What Does the New Casino Mean for Schenectady Home Values?

There are many great Albany homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (518) 861-7016 for a FREE home buying or selling consultation to answer any of your real estate questions.

Thanks for joining us once again! I know how valuable your time is and I promise not to squander it!

As we wrap up 2014, it's time to recap what we saw in real estate over the last 12 months and take a look at what we can expect moving forward. I will also address the new casino going up in Schenectady and discuss the impact it will have on our community.

In 2014, we saw median home prices get back to where they were in 2007, at around $200,000. The average days on market was about 90 days, while the volume of home sales fell by about 5%. We want to say thanks to everyone who did business with us this year, as we were up about 25% in 2014. Your business is truly appreciated!

Now, what about that new casino going up in Schenectady? Will it have any impact on home values in the area? Here are my thoughts: When Global Foundries was announced, people assumed it would cause property values to rise and many feel the same way about the casino.

The casino will be a huge bonus for any of the businesses that support it - restaurants and movie theaters, for example. The casino will also contribute about $8.1 million in property taxes and help homeowners in Schenectady City, as well as the county. However, it is not going to have an effect on home values - your home values will not rise as a result of the casino being built.

The 1,200 jobs that the casino creates are not enough to increase the demand for homes enough to increase the prices substantially. Most of those jobs will likely come from people in the area. To really change home values in our area, we need a larger influx of jobs. We're seeing many people move to Texas, Florida, and North Carolina - they are leaving Schenectady to live in more affordable places. When there are more people moving away from our community than are moving to it, an increase in home values is unlikely.

Overall, the casino will have a positive impact on local businesses, the local economy, and will ease the tax burden of homeowners. However, we will not see home values improve as a direct result of the new casino.

If you have any questions give me a call any time. I'm always happy to talk real estate. Thanks, and make 2015 your best yet!

About Kevin

Kevin Clancy is the #1 Realtor in the Capital Region as voted by the Times Union Readers "best of" poll. He has been providing real estate brokerage and appraisal services to the Capital District for over 25 years. He is a New York State licensed real estate broker, Insurance broker, and general certified appraiser. Kevin is a HUD approved broker and started his career specializing in the sale of HUD homes. Kevin's appraisal experience ranges from vacant land and single family homes to multi-tenant office buildings and retail centers.

A graduate of Siena College with a degree in marketing, Kevin obtained an MBA from the University at Albany in the Spring of 2005. A portion of this degree requirement included an in-depth research paper on residential real estate in the Capital Region. During his career Kevin spent several years evaluating residential and commercial real estate throughout the northeast. This includes more then an estimated 10,000 residential homes in the Capital District. This is more homes than a typical Realtor will evaluate in an entire career! For a thorough evaluation of your home prior to listing, Kevin's experience speaks for itself. Kevin's past experience makes him the perfect choice to meet any of your Capital Region or Albany Area real estate sales or appraisal needs. Services include full service and discount brokerage, appraisals, property management, and general consultation services.

Kevin Clancy
Clancy Real Estate

1 Fletcher Road,
Albany, New York 12203

518-861-7016
Kevin@ClancyRealEstate.com
clancyrealestate.com

Client Testimonials

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testimonials from happy clients

Jason -"We received very good results better than we expected. He was just very well informed, knew the market very well. We had met with agents prior and they were off quite a bit on the evaluation and Kevin was spot on. We were very happy with him."

Alice - "I got very good results. I was under the gun because I was trying to make a move to California. I put the house on the market at the beginning of June. I had about 16 people go through which is a very good showing. It only took maybe a month and a half, at the most two. I did get a sale. They always let me know when they were coming. They always gave me notice. I was very satisfied."

Matt -"Fantastic. Excellent all the way around, from the beginning to the end. The guy's incredible, a great agent. I recommend everyone I know to him. He's fantastic."

Gary -"Oh, they were fine. Everything was great. Kevin was very good to work with, easy and so was his assistant Kristen. She was very good. I would say that Kevin was very patient with waiting for my demands so to speak for what I wanted to get for my house. He didn't push me to do anything I didn't want to do."

Jason -"We put the house on the market Wednesday and I think we had our first showing Friday. We had an offer on the house Friday evening then we accepted it. We are in contract right now, closing soon. I was very, very pleased."

Paul -"The results were excellent every time I use him which is about three times a year. He'll do whatever he needs to do to get the deal put together and closed."

What our happy clients have to say

"This was the first time I sold a house and I told Kevin I would need his support throughout the process and he did not fail! He was incredibly responsive, supportive, and sensitive to my situation. I had a short timeframe in which to sell my house (we had one weekend to make it happen) and Kevin did it! I have tremendous faith and confidence in him and would highly recommend him. He and his team did everything they could to make it a smooth process and to ease my concerns. Overall it was a great experience and I'm glad I chose him to represent me as a seller."

-Steff, Schenectady, NY

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“When I listed my property for sale with Kevin, I didn’t really expect or need to sell it. I gave Kevin a “walk away” price with my minimum to let it go.

Less than 1 week after listing the property, Kevin came back with 4 different offers. This guy knows the market! All of the offers were viable, and all were well over my walk away number. He kept in touch with me along the way, but did all of the negotiating on my behalf. The house went for higher than the listing price, and almost 20% more than my original “dream” number for the house. In today’s market no one could ask for more than that.

I have bought and sold numerous properties in the past, but never have I dealt with someone so attentive, helpful, and full of good advice. Kevin’s experience is evident, and I am grateful for his assistance during this process. He made it easy. I highly recommend Kevin and Clancy Real Estate.”

-AmyPetro, Rexford, NY

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“I highly recommend Kevin. I listed a house with him and he brought me 3 offers within the first 2 weeks. He keeps me updated frequently and is a full-service expert in his field. He also recommended an excellent lawyer for the closing. I am very pleased and satisfied with Kevin and will definitely use him again for any future real estate transactions. Kevin Clancy is the owner of Clancy Real Estate. Always deal with the owner! Thanks again, Kevin for helping me sell that property so quickly”

-Charis Ng, Albany, NY

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What Does the New Casino Mean for Schenectady Home Values?

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