The median sale price for luxury real estate in the Hudson Valley has held fairly steady for more than a year now. And anecdotally, there is an uptick in interest from prospective buyers this summer.
This year, during the first quarter, the market has seen the $9.4 million sale of Astor Courts, the former John Jacob Astor IV property in Rhinebeck, which marked the first transaction above $9 million since 2014.
As well, pride of ownership in the Hudson Valley remains strong. In the little hamlet of Upper Red Hook, to cite just one example, a pre-Revolutionary brick colonial has been under extensive renovation for months. We observe that many buyers still value the charm and authenticity of traditional Hudson Valley architecture, but crave more modern amenities and finishes. And, as we’ve reported in the past, there is a sizeable contingent of buyers interested in more contemporary architecture, too.
Framed against what’s happening in the broader marketplace, trends in the Hudson Valley don’t look all that much different than trends in many luxury home markets elsewhere. Sales of high-end properties in New York’s Hamptons fell 20 percent in the second quarter, for example, where according to one broker homes priced in the top 10 percent of the market took 74 more days to sell than they did a year earlier.
We would also contend that Hudson Valley properties compare well, on a value basis, with what many international markets have to offer. The New York Times recently described a restored 18th century farmhouse on 32 acres in the Tuscany region of Italy, for example, with an asking price of $1.9 million. That property is comparable to what one might find in the same price range in our valley.
For busy New Yorkers, of course, Italy is a longer commute. The Hudson Valley is closer, shares many of the same charms, and is steeped in American history. We expect it will remain an aspirational luxury home market for many generations to come.
HUDSON VALLEY LUXURY REAL ESTATE MARKET OVERVIEW | Dutchess, Columbia and Ulster County residential sales over $750,000
Heather Croner Real Estate Sotheby’s International Realty | Second Quarter 2016
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