Byline: JAMES DENN Business writer
ALBANY Real estate sales in the Capital Region fell nearly 18 percent in the first three months of the year compared to the same period last year. Concerns by potential buyers about the impact that pending cuts in state government will have on the economy led sales to drop to the lowest level in three years.
But real estate professionals remained upbeat about the prospects for improvement later in the year.
``It's really just a knee-jerk reaction to the budget thing,'' said William Sarris, principal broker with Remax Commercial Properties in Albany. ``It's fear, not reality. When the fear passes, the market will burst because of pent-up demand.''
In the quarter, $252.3 million worth of commercial and residential real estate was sold in the four-county area, down from $306.9 million in …
No comments:
Post a Comment