{"id":32440,"date":"2019-10-10T15:42:50","date_gmt":"2019-10-10T19:42:50","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=32440"},"modified":"2019-10-11T06:52:46","modified_gmt":"2019-10-11T10:52:46","slug":"real-estate-professionals-say-local-market-is-strong-for-both-residential-and-commercial","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2019\/10\/real-estate-professionals-say-local-market-is-strong-for-both-residential-and-commercial\/","title":{"rendered":"Real Estate Professionals Say Local Market Is Strong For Both Residential And Commercial"},"content":{"rendered":"
\"\"
Area real estate professionals say housing is not staying on the market long in Glens Falls.<\/figcaption><\/figure>\n

By Jill Nagy
\nArea real estate brokers expressed glee recently as they described the current local market, using expressions like \u201cgreat,\u201d \u201cexcellent,\u201d \u201cvery, very strong,\u201d \u201cunusually hot,\u201d and \u201cbooming,.\u201d
\nInventory, 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.
\nSusan 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.
\n\u201cLiterally within minutes of being listed, they are sold,\u201d said Daniel Davies of Davies-Davies & Associates in Queensbury\u2014but admitted that he was exaggerating a bit.
\nPeople 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\u2019s 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.
\nOn 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.
\nAnother factor driving the market, according to Howard Denison of DeMarsh Realty in Glens Falls, is a large inventory of buildable land. He noted that builders who got burned in the 1980s and 1990s bought a lot of land but were cautious about developing it. \u201cNow,\u201d he said, \u201cThey are less cautions.\u201d Forty- to 50-lot subdivisions sell out quickly.
\nRecent legal developments have put a small damper on the market for commercial real estate, particularly multi-family housing. Davies said the new state landlord-tenant laws will hinder investment and the updating of dilapidated buildings. They cap rent increases and make it more difficult to evict tenants.
\nThe new law extends the option of adopting rent control to communities outside New York City and he expects some of the larger towns in upstate New York to do just that. Federal limits on the deductibility of real estate and local taxes may further discourage buyers and send some investors to lower tax states.
\nDenison said while inventory is \u201ca little low,\u201d he expects it to pick up in the spring. That is especially true of single-family homes.
\nBuyers are coming from downstate, some from as far as New York City. As baby boomers downsize, \u201cthey buy a little something here and a little something to the south,\u201d Davies said. He also sees people selling their lake homes and buying something in a lower tax area.
\nWhen people do downsize, Denison noted, they are often willing to pay a premium for such amenities as fitness centers and fancy kitchens.
\n\u201cYou can\u2019t stay red hot forever,\u201d Denison said, \u201cBut as long as interest rates stay low, we will stay strong.\u201d
\nMitch Muroff of Muroff Daigle Hospitality Group, a Boston-area company specializing in selling hotels and resort property, noted that at least one part of the market is benefiting from the activity of business in the community. In the Lake George area, some of the hotels have banded together to promote Lake George as a year-round region. He noted that the Lake George-Adirondack area has always been popular, but that market is also growing.
\nHe said as new hotels come into the area, owners of older hotels have to refurbish and renovate. The public demands larger rooms, larger bathrooms, fitness rooms, business centers, and complimentary breakfasts.
\nMuroff recently brokered the sale of the Black Mountain Lodge in North Creek, near Gore Mountain. There are not nearly enough hotels in the Gore Mountain area, he said.
\nMark Levack of Levack Realty named a long list of commercial properties he recently sold or leased in Glens Falls.
\n\u201cIt\u2019s a very nice active market,\u201d he said, \u201ca positively trending market.\u201d
\nHe has also been kept busy renting commercial space and is beginning to branch out to renting space to state government agencies and nonprofit organizations. He noted that a buyer from Brooklyn recently invested $2.8 million in commercial real estate in the Glens Falls area.
\nHoffman said he has had a busy summer. Structural work is complete on the century-old former Glens Falls post office building that he rescued from demolition.
\n\u201cThere is so much history in the building … It will be embraced for generations to come,\u201d he said.
\nPeople \u201csee the benefits of the northern market,\u201d Hoffman said. Glens Falls is \u201cpositioned well,\u201d between Saratoga and Lake George. It has historic buildings at good prices and \u201csuper quality\u201d restaurants.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Jill Nagy Area real estate brokers expressed glee recently as they described the current local market, using expressions like \u201cgreat,\u201d \u201cexcellent,\u201d \u201cvery, very strong,\u201d \u201cunusually hot,\u201d and \u201cbooming,.\u201d 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 […]<\/p>\n","protected":false},"author":196,"featured_media":32441,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"yoast_head":"\r\nReal Estate Professionals Say Local Market Is Strong For Both Residential And Commercial - 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\/2019\/10\/real-estate-professionals-say-local-market-is-strong-for-both-residential-and-commercial\/\" \/>\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 Say Local Market Is Strong For Both Residential And Commercial - 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