GlensFalls.com logo
GlensFalls.com logo
  • Back to GlensFalls.com
  • Lodging
  • Restaurants
  • Things To Do
  • Events
Glens Falls Business Journal
  • Home
  • New Businesses
  • Business News
  • Business Reports
  • Business Briefs
  • Business Registrations
  • Personnel Briefs
  • Contact Us

Category Archives: Commercial / Residential Real Estate

Foothills Builders Will Start Construction Of A 24-Unit Apartment Complex This Year

Posted onOctober 17, 2022
This is a rendering of the 24-unit apartment complex Foothills Builders is planning to build near Northway Exit 18 in Queensbury. The project includes some retail space.
Courtesy Foothills Builders

By Susan Elise Campbell

Foothills Builders will begin construction of a 24-unit apartment complex with retail space near Northway Exit 18 in Queensbury this fall .

“We are finishing up our construction drawings now and hope to frame up the building before winter,” said Joe Leuci, who has operated the company with his father, Joe Leuci Sr., for the past 10 years. “This project at 80 Main St. is a new challenge for us.”

The Leucis purchased the land in December 2021 with the intention of developing it for mixed use, he said. 

Foothills Builders is primarily a residential construction company and has built 100 homes in the area and has developed and managed some smaller commercial projects. 

“The corridor is being developed for that type of construction because it connects the highway with downtown Queensbury,” said Leuci.

He said properties must be developed for mixed use if they are within a certain distance from Main Street.

“The commercial space follows Main Street zoning regulations,” said Leuci. “We will be able to subdivide to do more local shops to suit the tenants. Based on preliminary discussions with potential businesses, the space will fill up quickly,” he added. 

Read More

Glens Falls Planning Board Approval Allows Development On South Street To Proceed

Posted onOctober 17, 2022October 17, 2022
This is a rendering of the Elm Street and South Street area being redeveloped by SpringCity Development Group. It will include much-needed apartment units.
Courtesy SpringCity Development

By R.J. DeLuke

The Glens Falls Planning Board approved the architectural site plan for the $30 million overhaul of South Street.

The board’s action took place Oct. 4.

The plan being carried out by SpringCity Development Group, a subsidiary of Bonacio Construction in Saratoga Springs, calls for  renovating three vacant buildings while adding a five-story apartment complex.

It is all part of a major, long-envisioned rehabilitation of that part of downtown. The city received a $10 million Downtown Revitalization Initiative grant from the state in 2016 to push the project along.

Larry Novik, business development director for Bonacio Construction and SpringCity, said the first phase will take about 12 months. The company is working with Glens Falls Farmers’ Market Association to make sure market vendors are not disturbed in either the summer of 2023 or 2024 by the construction.

Approximately 90 apartments will be built, something economic development officials fee is vital to the area. Also, nearly 14,000 square feet of commercial space at the corner of South and Elm streets will be built.

Read More

Business Report: Area Housing Market On Strong Footing

Posted onOctober 17, 2022
Steven Luttman, broker/owner of SJ Lincoln Realty, host of The Expected Returns podcast.

By Steven Luttman

Former Speaker of the House Tip O’Neil made famous the phrase “All politics is local”. The meaning being that while problems exist on a national level, at the end of the day voters care most about issues close to home. 

I would make the argument that real estate, much like politics, is predominantly a local matter. Do country-wide trends matter? Certainly yes. Monitoring data like the monthly Case-Shiller Home Price Index will provide good insight into the overall health of housing. 

Does it accurately reflect what’s currently happening in your neighborhood? Oftentimes not at all. Predicting the future of local housing markets can be more art than science. If you don’t believe me, ask Zillow. 

The real estate platform lost hundreds of millions of dollars last year due to its iBuyer algorithm overpricing offers made to sellers. As of the writing of this article, publicly traded shares of Zillow Group (ZG) were down 52 percent year to date, vastly underperforming the S&P 500 (SPY) as a whole by roughly half over the same period. Computers are great, but boots on the ground still count for something.

What we do know is that taking a long-term viewpoint, the Capital Region housing market is on sound footing. Our two largest employers (healthcare and local / state government) represent sectors unlikely to see a contraction in staffing, regardless of external economic events. While negative net migration in the state is concerning, this is overwhelmingly a downstate problem. 

Read More

Home Prices In New York State Rise Again, According To Realtors Association Data

Posted onOctober 17, 2022

During August, the Southern Adirondack real estate market saw increased prices and lower levels of inventory compared to August 2021, with homes spending less time on the market and selling above list price.

“Our market’s trend of higher prices and fewer listings continued in August,” said Densay Sengsoulavong, CEO of the Southern Adirondack Realtors that includes Washington and Warren counties.

 “While some experts believe price growth may moderate in the months ahead, the Southern Adirondack region is still showing signs of strong demand with high prices and quick sales. Unless we see a spike in inventory or a drop in demand, we’re likely to see a continued seller’s market pushing prices higher for the foreseeable future.”

New listings in the region decreased 13.1 percent in August compared to last year, from 633 to 550. The inventory of homes for sale dropped 31.6 percent, from 1,423 to 974, and pending sales decreased 3.3 percent, from 511 to 494. Closed sales were down 11.4 percent, from 537 to 476. Sellers received 102.2 percent of their list price in August, compared to 101.6 percent in August 2021.

The median sales price increased 6 percent, from $320,900 to $340,000. Homes spent an average of 19 days on the market last month, compared to 29 days in August last year. The months supply of inventory decreased 20 percent, from 3 to 2.4.

Southern Adirondack Realtors Inc. represents over 500 Realtors and real estate industry professionals in New York’s Southern Adirondack region. For more information, visit  southernadkrealtors.org.

Read More

Residential Real Estate Is Experiencing A Boom As The COVID-19 Pandemic Eases

Posted onOctober 18, 2021
Susan Kassal is a real estate agent with Hunt Real Estate.
Courtesy Hunt Real Estate

By Christine Graf

The residential real estate boom that is occurring throughout the country has Capital Region real estate agents scrambling to find homes for their clients. Much of the demand is being fueled by millennials who are in their prime home-buying years and make up the county’s largest demographic.

The decline in interest rates that took place during the past year has made purchasing a home especially attractive. Mortgage rates dropped in 2020 and reached a record low of 2.65 percent in January. Those in the industry say demand far exceeded supply of homes, and low supply has been the primary driver for the rapid increase in home prices.

“It’s nuts,” said Howard Denison of DeMarsh Real Estate in Glens Falls. “People are offering up to 10 percent more than asking. There was a two-family ranch that sold within four hours. Potential buyers are getting upset and disgusted.”

According to Susan Kassal of Hunt Real Estate, during her 19 years in real estate she has never witnessed such high demand for residential properties. Many of her customers make offers on three to four houses before securing a winning bid, and a surprising number are making all cash offers. Although the majority of the cash buyers are relocating from cities, she said some are local.

“I’ve never seen so many all cash offers. Cash is winning, and if you have cash and come in on the first day or two you can grab it. Even in the $400,000 or $500,000 range, you are seeing cash. We’ve seen people come for vacation homes and pay cash, and they are beating out local people. It’s causing a lot of frustration, but in the last month or so I’ve seen the inventory picking up. And we are finding homes for all of our buyers. But you have to be the first one in.”

Read More

Business Report: Preserving Vacation Home For Future Generations

Posted onOctober 18, 2021
David Kubikian is a principal with Herzog Law Firm in Saratoga Springs.
Courtesy Herzog Law

By David A. Kubikian, Esq.

When people own something of sentimental value, they are sometimes unsure of how to pass it down to their family for future generations to enjoy. This is especially the case with a vacation home or camp that has been in the family for years.

Example: You own a beach or lake-front vacation home for years in a now sought-after area. You have seen your children (and grandchildren) grow up there and recall memories of watching sunsets over the water, roasting marshmallows over a campfire, and teaching the kids how to swim. It may be difficult to think that this home will be sold out of the family when you die and would like to preserve it for enjoyment of generations to come.

How can you best insure this property will be there for future generations to enjoy (and at times cohabitate), as your family tree grows or in future after your passing?

Who will be responsible for paying the Insurance? Taxes? Repairs? Maintenance? Fees?

Who decides which family members or friends use it and when?

What impact would future divorces or bankruptcies have on the property?

How can you protect the property from a Medicaid spend down?

Read More

Commercial Real Estate Market Declines As Pandemic Reigns, But Optimism Exists

Posted onOctober 18, 2021
Howard Denison, associate broker at DeMarsh Real Estate in Glens Falls.

By Christine Graf

Unlike the residential real estate market which has boomed during the COVID-19 pandemic, the commercial real estate market has experienced a significant decline, according to those in the industry.

The demand for commercial space has been impacted by pandemic-related business closures and the changing demographic of the workforce. According to a Gallup poll, 72 percent of white-collar workers were still working remotely in May 2021.

Many companies are expected to  switch to a hybrid model or to allow employees to continue working exclusively from home after the pandemic ends. If this happens, the demand for commercial office space could drop significantly.

The pandemic also led to a dramatic increase in Ecommerce, which was already a threat to brick and mortar retailers who now fear that consumer behaviors that changed during the pandemic may become permanent. A record number of stores closed in the U.S. in 2020 leaving 159 million square feet of retail space vacant.

Despite these concerns, Howard Denison, associate broker at DeMarsh Real Estate in Glens Falls, said the local commercial real estate is rebounding after being “under the weather” for the past year.

He has been working in real estate for 31 years and attributes much of the recovery to the Route 9 sewer project in Moreau. The addition of a municipal sewer system in the town’s commercial corridor is expected to lead to development and economic growth in area where growth had stagnated.

Read More

Former Copperfield Inn In North Creek Purchased, Transformed Into Phoenix Inn

Posted onOctober 15, 2020October 16, 2020
The Phoenix Inn has 31 guest rooms and suites, complete with marble bathrooms. It offers ecologically friendly bath products and are heated and cooled geothermally.
Courtesy Phoenix Inn

By Jennifer farnsworth
At the heart of the new Phoenix Inn in North Creek is owner Diana Espalza, who not only bought the former Copperfield Inn, but transformed the space into a successful resort—all during a pandemic.
Espalza, originally from Colombia, South America, said she dreamed of owning her own hotel her entire life. When she came upon the Copperfield Inn property, she knew it was the space she wanted.
“I love construction and I fell in love with this building at first sight,” said Espalza.
It was last December when Espalza purchased the inn and COVID-19 happened in March. She took time to learn more about the business and come up with a vision for what she wanted. She said the name “Phoenix” came to her after she went through what described as a rough experience.
“Like the Phoenix is reborn from the ashes, that is what I hope to do in my personal life. I am trying to make this building as successful and prosperous as it once was,” said Espalza.
She renovated the heating and air conditioning system and made structural improvements to the roof and several rooms. She added patio space.

Read More

Governmental Data Says Employment Is Slow In Nonresidential Construction Sector

Posted onOctober 15, 2020October 16, 2020

Construction employment increased nationally by 26,000 jobs in September to a total of 7,245,000, but the gains were concentrated in housing, while employment in the infrastructure and nonresidential building construction sector remained little changed, according to an analysis by the Associated General Contractors of America of government data released Oct. 2.
Association officials said the pandemic was prompting strong demand for new housing as more Americans work from home, while undermining private-sector development of office, retail and other types of projects and forcing many local and state governments to cut construction budgets.
“Construction is becoming steadily more split between a robust residential component and generally stagnant private nonresidential and public construction activity,” said Ken Simonson, the association’s chief economist, noting that in the three months since June, residential construction employment has increased nearly 3 percent while nonresidential employment has slipped 0.2 percent. “As project cancellations mount, so too will job losses on the nonresidential side unless the federal government provides funding for infrastructure and relief for contractors.”

Read More

Real Estate Professionals Say Local Market Is Strong For Both Residential And Commercial

Posted onOctober 10, 2019October 11, 2019
Area real estate professionals say housing is not staying on the market long in Glens Falls.

By Jill Nagy
Area real estate brokers expressed glee recently as they described the current local market, using expressions like “great,” “excellent,” “very, very strong,” “unusually hot,” and “booming,.”
Inventory, especially of houses at the lower end of the price range, is low and a new listing rarely stays on the market for more than a week, they said.
Susan Kassal of All American Properties in Glens Falls, said she showed a townhouse on a Sunday and received three offers for it by the following Monday.
“Literally within minutes of being listed, they are sold,” said Daniel Davies of Davies-Davies & Associates in Queensbury—but admitted that he was exaggerating a bit.
People are attracted by relatively low prices, favorable financing, a stock of historic buildings, and the beauty of the area. Peter Hoffman of Glen Street Associates in Glens Falls, for example, recalled when he was practically laughed out of a local banker’s office when he asked for a $1 million loan. Today, loans of $7 million or more are not unusual. Bankers are more willing to lend because they have seen successful projects, he said.
On the commercial side, many buyers are looking for investment property. With a volatile stock market and low interest rates on savings and bonds, investors see real estate as a stable investment, said Davies.

Read More

Posts navigation

1 2 3 4 Next
Subscribe to Our Newsletter
View the Latest Virtual Edition
 SUBSCRIBE TO OUR NEWS FEED

Categories

  • 50-Plus
  • Banking
  • Banking / Asset Managment
  • Building Trades
  • Business Briefs
  • Business News
  • Business Registrations
  • Business Reports
  • Commercial / Residential Real Estate
  • Construction
  • Construction Planning
  • Corporate Tax / Business Planning
  • Cyber/Tech
  • Dining Guide
  • Economic Outlook 2017
  • Economic Outlook 2018
  • Economic Outlook 2019
  • Economic Outlook 2020
  • Economic Outlook 2022
  • Economic Outlook 2023
  • Economical Development
  • Education / Training
  • Entrepreneurial Women
  • Entrepreneurs
  • Entrepreneurship
  • Environment / Development
  • Exclusives
  • Financial Planning / Investments
  • Fitness / Nutrition
  • Health / Community Services
  • Health & Fitness
  • Health & Wellness
  • Healthcare
  • Holiday Shopping Guide
  • Home / Energy
  • Home & Real Estate
  • Insurance / Employee Benefits
  • Insurance / Medical Services
  • Legal / Accounting
  • Meet The Chef
  • My Turn
  • New Businesses
  • Non-Profits
  • Office / Computers / New Media
  • Office / HR / Employment
  • Office / New Media
  • Office / Tech / eCommerce
  • Office / Technology
  • Office / Work Place / Legal
  • Outlook 2016
  • Outlook 2021
  • Personnel Briefs
  • Retirement Planning
  • Senior Living / Retirement
  • Summer Construction
  • Uncategorized
  • Wellness
  • Women In Business
  • Workplace / Legal / Security
  • Year-End Tax Planning

Archives

  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • November 2010
Mannix Marketing Logo
GlensFalls.com logo
  • Home
  • Lodging
  • Restaurants
  • Things To Do
  • Nightlife
  • Events
  • Health & Beauty
  • Real Estate
  • Businesses
  • About
  • Home & Garden
  • Guides
  • Blogs
  • Sweepstakes
  • Advertising
Official Guide to the Greater Glens Falls Region
Full-Service Internet Marketing: Search Engine Optimization, Website Design and Development by Mannix Marketing, Inc.
Mannix Marketing, Inc. is headquartered in Glens Falls, New York
GlensFalls.com All Rights Reserved © 2023
Disclaimer & Privacy Policy / Terms of Use / Copyright Policies

We strive to insure accuracy on GlensFalls.com however accuracy cannot be guaranteed. Information is subject to change.
Please alert us if there is any inaccurate information here.

Having trouble using this site? Accessibility is our goal, please contact us with site improvements.