Inventory for all property types declined in almost all areas, except for Rockland’s condo and co-op markets, the latter with an 84.6% gain. The Bronx led the region for new listings, with a 31.9% increase.
PrimeSource, which is a leading manufacturer of proprietary brands and a distributor of premier third-party brands, will utilize the location to service New York, New Jersey, Connecticut and Pennsylvania.
WASHINGTON—Real estate leaders from across the nation, including Anthony Domathoti, Broker/Owner of EXIT Realty Premium, Bronx, NY, and Tami Bonnell, Co-Chair, EXIT Realty Corp. International, gathered in Washington, DC recently for the RISMedia 2023 CEO & Leadership Exchange.
The conference was held at The Mayflower Hotel in Washington, DC and addressed topics such as the state of the economy, current housing policy and staying current as the industry evolves.
Domathoti was recognized as a RISMedia 2023 Newsmaker in the Achiever category. “I’m profoundly humbled and grateful to be awarded the 2023 RISMedia Newsmaker Award, representing the values of homeownership, advocating for private property rights, and making RPAC a top priority in my endeavors,” he said. “When you embark on a path driven by your passion and dedication to a cause, you rarely seek recognition. However, when that recognition does come your way, it serves as a powerful affirmation that your efforts are indeed on the right path and that the decisions you’ve made align with your principles and goals.”
Domathoti added, “I believe that true recognition isn’t just about personal achievement; it’s a testament to the collective efforts of a dedicated team and a supportive network. Together, we champion the dream of homeownership, protect the vital principles of private property rights, and make RPAC an integral part of our advocacy. This nomination is a reminder of the importance of our work and the impact we can have when we unite for a common cause. It’s a privilege to be a part of this prestigious recognition, and I’m excited to continue our journey of positive change and meaningful contributions to our industry.”
Bonnell addressed the gathering on the subject of leading through changing times. “Our industry is going through a shift. We’re seeing that the companies which were led transactionally are struggling, while the compassionate, transformational companies are doing well,” she said. “To me, leading with compassion and creating a people-first culture is a key differentiator between a transformational business and a transactional one.”
Ongoing affordability challenges are persistently restraining market activity in the Bronx and surrounding areas, resulting in a state of inertia for both buyers and sellers. This situation is primarily driven by the volatile fluctuations in mortgage interest rates, which have seen a significant increase compared to the same period last year.
As a consequence, prospective buyers are hesitant to enter the market. The combination of elevated property prices and the burden of higher borrowing costs has deterred them from taking action. This, in turn, has led to a noticeable decline in existing-home sales, Domathoti noted.
Simultaneously, a substantial number of potential sellers, who currently enjoy low-rate mortgages, have opted to delay their selling decisions. They are holding out in the hopes that market conditions will improve in the future. This collective delay in selling is further intensifying an already constrained supply of available homes, which is subsequently driving property prices even higher, he added.
City and State honored 100 “New Yorkers who are on the front lines, creating jobs and spurring economic growth on the local, state and national levels.”
Adler has been an ardent supporter of many nonprofit organizations and serves or has served in numerous leadership roles on nonprofit boards throughout our region.
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.
