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Home hoopla produces flat sales
Numbers fail to support claims of success for "Key to the City" effortBy Lauren Stanforth
Updated 6:38 am, Wednesday, February 27, 2013

SCHENECTADY — Despite the claim that Mayor Gary McCarthy's homeownership campaign has been characterized as experiencing "enormous progress," sales were flat in Schenectady since the "Key to the City" program started in September 2011..................................>>>>............................................>>>>..........................Read more: http://www.timesunion.com/local/article/Home-hoopla-produces-flat-sales-4311257.php#ixzz2M6d7Lc1u

"Today is the day we take a step back from the tireless work and celebrate the enormous progress this program has made, the results of which have been truly impressive," said KeyBank's Joe Riedhammer at a Jan. 27 news conference at City Hall. "There have been over 100 closings under the Key to the City framework in our area, and over $13 million lent."

At the Jan. 27 news conference, which was videotaped and played on Schenectady's cable access channel, KeyBank's 100th homeowner was given a key to the city and cut a cake with KeyBank's logo on top — with McCarthy's hand also on the knife, wedding style.

After provided with the association's data Tuesday, McCarthy said the Key to the City Program isn't about quantity as much as it's about making sure the houses are not purchased by absentee landlords.

On Sunday, Mary D'Alessandro-Gilmore of Prudential Manor Home Realtors said at the latest Key to the City news conference that "as of Jan. 1, 2013 we have a total of 54 homes in contract" — a number that was also promoted during the Monday City Council meeting. But completed sales, according to the January report issued by the Greater Capital Association of Realtors, were for 17 homes.

"They want to paint everything with that rosy brush," said City Councilman Vincent Riggi, the lone non-Democrat on the Council.

Median sale prices were down from 2010 to 2012 in all three cities, with Schenectady seeing about a 10 percent decline from $105,500 to $95,200.

Read more: http://www.timesunion.com/local/article/Home-hoopla-produces-flat-sales-4311257.php#ixzz2M6jQiXxH



Hummmm.....there's LOTS of pants on fire in the City and the bank this morning!! Hasn't McCheesy realized yet that his puffed up numbers CAN be proven?? Did he learn nothing from the Metroplex-job-creation-lie he used during his election??

Median sales prices down 10% AND more homes were sold BEFORE McCheesy took office (310 sold the year before he came into office).

You can't stick another fork in me, I've already bled out.

What have we "nayboobs" been saying all along????

But the lone board cheerleader claims the city is in a grand renaissance, claims the dems have done and are doing a wonderful job, claims we "nayboobs" lie and and distort the supposed truths.

But board cheerleader will not provide one teeny weeny shred of evidence to support anything he says.   Also does not provide one teeny weeny shred of evidence to contradict what we "nayboobs" state.

Notice how cheerleader posts less and less as the truths about his dem buddies and their cronies are causing more failures in the city!

Cluck cluck cluck

it's all smoke and mirrors with the gazetto cheerleading on the 'lie'!

was talking to an EMPLOYEE from the city school system....told us that 'it's awful'....that not only are the kids OUT OF CONTROL.....but most of these kids live in deplorable conditions at home...IN THE CITY!!!

the city can't maintain and obviously is not containing this substandard society it has created.

obviously throwing money at it and the nonprofits aren't making a dent in the social welfare problem.

NOBODY WITH A HALF A BRAIN CELL WANT TO BUY A HOME IN SCHENECTADY!!!

You can't trust anything the papers print about real estate because they get too much advertising money from realtors.
I think this program may be taking credit for homes that were sold without its involvement.
That "cheerleader" gets his kicks posting fatuous remarks about miracles in the paper. Something really wrong there.

I've said it before and I'll say it again, it is the taxes. McCheese and KeyBank are attempting to do on a small scale what caused a financial collapse nationwide. Trying to lead the naive and unqualified buyer into making a bad financial decision. Smart buyers are avoiding Schenectady altogether or sniffing out better deals, the ones that the banks/city don't want you to know about. In a buyer's market, prices naturally drop to the amount people are willing to and can afford to pay. McCheese and the banks don't want you to know that this is what is happening/should be happening. Because they have "full market values" for houses in the city that are completely out of line with reality, therefore the assessments are even more outrageous than they appear. McCheese wants to keep gouging the remaining few taxpayers for obvious reasons. He's the one wrecking the real estate market in Schenectady right now, with his boneheaded interference.

HA HA HA HA HA HA HA HA

Mccheesy's home sale program makes use of FEDERAL taxpayer money, the grants, the downpayments, the FHA mortgages.

What will "the sequester" to do mccheesy's attempt at selling????

Oh, wouldn't that be nice! Defunding the mayor's foolish attempt at a third career in real estate. It might lead him to take a stab at running the city. No one is presently doing that.
The real estate market will do what the real estate market will do. I'm surprised at the number of people who have a lot more experience in real estate than McCheese does, who do not understand some basic truisms about the market.We all just saw what happens due to attempts at manipulation, butpeople like McCheese do not want to learn from experience.
I think what bothers me most was all the deliberate deception. The banks, realtors, media and government all in collusion because the market isn't going the way that will benefit them most.
Anybody who buys property in Schenectady right now and doesn't pay a rock-bottom price is being had.

I honestly hope his program picks up and starts working...now that we have found out that the costs of sending our kids to private school will be more per month than our mortage we will be leaving the area...we plan on putting the house up for sale next month...

Quoted from Madam X

Anybody who buys property in Schenectady right now and doesn't pay a rock-bottom price is being had.

Got that right.   It's so bad that one who claims the city is in a grand renaissance and everything is so wonderful, STILL REFUSES to buy a house in the city - not at rock bottom prices combined with rock bottom mortgage rates combined with the handouts from the taxpayers.

everyone wants to move back to the 'urban' centers, really they do. honest

Quoted from GrahamBonnet

everyone wants to move back to the 'urban' centers, really they do. honest

Says nobody.  

Quoted from Parent

I honestly hope his program picks up and starts working...now that we have found out that the costs of sending our kids to private school will be more per month than our mortage we will be leaving the area...we plan on putting the house up for sale next month...

Good luck with that!

We know MANY people who have their homes on the market. Better be able to convert it to a two/three/four family...no one can afford a single family home. The renters are a necessity in the City if you're a property owner.

Quoted from rachel72

Hummmm.....there's LOTS of pants on fire in the City and the bank this morning!! Hasn't McCheesy realized yet that his puffed up numbers CAN be proven?? Did he learn nothing from the Metroplex-job-creation-lie he used during his election??

Median sales prices down 10% AND more homes were sold BEFORE McCheesy took office (310 sold the year before he came into office).

You can't stick another fork in me, I've already bled out.

You can fool some of the people all of the time? Key Bank needs to be investigated by the FHA for these flimsy loans to unqualified buyers solely to prop up the failed McCheeses administration.
At the end of the day prices in the lowest Capital District City FELL under the DEM morons-AGAIN! Stop using socialism to prop up crashing resale values. And what does horrible McCheese do? Hire more
Code enforcers and crush more home owners. Cuomo stop trampling on our bill of rights and start appointing a State Control Board to oversee finances in Metrograftville.