{"id":29081,"date":"2017-10-11T13:22:30","date_gmt":"2017-10-11T17:22:30","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=29081"},"modified":"2017-10-11T14:27:12","modified_gmt":"2017-10-11T18:27:12","slug":"real-estate-professionals-lowering-property-taxes-enhance-areas-growth-potential","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2017\/10\/real-estate-professionals-lowering-property-taxes-enhance-areas-growth-potential\/","title":{"rendered":"Real Estate Professionals: Lowering Property Taxes Would Enhance Area\u2019s Growth Potential"},"content":{"rendered":"
\"\"
Mark Levack of Levack Real Estate Inc. in Glens Falls says there is a lot of value available in the Glens Falls real estate marketplace.<\/figcaption><\/figure>\n

By Susan E. Campbell<\/p>\n

A healthy economy in Glens Falls and surrounding communities bodes well for all sectors of the real estate market now and into the near future, local experts say.<\/p>\n

\u201cThis area is somewhat insulated by the downside of the economy,\u201d said Bob Sears of Berkshire Hathaway HomeServices, Blake Realtors in Queensbury. \u201cWhen the economy is booming, this area rises but it doesn\u2019t have the pendulum swings.\u201d<\/p>\n

\u201cThe tourism industry is strong here, and much is going on to accommodate tourists,\u201d Sears said.<\/p>\n

<\/span><\/p>\n

There a new Charlie Woods Park concert venue, a conference center going up in Lake George and new hotels at Northway exits 18 and 19. With more tourists comes the need for convenience stores and retailers, including national chains, Sears said.<\/p>\n

But the big stores can rarely build in the Adirondack Park. It is difficult to get a Walmart or a large store built because of strict Park Agency zoning regulations, Sears said.<\/p>\n

\u201cSo this is where the dam starts. The water mark rises right in Queensbury and Lake George, because it is difficult to build anything of size in the park,\u201d he said. \u201cInvestment is stymied to a degree.\u201d<\/p>\n

Sears said there is an adequate inventory of commercial and retail properties but there is a lull in demand for office buildings of about 10,000 square feet or smaller.<\/p>\n

\u201cDoctors, lawyers, accountants and other professionals are seeking economies of scale because of the high cost of the insurance, and the high cost of doing business as individual\u00a0practitioners, by combining into larger buildings,\u201d he said. \u201cThere is not a strong impetus to construct smaller buildings.\u201d<\/p>\n

Smaller entrepreneurs are coming into the area to get their businesses off the ground, according to Sears, which bodes well for the commercial market.<\/p>\n

A healthy percentage of commercial sales involve distressed buildings, according to R. Mark Levack of Levack Real Estate Inc. in Glens Falls.<\/p>\n

\u201cWhenever a property gets to a level below the currently invested dollars or fair market range, there is an opportunity to draw buyers,\u201d said Levack.<\/p>\n

He said a good example is The Mill of Glens Falls, a 52-unit apartment complex. The 1920s-era mill would have been developed into condominiums in 2008-2009, but there was no market for condos during those years of recession. The owners turned over the property to the bank and the bank renovated the building for rental units.<\/p>\n

\u201cInstead of a vacant building generating zero dollars, it is generating income from apartments,\u201c said Levack. \u201cOne cannot overlook the fact that the market is driven by distressed properties.\u201c<\/p>\n

Levack represented The Mill in the first quarter this year. The new owners followed up by investing another $2 million to add 18 more units on the second floor rather than office space, said Levack.<\/p>\n

\u201cThe importance of that project was not the $7 million sale, but that troubled assets found themselves under new ownership by investors with a progressive attitude,\u201d he said.<\/p>\n

\u201cThere is a lot of value available in the Glens Falls marketplace,\u201d Levack said. \u201cPotential investors will feel that with the absorption of distressed properties, the market will stabilize and values will be much more positively trending.\u201d<\/p>\n

Levack said commercial sales through his firm are on pace with last year, reflecting \u201csteady progress\u201d in the real estate markets. He is near to closing One Lawrence Street, an office complex, and he listed Thilrose Apartments and another assemblage of Victorian homes.<\/p>\n

\u201cWith interest rates staying low and uncertainty in the investment markets, it\u2019s a good time to look at real estate,\u201d said Levack.<\/p>\n

Sears said he enjoys the consistency of the market and the relative comfort of the area he has served for decades.<\/p>\n

\u201cPeople from outside the area look to locate to Glens Falls because of the stability and other perks, such as the tourist industry,\u201c said Sears. \u201cIt\u2019s not as congested with traffic as other areas. There\u2019s industry and employment and low crime.\u201d<\/p>\n

But Sears and Levack said that going forward local governments need to streamline some functions and trim taxes to make the market more competitive.<\/p>\n

\u201cWe have 12 municipalities within a radius of 12 miles with their own self contained government structures and as a result taxes are relatively high,\u201d Sears said. \u201cMayor Blaise has done a good job collaborating in Lake George, but Queensbury, Glens Falls and South Glens Falls have not consistently worked together.\u201d<\/p>\n

\u201cTax efficiencies can have a direct impact on employment and growth, which could drive the economy here,\u201d he said. \u201cBusinesses think twice before locating to a high tax area.\u201d<\/p>\n

\u201cThe property tax rate stifles growth,\u201d said Levack. \u201cWhatever we can do as a community and as government to reduce rates would be the single greatest driver to growth and prosperity.\u201d<\/p>\n

From her viewpoint, all the redevelopment in downtown Glens Falls over the past eight to 10 years has paid off handsomely for residential buyers, said Tina Foglietta, managing partner of Coldwell Banker Prime Properties in Glens Falls.<\/p>\n

\u201cThe Glens Falls market has grown in every way,\u201c said Foglietta. \u201cIt was slow at first, but the town has done a good job promoting itself.\u201c<\/p>\n

\u201cThe stores, the variety of restaurants, the places to lunch and dine all draw people, just like years ago,\u201d said Foglietta. \u201cMore people are living downtown and buying homes and walking to where they work and shop.\u201d<\/p>\n

Her office has nearly doubled its sales over last year as measured by the number of residential properties that have closed, she said.<\/p>\n

\u201cHome prices are climbing slowly, and there are multiple offers in many situations. Inventory remains low,\u201d said Foglietta. \u201cIt is a good time to sell, and has been all year.\u201d<\/p>\n

There is not a lot of new construction in Glens Falls, said Foglietta. But Coldwell Banker has a new project, Parkview, offering single-family residences near the heart of downtown. Phase One was sold out the first year and there are two more phases to come, she said.<\/p>\n

\u201cPeople like to have a little bit of a city feel but at the same time they are near the Adirondacks with all its lakes and rivers,\u201d Foglietta said.<\/p>\n

\u201cLast year was a great year for real estate overall and this year is even better,\u201d she said.<\/p>\n

\u201cGlens Falls\/Queensbury is the center of a region with centers of wealth, which makes it supremely located,\u201d said Levack. \u201cThere is no reason to doubt the procession of growth.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

By Susan E. Campbell A healthy economy in Glens Falls and surrounding communities bodes well for all sectors of the real estate market now and into the near future, local experts say. \u201cThis area is somewhat insulated by the downside of the economy,\u201d said Bob Sears of Berkshire Hathaway HomeServices, Blake Realtors in Queensbury. \u201cWhen […]<\/p>\n","protected":false},"author":89,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"yoast_head":"\r\nReal Estate Professionals: Lowering Property Taxes Would Enhance Area\u2019s Growth Potential - 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\/2017\/10\/real-estate-professionals-lowering-property-taxes-enhance-areas-growth-potential\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Real Estate Professionals: Lowering Property Taxes Would Enhance Area\u2019s Growth Potential - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Susan E. Campbell A healthy economy in Glens Falls and surrounding communities bodes well for all sectors of the real estate market now and into the near future, local experts say. \u201cThis area is somewhat insulated by the downside of the economy,\u201d said Bob Sears of Berkshire Hathaway HomeServices, Blake Realtors in Queensbury. \u201cWhen […]\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2017\/10\/real-estate-professionals-lowering-property-taxes-enhance-areas-growth-potential\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Glens Falls Business Journal\" \/>\r\n<meta property=\"article:published_time\" content=\"2017-10-11T17:22:30+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2017-10-11T18:27:12+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2017\/10\/real-estate-roundup-hc.jpg\" \/>\r\n<meta name=\"author\" content=\"Jake Van Ness\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jake Van Ness\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2017\/10\/real-estate-professionals-lowering-property-taxes-enhance-areas-growth-potential\/\",\"url\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2017\/10\/real-estate-professionals-lowering-property-taxes-enhance-areas-growth-potential\/\",\"name\":\"Real Estate Professionals: Lowering Property Taxes Would Enhance Area\u2019s Growth Potential - 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