Tag: Housing

Strong New York Housing Market Continues Through October

Albany, NY – November 19, 2020 – As the weather gets colder, the New York housing market continues to heat up. Sales remained at higher than normal levels amid continued low inventory across the Empire State, according to the housing report released today by the New York State Association of REALTORS®.

Closed sales in New York State continued to be robust, jumping 16.6 percent from 12,853 units in October 2019 to 14,981 last month. Pending sales skyrocketed to 16,333 homes – a 38.8 percent increase from the 11,766 total in October of last year. Year-to-date, pending sales are also up 6 percent in 2020 with 126,681 homes compared to 119,462 in 2019. New listings were also on the rise, up 9.7 percent for October – from 16,732 units in 2019 to 18,359 in 2020.

Housing inventory remained low through October. The 51,351 units represented a 20.9 percent decrease compared to 64,930 homes last year at the same time. Months supply of inventory dropped 23.2 percent – from 5.6 months to 4.3 months.

The median sales price in the Empire State surged 24.5 percent in October, from $273,000 to $340,000 in year-over-year comparisons. The average sales price also jumped from $362,572 to $441,020 –  an increase of 21.6 percent compared to this time last year.

Low mortgage rates helped maintain the strong housing market in October. According to Freddie Mac, the monthly average on a 30-year fixed rate mortgage in October fell to 2.83 percent. This is the eleventh consecutive month the average monthly rate has decreased.

Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.

 

Jeff McKinney is an Associate Real Estate Broker in Columbia County, NY (Beach & Bartolo Realtors ~ 34 Main St., Chatham NY 12037 ~ 518-392-2700). Connect with him on Twitter, Instagram, LinkedIn, or Pinterest.

 

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Johnsen Schmaling’s Linear Cabin

screen-shot-2016-11-13-at-4-58-27-pmA recent project from the Johnsen Schmaling Architecture firm presents a contemporary take on the traditional cabin in the woods. The ‘Linear Cabin’ is a simple, 900-square-foot rectangular structure with rustic charm, and glass walls for enjoying the surrounding views.

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The cabin is comprised of three identically sized, boxes that are separated by spatial voids, and tied together with a continuous, thin roof plane that spans the entire length of the building. The storage box acts as a shed with room for lawn equipment, canoes, or whatever needs to be stored. The service box contains the cabin’s home infrastructure, including entry, kitchen, bathroom, laundry, and boiler room. The sleeping box houses two bunk rooms. The area between the storage and service boxes is open in the front and back, and provides a covered spot for a vehicle. The void between service and sleeping boxes is the center of the cabin, and acts as the living area. This room features 15’ wide glass doors and a wood-burning stove.

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Johnsen Schmaling’s Linear Cabin was built in the sparsely populated Northwoods region of Wisconsin, but I can see this building fitting in perfectly here in Columbia County. It was built using regionally sourced materials, including a variety of timber products harvested in Wisconsin’s northern forests. The boxes are clad with blackened pine planks, and varnished cedar is used throughout the structure. The interior walls and ceilings are covered in knotty pine, and floors are polished dark-grey concrete.

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Airbnb Sues New York Over Law Regulating Rentals

Airbnb, the online service that enables people to list or rent short-term lodging in residential properties, filed a lawsuit on Friday afternoon in Federal District Court in the Southern District of New York. The lawsuit is the companies’ response to a new law that allows the state to impose steep fines on Airbnb hosts who break local housing regulations. The Airbnb suit claims this law would cause it “irreparable harm”, and violates the company’s constitutional rights to free speech and due process, as well as the protection it is afforded under the Communications Decency Act, which is a federal law that says websites cannot be held accountable for content published by their users.

WHAT’S THE PROBLEM?

So, what exactly is the issue with Airbnb that prompted this new law? Apparently, the concern is that Airbnb is making it easier to illegally rent out apartments for short periods to travelers, which decreases the amount of housing for full-time residents, and drives housing costs up. It has been illegal in New York to rent out an apartment for fewer than 30 days. However, some people have ignored that law, and have been using Airbnb to rent apartments for shorter periods of time. The new law gives authorities the power to fine hosts up to $7,500 if they are caught listing a property on Airbnb.

For now, it sounds like we will have to wait and see what impact the new law, and Airbnb’s lawsuit have on the housing and online rental market.

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