THANKSGIVING 2011

My last post was last Thanksgiving, but I promise to post regularly starting today. Hudson Valley Real Estate has been selling slowly, but properties priced well will find a buyer. A major problem is the sellers still look back to better times. If you can wait that is the way most likely to achieve a satisfactory price. But are you willing to wait 2 or 3 years or even longer. If not contact a broker who is in tune with the market and using the latest tools. And consider reductions in price of 1/4 or more to move your property. The costs of not selling can often outweigh the loss in selling into a Buyer's market.

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.

Summer - A Time for Auctions

As we head into summer, the real estate market is picking up, but still has a ways to go. Buyers of second homes are finding good deals! We just sold a log home in need of finishing on 30 acres in the Town of Northeast for $500,000, probably the value of the land itself.
Speaking of deals we are holding auctions in July covering Columbia, Dutchess and Greene Counties. You may visit the properties and make a bid up to the final auction time. All sales are "as is," and not subject to a mortgage unless previously agreed to. There are no minimums. Your bid will be presented to the owner. If accepted you must sign a contract within 48 hours and make a 10% downpayment. The offer and acceptance are subject to disapproval by your attorney in 72 hours. Thereafter the deposit is nonreturnable unless the Seller cannot provide good title.
Consider these great deals in Dutchess County: A geothermal masterpiece, designed by an architect for himself, before he decided to relocate. Priced at $1,200,000 in finished condition. Nine acres in Stanford with easy access to Bulls Head Road, asking $89,000. A 5000 sf brand new coloinial with magnificent mastersuite, in the town of Clinton on 3 acres, asking $699,000, more acreage available. Modest 2BR on 20 acres in Town of Pine Plains, asking $499,000.
Or consider Columbia County: 1920s restored home with hardwood floor throughout, large workshop, barn, formerly used as kennel on 14 acres, only $349,000. A cottage near Kinderhook lake with structural problems, only $35,000. A Hillsdale cottage on 3.5 acres asking $179,000, only minutes from Great Barrington.
Or consider these Greene County deals: Marble Palace on 37 acres reduced from $450,000 asking $350,000 and taking offers. Walk to Catskill village, buty 2 cottages, asking $69,000. Lakefront Colonial , brand new and originally $425,000 reduced to $299,000 and accepting offers. 1.5 acre corner building lot in Town of Cairo for $29,000 or offer.
Today's buyers are an excellent to position to find real estate values. Visit our website: hvreal.com or call 800-398-8802 to get the great deal of your life.

David Birch, Principal Broker

Hudson Valley Real Estate Summer 2009
My last posting about one month ago was entitled Spring 2009. We had a quick one. Now it is Memorial Day Weekend. The temperatures have moved into the 70s and 80s and we seem to have bypassed our short Spring. Not a weekend for focusing on real estate sales. In fact I had a showing scheduled for Saturday Morning of our Log Home Estate on 15 acres in the Town of Ancram, but the potential buyers cancelled.
Our market seems to be reverting to the pre-boom economy. New Yorkers are still looking for second homes, but in a less frantic way. And they are finding good bargains. For example our Log Home Estate is a charming 3 level real log home with an extraordinary stone fireplace. In a private setting with beautiful views to the South and West. It also has an inground pool and a lovely pond. It is listed at $399,000 which is below the assessed valuation.
We also have another vacation getaway in the Town of Claverack only minutes from the Taconic Parkway on eight acres for $275,000. We have some people who have been back for the second time. So if you might be interested call right away: 800-398-8802 and ask for David Birch.

Spring in Columbia County

Finally Spring has come to the Hudson Valley. And the real estate market is picking up. It was a long cold Winter melding into Spring. Today April 25 reached 85 degrees in Canaan, NY and we had showings of our Log Home Estate on 14 acres for $399,000 - 20% below assessed valuation in Ancram. And our Log Home in the Woods in Taghkanic for $249,000, also below assessed valuation. But our new Colonial on 27 acres for $449,000 was not shown. The second home crowd likes the special country look.

This is my first posting. Hopefully I'll do it weekly. If you have questions about Hudson Valley Real Estate post your comment or send me an e-mail. I am the broker/owner of Barns & Farms Realty, LLC with 7 offices throughout the Hudson Valley. I am also an Attorney so I may be able to help with your legal questions, too.

Good luck in buying and selling real estate, the most fun and profitable investment opportunity for everyone. You can call me at 800-398-8802.