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By Christine Graf
After eight years of being located in downtown Ballston Spa, real estate attorney Kimberly Salerno has relocated Salerno Law PC to 16 Round Lake Road in Ballston Lake.
She has been practicing law for 20 years and specializes in residential and commercial real estate. Salerno also owns a title company that operates out of her law office.
It was after outgrowing her leased space in Ballston Spa that Salerno began looking for a larger office. Although she initially planned to remain in the village, finding a space with adequate parking proved impossible.
“For closings, sometimes we have 10 people coming,” she said. “I needed a parking lot.”
Salerno lives less than a mile from her new office which is conveniently located just off Northway Exit 11. Before purchasing the building—a former Stewart’s shop—she drove by it every day on her way to work. It sat empty for many years.
While driving by one day she realized the empty building could function as a law office. She purchased the property in April and embarked on a major renovation project. Prime Construction is the contractor and Jenna Burger is the interior designer.
“I just had my grand opening, and everyone just loved the design of the office. You wouldn’t even know it was a Stewart’s,” said Salerno. “We completely renovated it. We’ve now got two conference rooms, a kitchen, and six offices.”
Salerno and her staff of three paralegals occupy four of the offices. She plans to rent the additional two offices in the near future.
Although not yet finished, the exterior of the building is also being completely transformed. The roofline is being squared off, and a vestibule is being constructed. The existing brick will be covered in gray siding, and the vestibule will be made of Douglas fir.
Although Salerno isn’t disclosing the amount she spent on renovations, she said it was significant.
It was because of the recent real estate boom that she was able to afford the sizable investment the property required. Although the market has cooled, her office remains busy.
“It’s very seasonal, so we were busier in the summer, but nothing like what we experienced during COVID. Things have slowed down a little bit, but I’m not too worried. It always comes back,” she said. “Prices are coming down a little bit, and interest rates are going up a bit. But historically, the interest rates are still not that high.”
As a result of the increase in interest rates, many of the residential buyers that Salerno works with are choosing 10-year adjustable rate mortgages.
“They are doing it with the goal of refinancing before the first change date,” she said. “In the past month, I’m seeing a lot more adjustable rate mortgages—almost everyone is going for the adjustable rate.”
During COVID, the demand for adjustable rate mortgages was non-existent, and Salerno saw more cash buyers than ever before. The majority were from out of the area, and they were purchasing very expensive homes.
Salerno has noticed a decline in the commercial market but said that she is still closing deals.
For more information, visit www.salernolawny.com