{"id":30753,"date":"2018-04-12T13:13:50","date_gmt":"2018-04-12T17:13:50","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=30753"},"modified":"2018-04-13T11:56:31","modified_gmt":"2018-04-13T15:56:31","slug":"real-estate-agents-optimistic-markets-commercil-residential-properties","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2018\/04\/real-estate-agents-optimistic-markets-commercil-residential-properties\/","title":{"rendered":"Real Estate Agents Optimistic About Markets For Commercil And Residential Properties"},"content":{"rendered":"
\"\"
Susan Kassal of All-American Properties says updated three-bedroom homes are in demand.
Courtesy All-American Properties<\/figcaption><\/figure>\n

By Rachel Phillips<\/p>\n

Warren County is facing a shortage of inventory in real estate, local agents say.\u00a0<\/span><\/p>\n

Despite that, agents said the markets for both residential and commercial real estate are strong and buyers and sellers alike have a positive outlook.<\/p>\n

Nicholas Ketter of Levack Real Estate in Glens Falls said the commercial market is strong, but while some aspects of the market are trending nicely, others have remained flat.<\/p>\n

\u201cThere is strong interest to invest in the apartment market right now,\u201d said Ketter.\u00a0<\/span><\/p>\n

<\/p>\n

Large brick-and-mortar stores, such as Toys-R-Us, are struggling as well due to competition from the internet. In response to this, Ketter\u2019s advice to business owners is to \u201clook for more experience-driven concepts in the future that supplement logistical offerings such as Amazon.\u201d\u00a0<\/span><\/p>\n

\u00a0<\/span>\u201cWhat the area needs are two things: lower city taxes to continue to drive development in Glens Falls, and luring in a large corporation to the area. Any tangible increase in demographics will drive commercial real estate in Warren County.\u201d<\/p>\n

Bob Sears, of Berkshire Hathaway Home Services in Queensbury, specializes in commercial real estate, and believes the momentum in the market is due in part to people\u2019s faith in the local economy.\u00a0<\/span><\/p>\n

\u201cA lot of people have a very positive attitude about the economy in this area, so they\u2019re ready to make decisions on whether or not they want to buy another property or lease additional property to help further their business,\u201d said Sears.<\/p>\n

He said there is a diverse stock of commercial properties for sale, but there isn\u2019t enough industrial space available for purchase, meaning manufacturing and warehousing facilities.\u00a0<\/span><\/p>\n

Sears said the service and restaurant industries are doing very well in the area. Though retail and office spaces are still in demand, he\u2019s found that demand to be diminished. Sears attributes that to the internet and its impact on brick-and-mortar businesses.\u00a0<\/span><\/p>\n

\u201cAcross the board, people are aware of the increased presence of the Web, and how it\u2019s affecting their lives commercially \u2026 This will dictate whether they need brick-and-mortar, or whether they can get by without it.\u201d<\/p>\n

Overall, Sears remains positive about the commercial real estate market in the area.<\/p>\n

\u201cPeople are investing in property and buildings, and when people have a positive outlook of the future, they feel secure in their investment,\u201d he said. \u201cBusiness seems to be on a good, healthy path right now.\u201d<\/p>\n

Howard Denison of Van Aernem Realty and Associates in Hudson Falls, agreed there positive outlook for commercial real estate. Not only did Denison described it as \u201cthe best it\u2019s been in years.\u201d<\/p>\n

Denison said Hudson Falls, Kingsbury, Glens Falls and Queensbury are the areas he\u2019s most noticed people looking to purchase. As for the types of properties in demand, he said office, investment, retail and medical industry properties are what\u2019s hot in the market.\u00a0<\/span><\/p>\n

He said there is a shortage of inventory for residential properties. Single-family homes are popular, with Baby Boomers seeking out small ranch-style homes and new families seeking larger, two-story homes.\u00a0<\/span><\/p>\n

\u201cGlens Falls is a happening place. Downtown is alive and well. People like all it has to offer,\u201d he said.<\/p>\n

Angela Cugini-Gerard of the Howard Hanna Firm, said retail, restaurants and offices are all industries where property is in demand. However, she hasn\u2019t noticed as much demand for warehouses. Additionally, while many businesses are currently leasing, there has been a push toward purchasing property, as it\u2019s more cost effective.<\/p>\n

As for residential, Cugini-Gerard noted there isn\u2019t enough inventory.\u00a0<\/span><\/p>\n

She noted, \u201cresidential re-sale is moving very quickly, and new construction inventory is picking up as a result of the low inventory.\u201d<\/p>\n

She said that due to the low inventory, even homes in more rural areas are selling quickly.<\/p>\n

Cugini-Gerard said single-story living has become more popular and people are seeking homes that they can lock up and leave for months at a time.\u00a0<\/span><\/p>\n

\u201cPeople who are looking at Glens Falls, are looking there because of the characteristics the city has to offer,\u201d she said. \u201cThe cost of living is cheaper, the schools are very good. The further north you come, you get more bang for your buck.\u201d<\/p>\n

\u201cTypically, an influx of homes comes available in late April or early March,\u201d said Susan Kassal of All-American Properties in Glens Falls. \u201cSellers wait for their lawns to turn green, flowers to start growing, and the opportunity to spruce up the exterior of their home without the challenge of the winter weather.\u00a0 <\/span>In 2017 however, that spring inventory just never came.\u201d\u00a0<\/span><\/p>\n

While some signs are pointing toward an increase in inventory for the season, overall, she still believes it is very much a seller\u2019s market.\u00a0<\/span><\/p>\n

Kassal noted that buyer preferences are highly driven by property tax rates and prices, which can fluctuate drastically across the area. However, well-kept and updated three-bedroom homes are in high demand. Fixer-uppers are also popular, though mostly for house flippers. People seeking to move in to a home tend to want something move-in ready.<\/p>\n

\u201cI do feel an upbeat and positive vibe from my clientele lately which is fantastic,\u201d Kassal said.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

By Rachel Phillips Warren County is facing a shortage of inventory in real estate, local agents say.\u00a0 Despite that, agents said the markets for both residential and commercial real estate are strong and buyers and sellers alike have a positive outlook. Nicholas Ketter of Levack Real Estate in Glens Falls said the commercial market is […]<\/p>\n","protected":false},"author":89,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[],"yoast_head":"\r\nReal Estate Agents Optimistic About Markets For Commercil And Residential Properties - 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\/2018\/04\/real-estate-agents-optimistic-markets-commercil-residential-properties\/\" \/>\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 Agents Optimistic About Markets For Commercil And Residential Properties - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Rachel Phillips Warren County is facing a shortage of inventory in real estate, local agents say.\u00a0 Despite that, agents said the markets for both residential and commercial real estate are strong and buyers and sellers alike have a positive outlook. 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