Positive News About Rochester

The Siena College Research Institute published a report for NYS metropolitan regions indicating Rochester ranked 2nd highest in consumer confidence and showed the smallest decrease over the past year.

An article in the Albany Business Review (6/27/08) had a quote from Scott Murphy, managing director of the Glens Falls office of Advantage Capital Partners stating, “Of all of the major upstate cities…Rochester is the most dynamic at the moment.” The article went on to state that venture capitalists are saying Rochester is “the hottest place in the state” because of several factors including High Tech Rochester, U of R and RIT. These entities serve as strong incubators for start-ups, combined with the local talent pool of employees displaced from the large employers.

New York State ranked 32nd in nation for May on RealtyTrac’s foreclosure activity report. We are not being impacted to the same extent as other parts of the country. If you look at the states with the high foreclosre activity, it correlates with the same areas we hear about in the national media reports where the “boom” has now become a “bust.” That has not been the case with the Rochester market — our market continues to remain steady and stable.

Did you know that the average return on a 5% down payment over 10 years is 3-5 times greater than the average stock market returns? The New York State Association of REALTORS conducted a statewide survey and found owners remain in their home for an average of seven years. For suburban Monroe County, the median home price has grown from $107,900 in 2000 to $132,900 in 2007. For the City of Rochester, the median grew from $48,200 in 2000 to $56,000 in 2007. (Source: Grasberger Economics)

Inventory remains healthy, interest rates are low and economic factors indicate that the Rochester region is fairing well in contrast to other parts of the country and even the state.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: