC and Tokyo Trust Capital. The off-market transaction conducted on behalf of a large Japanese financial institution was announced on June 9. The seller of the property was…

Fannie Mae, Freddie Mac Release Equitable Housing Finance Plans to Address Racial Homeownership Gap

June 9, 2022

WASHINGTON—The Federal Housing Finance Agency released Fannie Mae's and Freddie Mac's Equitable Housing Finance Plans for 2022-2024 that the agency said are designed to complement initiatives that promote the Enterprises' safety and soundness and foster housing finance markets. The plans, which were released on June 8, are intended to provide equitable access to affordable and…

GUEST VIEWPOINT: Going Toe-to-Toe with Irresponsible Landlords

June 8, 2022

My administration’s brand-new Office of Buildings and Codes (OBC) has been working tirelessly following the official takeover of the Building Department in the Village of Spring Valley on Feb. 14, 2022, a directive from the New York State Department of State following years of code enforcement issues. Since assuming control, the Rockland County Office of…

Gov. Hochul Signs Bill to Make Hotel Conversions to Housing Easier

June 7, 2022

NEW YORK—On June 7, New York Gov. Kathy Hochul signed legislation (S.4937C/A.6262B) to create more flexible rules for converting underutilized hotel space into permanent housing. Gov. Hochul signed the bills with New York State Senator Brian Kavanagh, New York City Mayor Eric Adams, and housing and labor advocates at an event held at 633 Third…