The latest on local real estate during the pandemic, along with the scoop on the plan for Lake George beaches and Prospect Mountain, what’s next for high school basketball in Glens Falls, and more!
Buying, Selling, or Thinking About It? The Latest in Local Real Estate
How’s the Glens Falls real estate market doing during the pandemic?
Are houses selling? Are buyers looking? Is there enough inventory? Are virtual tours and Zoom walk-throughs leading to signed contracts while agents are forbidden to have in-person contact with clients?
We checked in with three local real estate professionals for some answers, and Laura J. Burns, CEO of the Greater Capital Association of Realtors in Albany, supplied us with some relevant data.
• Single-family home sales in Warren County were down 33% in April compared to April of last year. This year, there were 44 sales in April, compared to 66 in 2019. The average sale price in April 2020 was $243,561; Last April it was $234,430. So, fewer houses sold, but the average price was up 4%.
• In March of this year, single-family home sales were down 21% compared to March 2019. This March, when the pandemic and economic shutdown began, there were 53 sales, down 21% from the 67 sales in March 2019. But again, the average sale price this March was $326,010, up 3% from the March 2019 average of $315,583.
• Year-to-date residential sales in Warren County are off 35% from the same period last year (197 this year, 304 in 2019), but the average sale price is up 12% ($299,635 in 2020 compared to $268,305 in 2019).
“These are new waters to navigate, but it’s not impossible,” said Angela Cugini-Girard of Howard Hanna. “You have to adjust to the circumstances to survive.”
She said since March 23rd, she has closed 15 deals.
“Prices are not dropping,” Mrs. Cugini-Girard said. “If anything, prices are closer to the list price than before the pandemic. That’s because there’s a lack of inventory because people are waiting to list their houses.”
She said she had listed a higher-end vacant home in Queensbury over the winter, but took it off the market until spring, when she listed it for $344,900.
“My clients took a virtual tour, and I sold it in 24 hours for $340,000,” she said.
Under state rules, real estate agents can’t go into homes. They can open the door but then leave the property. [Note: the New York State Association of REALTORS notes that agents who choose to travel to the property to open the door for showings do so at their own risk. See their recommendations here.] Prospective buyers looking at vacant homes must wear masks and gloves. Someone selling their home can show it, but an agent cannot. Virtual tours via FaceTime or Zoom are now the norm.
Julie Snyder of Howard Hanna said, “People are buying and putting in offers sight unseen. We are seeing a lot of cash offers, a lot of multiple offers, and a lot of people from downstate looking to move up here. And there’s not enough inventory in Glens Falls. There never is. But there are a lot of properties ready to come on the market.”
Jen Ball of Hunt Real Estate said, “There are a lot of buyers out there but also a lot of fear. But a lot of inventory is starting to hit the market because people are getting sick of this shutdown. Once we are released, I predict there will be a huge boom because local buyers are ready to go, plus the influx of people from out of the area.”
Ms. Ball said, “Houses are being sold. There is a lot of pent-up interest. I’ve had a ton of buyers looking to relocate to this area, and I have multiple listings ready to come on the market. I haven’t listed a ton of homes, but I have a lot ready to go on the market.”
Ms. Cugini-Girard said, “I’m telling sellers to list their house and we will take a different approach because it’s working and homes are selling. Agents have to be a lot more creative. I’m now doing virtual tours with 3D floor plan, architectural plans and photos with DigitalADK.net.”
Ms. Snyder said, “It’s hard for me to not do a walk-through or be at a closing, but I go and look at properties on my own so I have an idea and can answer any questions my clients might have… But I’ve had two listings have multiple offers sight unseen from people from out of town. Interest rates are low. It’s a seller’s market.”
Life’s a Beach: The Scoop from Lake George
Million Dollar Beach in Lake George Village will be open weekends on Saturday and Sunday from 10 a.m. to 6 p.m. The same guidelines as last weekend will continue, with social distancing enforced and a maximum of 500 people allowed on the beach at any one time.
DEC told Glens Falls Living that it is “evaluating opening the beach full-time.”
DEC says Memorial Day weekend went well. “Cumulatively, more than 3,500 people spent time at the beach during the three-day period, with 1,425 visitors on Sunday alone. We did reach the 500-maximum number of people on the beach on Sunday, and temporarily restricted entry to the beach for approximately 30 minutes until a few visitors left.
“Overall, visitors adhered to social distancing guidelines and many stated they were grateful for the opportunity to spend time on the beach, especially with the nice weather. In addition, DEC staff were pleased to provide the public with a safe and enjoyable recreational experience during the ongoing COVID-19 response.”
Lake George Village Mayor Robert Blais said overall crowds in the Village “were okay, not as large as usual. There weren’t any serious problems that I heard of, and visitors were happy with the disinfecting stations we had out, and for the restrooms.”
Mayor Blais said Shepard Park Beach and the Town of Lake George’s Usher Park Beach are set to open later in June.
“A lot of the hotels had 50% of their rooms available, and they were filled to capacity,” Mayor Blais said. “And we saw a lot of day trippers from Albany, Schenectady and Troy. They were just wanting to get by the lake.”
What about Prospect Mountain? When will that open?
A DEC spokesman said, “DEC is evaluating when to open Prospect Mountain Veteran’s Memorial Highway to motorized vehicles while ensuring staff and visitors meet guidance for social distancing, wearing masks when distancing cannot be maintained, and other guidelines to prevent the spread of COVID-19.”
High School Basketball Will Be Back…
The executive committee of the New York State Public High School Athletic Association Wednesday approved the state boys’ basketball tournament staying in Glens Falls for an additional year. The tournament was supposed to return to Cool Insuring Arena this past March, but it was cancelled because of the Coronavirus.
So, Glens Falls will now be the host in 2021, 2022 and 2023, which is great news for the City and for downtown, which comes alive during the three-day event.
COVID-19, County by County
Locally, the number of new cases in Warren, Washington and Saratoga counties has stabilized, as have the number of deaths. Warren County has 30 deaths, but hasn’t reported a new death since May 19th. Washington County remains steady at 13 deaths, and Saratoga County has been at 15 deaths for more than a week.
Warren County now has seen 30 residents die of COVID-19. Twenty-four of those deaths have been nursing home residents. Another four were residents of assisted living facilities. Two people remain hospitalized. There have been 238 cases overall in Warren County. 150 residents have recovered, and there are 58 active cases.
Washington County has reported 13 deaths and 195 total cases since the pandemic began. 172 residents have recovered, with 10 cases still active. No Washington County residents are hospitalized as of Wednesday.
Saratoga County reports 15 deaths with 318 residents currently in isolation or quarantine, 462 confirmed cases overall, and four people hospitalized as of Wednesday. 398 residents have recovered, and there are 50 active cases, down 24 from last week.
NY State reports through May 25 that 14 residents of Glens Falls Center in Queensbury have died, with another five deaths presumed to be related to the virus. Eleven residents of Fort Hudson in Fort Edward have died. Four residents of The Pines in Glens Falls have died, with two additional presumed cases.
At Great Meadow Correctional Facility in Fort Ann, the state reports that as of Saturday, May 23rd, a total of 41 inmates had been infected. 32 have recovered. One test is pending. At Washington across the street, there are no inmates currently infected, with two having tested negative a few weeks ago.
Ending on a High Note
And finally, congratulations to Marc Monahan, who is the new chair of the Adirondack Regional Chamber of Commerce (ARCC) board of directors.
Monahan, a Hudson Falls native, is regional executive of NBT Bank.
“Working with the Chamber has been a gratifying experience and I am looking forward to my role as chair,” he said in a press release. “We currently have an engaged board and executive team ready for the challenges that lie ahead. I am eager to continue work side by side with Michael Bittel and his team…Given the current economic challenges we all face ahead, rest assured that we will do everything in our power to support the local business community and our members.”
Monahan earned a bachelor’s degree in business administration from SUNY Oswego. He is a member of the Adirondack Civic Center Coalition Board, President of the Glens Falls Civic Center Foundation, and a member of the Glens Falls Hospital Foundation Board.
Until next time -
Gordon
