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Category Archives: Commercial / Residential Real Estate

Local Opportunities For Negotiating Leases On Commmercial Properties Appear Strong

Posted onOctober 5, 2018October 5, 2018
Alfred Testa, vice president and senior commercial banking relationship manager, NBT Bank.

By Alfred Testa

Regardless of whether commercial property owners have one or multiple properties, are looking to acquire new property, or renovate or develop new space, financing is always an integral part of the process.

In Saratoga Springs, continued growth downtown is bringing more residential development and mixed-use spaces. In Glens Falls, old spaces are becoming new again as a resurgence in millennials is driving new demand.

Whether your focus is on multi-family housing, self-storage, mixed-used properties, office space or retail, the opportunities for commercial property acquisition remain strong. But without a good relationship with a commercial banker, getting through the process can be very challenging.

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Michaels Group To Start Site Work This Fall On 49-Unit Subdivision In Town Of Moreau

Posted onOctober 5, 2018October 5, 2018
This is a model home that will be part of Winterberry, a subdivision to be built in the town of Moreau by The Michaels Group Homes development company. Forty-nine units are planned.
Courtesy The Michaels Group

By Jill Nagy

Michaels Group Homes plans to begin work this fall on a new 49-lot subdivision at the intersection of Fort Edward and Bluebird roads in the town of Moreau.

The development, called Winterberry, will consist of ranch-style and two-story homes on lots of approximately half an acre each, according to the company

Luke Michaels, principal at Michaels Group Homes in Malta, said he expects to begin work on roads and utilities this fall and have a model home ready to open in the spring. The exact layout of the subdivision has not been determined nor have prices for the homes, he said.

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Scott Varley Real Estate Team To Move Into Building On Broadway He Purchased In June

Posted onOctober 5, 2018October 5, 2018

By Jennifer Farnsworth

Local real estate broker Scott Varley will be moving his sales team sometime early next year. After having purchased 378-382 Broadway in Saratoga Springs in June, Varley and his team are now getting closer to moving their office to that location.

The move will be just across the street from his currently leased space. Varley said the move will allow them to create a space that is unique and reflective of the business. The four-story brick building is located across the street from Saratoga Stadium restaurant, Fingerpaint headquarters and the Adelphi Hotel. Owning something downtown, Varley said, is something he has thought about since first getting into the business.

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Amedore Homes Plans To Build Townhome Complex In Stillwater Totaling 76 Apartments

Posted onOctober 5, 2018October 5, 2018

By Jennifer Farnsworth

Amedore Homes is in the final stages of getting a project approved with the village of Stillwater.

The company has plans include to construction townhomes and two retail properties on land at Route 423 and Route 9P.

John Bossalini of Amedore Homes said he plan calls for 19 multi-family buildings consisting of a total of 76 two-bedroom townhomes. He said the homes will have two bathrooms, laundry hookups, a kitchen, den and an individual garage.

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Business Report: Tips For Negotiating Commercial Leases

Posted onOctober 5, 2018October 5, 2018
Jennifer Tysn is a business law attorney with Bond Schoeneck & King.

By Jennifer Tsyn

Whether your business is just starting up, expanding or relocating, a key concern for most businesses is finding the right space. That process can be fraught with difficulties, especially when it comes to negotiating the lease.

Most landlords will present prospective tenants with a draft lease that is very favorable to the landlord. This means that when negotiating with the landlord, it is easy for tenants to overlook issues that may cause problems in the future.

Here are some of the key issues a new tenant should consider when reviewing a draft lease for commercial space include:

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West Ave. Shopping Plaza Sells For $4.3M In Busy Local Commercial Real Estate Market

Posted onOctober 6, 2017October 9, 2017
This shopping plaza on West Avenue was recently purchased by 60 West Avenue LLC.

By Liz Witbeck

As Saratoga Springs expands with businesses and homes, companies are looking outside of downtown for places to build. Developments on West Avenue are among growing areas in the city.

Lookout Saratoga LLC recently purchased a strip mall at 60 West Ave. in Saratoga Springs. The plaza contains approximately 30,000 square feet of commercial space.

60 West Avenue LLC purchased the former G. Heath King furniture store within the strip mall in 2007 and renovated it into its current condition—a 30,000-square-foot shopping plaza.

The new owner, Lookout Saratoga LLC, is an independent investor with some similar properties in the Capital District .

The plaza sold for $4.3 million, according to real estate companies involved in the transaction.

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Revised MLS Service Pays Royalties To Real Estate Agents That List Their Properties

Posted onOctober 6, 2017October 9, 2017
Realtors can get royalty payments for listing homes for sale at First Choice MLS.
©2017 Saratoga Photographer.com

By Susan E. Campbell

A Multiple Listing Service provides up-to-date databases of properties for sale that those in the real estate industry use and rely on  regularly.

Sellers get maximum exposure to a regional market of prospective buyers. Buyers get quick, and free access to listings and have an easy way to refine searches and make comparisons.

Brokers who help one another sell properties are ensured of receiving a commission for their role in a successful transaction.

Locally, it is taking on a new twist.

But Stuart Thomas of Reality Realty of Saratoga, a director of the Saratoga Schenectady Schoharie Association of Realtors Inc., said he had an issue for decades that he and some of his long-time associates have recently resolved.

Thomas has taken the lead in creating a new kind of MLS, called First Choice MLS. He said it is the first known service that monetizes an MLS. It becomes a source of income for real estate professionals, even if the properties they list don’t sell during the six-month contract period.

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Business Report: Buying Commercial Real Estate

Posted onOctober 6, 2017October 9, 2017
Kim Salerno is the principal in Salerno Law PC in Ballston Spa.
Courtesy Salerno Law PC

Kimberly A. Salerno, Esq.

Clients we represent who are buying their first home typically have little experience with real estate. Attorneys can hold their hand through the entire purchase from contract review right through to the closing and explain each step to them along the way.

Commercial clients, on the other hand, are usually more sophisticated with the real estate world and often know exactly what they want. The attorney-client relationship, therefore, can vary greatly between the two types of clients.

Residential transactions do not vary dramatically, as they are generally single-family homes and the legal issues are generally the same. As compared with commercial transactions, depending upon the type of property being purchased, the transaction can be much more complicated because there are so many different factors to consider for the client.

Are you purchasing an office building, apartment building or multi-use with leases? Time should be taken to review the leases in detail and if necessary, negotiate changes to the leases with the seller and tenant. Depending upon your plans for the units, the sales contract should include language limiting the seller’s ability to engage in any new leases without the buyer’s approval.

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Apartment Rentals In Saratoga County Are Strong; 'Walkable' To Downtown Is Important

Posted onOctober 7, 2016November 8, 2017
apartments-vc.jpg
Ellsworth Commons is one of the many apartment complexes in Saratoga County.

©2016 Saratoga Photographer.com

By Jill Nagy

A mix of millennials and empty nesters are keeping the Saratoga rental market booming.

One area property manager said that the proportion of those renters attracted to new, higher-end, apartments is far higher than the national average of 20 percent.

With rents on new luxury apartments ranging from approximately $1,600 a month for a studio apartment to $3,700 a month for a larger apartment, a significant portion of the apartment market is under-served.

“We are not serving the young professional needing something in the $1,000-a-month range,” said Jason Thomas of Roohan Realty in Saratoga Springs. They have to go to older properties with fewer amenities or, in some cases, join others in similar circumstances to rent a house together.

Be that as it may, Thomas and his colleagues in the business are optimistic.

Peter Rosecrans of Burns Property Management, which has numerous apartments in Saratoga Springs, said “things are going well,” both locally and in the rental industry as a whole. “Members of the millennial generation are really waiting on purchasing a house.”

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Real Estate Agent Scott Varley Joins A New Group, Linking Up With Keller Williams Inc.

Posted onOctober 7, 2016November 8, 2017
svarley-vc-logo.jpg
Scott Varley has joined Keller Williams Realty Inc. He has an office on Broadway.

©2016 Saratoga Photographer.com

By R.J. DeLuke

After 27 years with RealtyUSA, well-known real estate agent Scott Varley has parted company with the group with which he was a top seller.

Varley has joined Keller Williams Realty Inc., a company based in Texas that is said to be the largest real estate franchise, by agent count, in the world with more than 800 offices and 149,000 associates across the Americas, Europe, Africa and Asia.

Varley serves customers in Saratoga, Warren, Washington, Albany, Schenectady and Rensselaer counties. He said the move enables him, potentially, to branch out even more.

With RealtyUSA he “reached the point where we had outgrown the model,” he said.

“RealtyUSA is local, not national,” he noted.

Varley said he did research Keller Williams for over a year and decided the time was right for a switch.

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