Residential

Westchester IDA, LDC Provided Incentives That Fueled $1.2B in Investment in 2021

January 6, 2022

WHITE PLAINS—The Westchester County Industrial Development Agency and the Westchester County Local Development Corporation has provided financial incentives and tax-exempt bond financing to major developments representing more than $1.2 billion in private investment in Westchester County’s economy last year. “As Westchester re-emerges from the economic downturn resulting from the pandemic, the IDA and LDC have…

Four States Including NY Seek U.S. Supreme Court To Hear SALT Deduction Appeal Case

January 4, 2022

ALBANY—New York Gov. Kathy Hochul and New York Attorney General Letitia James announced on Jan. 3 that New York, Connecticut, Maryland, and New Jersey filed a petition for certiorari to the U.S. Supreme Court to continue their lawsuit against the federal government for its unlawful and unprecedented cap on the deduction for state and local…

Slowing Fourth Quarter Sales Did Not Derail Record 2021 Housing Market

January 4, 2022

WHITE PLAINS—Residential sales in 2021 in the counties served by OneKey MLS, Inc. reached a historic peak. This, despite a slowing of sales in the fourth quarter in all areas served by OneKey MLS with the exception of Bronx County. Arguably, some of the slowdown can be attributed to the dearth of inventory in the…

Houlihan Lawrence’s Stronger Together Campaign Raises Over $125,000 for Breast Cancer Awareness

December 29, 2021

RYE BROOK—Continuing a proud tradition that dates back 25 years, Houlihan Lawrence’s real estate professionals from across its 30 office teams once again came together this fall in support of Breast Cancer Awareness month, the company’s largest philanthropic initiative. The brokerage firm reported recently that this year, the company’s Stronger Together Campaign raised more than…

Hudson Gateway REALTOR® Foundation and Bronx YMCA’s “Operation REALTORS® Kids” Toy Drive a Huge Success

December 29, 2021

The Hudson Gateway REALTOR® Foundation, the charitable arm of the Hudson Gateway Association of REALTORS® (HGAR), and the Bronx YMCA’s “Operation REALTORS® Kids” Toy Drive was a tremendous success this year. Now in its 10th year, the toy drive benefitted 80 children in 35 families throughout the Bronx on Christmas Day. “Operation Realtors Kids” Toy…

November 2021 Realtors Confidence Index Report: First-Time Buyer Share Falls to 26% in November With Nearly 1 Million Renter Households Priced Out of the Market

December 28, 2021

Editor's Note: Reprinted with permission from the National Association of Realtors®. By Scholastica (Gay) Cororaton Many first-time buyers continue to struggle to move into homeownership amid sustained price growth and competition from all-cash buyers. The share of first-time buyers fell to 26% in November, according to the November REALTORS® Confidence Index Survey, a survey of…

Existing U.S. Home Sales Rose 1.9% in November; Northeast Sales Flat Compared to October Volume

December 27, 2021

WASHINGTON—Existing U.S. home sales rose in November, denoting three consecutive months of increases, according to the National Association of Realtors. Three of the four major U.S. regions reported growth in monthly sales, while the fourth region—the Northeast—held steady in November. From a year-over-year perspective, only one region experienced a rise in sales as the three…

Gov. Hochul Signs Bill Package to Combat Housing Discrimination in Response to Newsday’s Expose

December 22, 2021

ALBANY—New York Gov. Kathy Hochul signed a legislative package on Dec. 21 totaling nine bills geared at combating housing discrimination and addressing issues raised in a Newsday expose entitled “Long Island Divided.” The centerpiece of the legislation is the Anti-Discrimination in Housing Fund that will permit the state to conduct fair housing testing. Other initiatives…

New Rochelle City Council Adopts Sweeping New Downtown Overlay Zone Amendments

December 21, 2021

NEW ROCHELLE—The New Rochelle City Council unanimously approved on Dec. 20 significant advancements to its historic redevelopment, enabling the continuation of the district’s transformation that began six years ago. The city’s efforts to adopt a form-based zoning code providing certainty for developers already have helped attract $2.2 billion in private investment, resulting in the development…

New York State Awards $145M for Affordable Housing Projects

December 17, 2021

ALBANY—Governor Kathy Hochul announced on Dec. 16 more than $145 million has been awarded to create or preserve 1,178 affordable homes in 21 separate developments across New York. The funding will further pandemic recovery efforts, fight homelessness, help close the digital divide for lower income households, and expand access to safe and sustainable affordable housing…

First Ever HGAR Cook-Off Event Raises Over $10K for RPAC

December 16, 2021

BRIARCLIFF MANOR—The savory aroma of old-fashioned home cooking filled the air, while a line of silver serving trays overflowed with piping hot, delectable selections of meatballs and chili at The Briarcliff Manor recently. HGAR’s first ever “Chili-Meatball Cookoff,” planned by the association’s RPAC Committee, brought in more than 60 hungry participants and raised more than…

NAR Predicts Higher Home Sales, Prices and Rates in 2022

December 16, 2021

WASHINGTON—As part of the National Association of Realtors’ Real Estate Forecast Summit held on Dec. 15, real estate economists and experts predict a continued strong market, marginal improvement in the nation’s for-sale inventory crisis and higher interest rates. The virtual program began with an opening address by 2022 NAR President Leslie Rouda Smith, followed by…

Five Questions With NAR Chief Economist Lawrence Yun

December 16, 2021

The Delta variant surge and the emergence of the Omicron COVID-19 variant, as well as high inflation, have many business leaders nervous heading into 2022. The residential real estate sales market has been booming in the United States, thanks to strong demand and low borrowing rates. What’s in store for the residential and commercial markets…

Realtors Expect Robust, Not Supercharged Housing Market in 2022

December 16, 2021

NEWBURGH—The consensus from a panel of veteran New York Realtors is that while some headwinds exist for the housing market in 2022, conditions are favorable for continued strong sales and rising prices. One panelist said that despite a slowdown in sales, “there is still a lot of meat on the bone” in the current strong…

NAHREP Holds Annual Sales Awards Gala

December 15, 2021

NEW ROCHELLE—The National Association of Hispanic Real Estate Professionals (NAHREP) Westchester Chapter held its Annual Sales Award Gala at the Glen Island Harbour Club in New Rochelle on Nov. 10. The organization handed out its major awards and also announced that Jose "Joe" Maymi, Howard Hanna | Rand Realty will be serving as NAHREP 2022…

Governor Signs New Loft Protection Law

December 8, 2021

ALBANY—New York State Gov. Kathy Hochul announced on Dec. 7 the recent enactment of legislation (S.6950/A.7667) that makes it unlawful to disrupt or fail to provide essential services and habitability for interim multiple dwelling units and allows tenants to pursue a claim in New York City Housing Court. The bill, which was signed into law…

New York State to Launch $539 Million Homeowners Assistance Fund

December 7, 2021

ALBANY—New York Gov. Kathy Hochul announced on Dec. 6 that New York State is the first state in the nation to receive U.S. Department of the Treasury's approval to launch its Homeowner Assistance Fund, a program that will provide up to $539 million to help eligible homeowners avert mortgage delinquency, default, foreclosure, and displacement. Applications…

Rep. Maloney Says SALT Cap Reform is on the One-Yard Line

December 6, 2021

BEDFORD HILLS—At a press conference earlier today (Dec. 6), U.S. Rep. Sean Patrick Maloney (D-18) expressed confidence that the reform of the unpopular SALT Cap is at hand. There have been reports that Senate Democrats are at odds over the particulars of how to reform the SALT Cap, which is to be part of President…

FHFA Raises Conforming Loan Limits for 2022

December 1, 2021

WASHINGTON—The Federal Housing Finance Agency (FHFA) today announced the conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2022. In most of the U.S., the 2022 CLL for one-unit properties will be $647,200, an increase of $98,950 from $548,250 in 2021. The market area of the Hudson…

New York City Real Estate, Finance, Legal Experts Discuss the Intricacies of Townhouse Transactions

December 1, 2021

NEW YORK—Townhouses in New York City are a distinct combination of history, privacy and living space. Just as the properties are unique, so are the transactional intricacies that come with the acquisition. Real estate experts joined leading legal and financial professionals to discuss townhouse transaction complexities and how to streamline them in a virtual panel…