WHITE PLAINS—At a press conference on May 31, Westchester County Executive George Latimer signed legislation into law that will create an agency that will provide legal counsel to income-eligible tenants and occupants facing eviction or other housing-related matters. A housing advocacy organization stated that 93% of landlords are represented by counsel in eviction proceedings in…
Read MoreMONTEBELLO, NY—On May 30, Owner/Developer FilBen Group, equity partner RSF Partners, general contractor McAlpine Contracting, and designer H2M Architects + Engineers celebrated the “First Floor Rising” event, which marked the completion of foundations and the beginning of the above-ground construction phase for Braemar at Montebello. The development, when completed, will feature a 200-resident, 133,675-square foot,…
Read MoreWASHINGTON—If at first you don’t succeed, try, try and try again. A group of Republican Congressmen submitted an amendment to the federal debt ceiling agreement before the House Rules Committee to raise the SALT Cap from $10,000 to $60,000 for individual tax filers. However, Real Estate In-Depth has learned that the amendment failed to pass…
Read MoreRYE—The Westchester County Association at its 2023 Real Estate Conference on May 10 honored recently retired Norma Drummond, Commissioner of Planning for Westchester County, with its “Legacy Award.” Drummond was the Commissioner of Planning for Westchester County since Jan. 1986 and served the county in that post for more than 37 years. She has extensive…
Read MoreMOUNT KISCO—After serving as Mayor of New Rochelle for nearly two decades, Noam Bramson will be leaving city government at the end of this year for the private sector. Earlier today, Sustainable Westchester announced that Mayor Bramson will take over as Executive Director of the Mount Kisco-based non-profit effective in January 2024. Bramson has served…
Read MoreWith the COVID-19 pandemic mostly in the rearview mirror, but economic headwinds on the horizon in 2023, Real Estate In-Depth thought it would be a good time to sit down with Westchester County Executive George Latimer to discuss some of the key issues the county is facing. Latimer, a veteran politician, is in the final…
Read MoreWASHINGTON—The National Association of Realtors recently released its Confidence Index Survey for the month of April, which showed continued broker sentiment that market conditions have and will continue to remain the same with listings low and contract activity staying competitive. The NAR report indicated that the time on market has declined from 29 days in…
Read MoreFARMINGDALE, NY—OneKey MLS, reported earlier today (May 22) that the closed median sale price rose 4.00% in its market area that covers nine counties in the New York City Metro/Hudson Valley regions. OneKey MLS reported a regional closed median sale price of $575,000 in April, as compared to the $553,175 reported in March 2023. Sales…
Read MoreShould New Plan Utilize a Carrot or Stick? RYE—In the aftermath of Gov. Kathy Hochul’s failed “New York Hosing Compact” bold initiative that called for the development of 800,000 new housing units statewide to address what she termed is a housing crisis in New York State, real estate executives and government officials at a recent…
Read MoreWASHINGTON—Existing-home sales decreased more than 3% in April, according to the National Association of Realtors. All four major U.S. regions registered month-over-month and year-over-year sales declines. Home sales in the Northeast fell less than 2% last month, according to the NAR report. Total existing-home sales slid 3.4% from March to a seasonally adjusted annual rate…
Read MoreNANUET—Howard Hanna | Rand Realty announced on May 17 that J. Philip Faranda and the agents of J. Philip Real Estate located at offices in Briarcliff Manor and Carmel have joined the brokerage firm. The deal significantly expands the footprint of Howard Hanna | Rand Realty with two new offices in New York State, located…
Read MoreWASHINGTON—National Association of Realtors Chief Economist Lawrence Yun said the Federal Reserve's most recent rate hike was unnecessary, and he expects the Fed will stop raising interest rates further, during the “Residential Economic Issues & Trends Forum” held at NAR's 2023 Realtors Legislative Meetings on May 10. Yun discussed recent developments in the U.S. economy…
Read MoreNEW YORK—Locally-based Nuveen, the $1.1-trillion asset manager of TIAA, reported on May 9 it is acquiring a portfolio of multifamily assets from Omni Holding Company totaling approximately 12,000 units. A majority of the acquired assets, more than 10,000 units, are located in the Bronx, Brooklyn, Queens, Manhattan, Long Island and Newark, NJ. No financial terms…
Read MoreWASHINGTON —Nearly seven out of 10 metro markets registered home price gains in the first quarter as 30-year fixed mortgage rates fluctuated between 6.1% and 6.7%, according to the National Association of Realtors latest quarterly report released on May 9. Seven percent of the 221 tracked metro areas registered double-digit price increases over the same…
Read MoreNEWBURGH—Non-profit research firm Hudson Valley Pattern for Progress released a report on May 3 that chronicled the Hudson Valley’s population loss during the height of the COVID-19 pandemic in 2019 and 2020. The region lost 4,845 people due to migration to locations outside of the Hudson Valley. The Pattern for Progress report points out, however,…
Read MoreALBANY—New York State released a 247-page report on May 5 that paints a damning picture of Fair Housing issues in the state, including the significant extent of housing segregation and racial discrimination in regions across the state. The “Fair Housing Matters NY” report authored by the New York State Homes and Community Renewal's Fair and…
Read MoreWASHINGTON—A majority (63%) of agents and brokers said promoting energy efficiency in listings is very or somewhat valuable, according to a new report from the National Association of Realtors—The 2023 Realtors and Sustainability Report. “While each area of the country has a unique climate and community resources, Realtors are finding the need to embrace their…
Read MoreWASHINGTON—Pending home sales decreased in March for the first time since November 2022, the National Association of Realtors reported yesterday (April 27). Three U.S. regions posted monthly losses, while the South increased. All four regions saw year-over-year declines in transactions. Home sales in the Northeast fell more than 8%. The Pending Home Sales Index—a forward-looking…
Read MoreYONKERS—Yonkers Mayor Mike Spano joined Ginsburg Development Companies and city officials on April 21 to celebrate the dedication of the Martin Ginsburg Park in the Greystone neighborhood that links Warburton Avenue to the Old Croton Aqueduct State Trail. The new park, which is named after the GDC Founder and Principal Martin Ginsburg, features a stairway…
Read MoreMOUNT PLEASANT— Toll Brothers will age-restrict 162 proposed townhomes in response to feedback from the Mount Pleasant Town Board, a decision that will allow the project between Columbus Avenue and West Lake Drive to move to the Zoning Board for review of a needed change to permit the townhomes use. The Town of Mount Pleasant…
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