Residential

NAR Releases Reports on Blockchain Technology And Consumer Home Buying Preferences/Trends

December 18, 2018

WASHINGTON—The National Association of Realtors unveiled a Blockchain Guidance Paper earlier this month during a webinar designed to keep real estate at the forefront of conversations surrounding the emerging technology. NAR also authored a paper that found buyers continue to overwhelmingly utilize both the Internet and real estate agents in the home-buying process. Although blockchain…

Grand Lux Realty Opens New Office in Chappaqua

December 18, 2018

CHAPPAQUA—Grand Lux Realty announced on Dec. 4th the opening of its Chappaqua office at 211 King St. The new location will be Grand Lux Realty’s fourth office. The residential brokerage firm also operates offices in Armonk, Ardsley and Mamaroneck. The firm now has more than 225 agents and is looking for additional licensed agents, the…

Just In: County Executive Latimer Signs Co-Op Transparency Bill

December 14, 2018

WHITE PLAINS— In one of the biggest legislative victories in the history of the Hudson Gateway Association of Realtors and its predecessor organizations, Westchester County Executive George Latimer signed into law today a bill aimed at reforming the cooperative purchase process. At a press conference on Dec. 14 County Executive Latimer signed the bill, sponsored…

Yonkers IDA Approves Adaptive Reuse ‘Mill’ Project

December 7, 2018

YONKERS—The Board of Directors of the Yonkers Industrial Development Agency has approved a resolution of intent earlier this month with the developer of a former loft warehouse in the Carpet Mills Art District. The project by Momentum Realty Associates of Yonkers will convert the light-industrial building at 222 & 252C Lake Street into an office…

Westchester IDA Approves Half a Billion Dollars in New Projects

December 7, 2018

WHITE PLAINS—The Westchester County Industrial Development Agency has granted preliminary and final approvals for more than $531 million in new development projects in White Plains, Harrison and Pelham. On Nov. 29, the Westchester County IDA granted a resolution of intent to provide financial incentives for AvalonBay Communities’ $76.8-million transit-oriented, mixed-use residential project to be built…

New Rochelle Apartment Tower Trades for Nearly $260M

December 7, 2018

NEW ROCHELLE—A partnership of Azure Partners and Harbor Group International, LLC has acquired the 40-story Halstead New Rochelle Metro North apartment tower here for $259.4 million. The tallest residential building in Westchester County was sold by the DSF Group, which acquired the 588-unit apartment building in 2013 for more than $210 million. Holliday Fenoglio Fowler,…

Most Counties in HGAR Region See Increased Home Loan Limits

December 4, 2018

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…

December Legislative Update: Proposed Increase to Residential Appraisal Threshold

December 3, 2018

On 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.…

Rising Prices and Rates Cause New Home Sales to Fall Sharply

November 29, 2018

WASHINGTON—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…

Ginsburg Unveils Plans for City Square in Downtown White Plains

November 29, 2018

WHITE PLAINS—Ginsburg Development Companies LLC recently unveiled its transformative plan for the Westchester Financial Center in Downtown White Plains to the White Plains City Council. The City Square project calls for the renovation of the existing office complex and the conversion of a portion of the office space into multifamily housing and retail and community…

NAR: Existing-Home Sales Increase for the First Time in Six Months

November 29, 2018

WASHINGTON—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…

Overwhelming Majority of Millennials Say Student Loan Debt Delaying Home Ownership

November 20, 2018

WASHINGTON—An Ernst & Young LLP survey of Millennials across the country clearly shows the weight of the Great Recession and student loan debt have on their views of the economy and on their plans to purchase a home. Ernst & Young LLP released the results of its survey of Millennials across the country on Nov.…

Westchester Board of Legislators Approves Co-Op Transparency Bill

November 20, 2018

WHITE PLAINS—The Hudson Gateway Association of Realtors secured one of its more significant legislative victories in years on the evening of Nov. 19 when the Westchester County Board of Legislators overwhelmingly approved a compromise co-op transparency bill. The bill will establish new rules to make the cooperative sales process faster for buyers and sellers and…

Berkshire Hathaway Relocates Westport Office

November 13, 2018

WESTPORT, CT—Berkshire Hathaway HomeServices New England Properties announced recently that the firm’s Westport office has moved to 20 Wilton Road, a Class-A waterfront space at the National Hall complex, located directly on the Saugatuck River. With an abundance of natural light, the nearly 4,400-square-foot office is located on the second floor of this state-of-the-art property.…

ERA Insite’s ‘Paint Nite’ Raises Funds For North East Westchester Special Rec.

November 13, 2018

PLEASANTVILLE—ERA Insite Realty, as part of its spirit of giving back to the community, sponsored and organized a “Paint Nite” fundraiser on September 25th at the Mt. Pleasant Community Center in Valhalla to benefit the programs at North East Westchester Special Recreation. The event was spearheaded by Kathy Courtney, licensed real estate salesperson with ERA…

Benefit Raises Nearly $33,000 for Arts Education Program

November 13, 2018

NYACK—Ellis Sotheby’s International Realty and Edward Hopper House Museum & Study Center raised nearly $33,000 during a recent event for the Edward Hopper House’s arts education program, which has supported over 1,000 Hudson Valley public school students in grades K-12. The Oct. 6 benefit, now in its third year, drew approximately 100 attendees and raised…

Grand Lux Teams Up with Benchmark Property Management

November 13, 2018

MAMARONECK—Grand Lux Realty announced on Nov. 5 that it has formed a partnership with Benchmark Property Management. The new company will be titled Grand Lux Realty-Benchmark and the office will be located at 951 East Boston Post Road in Mamaroneck. This will be Grand Lux Realty’s fourth office with other locations in Armonk, Ardsley, and…

Westchester County Legislators to Vote On Compromise Co-Op Transparency Bill

November 13, 2018

WHITE PLAINS—The long sought-after battle to enact legislation to bring transparency to the cooperative purchase process in Westchester County appears to be at hand. An overwhelming majority of those in the residential real estate and cooperative management sectors testified at a public hearing on Oct. 29 in favor of a compromise bill negotiated by county…

Hudson United Opens Branch Office in Elmsford; Hires Veteran Broker Arace as Part of Expansion

November 12, 2018

ELMSFORD, 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…

Rhinebeck Brokerage Joins Houlihan Lawrence

November 8, 2018

RHINEBECK—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…