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Article: REAL ESTATE MARKET ADJUSTS AFTER THE BOOM.(Capital Region)
- Article from:
- Albany Times Union (Albany, NY)
- Article date:
- February 28, 1993
CopyrightCOPYRIGHT 1993 Albany Times Union. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JAMES DENN Business writer
Fueled by the enormous demand of baby boomers looking to get their piece of the American dream, real estate sales in the Capital Region skyrocketed five years ago.
According to a Times Union study, approximately $1.84 billion worth of real estate changed hands in Albany, Columbia, Rensselaer, Saratoga and Schenectady counties in 1988.
But the boom in real estate activity was not to last. Three years later, the wind was out of the market; real estate sales in the five-county area had sunk 24 percent to $1.39 billion - $450 million less than in 1988.
The downturn in the region's economy wreaked havoc in ...