Steve Saleski’s Guide to Syracuse

Vacant Land For Sale

 1: If you could show a friend around Syracuse where is the first place you would take them? 

If I was showing a friend around Syracuse for the first time, I would definitely head to downtown Syracuse to show them how the city is being transformed. Starting from the up and coming Inner Harbor to Sutton’s home in the beautiful and expanding Franklin Square district, I’d proceed to the shops, restaurants and The Most in the historic and thriving Armory Square district. I’d be excited to show them the rebirth happening in the heart of downtown Syracuse, such as the beautifully restored Syracuse Marriott Hotel, the Landmark Theatre, the new Salt City Market, City Center and Symphony Place to name a few. Just about any street you drive, you’ll find new apartments, condos and commercial space throughout downtown. I’d finish at Clinton Square where depending upon what time of the year it was, there would be an upcoming festival or the holiday decorations, Christmas tree and ice skating rink would be there to enjoy.  

2: How have you seen Syracuse change over the years?

Having grown up in North Syracuse and living here all of my life, I remember my grandmother taking us on the bus downtown to shop at Sibley’s, ride the elevator and monorail at E. W. Edwards and eat at the lunch counter. It was fun seeing downtown all dressed up at Christmas time, with shoppers up and down the streets. I remember the Syracuse China Factory, Carrier, Allied Chemical, General Electric  and so many other big manufacturers in and around Syracuse. Slowly, they began to disappear and I witnessed the decline of downtown and flight to the suburbs of offices, stores and businesses. Today, I’m witnessing not only the flight back to downtown Syracuse of businesses and people, but also the flight to the Syracuse region from all parts of the country. People are returning to the place where they grew up. Others are coming, seeking a better quality of life. Many people don’t know that our region’s population has actually grown by over 2% the last several years, reversing a 90 year population loss trend. I’m personally experiencing an increase in my commercial real estate business as a result of the growth in our area, and the Micron effect is just beginning! I too was a skeptic early on. Attending presentations, talking to colleagues and hearing about activity happening behind the scenes relative to Micron has boosted my confidence that Micron will move forward with an investment. The size remains to be seen, but I have no doubt that it will spur unprecedented growth to our area and make this an even more exciting and better place to live.  

3: What is your vision for the future of Syracuse?

That’s a tough question for me. I see the new investments in facilities and infrastructure spurring investment by developers and businesses to expand housing and the services that it necessitates. They say as the real estate market goes, so goes the economy. We desperately need more housing and the demand will eventually create it. I recently read for every dollar spent on a home purchase, five cents in home related goods and services is spent. We are living in an exciting time right now. We are on the cusp of growth not seen here, perhaps ever. And it’s coming. Downtown will continue to be transformed as more businesses come back to the city. Repurposing of existing office and retail space will reshape our area I believe. Redevelopment of Great Northern Mall and Shoppingtown are prime examples. Not only will downtown continue to grow, but so will our suburban areas with both residents and businesses. I’m excited to be in the CRE field, now more than ever as we begin a new chapter in the next evolution of our region.

Land Sales Trends in 2023: An Investor’s Guide

Vacant Land For Sale

Last year, soaring real estate prices and property shortages continued, leaving many to consider an alternative. Land investment may not be as common as residential real estate, rental properties, or REITs, but it’s looking like a solid choice in 2023, and beyond.

Investments in land have steadily increased over the last decade. Investors may purchase land for agricultural purposes or residential and commercial real estate. Regardless of the purpose, all types of land for sale have recently seen an increase in demand.

Here are some of the latest trends and why you should consider purchasing land.

NY Land Sales Are on the Rise

According to the REALTORS® Land Market Survey, land sales increased by 6% in 2021, surpassing the sales growth of commercial real estate properties, industrial buildings, and apartment buildings. The team at Sutton Real Estate has seen an increase in the number of land deals completed from 2021 to 2002 in upstate NY. According to experts, it’s a trend that’s likely to continue this year as demand increases and the value rises.

The announcement of Mircon investing $100 billion over the next 20-plus years in Onondaga County has sparked renewed interest in available land in surrounding areas where we lack housing – specifically multi-family housing. Upstate New York’s housing currently can’t support the nearly 50,000 jobs statewide promised to be created by the end of this decade. Securing land and real estate in Onondaga County and beyond is an opportunity to consider heavily for investors and developers in Upstate NY. 

According to Stephen Saleski, a Real Estate Associate Broker at Sutton Real Estate Company…

“There seems to be a lot of investors and operators sitting on cash. The pent-up demand for investments, coupled with a lack of inventory for industrial and retail users space created much more activity than in the last few years. 

I believe the continued lack of inventory for space, increased availability of construction materials, and continued consumer spending will keep land as a good investment in the short term.”

However, supply and demand also mean that as the amount of land for sale diminishes, prices will rise. Long term, this means the cost to invest will continue to go up, so it’s best to buy early and wisely.

Land Continues to Be a Stable Asset

The stock market is prone to fluctuations, making it occasionally volatile. Factors such as war, government policy changes, inflation, etc., can all cause the market to go up or down. As such, it can be risky purchasing stocks, especially as a beginning investor.

Safe assets, such as gold or land, provide stability. The value of land stays largely the same or even increases. That’s why many investors put their money into land as a way to keep their wealth safe.

Land also offers a great deal of versatility. For instance, it can be used for a residential property or a commercial office space.

Empty heading

Empty heading

Farmland Value in 2023

Russia produces around 25% of the world’s nitrogen fertilizer. Production has slowed due to the Russia-Ukraine conflict. It’s essentially off the market or far more costly than before the war. As the conflict continues, it’s likely to impact land prices this year.

Land, especially farmland, is usually held for a long time and often passed down to other family members. That’s one reason that supply is so limited. However, this also makes farmland valuable. And the demand will only increase as more people seek stability during difficult times or want more room for their families.

The COVID-19 pandemic created a surge of people flocking to rural areas. It sparked interest in the cottagecore movement, which focuses on sustainability, simplicity, and agricultural life.

While the shift from city to rural life isn’t as strong as during the pandemic, many people still see the value in farmland. Expect demand to continue throughout the year.

Land Sales Trends in 2023 and Beyond

These trends demonstrate the value of investing in land in 2023 and beyond. It’s a stable asset that you can rely on.

Are you in need of a broker to find land for sale here in New York? Take a look at what we have available at Sutton Real Estate Company, or contact us with any questions you have about our listings.

Sutton brokers three sales totaling $1,705,000

517 Charles Ave Solvay NY - VFW Post 2893

27 Main Street, Camden, NY –

Stephen Saleski of Sutton Real Estate Company, LLC brokered the sale of a 12,000 SF retail plaza in Camden, NY, owned by the Bellinger Irrevocable Trust, which sold to 437 Liberty St. LLC for $556,000. There were no other brokers involved.

27 Main Street, Camden, NY
Image of 27 Main Street, Camden, NY

517 Charles Avenue, Solvay, NY –

Stephen Saleski of Sutton Real Estate Company, LLC represented the sellers and Karen Cannata-LaRocca and Kristen Nave of Sutton Real Estate Company, LLC represented the buyers, Mission Light Pentecostal Church in the sale of the Stanley B. Pennock VFW Post 2893 in Solvay, NY. The sale price was $399,000.

517 Charles Ave Solvay NY - VFW Post 2893
Image of VFW Post 2893 517 Charles Ave Solvay NY

3736 State Route 13, Pulaski, NY –

Stephen Saleski of Sutton Real Estate Company, LLC and Daniel Krupke of Berkshire Hathaway CNY Realty represented the seller of a 48-acre vacant parcel on Rt. 13 in Pulaski, NY, that sold to the Davidson Management Group, Inc. Patrick Agen of Pavia Real Estate represented the buyers. The sale price was $750,000.

Keeping up with Medical Office Space Trends

Medical Office Equipment

Did you know that there are only approximately 4,000 hospitals in the United States? This number proves to be sufficient due to the high level of medical care that hospitals provide to patients.

However, there are trends in medical office space that professionals need to be aware of so that they can adapt to them. We’ve put together a brief guide full of key information. Let’s take a look at everything you need to know.

Leasing Commercial Office Space Is Becoming More Common

This is primarily because it can be more cost-effective than owning the space outright. Additionally, leasing gives practices the flexibility to move if their needs change. Those who work at small clinics or practices should keep this in mind when moving forward, as it can be difficult to secure financing to outright purchase a facility.

Medical office space leasing also comes with a notable amount of flexibility compared to buying. Although you do not build equity in the property, you can relocate whenever you want.

In some cases, you may even be able to find a better leasing opportunity nearby that you can take advantage of.

People Are Relocating to New Communities

Due to the rising cost of housing across the country, many people are being forced to relocate to more cost-effective areas.

This is often the case for families with young children. They may be priced out of their current community and need to find a more affordable place to live. This can have an impact on medical offices because it means that patients may be traveling further distances to see their doctor.

Additionally, it can be difficult to attract new patients if they do not live nearby. This is something that practices will need to keep in mind when considering their location.

It’s also worth considering that facilities that were used to accommodate small communities may now have to deal with a much larger number of patients.

Empty heading

Empty heading

There Is an Aging Population

As the baby boomer generation continues to age, there is an increased demand for medical care. This means that more people are going to be visiting their doctor on a regular basis. Additionally, this population is more likely to require specialized care.

This can put a strain on medical offices, as they may need to hire more staff or expand their facilities. These offices may also be required to invest in new or additional equipment. Additionally, this trend is expected to continue in the future, so it’s important to be prepared.

Technology Is Changing the Way That Medical Care Is Delivered

The rise of telemedicine has made it possible for patients to receive care from their doctors without having to leave their homes. This convenience is becoming more and more popular as people are leading busier lives.

It’s often more affordable than in-person visits. Many insurance companies are beginning to cover telemedicine appointments, likely increasing its popularity even further.

Medical offices need to be prepared for these changes by investing in the necessary technology. They will also need to train their staff on how to use it properly.

Interior photograph of Medical Office
Woman on laptop demonstrating telemedicine
Interior photograph of medical office conference room

Empty heading

How Do I Find the Right Office Space?

The best way to find the right office space is to work with a licensed commercial real estate broker. They will be familiar with the market and can help you find a space that meets your needs. They will also provide you with information on lease rates and availability.

Working with a broker also gives you the opportunity to negotiate a better deal on your lease. Under some circumstances, this could save you thousands of dollars. You will also likely experience much more favorable terms when it comes to what you can and cannot do with the property.

What Should I Look for in a Brokerage?

When looking for a brokerage, it’s essential to find one that is experienced and has a good reputation. It should come as no surprise that you need to look for a licensed commercial real estate broker that specializes in representing tenants in their search for medical office space.

This will ensure that they have the knowledge and resources to help you find the right space. A licensed commercial real estate broker will provide you with a list of references from previous clients. 

This will give you an idea of what it’s like to work with an experienced medical office leasing commercial real estate broker. Finally, you should ensure that you are comfortable with the broker and that they can answer any questions you may have.

It’s worth noting that you should take a look at what past clients have had to say about working with the brokerage. This will give you insight into what you can expect once you hire them. Keep in mind that reviews that are overly negative may not be an indicator of the brokerage’s actual performance. For example, there may have been an isolated incident that does not reflect the type of results that clients generally receive.

However, nobody can make this decision for you. Reach out to a broker you’re interested in and inquire about what makes them stand out from their competitors.

These Medical Office Space Trends Can’t Be Ignored

The way that medical care is delivered is changing, and medical office space needs to change along with it. By being aware of these trends, you can make sure that your office is able to accommodate your patient’s needs.

Want to learn more about what we can do? Be sure to reach out to us today and see how we can help you.

New Owner Mike Flynn Plans Redevelopment of Popes’ Grove Golf Course

Popes’ Grove Public Golf Course sign provided by Stephen Saleski

The former Popes’ Grove Golf Course recently sold for $900,000. Stephen Saleski of Sutton Real Estate Company, LLC represented the seller of 695 State Fair Blvd. The buyer Mike Flynn was represented by Tommy Kehoskie of Independent Realty.

Opened in 1961, Popes’ Grove Golf Course was a nine-hole, par three golf course located a half mile from New York State Fairgrounds and St. Joseph’s Health Amphitheater at Lakeview. Mike Flynn has recently announced plans to turn the 38-acre site into a restaurant with an attached brewery or perhaps a taphouse, becoming a “destination” for highlighting local breweries, food, and entertainment.

Featured on:
New York Real Estate Journal 
Central New York Business Journal

Preliminary rendering, provided by Mike Flynn
Preliminary rendering shows plans for a building named “Flynners Brewery,” along with an entertainment center and outdoor event spaces with stages. Image provided by Mike Flynn.
Aerial estimated property lines for 695 State Fair Blvd. Syracuse, NY 13209. Image by Altitude Media.
Aerial images of estimated property lines for 695 State Fair Blvd. Syracuse, NY 13209. Images by Altitude Media.
Aerial estimated property lines for 695 State Fair Blvd. Syracuse, NY 13209. Image by Altitude Media.