Too often, developers can’t secure permanent financing upon a project’s completion. If it’s a condominium project will the condo project sell out? Then, there is construction gamble, as cost overruns, accidents, delays and other problems tend to occur on every job. Imagine, for example, a crane falling or dropping an expensive beam. Further, good labor…
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November Legislative Update: On Oct. 19th, the Treasury Department released its proposed rules for Qualified Opportunity Zones, a federal program created by the Tax Cuts and Jobs Act passed in December of 2017. The program incentivizes investment and development in distressed communities, designated as “Qualified Opportunity Zones” through tax benefits for investors. These benefits include…
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Putnam County Economic Development President Jill Varricchio has been talking up a “Business Accelerator” program for Putnam County. She says “as a catalyst for thoughtful economic development and being familiar with the evolution of the Orange County Accelerator, I found an entry point to bring to Putnam County a similar model. I brought the idea…
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On Monday, Oct. 29th the Westchester County Board of Legislators finally held a public hearing on the co-op disclosure bill. Realtor members of the Hudson Gateway Association of Realtors spoke in favor of the compromise bill. The bill calls for a 15-day time period in which a board must notify an applicant they received the…
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Technology seems to be on the tip of everyone’s tongue these days, with some in the industry exploring how new technologies can help grow their businesses to others who openly wonder if new technologies will put real estate agents out of business. From my perspective, the ultimate key is how we engage with and stay…
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The New York State Association of Realtors held its Fall Business Meetings earlier this month at Turning Stone Casino in Verona, NY. I was joined by nearly 30 representatives from HGAR, all who volunteered to spend a few days hearing updates and addressing issues that affect membership and the Association. On the first day of…
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The Tax Cuts and Jobs Act legislation, passed earlier this year, includes a 20% deduction from the net business income of sole proprietors and owners of S corporations, partnerships, and limited liability companies. The new deduction is intended to provide roughly the same tax rate cut the act provided to regular corporations. However, it is…
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Now that the primaries are over, focus will shift to the general elections. If you are a Realtor and did not vote, or are not registered to vote, you still have time to vote in the General Election to be held on Nov. 6. Every Realtor should vote! We are pillars of our communities and…
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In February of this year we announced in the pages of Real Estate In-Depth that HGAR and HGMLS had executed a formal memo of understanding (MOU) with the Long Island Board of Realtors, Inc. (LIBOR) and its subsidiary, the Multiple Listing Service of Long Island, Inc., to create a regional MLS. As I said in my…
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As expected, last week, 12 attorney generals filed suit against the Department of Labor challenging the Association Health Plan rule issued in June. The state AGs include: New York, Massachusetts, California, Delaware, Kentucky, Maryland, New Jersey, Oregon, Pennsylvania, Virginia and Washington, plus Washington, D.C. The lawsuit challenges DOL’s redefinition of “employer” under the Employee Retirement…
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Not too long ago, Putnam County commissioned environmental engineering firm AKRF Inc., as well as Hudson Valley Pattern for Progress to conduct a planning and feasibility study to establish recommendations towards the revitalization and improvements for 10 corridors in the county. The corridors were as follows: 1. Main Street. in villages of Cold Spring and…
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The co-op bill continues to be on the agenda of the Westchester County Legislature. Currently the bill contains a 10-day time period in which a board must notify an applicant that they received the application. It also contains a 45-day period from date of receipt to the time they must notify the applicant whether that…
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Please excuse the bad pun, but numbers truly matter, especially numbers related to real estate market statistics. The Hudson Gateway Association of Realtors, Inc. and its wholly owned subsidiary, the Hudson Gateway Multiple Listing Service, Inc, released second quarter sales statistics last month, and for the most part the numbers were a continuation of the…
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As the dog days of summer come to an end it makes me think of the fall and winter schedule of events, chock full of worthwhile meetings and conventions. This fall I hope you’ll join me for a vast array of happenings, everything from our very own Member Appreciation Day to NAR’s National Conference. The…
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Key victories for Realtors and the industry have come to fruition over the summer. The National Flood Insurance Program has been extended, which will facilitate thousands of home sales that otherwise would have stalled due to banks not issuing loans without the insurance in flood prone areas. We are still pushing a five-year reauthorization and…
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Beginning June 4, 2018, a new chapter of the New York State Commercial Association of Realtors (NYSCAR) was approved to serve the Greater Putnam and Westchester County areas. This group will meet once a month, rotating between Putnam and Westchester. Its sole purpose is to bring commercial brokers together to share commercial real estate inventory…
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On July 25, the U.S. House of Representatives passed an extension of the National Flood Insurance Program (NFIP) through Nov. 30 by a vote of 366 to 52. The bill next moves to the U.S. Senate for its consideration with little time to spare before the July 31 deadline. Congress has enacted six short-term extensions…
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HGAR’s Celebration of the 50th Anniversary of the Fair Housing Act earlier this month was a great success. We had two excellent panels of speakers representing local fair housing advocates and NAR’s Fair Housing partners. A special thank you to Crystal Hawkins Syska for moderating, and to our sponsors who make these events possible. On…
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Remember the days when the pace of life seemed to downshift a couple of gears during the summer? Those days are becoming a distant memory as things at HGAR are just as busy as ever. As we are at the midpoint of the year I thought this would be a good time to provide an…
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The U.S Department of Labor has finalized its long-awaited Association Health Plan rule to expand the definition of "employer" to include "working owners." This change allows real estate professionals and other self-employed individuals to participate in association health plans. A key provision, forwarded for inclusion in the rule by NAR, will allow many Realtors who…
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