Across major U.S. markets, elevated amounts of vacant space in office and some industrial markets present tenants with leverage to negotiate favorable lease terms. However, the window to capitalize on market dislocation may be closing.
“Layoff plans fell last month, certainly a positive sign. That said, job cuts in November have risen above 70,000 only twice since 2008: in 2022 and in 2008.
There were 426 closed sales transactions and 610 pending sales transactions reported for condos in February 2024, representing a 12.4% increase in closed sales transactions and a 23.0% increase in pending sales transactions.
Westchester County experienced a slight increase in home sales by just 1.7% in February, along with an almost 14% increase in home prices, with a median of $831,250.
At 480,000 units, existing-home sales in the Northeast were identical to January but down 7.7% from February 2023. It's the fourth consecutive month that home sales in the Northeast registered 480,000 units.
Thorne was the first black elected President of RCBR and was one of the key officials involved in the merger of RCBR and the Orange County Association of Realtors with the Westchester-Putnam Association of Realtors.
CEOs surveyed by the Siena College Research Institute also are wary of current adverse economic conditions, government regulation, rising supplier costs, healthcare costs and taxation.
The multi-year project to build a new Belmont Park will generate $1 billion in construction-related economic impact and create 3,700 construction-related jobs.
Receive original business news about real estate and the REALTORS® who serve the lower Hudson Valley, delivered straight to your inbox. No credit card required.
