{"id":28525,"date":"2015-10-06T18:54:25","date_gmt":"2015-10-06T22:54:25","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2015\/10\/construction-projects-new-hotels-housing-point-to-strong-real-estate-market-experts-say.html"},"modified":"2015-10-06T18:54:25","modified_gmt":"2015-10-06T22:54:25","slug":"construction-projects-new-hotels-housing-point-to-strong-real-estate-market-experts-say","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2015\/10\/construction-projects-new-hotels-housing-point-to-strong-real-estate-market-experts-say\/","title":{"rendered":"Construction Projects, New Hotels, Housing Point To Strong Real Estate Market, Experts Say"},"content":{"rendered":"\n
\n
\"roundup\n<\/div>\n
Jeff Pfeil is among the local real estate developers who say business is booming\n<\/div>\n<\/div>\n

BY ANDREA PALMER<\/p>\n

Realtors and developers alike agree that the
\nreal estate market is Saratoga County is on the
\nrise.
\nScott Varley, owner and broker of RealtyUSA
\nSaratoga Branch, has seen the rise and fall of the
\nmarket in his 20-plus years as a Realtor. Varley
\nstates the market is on a steady rise in both the
\ncity and the county of Saratoga.<\/p>\n

“Overall, the market is very strong here. Average
\nsale prices have been rising for the past few
\nyears. We may even be close to where we were
\npre-bubble. What’s fueling that is a very, very
\nvibrant downtown area,” Varley said.<\/p>\n

Varley cites construction or renovation of
\nvarious hotels, restaurants and other venues
\nas a driving force behind the city’s residential
\ndesirability.<\/p>\n

“Notably the construction of the Washington
\non Broadway, the movie theater, the new Price
\nChopper, the new Park Place and High Rock
\ncondo projects. There’s a host of new restaurants.
\nAll of these really took place post-bubble,” said
\nVarley.<\/p>\n

“Landmark downtown construction and
\nbuildings are building the fervor to get housing
\nthat’s within walking distance to Broadway–
\nand there is a fervor,” said Varley.<\/p>\n

Varley’s office is located at 28 Division St.
\nin downtown Saratoga Springs, in what he described
\nas “condo canyon”.
\nVarley credits the leaders of the city and
\ncounty Chambers of Commerce for their active
\ninvolvement in the area’s events and community
\ndraw.<\/p>\n

“The city has a very strong, active chamber of
\ncommerce and downtown business association.
\nThey have piled on the Broadway activities and
\nfestivals,” said Varley.<\/p>\n

“County-wise, we certainly have to credit our
\nleaders for the GlobalFoundries phenomenon,
\nand all the spin-off companies that revolve
\naround that. We have to credit TechSmart
\nCampus, the excellent rating that the Saratoga
\nCounty schools get, the Malta roundabouts, the
\ncounty waterline–all of these things are postbubble
\nand fuel development and opportunities,
\nparticular because of access to water,” said Varley.<\/p>\n

Tom Roohan, owner and broker of Roohan
\nRealty, said the market has seen steady and
\ncontinuous improvement in recent years.
\n“The market continues to improve year over
\nyear. When you start to look at the agendas of
\nplanning boards, or design review commissions, or zoning boards–their agendas are heavier
\nthan they were two years ago. There’s a lot more
\ngoing on for different things. For example, on
\nBroadway, you have the expansion of Saratoga
\nHonda,” Roohan said.<\/p>\n

Roohan states the market for both new and
\nexisting homes is somewhat balanced.
\n“We don’t have any mega-builders in our area,
\nlike the Toll Brothers or U.S. Homes. The builders
\nin our market are happier than they have been in
\nthe past, and it’s getting better, but it’s not where
\neveryone would like it to be,” he said. “Buying an
\nexisting home is easier. There’s less choices, less
\ndecisions to be made.”<\/p>\n

“We’ve seen new businesses growing. Reduced
\ninterest rates have been a stimulus for
\nthat. Saratoga County is still the place to be,”
\nsaid Roohan.<\/p>\n

Jeff Pfeil and wife Deanna are commercial
\nproperty developers and owners of Pfeil & Co.
\nInc. in Saratoga Springs. Pfeil has been in business
\nfor 30 years.
\n“We have as much business as we want. We
\nwork as hard as we want to work. The real estate
\nmarket in Saratoga Springs is booming, by the
\nnumber of construction projects going on in
\ntown right now. Restaurants are opening, buildings
\nare going up,” Pfeil said.<\/p>\n

Varley has seen a rise in new housing as well.
\n“The demand for new homes comes from a lack
\nof supply of existing homes. One fuels the other.
\nRight now, we are doing much better with new
\nhome construction. We’re not at the level of new
\nhome construction that we were pre-bubble, but
\nwe are doing the best we’ve done in probably
\nseven years as far as new home sales,” Varley said.<\/p>\n

Despite a downturn in the market in years
\npast, Varley states that Saratoga Springs is a
\nhighly desirable place to live regardless of market
\nconditions.
\n“The allure of owning or renting something
\nwhere you can walk downtown–developers
\nare scrambling to meet that demand. Even in
\na down economy, people are looking for fun,
\nentertaining things to distract themselves,”
\nsaid Varley.<\/p>\n","protected":false},"excerpt":{"rendered":"

Jeff Pfeil is among the local real estate developers who say business is boomingBY ANDREA PALMER Realtors and developers alike agree that the real estate market is Saratoga County is on the rise. Scott Varley, owner and broker of…<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[57,108,113],"class_list":["post-28525","post","type-post","status-publish","format-standard","hentry","category-business-news","tag-business-news","tag-real-estate","tag-saratoga-county"],"yoast_head":"\r\nConstruction Projects, New Hotels, Housing Point To Strong Real Estate Market, Experts Say - 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\/2015\/10\/construction-projects-new-hotels-housing-point-to-strong-real-estate-market-experts-say\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Construction Projects, New Hotels, Housing Point To Strong Real Estate Market, Experts Say - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"Jeff Pfeil is among the local real estate developers who say business is boomingBY ANDREA PALMER Realtors and developers alike agree that the real estate market is Saratoga County is on the rise. 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