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2021/07 Real Estate In-Depth Vol. 26 / No.7 July 2021 Suburban NYC Home Sales Continue Historic Run By John Jordan WHITE PLAINS—Home sales activity in the Hudson Gateway Association of Real- astounding 56.83% increase; followed by Rockland County, which posted a 33.86% tors’ region continued to be historically robust in the second quarter of this year, increase; Putnam County sales in the second quarter were 27.27% higher; Bronx fueled by strong demand and a continued economic recovery from County posted a 21.75% gain; Westchester registered a 16.25% spike and Orange the coronavirus pandemic. HGAR Market Area Home Sales County enjoyed a 13.7% rise in second sales All key data metrics throughout the region were significantly volume as compared to two years ago. higher in the second quarter, with the exception of one—for sale Second Quarter 2021 Editor’s Note: For the full OneKey MLS inventory, which was down sharply in all markets with the exception Sullivan County +56.83% Second Quarter 2021 Residential Real Estate of the Bronx. This lack of inventory has been a major contributing Sales Report for Westchester, Putnam, Rock- factor in the steep increase in home sales value and will likely have Rockland County +33.86% land, Orange, Sullivan and Bronx Counties” a hand in slowing sales activity down when rising prices and avail- Putnam County +27.27% report and data, go to pages 6 and 7 of the able product put downward pressure on sales volume. second section in this edition of Real Estate “The Second Quarter 2021 Residential Real Estate Sales Report Bronx County +21.75% In-Depth. for Westchester, Putnam, Rockland, Orange, Sullivan and Bronx Westchester County +16.25% While second quarter 2021 sales volume Counties” released recently by OneKey MLS showed strong sales Orange County +13.70% was significantly higher than the 2020 sec- gains in all counties in the suburban markets of New York City. All * Figures are based on comparisons with the ond quarter, OneKey MLS officials noted that counties posted double-digit sales gains as compared to 2020 second quarter of 2019. Continued on page 17 second quarter sales, with Sullivan County leading the way with an Source: OneKey MLS County Executive Latimer Signs Bill into Law Requiring Co-Op Boards Disclose Reason for Applicant’s Denial By John Jordan WHITE PLAINS—The Westchester Borgia calls for the cooperative board County Board of Legislators in a 15-2 of directors to provide notice of a rejec- vote on June 28 approved an amend- tion to the Westchester County Human ment to the existing Co-Op Disclosure Rights Commission and it also requires Law that now requires a cooperative the disclosure of minimum financial Board of Directors to provide a reason requirements to applicants by the coop- for a denial of an applicant seeking erative board before they apply. to purchase a unit at their property. The cooperative board at a minimum The measure went into effect imme- is now required to divulge, in addition to diately as Westchester County Execu- its reason for denial, the following: the tive George Latimer ater that evening full legal name and address of the Co- signed the bill into law. operative Housing Corporation; the full The legislative victory ended more Westchester County Board of Legislators Chairman Ben Boykin presided address and unit number of the unit that than 30 years of advocacy by the Hud- over the first in-person BOL session since the COVID pandemic began had been applied for; the full names, son Gateway Association of Realtors last year. addresses, telephone numbers, and and its predecessor organizations to ad- e-mail addresses (if available) for the vance full transparency in cooperative Board of Legislators approved a bill tion (60 days). However, that legislation denied applicant(s) and seller(s); the full real estate transactions in Westchester (Local Law 2018-11) that provided for did not include a requirement for the co- names, addresses, telephone numbers County in order to prevent possible specific time frames on acknowledging operative board to provide the applicant and e-mail addresses (if available) for all discrimination against consumers they receipt of an individual’s application (15 with a reason for a denial. legal counsel and real estate brokers represent. days) and informing the applicant of its The amendment to the existing law involved in the rejected transaction; the sponsored by Legislator Catherine In 2018 the Westchester County decision to accept or reject its applica- Continued on page 3 Orange County Executive Says Route 17 Expansion Is Vital; Should be Funded by Fed. Infrastructure Bill INSIDE By John Jordan GOSHEN—In a no-holds barred inter- Neuhaus said the Route 17 project ing for reform of view, Orange County Executive Steven “should be the first one done in New the IDA and also Neuhaus recently told Real Estate In- York State. They could do what they criticized the plea Depth that if Congress passes a large want in New York City, they have a lot deals with the federal infrastructure bill, one of the first of infrastructure issues too, but this three executives projects in New York State that should is a region that is growing. You see who are required be funded is the expansion of Route 17, massive commercial and residential to pay back a to- which could come with a price tag of development. Residential development tal of more than $1 Spotlight On: Eugenia Foxworth more than $1 billion. in Southern Orange County is off the million to the IDA, see page 11 The New York State Department of charts. You are going to need to match but will not receive FIVE QUESTIONS ........................... 2 Transportation recently held a webinar that with a transportation system that any prison time for VIEWPOINTS ................................. 4 on its ongoing study of the possible actually works.” their felony guilty Orange County expansion of Route 17. The DOT study, Neuhaus, who is completing his sec- pleas. Executive LEGAL CORNER ............................. 5 which is expected to be released at the ond term of office, also lambasted the The County Steven Neuhaus RESIDENTIAL ...............................6,7 end of October, estimated the cost of prior leadership of the Orange County Executive said, “I PEOPLE ........................................10 the expansion at anywhere from $245 Industrial Development Agency and think the punishment does not match the million to as much as $1 billion, depend- said that the agency for the most part crime.” He also said the plea deals “stinks HGAR UPDATE ..........................11,12 ing upon the scope of the project. was “riddled with conflicts.” He is call- to the public of rich man’s justice.” EDUCATION/CALENDAR ...............13 The County Executive also discussed LEGISLATIVE/BARRISTER ..............14 the county’s efforts in dealing with the COMMERCIAL ..........................20,21 COVID pandemic from the dark early days to the many people who volun- TECHNOLOGY .............................. 22 teered at the mass vaccination centers. HUDSON VALLEY REAL ESTATE REPORT He said it was a proud moment for him Section Two .................................6,7 “as an American to see people from all walks of life coming together. I had people that were wealthy, that were Section 2 poor, people that were in other profes- sions that just took a leave of absence Focus on Real to volunteer to be part of something big- ger than them.” Estate Finance See full interview on page 3. 2 | NEWS Real Estate In-Depth | July 2021 QUESTIONS Orange County Executive WITH Steven Neuhaus emerged from the COVID pandemic? are available for those 20 individuals to been anything positive to come out of Neuhaus: I think the worst is behind come back to work, they (the workers) this that you can point to? By John Jordan us. I think we have come out strong are protected from not coming back and Neuhaus: At the beginning of the To say that there has been a lot on out of it, although it was damaging. So, the employer is forced to hire another pandemic it was mitigating the deaths the plate for Orange County Executive about a month-and-a-half ago (after) 20 people to make up for that gap. and exposures and also resupplying Steven Neuhaus would be an under- I got assigned to the Pacific Fleet in So, that seems to be the legacy prob- and providing supplies for hospitals, statement. In his second term of office March as a commanding of- nursing homes and even towns, villages he had to deal with the death and dev- ficer of a new unit—my first and cities and for their police depart- 5astation caused by the coronavirus pan- command assignment, I was ments. That was our beginning mode. demic beginning in March 2020. out in Hawaii and Hawaii is We had to buy 18 ventilators. The county In an exclusive interview with Real really strict. They are just loos- was suppling a majority of the PPEs for Estate In-Depth, Neuhaus discusses ening up now as you are in- nursing homes and a good chunk of the how he used his experience in the terviewing me… But to put it supplies for the hospitals and then buy- military to spearhead county opera- in perspective, Hawaii has 1.7 ing refrigerated trucks to store the (hu- tions in the tumultuous and tragic early million people, Orange Coun- man) remains in. The team during that days of the pandemic. He also talked ty has 400,000 people. We stage was phenomenal. We had hospi- frankly about the scandal at the Orange have significantly more deaths tal staff embedded in our 911 Center. As County Industrial Development Agency (861 in Orange County from much as it was a burden and difficult to (see story on page 2 of the Finance COVID-19 as of July 6, 2021) get through, from a military perspective Supplement), the changes he it was my sweet spot.
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