Remember how McCheesy had his cronies at KeyBank and the real estate lady praising the taxpayer subsidized home sale program, but then then the numbers came out last month.   Remember how McCheesy has not spoken one word on the real numbers.   Here, this is to remind you if you need it:  [url] http://www.timesunion.com/local/article/Home-hoopla-produces-flat-sales-4311257.php#ixzz2M6d7Lc1u[/url]


The numbers continue to get worse.   The first two month's home sales average price is DOWN 12.5% compared to the same period last year.  Price in Schenectady city is $71,125.  Oh wait, the board cheerleader is probably going to be shaking his pom poms saying "see, it's up by $14,000 from last month, alluding to proof of the renaissance."   Again I do state that 2 months of sales is not a really good guage overall, but it's still DOWN from the SAME period last year.   ADDITIONALLY the NUMBERS of sales are also DOWN -- DOWN by almost 10% for the two month period, and DOWN by 15% for the one month of February.

McCheesy's crony real estate lady proudly talks (on McCheesy's almost 24/7 TV ad from the previous open house Sunday) that 64 houses are "under contract" in Schenectady.   However, being "under contract" does NOT mean it will be a sale.   The prospective buyers STILL have to get approved for a mortgage, the house STILL has to go through the structural and the termite inspections, the houses STILL have to have lead paint removed, the houses STILL have to be approved for insurance--especially because government mortgages MANDATE insurance be escrowed, to name a FEW.

Here's a few comparisons for the first 2 months of the year (year to date)

                                   Number of sales                 Price

Schenectady          -  9.8%                     -  12.5%                          
Albany               + 10.9%                     +   2.5%
Troy                 - 35.3%                     +  12.0%
Saratoga Spgs        + 55.6%                     +  12.5%
No Colonie           + 14.7%                     -   7.1%
So Colonie           + 15.4%                     +  33.4%




Schenectady is in a "renaissance" ??????????     Where's the proof?

Schenectady is a "miracle" ??????????     Where's the proof?

We heard that "under contract" thing when this real estate venture started. They were allegedly sitting down then and there at the open houses and signing some sort of contract. The houses didn't actually change hands though.

Another thing that they are leaving out of their success stories is the fact that large numbers of houses are listed as being for sale but are not being let go for what the market will bear. I'm not sure what the logic is behind this for the sellers, but it has the effect of keeping the home prices artificially high,on paper. In my neighborhood there is a large number of nice homes not needing too much work that have been on the market listed at slightly over $100,000. If you are a smart buyer, and you see several comparable items for sale for the same price, would you offer near the asking price for any of them? Iwould not. So, if they have all been on the market for over a year (well over, in some cases), at the same price approximately, none of them are worth that price any more. What McCheese and his realtor cronies are trying to do is change the reality of a buyer's market back into that artificial 'bubble',one house at a time.
I would say, "more power to them" except that a) it really isn't the mayor's business, the real estate market, b) a buyer's market is not necessarily a bad thing for Schenectady at this time, it is just our crappy politicians who are making it so, I could go on, but my point is that the reality of the real estate situation in Schenectady is even worse than it seems from those numbers.

Quoted from mikechristine1

The numbers continue to get worse.   The first two month's home sales average price is DOWN 12.5% compared to the same period last year. ....   Again I do state that 2 months of sales is not a really good guage overall, but it's still DOWN from the SAME period last year.   ADDITIONALLY the NUMBERS of sales are also DOWN -- DOWN by almost 10% for the two month period, and DOWN by 15% for the one month of February.

Alright fellow board members.   Notice the comment in bold.  It's true, one cannot get a true picture of home sales based on two months.  Anyone with some intelligence knows that.   In the field of real estate, appraisal, home value, home sales, the norm for determining value is 6 months of sales.

Let it be known that the six month period of time, here the numbers for Schenectady city:

                                           Sept 2011 THRU Feb 2012           Sept 2012 THRU Feb 2013                 Percent change

Number of sales:                                   130                                          107                                           -  17.7%

Median sales price:                           $90,935                                     $87,210                                       -     4.1%



So, democratic voices out there that want to explain how this is reflective of the city being in a renaissance?

ROFL    

Democratic voice(s) will not address this evidence that contradicts what the city, county, and plex try to say.

call the funeral director. The city is dead.

I'd like to add to that, notice the fresh crop of FOR SALE signs added to the market recently. If for every house you sell, let's say twenty more go on the market, what happens to the 'value' of those that have been sitting on the market over a year? Class?
It's not as if I'm rejoicing, It's that what I have been saying all along about the reality versus what gets printed in the Gazette. What gets printed in thepaper about this program is not helpful to the residents, because having the mayor and some cronies stubbornly try to defy forces they don't control is what is harming us. Schenectady needs a revaluation to reflect reality. He's trying to build new housing downtown to attract what they consider more desirable residents, and we in the neighborhoods are being used as the 'organ donors' for the new Fort Downtown.

Quoted from Madam X

I'd like to add to that, notice the fresh crop of FOR SALE signs added to the market recently. If for every house you sell, let's say twenty more go on the market, what happens to the 'value' of those that have been sitting on the market over a year? Class?
It's not as if I'm rejoicing, It's that what I have been saying all along about the reality versus what gets printed in the Gazette. What gets printed in thepaper about this program is not helpful to the residents, because having the mayor and some cronies stubbornly try to defy forces they don't control is what is harming us. Schenectady needs a revaluation to reflect reality. He's trying to build new housing downtown to attract what they consider more desirable residents, and we in the neighborhoods are being used as the 'organ donors' for the new Fort Downtown.

So true, and it's sad.   But ALL the EVIDENCE has PROVEN that the wild spending on downtown has NOT helped the city at all.   In fact, it really has not helped downtown either because as we can see, not even a dumpy dollar store is willing to open downtown.

The only businesses opening are the ones that the dem party are choosing to offer money too for tax breaks, mostly the rich, in the hopes that they'll get generous contributions to the party in return.  But is is not making downtown a place for people go to, unless you are an alcoholic; or come from another city via a bus that drops you off at the Proctors door, take in a show, and then get back on the bus after the show to get the heck out of the city fast.   The truth is that even with Proctors being on that national register of historic places and that even with Proctors having SOME lavish shows, that STILL has not resulted in people being attracted to the city to move here to live!   And THAT is a TRUTH that no democratic voice(s) can dispute which is why such voice avoids commenting these days, avoids commenting on the lack of any ROI.



  

Quoted from mikechristine1

So true, and it's sad.   But ALL the EVIDENCE has PROVEN that the wild spending on downtown has NOT helped the city at all.   In fact, it really has not helped downtown either because as we can see, not even a dumpy dollar store is willing to open downtown.

The only businesses opening are the ones that the dem party are choosing to offer money too for tax breaks, mostly the rich, in the hopes that they'll get generous contributions to the party in return.  But is is not making downtown a place for people go to, unless you are an alcoholic; or come from another city via a bus that drops you off at the Proctors door, take in a show, and then get back on the bus after the show to get the heck out of the city fast.   The truth is that even with Proctors being on that national register of historic places and that even with Proctors having SOME lavish shows, that STILL has not resulted in people being attracted to the city to move here to live!   And THAT is a TRUTH that no democratic voice(s) can dispute which is why such voice avoids commenting these days, avoids commenting on the lack of any ROI.

Answer me this question:

Why would anyone consider going downtown for any type of retail purchase, when everything
could be purchased somewhere else where parking is easy and free and traffic isn't a nightmare.

I understand after dark downtown is college party central, but other than that people only shop
downtown if they are stuck working in downtown.

Years ago when State St was wide open, you could park and run in a store, get what you want
or walk around to the various businesses.

Now the traffic is horrible, the parking areas take up half the traffic lanes, people fight over spots,
it's a horrible experience to have to go down there for anything.

Now the Erie Blvd project seeks to make it similar.

Someone commented that they put a 4 lane highway through downtown(Erie Blvd), that's
why lower State St. was cutoff and went into decline.

The truth is there used to be a four lane superhighway Canal that went through downtown
and it didn't cut off Lower Sate. Lower State flourished.

Tax death caused the decline of lower State, not the fact that Erie Blvd was a high traffic area.

It used to be that merchants wanted high traffic near their business locations. I think it
still is and businesses will be tough to keep when you downsize and inconvenience Erie Blvd
travelers.

Erie Blvd will become the same thing as State St, a place to avoid.

Amsterdam used to have rt 5 and rt 30 crossing in the city center, with businesses lined
up for blocks in all directions. The the engineers took charge and made it a place of
confusion, inconvenience and a place to avoid. Now it's crap on a stick.

Quoted from Libertarian4life

Answer me this question:

Why would anyone consider going downtown for any type of retail purchase, when everything
could be purchased somewhere else where parking is easy and free and traffic isn't a nightmare.

Don't hold your breath for an answer