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Growing interest in Newburgh real estate
“Since the demand for Newburgh real estate is strong, we are starting to see light ... More than half of last year’s properties, 32, were bought by people with addresses in New York City and other areas outside the Hudson Valley, according to the ...
Leonard Sparks Times Herald-Record @LeonSparks845
CITY OF NEWBURGH – Last year, Newburgh’s City Council approved $1.6 million in sales of city-owned properties by the planning department, a record-setting level that is more than $1 million above 2016 and representative of a growing interest that stretches to New York City.By Dec31, Newburgh had closed on $1,377,881 in sales from 60 commercial and residential properties and approved 73 for sale to private buyers in 2017, according to the city’s Department of Planning and Development.In 2016, the city sold 53 properties for $508,654, and the year before 29 properties for $345,100.“This has been a very productive phase for Newburgh's economic development team,” City Manager Michael Ciaravino said“Since the demand for Newburgh real estate is strong, we are starting to see light at the end of the tunnel.”Newburgh began 2017 by approving the sale of a condominium unit at 20 Pierces Road for $38,555 and properties at 585 South Stfor $55,720 and 277 Liberty Stfor $12,000.At its last meeting of the year, the Council approved the purchases of three properties: 146 Third Stfor $8,000, 76 West Stfor $5,000 and 93 Hasbrouck for $56,000.More than half of last year’s properties, 32, were bought by people with addresses in New York City and other areas outside the Hudson Valley, according to the planning department.Buyers with Newburgh addresses bought 21 of the properties, and the other 17 were bought by people with Greater Hudson Valley addresses, the planning department said.Also noteworthy is that 44 of the sales that have closed were vacant buildingsThat is an important step for a city whose revival is partly dependent on getting vacant properties occupied and paying more in city taxes.“A lot of people are coming in to us because there is a visible difference in the City of Newburgh and a ripple effect of the Land Bank and our house sales,” said Deirdre Glenn, director of Planning and Development.Planning and Development is also in the process of reviewing proposals from 12 real estate brokers who responded to a Dec15 deadline for a request-for-proposal.The city believes that an experienced broker can better market some properties and maximum the purchase price.“We want to be sure of several things,” Glenn told the Council on Monday“That we’re asking for the best price; that we have the best marketing – the best positioning for some specific properties.”email@example.com
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