Month: April 2023

Business Report: Immovable Object Vs. Unstoppable Force

April 18, 2023

Steven Luttman, broker/owner of SJ Lincoln Realty, host of The Expected Returns podcast.

By Steven Luttman

April 2, 1989 marked a formative day in the childhood of many within a certain age demographic. Following the dissolution of their tag team, Hulk Hogan battled Randy Savage for the world title in what was billed as “The Mega-Powers Explode.”

Two icons of the sport engaged in battle, the former relying on brute strength and power while the latter found success with finesse and quickness. It was impossible to imagine either succumbing to the other. Three-plus decades later and this impasse parallels today’s conflict between buyers and affordability within the residential real estate market.

On one side of the housing equation, you have interest rates. Last March the Federal Reserve announced what would go on to be the first of several increases to their Fed Funds rate. Since then, the velocity in which the cost of borrowing money has risen hasn’t been seen since the early 1980s.

Many homeowners fortunately saw the writing on the wall, and locked in attractive mortgage payments before the escalation fully got underway. Goldman Sachs now estimates nearly three-quarters of all borrowers have interest rates below 4 percent, and 99 percent possess one below six.

While this was financially prudent, the corresponding friction it would go on to cause is significant. When considering moving up, downsizing or simply eyeing a change, one of the first factors a homeowner must come to terms with is the idea of trading in a 3 percent mortgage in exchange for the prevailing rates of today which are double that.

Lake George Association Makes DeFeo The Manager Of Education For Action Programs

April 18, 2023

Jaimi DeFeo is LGA manager of its new education for action programs.

The Lake George Association has appointed environmental educator Jaimi DeFeo as manager of its new education for action programs.

This program is dedicated to helping property owners throughout the Lake George watershed, as well as members of the regional business community and the public, understand the environmental challenges facing Lake George and how to participate in lake protection.

DeFeo will manage the LGA’s Lake Protector outreach and engagement programs, reaching key constituencies, including property owners and the public, and featuring the popular Floating Classroom. She will also oversee development of new outreach and engagement programs and coordinate volunteer participation in the LGA’s community science programs and events. LGA community scientists participate in a variety of programs to monitor water quality, invasive species, harmful and concerning algae growth, and local wildlife populations.

“Building an informed, empowered and action-focused constituency of Lake Protectors of all ages and from all walks of life is essential to the long-term protection of this priceless environmental, economic, and recreational resource,” said LGA President Eric Siy. “From her experience as a college professor to developing environmental education programs for elementary, middle, and high school students, Jaimi is the perfect person to engage, educate and inspire others to act as needed to protect Lake George.”

“I came to love Lake George over many years visiting here, and my appreciation for all the Lake means to our regional community from the ecological, economic, and recreational perspectives has only grown since moving here seven years ago,” DeFeo said.

Realtors Group Says Lack of Inventory A Factor In Low Number Of Closed Sales

April 18, 2023

With a continued lack of inventory and Interest rates starting to rise once again, closed sales dropped to their lowest point in nearly a decade, according to the housing report released in late March by the New York State Association of Realtors.

Closed sales plummeted 34.3 percent, from 9,351 sales in February 2022 to only 6,147 units in February of 2023. This marks the lowest number of closed sales in month-over-month comparisons since February 2014 when there were just 5,700 units sold, according to the report.

New listings were down as well, from 11,760 listings in February 2022 to 9,905 in

February 2023 representing a 15.8 percent decline. Pending sales also fell 8.1 percent from 9,350 homes last year to 8,593 sales pending in February 2023.

In Warren County, data showed that new listings equal from January through March 22 (totaling 59), but closed sales were down 25.5 percent. The median sales price of $247,500 was up about 7.6 percent. The inventory of homes for sale was down about 1 percent.

Numbers for Washington County were not listed.

AHLA: Hotel-Generated Tax Revenue Expected To Reach New Heights This Year

April 18, 2023

Hotel-generated state and local tax revenue will reach new heights nationally ($46.71 billion) and in states across the nation this year, according to state-by-state projections released in March by the American Hotel & Lodging Association (AHLA) and Oxford Economics.

Average U.S. hotel occupancy is projected to reach 63.8 percent in 2023—just shy of 2019’s level of 65.9 percent. Staffing is expected to remain a challenge for many U.S. hotels in 2023, as the industry continues to grow its workforce back to pre-pandemic levels.

“Hotels are making significant strides toward recovery, supporting millions of good-paying jobs and generating billions in state and local tax revenue in communities across the nation,” said AHLA President and CEO Chip Rogers. “To continue growing, we need to hire more people. Fortunately, there’s never been a better time to be a hotel employee, with wages, benefits, flexibility and upward mobility better than ever before.”

Hotels across the country are on a hiring spree because they’re looking to fill many of the jobs lost during the pandemic, AHLA said. As of December 2022, national average hotel wages were at historic highs of over $23/hour and hotel benefits and flexibility are better than ever. Nearly 100,000 hotel jobs are currently open across the nation, according to Indeed.

To help hotels fill open jobs and raise awareness of the hotel industry’s 200-plus career pathways, the AHLA Foundation’s “A Place to Stay” multi-channel advertising campaign is now active in 14 cities, including Atlanta, Baltimore, Chicago, Dallas, Denver, Houston, Los Angeles, Miami, Nashville, New York, Orlando, Phoenix, San Diego, and Tampa.

Construction At Double H Ranch To Include New Residential Lodge And Adaptive Playground

April 18, 2023

This is a rendering of the new residential lodge that will be built at the Double H Ranch, part of $5.5 million in capital projects planned at the site.
Courtesy Double H Ranch

The Double H Ranch in Lake Luzerne is embarking on a $5.5 million capital campaign project to support four areas—a new residential lodge, an new adaptive playground, and expansion of the outdoor pavilion expansion and Camp-A-Theater.

Backed unanimously by its board of directors, the Double H Ranch has secured $5 million of its goal.

It will be the ranch’s second capital campaign. It is led by Lisa and Robert Moser, who launched the campaign with a $1.5 million leadership gift.

“Double H Ranch wouldn’t be possible without the support of our community. We are grateful for the individuals, foundations, businesses, and organizations that have provided generous funding in the initial stage of our campaign. We are inspired by the progress we have made and look forward to meeting our campaign goal in 2023 with the help from our community,” said the Mosers.

Neil Golub, co-chair of the campaign, provided a $1 million challenge, matching gifts made by board members and early stakeholders.

“For those of us who have had the privilege of leading the Double H groundbreaking for new facilities, it has always been a source of enormous pride,” said Golub. “Every new facility ensures our longevity. Knowing that our kids will be attending a special place for mind, soul, and body gives us a very warm feeling.”