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YOUR ONLY SOURCE FOR REGIONAL BUSINESS NEWS | westfaironline.com

FILE PhOtOS By BOB rOZyckI

Valley Grows as tourist Hot sPot

July 22, 2013 | VOL. 49, No. 29

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By JOHn GOlden jgolden@westfairinc.com

ometimes it pays to be within easy traveling distance of New York City – and not look at all like it. One of the world’s great tourist draws, the city accounted for 65 percent of spending by visitors to the Empire State in 2012, or about $37.1 billion, according to a recent state-commissioned study. Its regional neighbors, Long Island and the Hudson Valley, though vastly overshadowed by Gotham in spending numbers, ranked second and third in the state in tourism sales last year. The three geographical neighbors together raked in nearly 80 percent of travelers’ dollars spent in the state in 2012. Long Island, where visitors spent an estimated $5.1 billion in 2012, accounted for 9 percent of the state’s tourism sales, according to Tourism Economics, an Oxford Economics company based in Philadelphia. The Hudson Valley’s Valley, page 6

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GOOD THINGS HAPPENING • 29

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housing ascendant Solid numbers; the rise of ‘hipsturbia’ By Bill FallOn bfallon@westfairinc.com

The housing sLuMP showed serious signs both of abating and of staying abated in the second quarter. After depressed values, overstocked inventories and foreclosure sales for four years – a full year longer than housing bear markets of the past – the regional buyer’s market is bumping into its pricing antagonist, the seller’s market. Inventories are down. Prices are up. Perhaps best of all, as Douglas Elliman’s Amy Kane sees the data, “We’re seeing heavy contract momentum carrying into the third quarter. This does not appear to be a blip.” Kane serves as Douglas Elliman’s vice president of business development and as executive vice president and director of sales of its TriBeCa office

in Manhattan. She addressed the raft of favorable statistics released recently by her Manhattan-based company, which operates six offices in Westchester. “The reports match the consumer behavior we’re seeing,” she said. “I see a very healthy market. I understand there is a scarcity of inventory and that credit is still tight, but it’s looking healthy across all regions. There were pockets of good news in 2011. Now we’re seeing huge gains. Now, northern Westchester is looking stronger to go along with the southern part of the county, which had been stronger.” Rye Brook-based Houlihan Lawrence’s managing principal Chris Meyers agreed. “We see the recovery that began in the fourth quarter of 2011 in the markets in southern Westchester and at the low end of the sales spectrum – under $500,000 – slowly building momentum in the six quarters Housing, page 6

Dr. Michael Fanucchi

PRESCRIPTION: ART • 15


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