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THE BIG REALTY STORY

Posted on August 9, 2022 by John Bailey

WPCNR REALTY REALITY. From Howard Hanna Rand Realty. August 9, 2022:

So is the party over?

After two years of relentlessly surging sales and prices, has the seller’s market finally fizzled out? Should we start preparing for a buyer’s market, with falling sales, prices, and a shift of power to purchasers? The answer is “no, not quite yet.”

Last year was the strongest seller’s market in the history of the region, but we’re seeing clear signs that the historically strong seller’s market that emerged after the pandemic lockdown in the middle of 2020 has cooled off.

“Cooling” does not mean “cold.”

Even though the seller’s market might be fading out, it is important to note that this does not mean we are going to see an immediate shift to a buyers market.

Several signs throughout the quarter have indicated that the market might be returning to a more normal, balanced state following an abnormally large two-year tidal wave of activity following the end of the lockdown restrictions, a surge in pandemic-driven urban-to-suburban migration, and the desire to lock in what were at the time historically-low interest rates.

Accordingly, we expect a softer transition to a more “normal and balanced” market rather than a severe correction to a buyer’s market. For one thing, we believe it’s a little misleading to compare this year’s market to the high-water mark of last year, which was the strongest seller’s market in the history of the region.

– Joe Rand, Chief Creative Officer at Howard Hanna | Rand Realty

What’s Going on in the Market? 2019 is a clue

For a better comparison, we reached back to the second quarter of 2019, which we’re calling a “control quarter” because it represents the kind of “normal and balanced” market we believe that we’re entering, before all the distortions of that post-lockdown tidal wave of activity.

And if you compare the current market to 2019, you can see that it’s performing relatively well.

Another reason why we don’t think the market is going to enter a corrective buyer’s market anytime soon is that prices are still appreciating at a tremendous rate. That rate is slowing a little from 2020 and 2021, but it’s still well above traditional averages. Why? Because even with interest rates up, inventory is falling, so we still have too many buyers chasing too few houses.

Basic economics: if demand is steady, and supply is falling, prices go up.

Five Takeaways from the the Second Quarter of 2022:

Sales are down from last year’s all-time highs, but still relatively strong.
Pending sales are also down significantly from last year’s torrid market.
Prices continue to hit all-time highs, but will likely stabilize for the rest of the year.
New listings continue to struggle, but inventory is stabilizing.
Homes are still selling more quickly and for a better price than ever before.

To Read the Full Report contact your preferred Real Estate Agent and have it directly on your inbox or download it on the link below:

https://randrealty.com/files/2022/07/NJ-State-Market-Q22022-Final.pdf

https://randrealty.com/files/2022/07/NYS-CT-State-Market-Q22022-Final.pdf

GOVERNOR HOCHUL ANNOUNCES ANTI TERROR INITIATIVE

Posted on August 9, 2022 by John Bailey

WPCNR ALBANY ROUNDS. From The Governor’s Office. April 9, 2022:

Governor Kathy Hochul today announced the issuance of new guidance for counties throughout New York to support the development of Domestic Terrorism Prevention Plans which each county and the City of New York are responsible for developing.

The Governor discussed the importance of devising Domestic Terrorism Prevention Plans during today’s virtual remarks as part of a two-day Threat Assessment and Management Summit hosted by the State Division of Homeland Security and Emergency Services and its Office of Counter Terrorism at the State Emergency Preparedness Center in Oriskany.

“In the wake of the horrific domestic terror attack in my hometown of Buffalo, I committed to New Yorkers that we will confront the scourge of domestic terror head-on,” Governor Hochul said. “New York is providing local governments with the tools they need to address the threat of domestic terror and targeted violence, so we can prevent tragedies before they even occur. I will never stop fighting to keep New Yorkers safe.”

DHSES is encouraging localities to develop Threat Assessment and Management (TAM) Teams as part of their Domestic Terrorism Prevention Plans. To assist in creating and operating threat assessment management teams, $10 million will be made available to counties. Such teams shall be comprised of law enforcement, mental health professionals, school officials, and other key stakeholders tasked with identifying, assessing, and mitigating the threat of targeted violence.

Executive Order 18 was issued by Governor Hochul in direct response to the white supremacist act of terror at a Buffalo supermarket in May.

The executive order is specifically designed to fight the troubling surge in domestic terrorism and violent extremism frequently inspired by, planned on and posted about on social media platforms and internet forums.

In part, the executive order calls upon:

DHSES to establish a new unit within its Office of Counter Terrorism dedicated to the prevention of domestic terrorism.
Every county and the City of New York to develop and maintain a plan to address the threat of domestic terrorism, including racially or ethnically motivated violent extremists.
New York State Police to establish a new unit within the New York State Intelligence Center (NYSIC) dedicated to tracking domestic violent extremism and increase social media monitoring for investigative leads that may come from the online promotion of violent extremism.

During the two-day summit, state counterterrorism experts are reviewing the newly issued guidance on Domestic Terrorism Prevention plans and state grant funding opportunities, at both the state and federal level, to advance county domestic terrorism planning and TAM team creation efforts. A consultant with expertise in behavioral threat assessment will also provide training on TAM team development.

Division of Homeland Security and Emergency Services Commissioner Jackie Bray said, “Domestic terrorism fueled by white supremacy and bigotry is the number one terrorism threat we currently face. Our team in the Office of Counter Terrorism is working around the clock to ensure counties across New York have everything they need to meet the challenge in front of us. Thanks to Governor Hochul’s leadership, together we are working with our partners to make New York a safer place for everyone.”

The recent spike in domestic terror attacks represents one of the most pressing threats to public safety across the United States. In the last decade, domestic terror attacks and plots have tripled nationally. In 2021, there were 73 terrorist attacks and unearthed plots in the United States, including 38 white supremacist and similarly like-minded terrorist attacks and plots.

4 CHARGED IN “GHOST GUNS RUNNING” INTO WESTCHESTER COUNTY IN YONKERS

Posted on August 9, 2022 by John Bailey

WPCNR POLICE GAZETTE. From the Westchester County District Attorney. August 9,2022:

Westchester County District Attorney Miriam E. Rocah announced the indictment of four individuals who were arrested in June as a result of a multi-agency investigation into the trafficking of illegal firearms from Washington to Westchester between April and June 2022.

In addition to the arrests, authorities seized 31 ghost guns (as well as two conventional firearms) that were allegedly assembled and purchased in Washington, D.C. before being transported to Yonkers for sale between April 28, 2022 and June 24, 2022.

“This case is just one example of my gun safety initiative in action: conducting proactive investigations to remove illegal weapons like ghost guns from our streets and prosecute gun traffickers,” DA Rocah said. “I’m grateful to the Yonkers Police Department and numerous state, local and federal law enforcement partners who are on the frontlines with us every day in the fight against gun violence and gun trafficking to keep Westchester safe.

The joint investigation—launched by the Yonkers Police Department’s Narcotics Unit in partnership with the Drug Enforcement Agency Group D43, the New York City Police Department, the New York State Police, the Federal Bureau of Investigation and the Violent Criminal Enterprise Bureau of the Westchester County District Attorney’s Office—focused on the interstate trafficking of “ghost guns,” partially finished, untraceable and fully-functioning illegal firearms that can be easily assembled at home with parts purchased online and designed to evade certain gun laws.

As alleged in the indictment, Jose Gregorio Olivo-Feliz, 27, of Yonkers, Pedro Junior Olivo-Feliz, 21, of Yonkers, and Netaly A. Pena-Camilo, 25, of Washington, D.C. conspired to transport firearms from Washington, D.C. between April 28, 2022, and June 24, 2022, for the purposes of selling them in Yonkers. Pena-Camilo was allegedly in possession of the firearms and responsible for transporting them across state lines to sell them in Westchester County.

Jose Gregorio Olivo-Feliz, Pena-Camilo and Idanis Lora-Espinal were arraigned on August 4, 2022, and Pedro Junior Olivo-Feliz was arraigned on August 8, 2022, in Westchester County Court. The District Attorney’s Office requested that Jose Gregorio Olivo-Feliz and Pedro Junior Olivo-Feliz be held without bail, or in the alternative, on $500,000 cash bail. The District Attorney also requested that Pena-Camilo be held without bail, or in the alternative on $1 million cash bail.

Bail was set by various Westchester County judges as follows: Jose Gregorio Olivo-Feliz $50,000 cash bail, Pedro Junior Olivo-Feliz $200,000 cash bail and Pena-Camilo $150,000 cash bail. Lora-Espinal is being held on $5,000 cash bail.

On June 24, 2022, Yonkers Police and the DEA arrested Jose Gregorio Olivo-Feliz, Pedro Junior Olivo-Feliz, and Idanis Lora-Espinal, 30, of Washington, D.C.

Pena-Camilo, was apprehended in Washington, D.C. on June 29, 2022 by members of the investigative team, with the assistance of the Metropolitan Police Department of the District of Columbia.

A Westchester County Grand Jury indicted the defendants on the following felony charges:

· Jose Gregorio Olivo-Feliz was charged with Conspiracy in the Fourth Degree, two counts of Criminal Sale of a Firearm in the First Degree, Criminal Sale of a Firearm in the Second Degree, seven counts of Criminal Sale of a Firearm in the Third Degree, Criminal Possession of a Firearm, Criminal Possession of a Weapon in the First Degree, 11 counts of Criminal Possession of a Weapon in the Second Degree, and two counts of Criminal Possession of a Weapon in the Third Degree.

· Pedro Junior Olivo-Feliz was charged with Conspiracy in the Fourth Degree, Criminal Sale of a Firearm in the First Degree, Criminal Sale of a Firearm in the Second Degree, three counts of Criminal Sale of a Firearm in the Third Degree, 11 counts of Criminal Possession of a Weapon in the Second Degree and Criminal Possession of a Weapon in the Third Degree.

· Pena-Camilo was charged with Conspiracy in the Fourth Degree, two counts of Criminal Sale of a Firearm in the First Degree, Criminal Sale of a Firearm in the Second Degree, six counts of Criminal Sale of a Firearm in the Third Degree, Criminal Possession of a Weapon in the First Degree, 11 counts of Criminal Possession of a Weapon in the Second Degree and two counts of Criminal Possession of a Weapon in the Third Degree.

· Lora-Espinal was charged with Criminal Possession of a Weapon in the First Degree.

The case is before Judge George Fufidio in Westchester County Court, and is being prosecuted by the Violent Criminal Enterprise Bureau of the Trials and Investigations Division. The defendants are scheduled to appear again in court on October 27, 2022.

The charges against the defendants are merely an accusation, and the defendants are presumed innocent unless and until proven guilty.

NEW TAX BREAKS FOR SENIORS PIONEERED BY TOWN OF GREENBURGH SIGNED INTO LAW BY GOVERNOR HOCHUL: SENIORS OVER 65 CAN NOW EXEMPT $50,000 OF INCOME FROM PROPERTY TAX EXEMPTION EFFECTIVE THIS TAX YEAR.

Posted on August 9, 2022 by John Bailey

WPCNR QUILL & EYESHADE. From Town of Greenburgh Supervisor Paul Feiner. August 9, 2022:

Governor Kathy Hochul has signed legislation yesterday that the town of Greenburgh lobbied for for many years.

The new law will allow allow local governments to increase the maximum allowable income eligible for a property tax exemption to $50,000 for people who are 65 and older as well as people with disabilities. The measure will increase the current limit set at $29,000 a year for older New Yorkers who live outside of New York City.

The Greenburgh Town Board, Assessor Edye McCarthy (Editor’s Note, she is former White Plains Assessor) and I have been pushing for this new law for a number of years.

We felt that it was unfair for NYC seniors to get better tax breaks than seniors of Greenburgh.

Am grateful to State Assemblyman Tom Abinanti who also worked very hard to get this legislation approved over many years and to Senator Andrea Stewart Cousins for her advocacy. This new law will enable more seniors to continue to live in Greenburgh.

It’s our intention to approve this benefit for seniors.