Saratoga Business Journal

Shannon McCarthy Team Uses Cloud-Based, Non-Traditional Model To Benefit Its Agents

April 11, 2023

Shannon McCarthy, on right, in the back, stands with some of her real estate team.
©2023 Saratoga Photographer.com

By Susan Elise Campbell

Shannon McCarthy may be ahead of the curve when it comes to rapidly changing trends in the local real estate industry.

The Shannon McCarthy Team of 14 real estate professionals, formerly part of Keller Williams, has moved en masse to eXp Realty, a cloud-based firm that trades on NASDAQ and claims to be the number-one independent real estate broker in the U.S. in terms of transactions and closed sales, according to the company’s website.

McCarthy is a Saratoga native who sold her first home in 2003. She has her flagship realty office in Saratoga and a second office in Lake George.

In the next month she plans to expand south into the Tri-Cities, where she said there is need for experienced real estate professionals.

“Once you have team members in an area and working it, you slowly grow market share,” said McCarthy. “It grows organically because you are attracting more agents.”

Whatever brick-and-mortar presence the team may build next, headquarters is now a cloud-based, non-traditional business model that McCarthy says benefits both agents and consumers.

Business Report: Immovable Object Vs. Unstoppable Force

April 11, 2023

Steven Luttman, broker/owner of SJ Lincoln Realty, host of The Expected Returns podcast.
Courtesy Steven Luttman

By Steven Luttman

April 2, 1989 marked a formative day in the childhood of many within a certain age demographic. Following the dissolution of their tag team, Hulk Hogan battled Randy Savage for the world title in what was billed as “The Mega-Powers Explode.”

Two icons of the sport engaged in battle, the former relying on brute strength and power while the latter found success with finesse and quickness. It was impossible to imagine either succumbing to the other. Three-plus decades later and this impasse parallels today’s conflict between buyers and affordability within the residential real estate market.

On one side of the housing equation, you have interest rates. Last March the Federal Reserve announced what would go on to be the first of several increases to their Fed Funds rate. Since then, the velocity in which the cost of borrowing money has risen hasn’t been seen since the early 1980s.

Many homeowners fortunately saw the writing on the wall, and locked in attractive mortgage payments before the escalation fully got underway. Goldman Sachs now estimates nearly three-quarters of all borrowers have interest rates below 4 percent, and 99 percent possess one below six.

While this was financially prudent, the corresponding friction it would go on to cause is significant. When considering moving up, downsizing or simply eyeing a change, one of the first factors a homeowner must come to terms with is the idea of trading in a 3 percent mortgage in exchange for the prevailing rates of today which are double that.

Consider a $250,000 loan amount. On a 30-year mortgage this change represents an additional $450 of monthly interest required when compared to a purchase made just twelve months ago. This puts sellers in an uncomfortable situation where they could conceivably be priced out of buying a house that is less expensive than the one in which they currently reside. Let that sink in for a moment.

Realtors Group Says Lack of Inventory A Factor In Low Number Of Closed Sales

April 11, 2023

With a continued lack of inventory and interest rates starting to rise once again, closed sales dropped to their lowest point in nearly a decade, according to the housing report released in late March by the New York State Association of Realtors.

Closed sales plummeted 34.3 percent, from 9,351 sales in February 2022 to only 6,147 units in February of 2023. This marks the lowest number of closed sales in month-over-month comparisons since February 2014 when there were just 5,700 units sold, according to the report.

New listings were down as well, from 11,760 listings in February 2022 to 9,905 in

February 2023 representing a 15.8 percent decline. Pending sales also fell 8.1 percent from 9,350 homes last year to 8,593 sales pending in February 2023.

In Saratoga Springs, data showed that new listings were down about 45 percent from January through March 22, but closed sales were up 4.5 percent. The median sales price os $557,500 was down about 22 percent. The inventory of homes for sale was up 2.3 percent.

In Saratoga County, Saratoga County, new listings during that period were down 28.6 percent and closed sales were down 35.3 percent. The median sales price of $320,500 was up m18.1 percent. The inventory of homes for sale was up about 10 percent.

According to Freddie Mac, interest rates escalated every week during the month of February. The monthly rate on a 30-year fixed-rate mortgage started the month at 6.09 percent but ended February at 6.50 percent.

Mothers Get Help And Important Info On Feeding Their Babies At ‘Breastfeeding Savvy’

April 11, 2023

In her business Breastfeeding Savvy, owner Jenelle Nemeth and staff aims to ease the frustration and isolation felt by many new mothers trying to breastfeed their babies.
©2023 Saratoga Photographer.com

By Jill Nagy

Jenelle Nemeth’s new business, Breastfeeding Savvy, aims to ease the frustration and isolation felt by many new mothers trying to breastfeed their babies.

Nemeth and her colleagues offer individual consultations both before and after a baby’s birth and host weekly meetings of a lactating mothers’ support group.

The business, also called The Lactation Lounge, is located at 58 Clifton Country Road, Suite 106 in Clifton Park.

Nemeth said that she dreamed for a decade of providing a lactation support service but was motivated to actually do it when the hospital she worked at discontinued outpatient services during COVID and still is very limited by shortages of staff in what it can offer.

As a hospital nurse, Nemeth did home visits for a couple of years and, during that time, she saw a lot of new mothers self-isolating, cut off from outpatient services and support groups.

“My heart could not see another isolated mom and that was the real drive behind launching: to gather these moms together to see that they were not alone in transitioning into parenthood,” she said.

Sean Finnegan Saves Customers Time And Money Choosing Medicare Supplement Plan

April 11, 2023

Sean Finnegan once researched stocks and bonds for clients, but now his business helps find the best Medicare Advantage plans for people’s needs as an independent Medicare broker.
©2023 Saratoga Photographer.com

By Susan Elise Campbell

Sean Finnegan once researched stocks and bonds for his clients, but now he is finding the best Medicare Advantage plans for their specific needs as an independent Medicare broker.

Over the decade he was a financial advisor his clients often asked him questions about Medicare. He decided to look into how health insurance supplements worked.

“I literally thought: I can make a living helping people make this decision,” he said. For three years he worked as an independent Medicare Advantage broker on the side of his financial advisory role. Then he gave up his securities licenses and founded Saratoga Medicare Group, LLC at 125 High Rock Ave. in Saratoga.

Then COVID happened.

“It was hard for me at first to help clients over the phone because I’m a hands-on kind of guy,” Finnegan said. “That is how I build my client’s trust and how they know I am looking out for their best interests.”

‘With Grace Mental Health Counseling’ Wants To Remove Stigma Of Seeking Such Services

April 11, 2023

By Susan Elise Campbell

With Grace Mental Health Counseling PLLC has been growing and operating at capacity at their Saratoga Springs and Clifton Park locations since 2018. The business recently opened a third location in Queensbury, increasing access to quality mental health care in the North Country.

“We consistently heard feedback that the community in and around Queensbury would benefit from more providers to support the expansion of the area,” said Nicole Edwards, LMHC, who is co-founder and co-owner with Diane Webb, LMHC.

Edwards specializes in couples and family counseling and Webb in trauma, “which is why we are well-matched. We do different things and have a well-rounded staff of therapists,” she said.

All three locations are purposefully located close to clinics, and the Queensbury location at Fowler Square is across the street from Adirondack Community College.

“We are easy to find at 719 Bay Road,” she said. “Students can walk over to Suite 2101 and receive services.”

Business Report: Finding Safety In Whole Life Insurance

April 11, 2023

Brian Johnson, director, business development at Advisors Insurance Brokers.
Courtesy Advisors Insurance Brokers

By Brian M. Johnson, MBA, CLTC

Amid recent news about prominent banks failing, inflation and increased market volatility, many Americans are finding refuge in whole life insurance.

To be clear, whole life insurance is NOT an investment. It is a type of life insurance policy that provides coverage for the entirety of one’s life, as opposed to term life insurance which only covers a specific period of time. While whole life insurance offers several benefits, one of the most important considerations for many people is the safety of the policy.

What is whole life insurance? It is a type of permanent life insurance that provides coverage for the entirety of one’s life. Unlike term life insurance, which only provides coverage for a specific period of time, whole life insurance does not expire as long as premiums are paid. In addition to providing a death benefit, whole life insurance policies also build cash value over time, which can be borrowed against or used to pay premiums.

One of the main benefits of whole life insurance is its safety. Unlike other types of investments, such as stocks or mutual funds, whole life insurance policies are not subject to market fluctuations. This means that the cash value of the policy is guaranteed to increase over time, regardless of economic conditions. In addition, whole life insurance policies are backed by the financial strength of the insurance company, which provides an additional layer of safety.

When you purchase a whole life insurance policy, you are essentially entering into a contract with the insurance company. The insurance company agrees to pay a death benefit to your beneficiaries in exchange for the payment of premiums.

In addition, the insurance company guarantees that the cash value of the policy will increase over time, regardless of market conditions. This means that even if the stock market crashes or the economy takes a downturn, your whole life insurance policy will continue to provide coverage and build cash value.

Millennial Medical Imaging Will Donate $337,500 To Saratoga Hospital Over 5 Years

April 11, 2023April 11, 2023

Dr. Richard Falivena, left, with Jill VanKuren, Saratoga Hospital CEO, Dr. David Strauss and Dr. David Hindson, far right, posing at the Millennium Medical Imaging check donation.
Courtesy Saratoga Hospital

Millennium Medical Imaging will continue its longstanding philanthropic support of Saratoga Hospital by donating $337,500 over the next five years.

The radiology practice has provided medical imaging services at Saratoga Hospital locations since 2000 and has contributed over $1 million to support hospital programs and fundraising efforts.

“We couldn’t ask for a better partner,” said Richard Falivena, DO, vice president and chief medical and physician integration officer at Saratoga Hospital. “Clinically, they are among the best in the region. Philanthropically, they set an example for others to follow.”

Millennium’s latest pledge includes $250,000 for advanced imaging equipment. The remaining $87,500 will provide five years of sponsorship support for Saratoga Hospital’s three annual fundraising events: the Cantina Kids Fun Run, the Gala, and the Golf Invitational.

Couple Creates ‘Premier Homes Elite Realty’ Which Flips Houses, Has Some Rental Units

April 11, 2023

Kyle and Chrystal Chadwick have ventured into the sales side of the real estate business with the creation of Premier Homes Elite Realty based in Stillwater.
Courtesy Premier Homes Elite Realty

By Christine Graf

After several years spent flipping houses and acquiring rental properties, Kyle and Chrystal Chadwick have ventured into the sales side of the real estate business.

Their real estate company, Premier Homes Elite Realty, opened its doors at 66 East St. in Stillwater at the end of March.

“We started in real estate about three years ago with flipping houses and buying rental properties,” said Kyle Chadwick. “We’ve bought foreclosure properties—properties that were in distress, properties that no one else wanted, and ones that were eyesores for the community. We renovate them and make them absolutely beautiful again.”

The Chadwicks also own eight rental units and have another five under contract. Their rental properties are located in Mechanicville, Cohoes, Gloversville and Troy.

“We live in one of the properties we flipped in Mechanicville,” he said. “We bought it from HUD, and it was an eyesore to the community. We renovated the entire building pretty much all the way down to studs and then brought it back up again.”

DeCrescente Distributing Wins President’s Award From Molson Coors For 10th Time

April 11, 2023

DeCrescente Distributing Co. has been in business for 75 years.
Courtesy DeCrescente Distributing

DeCrescente Distributing Co. in Mechanicville has won the Molson Coors President’s Award for the second consecutive year and 10th time overall.

The company is in its 75th year as a family run local beverage distributor.

Only 32 beverage distributors nationwide earn this prestigious award each year. Winning the award twice in two years is uncommon and a testament to the hard work and creativity of the DDC team, said company president C.J. DeCrescente.

“We set a high bar here,” DeCrescente said. “Each year, we create a strategic plan for each of our suppliers to help take their products to new heights. Winning this award proves that our entire team brought their A-Game to help us achieve our ambitious goals for the Molson Coors family of brands in 2022.”

In addition to winning the President’s Award, DeCrescente Distributing is one of seven Molson Coors Founders Award finalists. The award recognizes the nation’s top Molson Coors distributor for exemplary sales and distribution performance over the last year. DeCrescente is the only distributor in the nation to have ever won the Founders Award four consecutive times.

The Founders Award winner will be announced later this year.