{"id":15762,"date":"2014-10-08T13:28:40","date_gmt":"2014-10-08T17:28:40","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/10\/area-real-estate-agents-see-changes-but-solid-saratoga-market-moving-into-2015.html"},"modified":"2014-10-08T13:28:40","modified_gmt":"2014-10-08T17:28:40","slug":"area-real-estate-agents-see-changes-but-solid-saratoga-market-moving-into-2015","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/10\/area-real-estate-agents-see-changes-but-solid-saratoga-market-moving-into-2015\/","title":{"rendered":"Area Real Estate Agents See Changes, But Solid Saratoga Market Moving Into 2015"},"content":{"rendered":"
\n
\"realty-wm.jpg\"\n<\/div>\n
Real estate representatives say things started slowly in 2014 following a harsh Northeast winter, but picked up as the year went on, pointing to a healthy 2015\n<\/div>\n<\/div>\n

BY SUSAN E. CAMPBELL<\/p>\n

Whether the economy moves up, down
\nor sideways, there is always opportunity
\nto make money in real estate, especially
\nwhen the real estate is in Saratoga, those
\nin the field say.<\/p>\n

As the rest of the nation suffered from
\nfinancial woes that began in 2007, the
\nSaratoga area was not totally insulated
\nfrom falling home values. But it has made
\na strong recovery, according to Scott Varley
\nof The Scott Varley Team, Realty USA.<\/p>\n

“Residential values have risen every
\nmonth over the past consecutive 30
\nmonths,” said Varley, translating to “at least
\n10 percent average increase in Saratoga,
\ncompared to 5-7 percent in the Capital
\nDistrict” as a whole.<\/p>\n

Professionals agree that 2014 got off to
\na slow start because of the harsh winter,
\nbut “more than made up for it in the second
\nquarter through mid-summer” in the
\nresidential market, Varley said.<\/p>\n

Following a typical die-off as horse racing
\nseason ends, September usually starts
\noff slow. This year, though, the final quarter
\n“is off a little bit compared to last year due
\nto a lack of foreclosures and therefore less
\ninventory,” he said.<\/p>\n

“The current market is off about 6 percent in the dollar value of transactions,”
\nsaid Bruce McClellan of Pinnacle Realty.
\n“It has been a good summer, but I am not
\noverly optimistic.”<\/p>\n

McClellan said that while it is “a great
\ntime to be a buyer, people still need to get
\na mortgage. It is still harder to qualify,
\nwhich is residual from having suffered
\nthose bad years.”<\/p>\n

A stronger national economy will bear
\npositively on everyone, but McClellan said
\n“there is not enough wind beneath the
\nwings” of the economy yet to help lending
\ninstitutions ease requirements. “There is
\na good balance between buyers and sellers
\nand plenty of opportunity to market a home,
\nbut some reality has to set in.”<\/p>\n

Low inventory is followed by new construction,
\nwhich is in demand among some
\nsegments of buyers.
\n“New home prices are reasonable,” said
\nVarley. “Buyers may pay an additional
\n$20,000 on the average home that comes
\nwith a warranty and no maintenance.”<\/p>\n

“New construction is always exciting and
\na good indicator” of the health of the real
\nestate market, said McClellan, “and there
\nis an uptick. But price point is the reality.”
\n“People are trading homes both up and down so their homes fit their lifestyles,” he
\nsaid. “Saratoga is a sweet spot geographically.
\nBut people have to be convinced that
\nreal estate is a good investment.”<\/p>\n

Professionals noted that high-priced
\nhomes have not been moving lately. But any
\nhome can sell if priced correctly.
\n“Whether $150,000 or $1.5 million, a
\nhome will sell if it is priced for what it
\noffers,” said Tom Federlin of Racing City
\nRealty.<\/p>\n

Federlin specializes in track rentals,
\nnon-track rentals and vacations homes.
\nLast year he had record numbers of both
\nhome sales and rentals.<\/p>\n

Long-term clients whose second homes
\nhe rents come up for sale when the aging
\nclient is no longer able to sustain the
\nproperty and asks Federlin to list it. While
\nseasonal track rentals are his niche, he
\nalso rents to a more mobile demographic
\nthan buyers: Navy personnel, students,
\ntechnology contractors and people who
\nneed a place to live while their new homes
\nare being constructed.<\/p>\n

“Some homeowners sell their property
\nand don’t know what to do next, or if they
\neven want to buy again,” said Federlin.
\n“Some have had a bad experience selling
\na house, and others don’t know how solid
\ntheir jobs will be.”<\/p>\n

Federlin is referencing newcomers to
\nthe area technology campuses on shortterm
\ncontracts, who have filled up rental
\nproperties in Malta awaiting a permanent
\nassignment. He is also concerned about the
\n“average worker” or “middle class getting
\nthe squeeze.”<\/p>\n

“I hear all the time, it is hard for the
\naverage worker to afford a place to buy,”
\nhe said. “There is not enough inventory
\nfor them.”<\/p>\n

But there is plenty of rental space. In
\nfact, Federlin expects a “glut in certain
\napartment complexes and price ranges. I believe what happened is that developers
\nwere not selling as many townhouses and
\ndecided to build apartments.”<\/p>\n

“Well-paying job opportunities attract
\npeople to the area and as a result, the demographics
\nhere are changing,” said Varley.
\n“Technology manufacturers, tech support
\nservices and related businesses are bringing
\nyounger people from all over the world.”<\/p>\n

“These companies are getting their feet
\non the ground, so they offer shorter term
\ncontracts,” said McClellan. “People don’t
\nknow how long they will be here.”<\/p>\n

Even if their jobs seem secure, some will
\nrent a year or two before buying, which increases
\nthe demand for rentals, McClellan
\nsaid. “Everything is in place for a strong
\nreal estate market except strong employment
\nopportunities.”<\/p>\n

As in most areas with snowy, extreme
\nwinters, many home owners will wait until
\nspring to market their homes when properties
\nlook their best.
\n“Buyer enthusiasm conquers many ills,”
\nMcClellan said.<\/p>\n

What’s good for residential real estate is
\nalso good for the commercial market, from
\nland to leasing, said Varley. An associate
\nbroker on The Scott Varley commercial
\nteam, Joan Purtell, said the Saratoga area
\n“has always been a strong market because
\nof its diversity and good planning by the
\ntown fathers.”<\/p>\n

“We went through the oil embargo in
\n1976, the savings and loan debacle in 1988,
\nanother stock market downturn in 1998,
\nand again in 2005,” said Purtell. “There is
\na new cycle about every 10 years.”<\/p>\n

Purtell said the current cycle is “about
\nmid-way through where we might be” and
\nexplained how commercial real estate has
\nfared since hitting bottom.<\/p>\n

“People were downsizing, which meant
\nrenegotiating leases for office space. Next,
\nwarehousing became popular, because retailers had to put their merchandise
\nsomewhere,” she said.<\/p>\n

“People who have foreclosed needed to
\nlive somewhere, so the apartment market
\ngained velocity,” Purtell added. “So warehousing
\nand residential housing cycled
\ntogether and have now stabilized.”<\/p>\n

The increase of mixed-use construction
\nhas been “good for the community because
\nmixed-use creates its own community,”
\nshe said.<\/p>\n

Once the upper-floor residential spaces
\nare filled, the storefronts and office leases
\nfollow, Varley said.<\/p>\n

“The highest investment use of these
\nspaces is whatever will serve the community,
\nboth outwardly to the public and
\ninwardly to the residents of the mixed-use complex,” said Purtell.<\/p>\n

As the population grows, Saratoga will
\nsee many changes that will be “well thought
\nout” because “the people responsible for
\nthis community have done an outstanding
\njob and will not allow it to be overbuilt,”
\nsaid Purtell.<\/p>\n

Consensus is the fourth quarter will end
\nrelatively flat but provide enough momentum
\nto give 2015 a moderate boost.<\/p>\n

McClellan looks forward to a “healthy,
\nbut hesitant” new year for residential and
\ncommercial real estate. Varley is optimistic
\nabout growth at levels that “do not match
\nbut excel the national scene.”<\/p>\n

Federlin foresees a steady flow of rental
\ndemand with “new units needed for seniors
\nand average workers.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Real estate representatives say things started slowly in 2014 following a harsh Northeast winter, but picked up as the year went on, pointing to a healthy 2015BY SUSAN E. CAMPBELL Whether the economy moves up, down or sideways, there…<\/p>\n","protected":false},"author":121,"featured_media":20321,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[57,108,113],"class_list":["post-15762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-residential-real-estate","tag-business-news","tag-real-estate","tag-saratoga-county"],"yoast_head":"\r\nArea Real Estate Agents See Changes, But Solid Saratoga Market Moving Into 2015 - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/10\/area-real-estate-agents-see-changes-but-solid-saratoga-market-moving-into-2015\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Area Real Estate Agents See Changes, But Solid Saratoga Market Moving Into 2015 - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"Real estate representatives say things started slowly in 2014 following a harsh Northeast winter, but picked up as the year went on, pointing to a healthy 2015BY SUSAN E. 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