CHICAGO—The Realtors Relief Foundation announced $1.5 million in disaster relief aid has been made available to Hawaii Realtors in support of the Realtors Association of Maui after fires recently devastated communities on the Hawaiian island of Maui. Funds will be made available to the public to assist with disaster victims’ housing payments as relief and…
Read MoreWASHINGTON—A broad-based coalition of 18 associations representing housing providers, lenders and residents sent a letter on Thursday, Aug. 10 to Federal Housing Finance Agency Director Sandra Thompson warning that mandatory rent control and rent stabilization policies will increase rents, reduce the capital needed to boost the supply of housing, and ultimately hurt current and future…
Read MoreWASHINGTON—The National Association of Realtors reports that almost 60% of metro markets (128 out of 221) registered home price gains in the second quarter of 2023 as 30-year fixed mortgage rates oscillated between 6.28% and 6.71%, according to the association’s latest quarterly report. Five percent of the 221 tracked metro areas registered double-digit price increases…
Read MoreHARRISON—New York Gov. Kathy Hochul was joined by leaders from the Metropolitan Transportation Authority and officials from residential development firm AvalonBay Communities on Aug. 7 in announcing the completion of Avalon Harrison, a transit-oriented development located at the Harrison Metro-North Railroad station built with support from the MTA. “My administration is continuing to do everything…
Read MoreThe luxury housing market in the New York metro area remains icy with scarce inventory, as mortgage interest rates continue to rise. The latest data from the National Association of Realtors indicates a 36.5% drop in sales of properties over $1 million in April. While February and March were slightly better, at 29.4% and 28.9%…
Read MoreYONKERS—The Yonkers Industrial Development Agency recently voted final and preliminary approvals of financial incentives for residential projects representing a total private investment of $22.4 million. The developments are projected to create 35 construction jobs and represent more than 170 apartments including affordable housing for low-income seniors. The following projects received final and preliminary approvals at…
Read MoreALBANY— On Aug. 1, New York Gov. Kathy Hochul highlighted nearly 1,000 units of affordable housing being created through state funding, including the completion of 200 affordable senior housing units in Montgomery County and $406 million in financing awarded through bonds and subsidies to create nearly 800 affordable, sustainable homes in five transit-oriented developments. The…
Read MoreWASHINGTON—Foreign buyers purchased $53.3 billion worth of U.S. existing homes from April 2022 through March 2023, slipping 9.6% from the previous 12-month period, according to a new report released by the National Association of Realtors on August 1. Foreign buyers purchased 84,600 properties, down 14.2% from the prior year and the fewest number of homes…
Read MoreNYACK—Matt McAllister, an agent with Corcoran Baer & McIntosh in Nyack and COO at Statewide Abstract, embarked on a 142-mile bike ride earlier this month to fundraise for the Hudson Gateway Realtor Foundation (HGRF). McAllister, who also chairs the HGRF Project Committee that plans volunteer events, will ride in the Steamboat Gravel bike race in…
Read MoreNEW YORK—New York Gov. Kathy Hochul announced on July 27 the Public Authorities Control Board’s approval of a major, mixed-use development at 5 World Trade Center in Lower Manhattan that will include approximately 1,200 units of housing—one-third of which will be permanently affordable and a portion of which will be offered for New Yorkers impacted…
Read MoreNEW YORK—New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas announced on July 27 the completion of Williamsbridge Gardens, a $91-million affordable and supportive housing development in the Williamsbridge section of the Bronx. The development includes 170 affordable apartments, including 85 with on-site supportive services for formerly homeless households. Williamsbridge Gardens consists of two…
Read MoreWASHINGTON—Pending home sales registered a modest increase of 0.3% in June from the previous month—the first increase since February—the National Association of Realtors reported today (July 27). The South and West posted monthly losses, while sales in the Northeast and Midwest grew marginally. All four U.S. regions saw year-over-year declines in transactions. “The recovery has…
Read MoreALBANY—Gov. Kathy Hochul announced recently that Empire State Development, in partnership with the Office of General Services and Department of Corrections and Community Supervision, has issued a Request for Proposals for the former Downstate Correctional Facility located in Fishkill, Dutchess County. The Request for Proposals advances recommendations made by the Prison Redevelopment Commission and builds…
Read MoreRYE BROOK—The Westchester County commercial market ended the first half of 2023 with mixed results showing continued strength in multifamily developments and solid performance in the industrial/flex market. Meanwhile, demand for retail space weakened modestly and office buildings struggled with lower occupancies due to the work from home environment, according to the recently released Houlihan…
Read MoreYORKTOWN—The Yorktown Planning Board recently approved a site plan for a redevelopment of the former Soundview Preparatory School campus. The approval on July 17 allows for the construction of a mixed-use development at 370 Underhill Ave. with 148 residential units and 11,000 square feet of commercial space, along with the preservation of the property’s historic…
Read MoreALBANY—On Friday, New York Gov. Kathy Hochul announced that President Biden approved her request for a Major Disaster Declaration to provide federal assistance to communities impacted by flooding from heavy rainstorms across much of Upstate New York. The declaration releases critical federal assistance to support recovery and reconstruction efforts in Clinton, Dutchess, Essex, Hamilton, Ontario,…
Read MoreWASHINGTON—Existing-home sales slipped more than 3% in June, according to the National Association of Realtors. Sales varied among the four major U.S. regions, with the Northeast experiencing gains, the Midwest holding steady, and the South and West posting decreases. All four regions recorded year-over-year sales declines. Total existing-home sales—completed transactions that include single-family homes, townhomes,…
Read MoreWHITE PLAINS—Sales volume in the market area of the Hudson Gateway Association of Realtors fell sharply in the second quarter of this year with all counties posting significant sales declines ranging from as low as 19% to a high of nearly 27%. Sales prices continue to rise in the Hudson Valley/Bronx region, although at more…
Read MoreNYACK—In the first of a series of programs that will focus on the key market areas serviced by the Hudson Gateway Association of Realtors, the association staged a highly-informative and well-attended “Rockland County Day” program on July 17 at the Nyack Seaport here. The event brought together Realtors, local politicians, economic development officials and other…
Read MoreFARMINGDALE—OneKey MLS reported a regional closed median sale price of $612,000 in June, a 3.40% increase as compared to the $592,000 reported in May 2023. In a year-over-year comparison, the closed median sale price held steady, decreasing less than 1.00% from the $615,000 reported in June 2022. The OneKey MLS report released on July 18th…
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