THANKSGIVING IN HUDSON VALLEY REAL ESTATE

Buy real estate instead of Turkey this Thanksgiving. Consider these great buys: Dutchess County: 90acres in the Town of Clinton $399,000; or 70acres with 5000SF Colonial $995,000; or $89,000 for six acres. Or consider Columbia County: 2Family, needs 2nd unit completed $99,000, current rent: $8500, double your income by finishing 2nd unit.; 1910 Colonial on 3 levels, large barn with animal stalls on 18 acres for $310,000; 27 acres with great Catskillvus only $110,000. Or consider Greene County 75 acres, including 25 acre self contained lake with some old buildings, great fishing asking $499,000 Estate Sale. 18acres with subdivision potential, water and sewer and access all onsite; Victorian on 2acs hi traffic Commericallocation $69,000; 5000SF Colonial, great original detail, needs everything, quiet country road $95,000, owner say make an offer! Rensselaer County: 50 year old Colonial, move in condition, nice level lot $159,000; 3 lot subdivision only minutes from Albany, $75,000; 85 acres on the Kinderhook Creek, sand & gravel, older buildings $399,000.

Current Market Conditions as summarized by NYSAR indicate that the volume of
New York State Sales of existing single-family homes fell singificantly, but statewide median sales price grew. Sales volume fell by more than 27 percent in the 2010 third quarter from the second quarter. Third quarter sales were expected to underperform after the expiration of the federal homebuyer tax credit. The opportunity to benefit from a tax credit of up to $8,000 moved buyers from the typically active third quarter into the second quarter as indicated by the strong second quarter sales totals and the June sales record. There were positive market indicators during the third quarter found in the continued gains in statewide median
sales price, which show activity is taking place across a broader spectrum of home prices. This is an indication that buyers are returning to the higher price ranges in local markets in many areas of the state. Overall, the survey found New York consumers are negative about the current real estate market and moderately optimistic about its future. They continue to feel that now is a very good time to buy, but a poor time to sell. Optimism about future buying prospects was positive, but down from last quarter, while future selling sentiment improved.

MILLION DOLLAR PROPERTIES ARE SELLING

According to the Columbia County Northern Dutchess MLS system during the months of July and August of 2010 8 properties selling for $1million or more either sold or went to contract in Columbia County. This represents a substantial acceleration of high end sales and is the beginning of the long road up in building a dynamic real estate market.

That New York State Association of Realtors reports: Statewide sales of existing single-family homes in New York State increased in August from July by 3.7 percent, but remained 30-percent below the August 2009 total, according to the preliminary single-family sales data. The data also showed strong median sales price growth compared to both last month and August 2009. Modest monthly home sales totals are expected for the balance of the year as both the housing market and economy continue to recover.

Many consumers are realizing today’s market offers opportunity in terms of historically low mortgage rates and available inventory. We anticipate these factors will continue to bring buyers to the market despite concerns about the sluggish economic recovery.

Anecdotal information from operating brokers, indicates an increase in the buyers in the market. We still have a strong buyer's market, but may sellers, if they are able have withdrawn their properties. Many of those remaining on the market are willing to consider lower offers than ordinarily. Is still a buyer's market. But things may be slowly turning around.