Real estate and housing: Home sellers outnumber buyers, Redfin says
31 of the top 50 metros are buyer’s markets, according to Redfin.
Fox – LA
- Capriotti Properties owns multiple residential apartment rentals and commercial properties in the Elmira area.
- Capriotti Properties recently completed purchase of three historic properties in Montour Falls and Watkins Glen from Nelson Development Group of Vestal.
- The buildings currently house mostly apartments and some commercial tenants, and represent Capriotti’s first foray into Schuyler County.
Capriotti Properties, a major player in the Elmira real estate market, recently completed the purchase of three historic buildings in Schuyler County that house both residential and business tenants.
The sale included the Montour House and The Flats on Broadway in the Village of Montour Falls, and Water Works Center in the Village of Watkins Glen.
Capriotti Properties acquired the three properties from Vestal-based Nelson Development Group, which purchased the buildings in 2008 and renovated them for residential and commercial applications.
This is the Elmira firm’s first foray into Schuyler County, said Capriotti Properties President Jim Capriotti.
“I was aware of those buildings. I knew when they were renovated. I saw an opportunity to get into that market,” Capriotti said. “I’m very busy in Elmira. I was looking into something that was already renovated. They sought me. They came after me for the sale.”
The total purchase price for all three properties was $5 million, Capriotti said.
The deal was brokered by Dallas, Texas-based CBRE Group, Inc. on behalf of Nelson Development.
“From the onset, the purchaser recognized the uniqueness of the portfolio and distinguished themselves as the right group who will steward these assets for the next chapter of their lives,” said Zach McHale of CBRE Group. “The portfolio further presented an excellent opportunity to invest in the scenic Finger Lakes region with access to incredible local amenities, including Seneca Lake, countless vineyards, Watkins Glen International Speedway, and historic downtowns.”
The Montour House on Main Street in Montour Falls was built in 1854 as the Canal Hotel by Charles Cook, commonly known as “The Father of Schuyler County.” The renovated building features 11 residential apartments and four fully occupied commercial units, including a cafe. Fully renovated in 2010, the project was recognized with two historic preservation awards.
The Flats on Broadway in Montour Falls was built in 1921 and was formerly the Montour Falls Union School. The property was later taken over by Schuyler County and was known as the Rural Urban Center until Nelson Development Group purchased it in 2008. The property features 14 residential apartments and one leased commercial space and is within walking distance of the Catherine Valley Trail.
Water Works Center, located…
Read More: Elmira real estate firm buys three historic Watkins Glen area sites
