State feeling good about real estate

Siena study finds attitudes about market are definitely positive

— Levy said the “sell future number” is predicted to get larger, and researchers believe the gap will completely disappear over the next quarter. New York may enter a “thriving zone,” when the marketplace is strong and improving enough where it’s a good time to both buy and sell, Levy said.

“Everybody wins. We are approaching that type of environment, which is a very nice time for real estate. It’s impossible to know how long you would stay there,” Levy said.

While Levy noted that homeowners making $100,000 or more a year had considerably more positive things to say, those making $50,000 or more a year still thought the market was good. He also said those still renting had a more positive outlook on possibly buying.

Levy said Upstate New York is “not radically different” when compared to responses statewide. New York City had peaked a quarter earlier, and trends there indicate the market will tip to favoring sellers. Upstate New York hasn’t reached that point just yet, Levy said.

“I think it noteworthy that compared to the state as a whole, the Upstate numbers in term of the overall market is slightly more positive,” Levy said.

R. Charles Colehamer, Delmar branch manager at Prudential Manor Homes, said the company, which covers real estate throughout the entire Capital District, has seen a “substantial increase (in activity) over the past year.” Colehamer said last month they set a company record for the highest volume in a single month, 77 transactions totaling about $16 million.

Colehamer, who has been working in the business for 22 years, said Colonie and Delmar are “sought after” areas, so the company hasn’t felt too much off a tug over the past few years.

“We didn’t suffer like Florida or Arizona or any of the places that continue to have double-digit inflation in the housing market. We had appreciation, but not double digits,” Colehamer said.

As for the recent study, Colehamer said he thinks the market will keep improving in the long haul.

“We have so many different industries coming into this area. The growth in the Capital District has been phenomenal over the last half-dozen years,” Colehamer said.

The next quarter’s study will be released in October. Levy said he’s interested to see if attitudes will continue to improve.

“A quarter is a long time and a lot of economic events can take place and change,” Levy said. “At worst, we’ll hold these numbers. At best, we’ll improve a little bit more.”

Vote on this Story by clicking on the Icon


Use the comment form below to begin a discussion about this content.

Sign in to comment