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Category Archives: Commercial / Residential Real Estate

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.

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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.”

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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?

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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.

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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.

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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.”

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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.

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Exchange Street Property In Glens Falls Sells For Nearly $350,000; No Changes Planned

Posted onOctober 10, 2019October 11, 2019
This property at 16 Exchange St. in Glens Falls, home to Milk & Honey, Juicin’ Jar and Advokate LLC, was recently purchased by Nancy Scumaci. She plans no changes to the structure.

By Christine Graf
Buddha Ventures, an LLC owned by Nancy Scumaci of Bolton Landing, purchased property at 16 Exchange St. in Glens Falls for $348,250.
The 4,000-square-foot building is home to Milk & Honey, Juicin’ Jar and Advokate LLC. It also includes a private two-story apartment that is occupied by a tenant.
Ann Parrish, the owner of Milk and Honey, purchased the building in 2005. It was not on the market at the time Scumaci expressed interest in buying it.

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Business Report: Before Signing Commercial Lease, See This

Posted onOctober 10, 2019October 11, 2019
Jennifer Tsyn is a business law attorney with Bond Schoeneck & King.

By Jennifer Tsyn
Whether your business is just starting up, expanding, or relocating, you are likely to find yourself negotiating a lease. Of major concern to most commercial tenants are the maintenance, upkeep and repair of their space and the entire building. These issues should be carefully negotiated and then written into the lease.
1. Who is responsible for repairs and maintenance of the tenant’s space?
Commercial leases often require that tenants maintain, repair and replace those portions of the HVAC, electrical, plumbing, and water and sewer systems that are located inside or outside of the leased space, but which exclusively serve the leased space.
Tenants should always take steps to learn whether the heating, cooling and ventilation for their space will be provided by a shared HVAC unit or a designated HVAC unit, and whether that unit will be considered to be inside their space or outside of it (for example, if there is a rooftop unit).
In addition, tenants should be aware that maintenance, repair, and replacement are not the same thing, and each should be addressed. If the tenant is going to be required to “maintain” any of the HVAC or other systems, the tenant should make sure to know if they will need to enter into a contract for regular maintenance with an outside provider, and, if so, how much that is expected to cost.

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Commercial Real Estate Market In Region Is Strong; Area’s Growth Potential Is Attractive

Posted onOctober 11, 2018October 11, 2018
Glen Street Associates completed a $2 million renovation of the former Glens Falls post office.

By Maureen Werther

As Glens Falls and the surrounding region continues to experience growth in the business, educational, industrial and healthcare sectors, it is also balancing new growth with a commitment to rehabilitating and modernizing older existing structures to preserve the region’s history and aesthetic.

Peter Hoffman, his wife and business partner, Suzanne Hoffman, have taken on 17 projects in as many years. Their interest in expanding opportunities in the region and also preserving some of its architectural beauty keeps growing.

“We have been in the commercial market in Glens Falls since 2004, and every year we see more progress,” said Hoffman.

They just completed a $2 million renovation and modernization of the former Glens Falls Post Office on Warren Street, turning it into professional office space. The building was originally erected in 1915 and had been earmarked for demolition. Hoffman said it is an “absolutely amazing” building, adding that he has rehabbed more than a dozen older buildings and “this one is the most amazing building that we have done.”

Work began on the post office in May.Hoffman said it is ready for rental, with several interested potential tenants. He said that he expects there to be about 45 people working there within the next six months, which he calls a “big ripple in a little pond.” An additional influx of business and consumers will make a big difference in the local community.

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