By Randy Koniowka
While economists debate whether or not we have climbed out of the recession, and with unemployment still at record numbers in the Capital Region, the areas housing market is showing signs of improvement.
According to the Greater Capital Association of Realtors, the Capital Region of New York State showed excellent results for the month of February. Closed sales on homes and condos was up 23%. And in Cohoes, the number of closed sales is up 14.3% from last year.
Association President Laurene Curtin says that while we might not see improvement every month, the February numbers are a sure sign that the market is rebuilding itself. "The Capital Region market is alive and well."
Many realtor's believe that the 8,000 home buyer tax credit has resuscitated what was once a housing market on life support. "It's impact is big," says Association CEO James Ader. However, Ader is confident that even when the tax credit is no longer available, the market will remain strong. "The feeling is that when the tax credits expire, the market will continue to improve, it has been some time since so many indicators were positive at the same time."
The improvement in the real estate market comes as Cohoes seeks to build it's residential base. Several significant residential developments are set to break ground in the coming months, including the 408 unit Paddocks at Lexington Hills off of Saint Agnes Highway and the 134 unit Captian's Lookout on Van Schaick Island.
For anyone interested in becoming a home or condo owner, the GCAR will be hosting an open house, on April 17th and 18th. For more information contact GCAR CEO James Ader at 464-0191 ext. 16.
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