{"id":18077,"date":"2015-10-15T13:21:49","date_gmt":"2015-10-15T17:21:49","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/10\/those-in-glens-falls-real-estate-industry-are-optimistic-some-growth-is-saratoga-spillover.html"},"modified":"2015-10-15T13:21:49","modified_gmt":"2015-10-15T17:21:49","slug":"those-in-glens-falls-real-estate-industry-are-optimistic-some-growth-is-saratoga-spillover","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/10\/those-in-glens-falls-real-estate-industry-are-optimistic-some-growth-is-saratoga-spillover\/","title":{"rendered":"Those In Glens Falls Real Estate Industry Are Optimistic; Some Growth Is Saratoga Spillover"},"content":{"rendered":"
\n
\n\"real\n<\/div>\n
Photo\/Todd Bissonette Photography Real estate experts say commercial properties are becoming in-demand in the region\n<\/div>\n<\/div>\n

BY ANDREA PALMER<\/p>\n

Realtors and developers in the Glens Falls
\nregion have a positive outlook on the market.<\/p>\n

Shelli Cameron, owner and broker of
\nCameron & Associates Real Estate in Glens
\nFalls, foresees a rise in buyers as the next
\ngeneration of first-time home buyers comes
\nof age.<\/p>\n

“Real estate is a local issue. We live in an area
\nthat did not get hit as hard as other parts of the
\ncountry from the housing bubble. Inventory
\nhas decreased in the past year and the median
\nsale prices are up. Historically low interests
\nrates are still contributing to the recovery of
\nthe housing market but they will inevitably go
\nup to still-reasonable rates. I think we will see
\nan increase in first-time home buyers as the
\nmillennials start getting married and having
\nfamilies,” said Cameron.
\nTom VanAernam, owner and real estate
\nbroker of VanAernam Realty and Associates
\nin Hudson Falls, has experienced increased
\nsales as the market has improved.<\/p>\n

“Within the last three years, I’ve seen a brush
\nof things getting better. We went through our
\nbad time when everything crashed. Prices
\ncorrected themselves as banks became more
\nresponsible and conservative in their lending
\nefforts. The market has gotten into a more
\nresponsible mode. Banks and appraisers had
\na wake-up call because of the crash,” said
\nVanAernam.<\/p>\n

The tri-county area is a unique area.
\nSaratoga County has become very expensive,
\nand is inundated with new properties. The
\nprices have a tendency to be on the high side
\nin Saratoga County. Warren County has a lot
\nof new builds, but the county is running out
\nof space to develop. Queensbury is being built
\nout quite a bit now, and flowing into Saratoga
\nCounty in the Hadley and Corinth area.<\/p>\n

“The next big push will be Washington County. Because of the prices and availability
\nof raw land, we are starting to see more building
\nof newer homes. You’re always going to have
\npeople upgrading. You can get more value in
\nan existing home that is already landscaped
\nand paved. There’s a lot of different choices
\nout there,” said VanAernam.<\/p>\n

“We’ve learned a lesson and we’re going in the
\nright direction. Things have been very brisk and
\nbusy for us. You have to work harder for your
\nmoney, making sure people are prequalified,
\nmaking sure homes are priced correctly,”
\nVanAernam stated.<\/p>\n

Peter and Suzanne Hoffman, of Glen Street
\nAssociates, are in their 10th year of city
\ndevelopment. The firm has done a project every
\nyear since 2005. Hoffman sees the market as
\nvery strong after an initial decline following
\nthe building of the Northway.<\/p>\n

“When we came in 2005, we saw a lot of
\nbeautiful, historic buildings. It seemed like if
\nyou restored the buildings, people would come.
\nPeople want to be back in the cities today–it’s
\nthe new millennium attitude, to experience
\nthe walkabout life, the history and so on. We
\ncapitalized on that upswing. When we got
\nhere, Saratoga was booming. The prosperity
\nhas seemed to move up the Northway,” he said.<\/p>\n

Glen Street Associates has around 75
\ndowntown apartments, all occupied and with
\na waiting list.<\/p>\n

Hoffman foresees Hudson Falls doing well
\nin the future.
\n“We have four commercial buildings in
\nHudson Falls. Hudson Falls has been very good.
\nIt didn’t take a large splash to make a big wave.
\nIt is seven minutes from the heart of Glens Falls.
\nAs Glens Falls prospers, so should our neighbor
\nto the east, Hudson Falls. We’re very bullish on Hudson Falls right now,” Hoffman said.<\/p>\n

He said there is a very pent-up demand for
\nspace and services in the Glens Falls region,
\nciting the upcoming Bonacio Construction’s
\nmixed-use project in downtown Glens Falls,
\nadjacent to the new parking garage, as a huge
\ncatalyst for the area. Construction is about to
\nstart and it will include 80 more apartments.<\/p>\n

“Because of [the region’s] infrastructure and
\ncosts, we’re able to give substantially better
\nrates than our sister city, Saratoga. People are
\nfinding they can come in at half the cost of
\nSaratoga,” said Hoffman.<\/p>\n

Patti Gray Whann is the owner and broker
\nof Glens Falls Area Realty, located on Sanford
\nStreet in Glens Falls. Whann has been in real
\nestate for 12 years.<\/p>\n

“We clearly have turned a corner. You can
\nsee it in the inventory. This is the best year I
\nhave had in six years–my business has doubled
\nsince last year,” said Whann.<\/p>\n

“We were in the doldrums for a long time.
\nWhen the market tumbled during the financial
\ncrisis, we did not feel it as much. Glens Falls
\nis somewhat insulated. When the market was
\ngoing up and up and up in the early 2000s, Glens
\nFalls didn’t spike. We do best when it becomes
\nunaffordable in Saratoga,” said Whann.<\/p>\n

“We are Mayberry and Pleasantville in color.
\nWe have grit. But this is a safe area. We have
\nmore museums than either Lake George or
\nSaratoga Springs,” said Whann of the region’s
\nunique appeal.
\nWhann is president of the Glens Falls
\nCollaborative.
\n“Given time, real estate is very forgiving. I
\nam 60 years old, I have had 12 houses, and I
\nhave never lost money in real estate–because
\nI knew when to hold,” said Whann.<\/p>\n","protected":false},"excerpt":{"rendered":"

Photo\/Todd Bissonette Photography Real estate experts say commercial properties are becoming in-demand in the region BY ANDREA PALMER Realtors and developers in the Glens Falls region have a positive outlook on the market. Shelli Cameron, owner and broker of…<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[66,122,126,135,137],"yoast_head":"\r\nThose In Glens Falls Real Estate Industry Are Optimistic; Some Growth Is Saratoga Spillover - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/10\/those-in-glens-falls-real-estate-industry-are-optimistic-some-growth-is-saratoga-spillover\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Those In Glens Falls Real Estate Industry Are Optimistic; Some Growth Is Saratoga Spillover - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"Photo\/Todd Bissonette Photography Real estate experts say commercial properties are becoming in-demand in the region BY ANDREA PALMER Realtors and developers in the Glens Falls region have a positive outlook on the market. 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