REAL ESTATE MARKET UPDATE
Lower Hudson Valley
REAL ESTATE MARKET UPDATE 2017: Setting the Stage for a Full Market Recovery
If 2016 is any indication, a bright future is in store for the lower Hudson Valley’s real estate market, particularly in Rockland and Orange Counties, where some see the beginnings of a full market recovery. “2016 was another recent recordbreaking year for unit sales, the financial market hit new highs and unemployment levels continue to recede,” said Richard Ellis, owner of Ellis Sotheby’s International Realty in Nyack, New York. “We may finally be turning a corner, with a recovery market ahead of us. And we may finally see home values start to appreciate, including the luxury segment.” Ellis notes that we haven’t seen appreciation of prices since 2008, and that various economic variables present in a fully recovered market are on the horizon now, including a strong dollar, low inventory of homes for sale, low interest rates, pent
1920’s Stone Home Overlooking the Hudson River in Snedens Landing, currently on the market.. up buyer demand and growing markets financial markets.
“Like life itself, real estate goes in cycles,”
Ellis cautions that what happens in one local market doesn’t always happen in another. He is observing that activity on the west bank of the Hudson River in Rockland and Orange Counties is stronger than in Westchester County.
he said. “While these factors are part of our everyday life, buyer mindset is also important and may “Sellers and buyers need the proinfluence consumer confidence to fessional advice of realtors who purchase a home. Political division know the marketplace well, those and international tensions may that have the ability to market dampen enthusiasm to purchase. properties successfully and have So there are no guarantees. Howthe backing of a respectable and ever, last year we predicted 2016 strong brand,” he explained. It would be much busier than 2015, is good news for sellers that the and we were right. This year we financial market has responded predict much the same for Orange favorably to the new political and Rockland Counties.” environment, regardless of which 76 North Broadway, Nyack, NY 845 . 353 . 4250 www.ellissothebysrealty.com
side of the fence you may be on. Buyers will still have opportunities and should consider purchasing now because of low inventory and possible price appreciation. We anticipate all segments of the market to increase, including $1,000,000+ sales. Despite this good news, the luxury market is relatively small, so sellers need to be realistic with their expectations. Our professional sales associates can guide you through this process based on our long standing history as the market leader for selling and marketing luxury homes. ” Ellis explained that Lower Hudson Valley real estate sales are following
a national trend, with more dollar volume sold domestically in 2016 since 2006, in Rockland and Westchester since 2005 and in Orange since 2007. The completion of the new Tappan Zee Bridge in 2018 is expected to drive more sales activity to the west bank of the Hudson River and stimulate new construction as well, particularly in Orange County. “More buyers will come searching for homes in Rockland who began their search in Westchester, particularly in the luxury segment of the market” said Ellis. “The new bridge will stimulate Rockland and Westchester rivertowns, as residents move more freely between counties. Quicker transportation options to New York City make the Hudson’s west side more appealing.”
Curb Appeal: Creating the Best First Impression Today there is a great deal of focus on home staging to prepare for potential buyers. However, before those buyers can see a beautifully set home, they need to get past the front door. If a home is not welcoming from the moment of arrival, sellers are at an automatic disadvantage. According to HGTV’s 10 Curb Appeal Tips From the Pros, curb appeal can make or break a sale: “First impressions are everything – at least when it comes to selling your home. According to the National Association of Realtors, 63 percent of homebuyers will drop by after viewing a home they like online.”
Key Points for Today’s Sellers When selling a property, a Realtor should work with the owner to consider the following key points to get the most accurate picture of where a property stands in today’s market, which will help determine market value. Before hiring a Realtor, sellers should take the time to review the value of different real estate companies and brands. “All real estate agents and brands are not alike” Ellis said. “Consider the following checklist before putting your home on the market.” 1. Is the market increasing for units and dollar volume in your property’s location? 2. Ask if inventory is increasing. Low inventory levels can put the spotlight on your listing and sometimes drive prices up, resulting in bidding wars. 3. What price points sell quicker in your location? Are homes appreciating? 4. Find out expected days on market to sell your home. 5. What time of year generally sells the fastest? 6. Who is your target market? Would international or NYC buyers be interested? 7. What happens if no one is looking at my home once it goes on the market?
Sellers should focus on a checklist of items to ensure they are creating a great first impression. “Give the front door and trim a fresh coat of paint,” said Richard Ellis, owner of Ellis Sotheby’s International Realty in Nyack, New York. “Then look at the walkway and consider planting hearty and in-season flowers to add color.” Ellis also suggests investing in a powerwash of the exterior, cleaning both sides of the windows and painting the shutters. The gutters and garage should be cleaned and driveways in disrepair should be replaced or re-sealed. For those considering repainting their home either for their own enjoyment or in advance of putting it on the market, choice of color is important. According to Homedit.com’s “The Best 10 Colors To Paint The Outside of Your House With,” brown is timeless while blue is known for its calming effect and a creamy white is better than a bright one.
NEW CITY Custom brick Colonial, 5,300 sf on private 2 acres, 6BR/3.2 baths, with 3 car garage and tennis court. $1,425,000
TUXEDO Traditional townhouse, 2,042 sf built 1999 with luxurious appointments and water views. $424,000
TAPPAN Mid-century modern home in historic wooded Hickory Hill community. 2,130 sf, 3BR/3baths. $650,000
NYACK Extraordinary Hudson River views from 2BR condo, extensive renovation with crisp, and clean lines. $589,500
TUXEDO PARK Beautiful building lot on 2.3 park-like acres on private lake, with your own dock. Great investment. $800,000
“Cliff House”, a riverfront, romantic, mid-century modern home on private lane, set on 2 acres. $2,295,000
GREENWOOD LAKE Unique 1,700 sf chestnut log cabin, with stone fplc, 3BR, in desirable Forrest Knolls with private beach. $329,000
PALISADES Spectacular custom contemporary, 3,945 sf, set on 1.8 acres. Off private road. 3BR/3.2 baths. $895,000
“Jesse Trenchard House,” c.1780 Dutch Colonial renovated and restored and full of period details. $1,250,000
PALISADES
NEW CITY “Greystone” elegant Romanesque style stone home, 9,200 sf, on historic So. Mountain Rd. $2,595,000
HIGHLAND MILLS Gypsy Rose Lee’s former house, c. 1901 Colonial Revival style, rebuilt 2011 on 6.8 acres. $1,599,000
PIERMONT Perfect waterfront home with incredible views. Walls of doors bring outside in. Kayak in your backyard. $999,000
GRANDVIEW
PALISADES Meticulously maintained contemporary home, 4,108 sf, 4BR/3.1 baths on desirable culde-sac. $850,000
PIERMONT Perfect investment opportunity in commercial mixed use building in picturesque village. $599,000
UPPER NYACK Center Hall Colonial, 4,228 sf, in lush, private setting close to Hook Mountain State Park. $799,000
PIERMONT Striking stucco Mediterranean style home, 3,419 sf, with panoramic Hudson River views. $1,399,000
GRANDVIEW c. 1867 Colonial, 3,423 sf on 1.66 acres with Hudson River views and river access. $995,000
“River Hill,” c. 1911 Colonial on a hill overlooking the Hudson, impeccably restored, 5BR/3.2 baths. $1,399,000
UPPER GRANDVIEW
PIERMON T “Four Gables” built for Erie Railroad Manager in 1840, 4,600 sf Colonial, overlooking the Hudson. $1,175,000
PIERMONT Luxurious Hudson riverfront, c.1900 restored & renovated stucco & timber Mediterranean style Tudor with private dock. $1,349,000
WOODBURY Chalet retreat on 4.3 lush, wooded acres, set on private cul-de-sac, 4,000 sf, 3BR/3.2 baths. $729,000
NEW CITY Custom brick and stone center hall colonial, 5,060 sf, on 1 acre, with finest, luxurious details. $1,249,000
UPPER NYACK 2BR Condo in Renaissance style riverfront mansion, original period details and majestic Hudson views. $629,000
WEST NYACK Extraordinary estate adjacent to Manhattan Woods Golf Club, 12,000 sf, 7BR / 8.2 baths. $3,750,000
UPPER NYACK Revival style Colonial on 1.7 park-like acres with in-ground pool and seasonal Hudson views. $1,999,000
NEW CITY Hillside contemporary with clean, crisp lines, 6,069 sf, 25 ft ceilings, 5 fplcs, sep. studio/ office. $1,195,000
GRANDVIEW Stunning turnkey riverfront contemporary home, 3,188 sf, double sided fplc, 6BR /4 baths. $1,295,000
PALISADES Sophisticated colonial in historic district with luxurious kitchen and baths. 4BR/2.2 baths. $1,599,000
“Pierre Lorillard, Jr. Estate,” 7,066 sf c. 1900 historic home on 3.1 acres, with in ground-pool. $1,920,000
UPPER NYACK
WEST NYACK Extraordinary 9,000 sf traditional home on 1.7 park-like acres with salt water in-ground pool. $2,395,000
TUXEDO PARK Country estate, 8,500 sf c. 1890 historic home on 2.2 acres, with beautiful architectural details. $2,850,000
“Seven Oaks,” 8,500 sf c. 1862 Gothic Revival on 4.2 private acres with in-ground pool. $4,800,000
“Botanical Oasis,” Hudson River view Colonial, 3,250 sf in lush, private setting with salt water in-ground pool. $1,395,000
TUXEDO PARK
“Patterson Brook Carriage House,” 4,420 sf of perfection on 3.2 private acres, historic details. $2,150,000
Extraordinary Riverfront on 6.5 acres, 4,800 sf Rustic Contemporary with 723 ft of shoreline. $6,900,000
SNEDENS LANDING
SNEDENS LANDING
TUXEDO PARK
UPPER NYACK
“Glen Iris” c. 1901 Tudor style, fully renovated, 8,500 sf, 2.27 acres with private beach. $3,395,000
76 North Broadway, Nyack, NY 845 . 353 . 4250 www.ellissothebysrealty.com
REAL ESTATE MARKET UPDATE 2017: Setting the Stage for a Full Market Recovery
If 2016 is any indication, a bright future is in store for the lower Hudson Valley’s real estate market, particularly in Rockland and Orange Counties, where some see the beginnings of a full market recovery. “2016 was another recent recordbreaking year for unit sales, the financial market hit new highs and unemployment levels continue to recede,” said Richard Ellis, owner of Ellis Sotheby’s International Realty in Nyack, New York. “We may finally be turning a corner, with a recovery market ahead of us. And we may finally see home values start to appreciate, including the luxury segment.” Ellis notes that we haven’t seen appreciation of prices since 2008, and that various economic variables present in a fully recovered market are on the horizon now, including a strong dollar, low inventory of homes for sale, low interest rates, pent
1920’s Stone Home Overlooking the Hudson River in Snedens Landing, currently on the market.. up buyer demand and growing markets financial markets.
“Like life itself, real estate goes in cycles,”
Ellis cautions that what happens in one local market doesn’t always happen in another. He is observing that activity on the west bank of the Hudson River in Rockland and Orange Counties is stronger than in Westchester County.
he said. “While these factors are part of our everyday life, buyer mindset is also important and may “Sellers and buyers need the proinfluence consumer confidence to fessional advice of realtors who purchase a home. Political division know the marketplace well, those and international tensions may that have the ability to market dampen enthusiasm to purchase. properties successfully and have So there are no guarantees. Howthe backing of a respectable and ever, last year we predicted 2016 strong brand,” he explained. It would be much busier than 2015, is good news for sellers that the and we were right. This year we financial market has responded predict much the same for Orange favorably to the new political and Rockland Counties.” environment, regardless of which 76 North Broadway, Nyack, NY 845 . 353 . 4250 www.ellissothebysrealty.com
side of the fence you may be on. Buyers will still have opportunities and should consider purchasing now because of low inventory and possible price appreciation. We anticipate all segments of the market to increase, including $1,000,000+ sales. Despite this good news, the luxury market is relatively small, so sellers need to be realistic with their expectations. Our professional sales associates can guide you through this process based on our long standing history as the market leader for selling and marketing luxury homes. ” Ellis explained that Lower Hudson Valley real estate sales are following
a national trend, with more dollar volume sold domestically in 2016 since 2006, in Rockland and Westchester since 2005 and in Orange since 2007. The completion of the new Tappan Zee Bridge in 2018 is expected to drive more sales activity to the west bank of the Hudson River and stimulate new construction as well, particularly in Orange County. “More buyers will come searching for homes in Rockland who began their search in Westchester, particularly in the luxury segment of the market” said Ellis. “The new bridge will stimulate Rockland and Westchester rivertowns, as residents move more freely between counties. Quicker transportation options to New York City make the Hudson’s west side more appealing.”
Curb Appeal: Creating the Best First Impression Today there is a great deal of focus on home staging to prepare for potential buyers. However, before those buyers can see a beautifully set home, they need to get past the front door. If a home is not welcoming from the moment of arrival, sellers are at an automatic disadvantage. According to HGTV’s 10 Curb Appeal Tips From the Pros, curb appeal can make or break a sale: “First impressions are everything – at least when it comes to selling your home. According to the National Association of Realtors, 63 percent of homebuyers will drop by after viewing a home they like online.”
Key Points for Today’s Sellers When selling a property, a Realtor should work with the owner to consider the following key points to get the most accurate picture of where a property stands in today’s market, which will help determine market value. Before hiring a Realtor, sellers should take the time to review the value of different real estate companies and brands. “All real estate agents and brands are not alike” Ellis said. “Consider the following checklist before putting your home on the market.” 1. Is the market increasing for units and dollar volume in your property’s location? 2. Ask if inventory is increasing. Low inventory levels can put the spotlight on your listing and sometimes drive prices up, resulting in bidding wars. 3. What price points sell quicker in your location? Are homes appreciating? 4. Find out expected days on market to sell your home. 5. What time of year generally sells the fastest? 6. Who is your target market? Would international or NYC buyers be interested? 7. What happens if no one is looking at my home once it goes on the market?
Sellers should focus on a checklist of items to ensure they are creating a great first impression. “Give the front door and trim a fresh coat of paint,” said Richard Ellis, owner of Ellis Sotheby’s International Realty in Nyack, New York. “Then look at the walkway and consider planting hearty and in-season flowers to add color.” Ellis also suggests investing in a powerwash of the exterior, cleaning both sides of the windows and painting the shutters. The gutters and garage should be cleaned and driveways in disrepair should be replaced or re-sealed. For those considering repainting their home either for their own enjoyment or in advance of putting it on the market, choice of color is important. According to Homedit.com’s “The Best 10 Colors To Paint The Outside of Your House With,” brown is timeless while blue is known for its calming effect and a creamy white is better than a bright one.
NEW CITY Custom brick Colonial, 5,300 sf on private 2 acres, 6BR/3.2 baths, with 3 car garage and tennis court. $1,425,000
TUXEDO Traditional townhouse, 2,042 sf built 1999 with luxurious appointments and water views. $424,000
TAPPAN Mid-century modern home in historic wooded Hickory Hill community. 2,130 sf, 3BR/3baths. $650,000
NYACK Extraordinary Hudson River views from 2BR condo, extensive renovation with crisp, and clean lines. $589,500
TUXEDO PARK Beautiful building lot on 2.3 park-like acres on private lake, with your own dock. Great investment. $800,000
“Cliff House”, a riverfront, romantic, mid-century modern home on private lane, set on 2 acres. $2,295,000
GREENWOOD LAKE Unique 1,700 sf chestnut log cabin, with stone fplc, 3BR, in desirable Forrest Knolls with private beach. $329,000
PALISADES Spectacular custom contemporary, 3,945 sf, set on 1.8 acres. Off private road. 3BR/3.2 baths. $895,000
“Jesse Trenchard House,” c.1780 Dutch Colonial renovated and restored and full of period details. $1,250,000
PALISADES
NEW CITY “Greystone” elegant Romanesque style stone home, 9,200 sf, on historic So. Mountain Rd. $2,595,000
HIGHLAND MILLS Gypsy Rose Lee’s former house, c. 1901 Colonial Revival style, rebuilt 2011 on 6.8 acres. $1,599,000
PIERMONT Perfect waterfront home with incredible views. Walls of doors bring outside in. Kayak in your backyard. $999,000
GRANDVIEW
PALISADES Meticulously maintained contemporary home, 4,108 sf, 4BR/3.1 baths on desirable culde-sac. $850,000
PIERMONT Perfect investment opportunity in commercial mixed use building in picturesque village. $599,000
UPPER NYACK Center Hall Colonial, 4,228 sf, in lush, private setting close to Hook Mountain State Park. $799,000
PIERMONT Striking stucco Mediterranean style home, 3,419 sf, with panoramic Hudson River views. $1,399,000
GRANDVIEW c. 1867 Colonial, 3,423 sf on 1.66 acres with Hudson River views and river access. $995,000
“River Hill,” c. 1911 Colonial on a hill overlooking the Hudson, impeccably restored, 5BR/3.2 baths. $1,399,000
UPPER GRANDVIEW
PIERMON T “Four Gables” built for Erie Railroad Manager in 1840, 4,600 sf Colonial, overlooking the Hudson. $1,175,000
PIERMONT Luxurious Hudson riverfront, c.1900 restored & renovated stucco & timber Mediterranean style Tudor with private dock. $1,349,000
WOODBURY Chalet retreat on 4.3 lush, wooded acres, set on private cul-de-sac, 4,000 sf, 3BR/3.2 baths. $729,000
NEW CITY Custom brick and stone center hall colonial, 5,060 sf, on 1 acre, with finest, luxurious details. $1,249,000
UPPER NYACK 2BR Condo in Renaissance style riverfront mansion, original period details and majestic Hudson views. $629,000
WEST NYACK Extraordinary estate adjacent to Manhattan Woods Golf Club, 12,000 sf, 7BR / 8.2 baths. $3,750,000
UPPER NYACK Revival style Colonial on 1.7 park-like acres with in-ground pool and seasonal Hudson views. $1,999,000
NEW CITY Hillside contemporary with clean, crisp lines, 6,069 sf, 25 ft ceilings, 5 fplcs, sep. studio/ office. $1,195,000
GRANDVIEW Stunning turnkey riverfront contemporary home, 3,188 sf, double sided fplc, 6BR /4 baths. $1,295,000
PALISADES Sophisticated colonial in historic district with luxurious kitchen and baths. 4BR/2.2 baths. $1,599,000
“Pierre Lorillard, Jr. Estate,” 7,066 sf c. 1900 historic home on 3.1 acres, with in ground-pool. $1,920,000
UPPER NYACK
WEST NYACK Extraordinary 9,000 sf traditional home on 1.7 park-like acres with salt water in-ground pool. $2,395,000
TUXEDO PARK Country estate, 8,500 sf c. 1890 historic home on 2.2 acres, with beautiful architectural details. $2,850,000
“Seven Oaks,” 8,500 sf c. 1862 Gothic Revival on 4.2 private acres with in-ground pool. $4,800,000
“Botanical Oasis,” Hudson River view Colonial, 3,250 sf in lush, private setting with salt water in-ground pool. $1,395,000
TUXEDO PARK
“Patterson Brook Carriage House,” 4,420 sf of perfection on 3.2 private acres, historic details. $2,150,000
Extraordinary Riverfront on 6.5 acres, 4,800 sf Rustic Contemporary with 723 ft of shoreline. $6,900,000
SNEDENS LANDING
SNEDENS LANDING
TUXEDO PARK
UPPER NYACK
“Glen Iris” c. 1901 Tudor style, fully renovated, 8,500 sf, 2.27 acres with private beach. $3,395,000
76 North Broadway, Nyack, NY 845 . 353 . 4250 www.ellissothebysrealty.com
