{"id":14230,"date":"2013-10-06T19:18:02","date_gmt":"2013-10-06T23:18:02","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2013\/10\/good-time-for-real-estate-markets-glens-falls.html"},"modified":"2017-11-08T11:08:23","modified_gmt":"2017-11-08T16:08:23","slug":"good-time-for-real-estate-markets-glens-falls","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2013\/10\/good-time-for-real-estate-markets-glens-falls\/","title":{"rendered":"It’s A Good Time For Real Estate Markets In Glens Falls, Those In The Industry Say"},"content":{"rendered":"
\n
\n\"glen\n<\/div>\n
Glen Street Associates remodeled the Dolan Building in downtown Glens Falls into apartments on the upper floors and a mix of commercial and office space on the first floor\n<\/div>\n<\/div>\n

By R.J. DeLuke<\/p>\n

The Glens Falls region appears to be well
\nplaced when it comes to both the commercial
\nand residential real estate markets, according
\nto those involved in the industry.<\/p>\n

Areas like Glens Falls, Lake George,
\nHudson Falls and Queensbury have been
\nexperiencing growth in the number of development
\nprojects.<\/p>\n

Part of it, some say, is a spinoff from development
\nin Saratoga County and the trend for
\nproperties, both commercial and residential,
\nto be increasing in cost.
\n“There’s a strong market for commercial development,” said Peter Hoffman, co-owner of Glen Street Associates in Glens Falls. “The Saratoga market is outpriced. The cost is so great it’s pushing businesses and offices to come north.”<\/p>\n

Hoffman has been very busy developing mixed-use buildings, apartment complexes and other projects. He sees the region as one pointed for good growth.<\/p>\n

“Glens Falls has a great vibe. It’s on the way up,” he said.<\/p>\n

Mark Levack, of Levack Real Estate in Glens Falls, said commercial real estate “is positively trending.” He said in the last three months, inquiries have been numerous. “It’s been on par with what went on this summer “when activity was surging. “The trend has been consistent.” He also acknowledged the migration of business to the north of Saratoga. “There’s always been interest in our region from our neighbors to the south,” Levack said.<\/p>\n

\nAngela Cugini or Realty USA in Queensbury, said the residential market “is getting better and better” in the region. “Things are moving. We’re in the middle of a buyer’s and seller’s market. There’s not an abundance of inventory (of single-family homes) but if they are priced competitively they sell quickly.”<\/p>\n

She said that single family homes are selling better than multiple, but “there are some investors trying to get deals on multifamily homes.”<\/p>\n

Cugini said she sold several homes when the first wave of GlobalFoundries employees — the huge microchip manufacturing plant in Malta — came to the area. That has slowed, but as the company expands (they have already announced a large expansion plan) she expects more activity in the north country.<\/p>\n

“They get more bang for their buck than what you get in Saratoga,” she noted. “It doesn’t add a lot to your commute time and you get more house.”<\/p>\n

Hoffman said upgrading commercial properties is one of the keys to getting tenants. He’s been doing that successfully on projects in Glens Falls.<\/p>\n

“We find the space has to be renovated to lease to the high-end market. It has to have all the modern amenities. When we do that, it tends to go well,” he said. When it comes to his residential projects, Hoffman said the main trend is the need for luxury apartments.<\/p>\n

“It’s the same story. Saratoga has outpriced itself. The middle-income worker can’t afford Saratoga. So people are migrating north,” he said.<\/p>\n

He noted that he had a 37-unit apartment complex that he started to fill in August. In early October, there were only seven units left. “It’s a very strong market,” said Hoffman.<\/p>\n

“The urban user has just started to be identified in Glens Falls.” The units they have “stay full. It gives us a reason to go forward.” Currently, his company is considering a project with 100 new rental units in the city of Glens Falls. “It’s in the development stage.”<\/p>\n

“People wanted to live up there” he said of Glens Falls. “But there were no places in the city. Now there are apartments in the city.”<\/p>\n

“We’re finding many young professionals can work from anywhere these days. They work from home. They don’t have to be in a place like Saratoga. They can afford an apartment as nice or nicer in Glens Falls with everything they want.” Travel to Saratoga or Albany when required is not a burden.<\/p>\n

Said Levack, “I’m optimistic about the activity. We’ve seen a lot of sales and a lot of contracts from the mid to upper commercial echelon. There’s a lot of activity.”<\/p>\n

Photo Courtesy Of Glen Street Associates\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Glen Street Associates remodeled the Dolan Building in downtown Glens Falls into apartments on the upper floors and a mix of commercial and office space on the first floor By R.J. 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