Thursday, 20 December 2018 12:46

Saratoga County’s Current State of Real Estate: Saratoga Partnership Releases First Real Estate Index

MALTA — On Dec. 13 the Saratoga County Prosperity Partnership released the inaugural Saratoga County Real Estate Index, which portrays the county as a desirable place to live and do business, with strong residential, commercial and industrial markets, and a need for additional inventory in each sector. 

The index also presented the results of a Pulse Survey that signaled an optimistic view of Saratoga County’s real estate sector. Among real estate professionals surveyed, 94 percent describe the residential sales sector as strong, very strong or stable; 88 percent see the commercial leasing market as strong, very strong or stable; and 78 percent characterize the commercial sales market as strong or very strong. The Saratoga County Real Estate Index was unveiled during a luncheon event attended by more than 100 business executives and professionals at the Hyatt Place Saratoga/Malta.

“Saratoga County’s vibrant real estate market is critically important because its reach extends into all sectors of our economy,” said Marty Vanags, President of the Saratoga County Prosperity Partnership.

“As our first-ever Real Estate Index shows, Saratoga County continues to be a preferred location for both businesses and homeowners, which bodes well for sustained economic growth in one of the fastest-growing counties in the Northeast.”

The Saratoga County Real Estate Index covered residential, commercial, and industrial areas of real estate. According to the Saratoga County Prosperity Partnership the report showed:

Residential:

•Saratoga County led the Capital Region in single-family home sales over the past year with 248, though that figure declined from the previous year, as was the case in much of the area.

•Saratoga County was the only local county to see an increase in single-family home inventory over the past year, with housing stock rising 8 percent to just over 1,600 units.

•In 2017, the 708 single- unit building permits issued in Saratoga County were more than double the closest area county.

•Median home prices rose slightly, from $223,000 in 2017 to $228,000 in 2018.

Commercial:

•The amount of urban office space has fallen from 75,000 square-feet in 2014 to just under 12,000 square-feet today, with the vacancy rate falling from 12 percent to 2 percent.

•The amount of suburban office space has grown from 257,000 square feet in 2014 to just under 355,000 square feet today, with the vacancy rate increasing from 10 to 13 percent.

•Lease rates for both urban and suburban office space dropped slightly over the past year, but remain the highest in the Capital Region.

Industrial:

•Total inventory of just under 10 million square-feet, and vacant space of just under 500,000 square feet, are virtually unchanged from 2014.

•Similarly, the vacancy rate of just under 5 percent is on par with 2014.

•Industrial lease rates in Saratoga County are among highest in the region, but nearly identical to the 2014 rates.

“The Real Estate Index illustrates the strength of Saratoga County’s real estate sector, which is particularly impressive amid the turbulence nationwide,” said Kevin Hedley, Chairman of the Saratoga County Prosperity Partnership.

“I’m delighted that the Saratoga Partnership continues to generate valuable data that is helping existing businesses plan for the future, and enticing prospective businesses to look more closely at what Saratoga County has to offer.”

The release of the index was followed by a panel discussion that featured leaders from each real estate sector. Panelists included Tom Roohan, President of Roohan Realty; Richard Sleasman, President and Managing Director of CBRE- Albany; Matthew Harrison, Vice President, Residential Lending, Adirondack Trust; and John Allen, Partner at Whiteman, Osterman and Hanna LLP. The presenting sponsor of the event was Adirondack Trust Company. Silver sponsors were The Janack Group, Julie & Co. Realty LLC, and Whiteman Osterman and Hanna LLP. Bronze sponsors were C.T. Male Associates and Roohan Realty.

Read 1153 times

Blotter

  • Saratoga County Court Brad C. Cittadino, 49, of Stillwater, was sentenced April 11 to 3 years incarceration and 2 years post-release supervision, after pleading to criminal sale of a controlled substance in the third-degree, a felony.  Matthew T. McGraw, 43, of Clifton Park, was sentenced April 11 to 5 years of probation, after pleading to unlawful surveillance in the second-degree, a felony, in connection with events that occurred in the towns of Moreau, Clifton Park, and Halfmoon in 2023.  Matthew W. Breen, 56, of Saratoga Springs, pleaded April 10 to sexual abuse in the first-degree, a felony, charged May 2023 in…

Property Transactions

  • BALLSTON Eastline Holdings LLC sold property at 16 Linden Ct to Bradleigh Wilson for $472,158 Eastline Holdings LLC sold property at 6 Appleton St to Kristina Guernsey for $553,391 Vincent Monaco sold property at Dominic Dr to BBL Ridgeback Self Storage LLC for $300,000 GALWAY Richard Herrmann sold property at Lot 4 & 5 Bliss Rd to James Snyder for $112,500,000 Stephen Signore sold property at 2558 NYS Rt 29 to Deutsche Bank National Trust for $213,331 GREENFIELD ANW Holdings Inc sold property at 36 Middle Grove Rd to Patrick Tirado for $168,000 Ernest Johnson sold property at 21 Lady…
  • NYPA
  • Saratoga County Chamber
  • BBB Accredited Business
  • Discover Saratoga
  • Saratoga Springs Downtown Business Association