Land news, New York Land

What I’m reading: A scarier real estate market and big boosts to Upstate New York

Picture of land in Broome County New York

Just like we pointed out in our previous post – there’s a lot of fear and uncertainty about real estate and the economy right now. Inflation is extremely persistent, and the Fed has one primary tool left: increase interest rates. The challenge, especially with real estate, is that debt and loans get more expensive and harder to get. The result: lower prices. Onto the reading.

The housing market is starting to look very scary (Bloomberg) “Months of supply has rarely increased as quickly as it has over the past six months. While we have a limited sample size of this kind of volatility, the size of this increase is normally associated with falling home prices 12 months forward.

“By 2029, NYC, which remember accounts for 11% of the country’s office, will see the value of its office real estate fall by $49 billion.” (TheStreet) Whether it’s hyperbole or for real, NYU Stern Professor Arpit Gupta’s research paper is entitled “Work From Home and the Office Real Estate Apocalypse”. The fact is true – working from home is nice. But I’ve also learned that when things look the worst, that’s often when expectations are already built in. The question is: how will this affect land? We’ve definitely seen a drop in demand as capital is harder to come by – and land prices in certain places in New York and in many other states are being impacted by this, but we are still buying land — but we’re also having to be much more conservative on what we can pay for it too.

“New York declared a state of emergency over polio in an effort to boost vaccination rates after evidence of the virus’s spread mounted when it was found in wastewater samples in Nassau County on Long Island.” (Bloomberg) Who would’ve thought we’d ever face the risk of getting a disease like this again — one that’s affected hundreds of thousands, but we thought was eradicated?

New York adds $50 million to Binghamton University’s battery project, bringing total to over $113M Binghamton University in Upstate New York’s Southern Tier won even more funding from the federal government to develop new clean energy technology, which estimates they will bring over 8,000 new jobs and $2 billion dollars to the region.

Update New York Airports getting $230 million in state funding for upgrades and expansions (LOHUD) Several airports are getting a huge capital boost to upgrade and expand airports. Here’s the details on who is getting what:

  • Binghamton International Airport in Broome County – $32 million
  • Albany International Airport – $60 million
  • Watertown International Airport (Jefferson County) – $28 million
  • Saratoga County Airport – $27 million
  • Syracuse Hancock International Airport (Onondaga County) – $20 million
  • Sullivan County International Airport – $18.5 million
  • Ogdensburg International Airport (St. Lawrence County) – $18 million
  • Frederick Douglass – Greater Rochester International Airport (Monroe County) – $18 million
  • Adirondack Regional Airport (Franklin County) – $8.5 million

Upstate New York airports getting state funding for expansion (WSKG) Adding to Binghamton’s string of successes Greater Binghamton Airport is getting $30M in funding: “Hochul said the state will contribute $30 million to upgrade the passenger terminal, construct a new Customs and Border Protection Facility, and other upgrades.” Syracuse’s Hancock International Airport in Onondaga County, Albany

About Haystack Land Company

We buy land in Upstate New York, Texas, Georgia and around the United States. We started Haystack Land Company with the core value of “integrity above all else” in mind, and it reaches into everything that we do. Our goal is to do right by our customers, business partners and providers — and to treat them with the care and respect that every individual deserves.

If you own land and you’re interested in selling, please get in touch with us. 

 

 

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