Hello all,
Embroiled in the chaos surrounding the industry with attempt to dissect and provide insight in the early April issue of The Brick received mixed feedback from my subscriber base, which I appreciate and take seriously. It wasn’t negative, but more a call out for easier digestion from some.
The Brick formally launched four years ago at the encouragement of my clients. The motivation behind this publication all along has been to share industry knowledge in a transparent and digestible format with goal to foster confidence in real estate transactions and the industry as a whole.
The primary audience for The Brick are consumers, whether single family purchase and sale, land transactions, investors or those just generally interested in the industry. While I do not exclude colleagues, there are few realtors in my subscriber base as The Brick is consumer centric. (although realtors that come across it do tend to subscribe as there is content that is culled and/or generally not available otherwise)
With that, I’m putting the industry upheaval to the side (if you have any questions, please always feel free to reach out) and slipping in a market update supplement with apologies for losing touch with certain in my subscriber base with the earlier issue and for those that enjoyed, thank you for your feedback as well. (and even a stellar review for The Brick on my google business page – thank you so much!). The divide in feedback truly was mixed on that one which I found enlightening and hope you will find got me back on track.
How about the light spilling down the main staircase with the now extinct American Chestnut bannister in the picture at top from my latest listing at Willow Lake Farm in Fishkill? Can you see specks of rose and green on the wall from the glass? Since I list across price points and property types, I have varied speciality photographers. This historic compound estate with myriad architectural details called out for a certain one and he nailed it. It was very difficult to cull down to the 36 picture limitation in the multiple listing service, but here’s the listing if you haven’t yet seen.
My videographer did a stellar job pulling together the varied components of the property between main residence, three guest houses, two gazebos and other outbuildings, five acre swimming lake and 105 bucolic acres. The same videographer was on my project for Spring Lake Cottages in Red Hook. He has a real talent in not only video, but the art of immersing multifaceted properties into a cohesive experience.
If you have not yet seen the four minute tour of Willow Lake Farm, it’s a treat. click here. To see the Spring Lake Cottages (four cottages with six rental units across from Spring Lake in Red Hook) video click here. I hold gratitude for the talent surrounding me. There has been a healthy amount of interest for this property and quite an interesting buyer mix. I have indications this won’t be on the market for long, but let’s see.
What is the latest for buyers and sellers in Spring Market, 2024?
Let’s dive in!
Spring Market 2024
The information shared below is culled from custom market momentum reports I have been producing for several years to slice and dice the market in ways not available otherwise. These reports are tedious to produce, but I have found this intel of import to provide expert level client guidance and it often also gleans advance notice on trends ahead of the numbers catching up during the process.
I represent in multiple counties, but for purposes of The Brick, the numbers focus on Dutchess County as that is the lions share locale of the subscriber base and the epicenter of my business (and frankly I get my hands slapped for broadcasting certain numbers from other counties.) As I also work in Ulster, Westchester, Putnam and a sprinkle of Orange and Columbia, I can certainly speak to other counties should you have any questions. Overall, the pattern and market condition is similar regionally at this time.
Nationwide, there are pockets that left “sellers market” status some time ago and shifted to a neutral, if not buyers, market. The Hudson Valley region has been griped by a sellers market since May, 2020 with certain exceptions recently emerging, primarily in luxury. Luxury was addressed in greater depth in the February issue. There is no question whether the market will shift out of a sellers market. The only question is when and the ultimate trigger. It was anticipated by many that interest rate rise would be the demise of the sellers market. While buyer count has reduced, demand still exceeds supply.
There are three market types: sellers market (active to sold in under 6 months), neutral market and buyers market. Overall, Dutchess County is very much still in a sellers market primarily with the exception of luxury in multiple municipalities. This reality did skew the overall market type for a few municipalities to overall buyer market status. The inventory squeeze remains real. April was basically a bust. Spring Market 2024 appears all about May and June. I know I have listings coming on. I’m hopeful colleagues at least match so we can get this show on the road.
While Stanford and Milan have certain price points still holding in sellers market, overall these two municipalities are currently in either a neutral or buyers market with Stanford experiencing an overall sell through of 8 months and Milan nearly 7 months. All other municipalities in Dutchess County are experiencing overall 1-4 month sell through, holding them in a sellers market. Which municipalities are in the overall one month range from active to contract? Amenia, East Fishkill, Fishkill, LaGrange, City and Town of Poughkeepsie, Red Hook, Unionvale and Wappingers.
Overall, we are choking from this inventory shortage. While low in inventory throughout the county and region, Fishkill, Hyde Park, City of Poughkeepsie and Red Hook are showing the biggest increase in inventory March 2024 to April 2024. There are certain municipalities that have gone down, rather than up, in inventory over this past month. This is not the norm for Spring Market approach. Beacon, Beekman, Milan and Pleasant Valley have all decreased in available inventory since March. Clinton and Northeast remain unchanged. The other municipalities had marginal increase.
Wappingers has been one of the most consistent municipalities to deliver solid performance throughout all this nutty and otherwise, but in the moment, Wappingers is only up from 24 available listings on March 24th to 27 as of today, April 21, 2024. Overall, only two municipalities were up March year over year in overall sales: Pleasant Valley (+7%) and Northeast (+50%). All other municipalities were down in sales for the same period, some by as much as 47% (Stanford) and 43% (Milan.). If you don’t have something to sell, then sales are down.
This is all about inventory. Why the press has put out that home prices will go down in July due to commission changes is purely ludicrous. The unfortunate reality is July tends to be a month of reductions with Spring Market sellers that overpriced reducing to sell in late June/July. This could be confused with being related to commission changes as that is slated to happen during the same month. What could also be construed as commission related price reductions are buyers that simply can’t afford representation leaving the market. Less buyers in the market decreases demand. At some point, the decrease will affect the sellers market versus buyers market scale. Will the addition of buyers paying commission coupled with heightened interest rates be the fuel?
What does all of this mean? Very real opportunity for sellers entering the market that are priced solid and effectively marketed. This also means Spring Market 2024 is not a market to mess around with. July tends to be a month of increased price reductions from Spring Market sellers that reached too high with pricing (read: they lost Spring Market due to overpricing.) August tends to be a month of buyer distraction between last of summer vacations and school starts. Fall Market is expected to be slow due to the election. Elections breed uncertainty with buyers tending to pull back on large purchases during the Fall Market of election years. 2025 has a big question mark on it. We know what is now. Spring Market (April-June) is not a market to miss if selling near term is on tap. Contact me for a property valuation, tips to best prepare for sale and get on the market!
The Town of Washington increased by five listings over this past month with thankfully only one above $1,000,000 as the Town of Washington is currently saturated in the $1,000,000+ market with a 24 month absorption rate meaning the Town of Washington is firmly in a buyers market in luxury at this time. These numbers fluctuate with market change directly associated with new listings and sell through, The Town of Washington could very well shift back to seller market status if the luxury listings move to contract. Same for those next noted.
The other municipalities currently experiencing buyers market status in the luxury sector include: Beacon, Dover, East Fishkill, Hyde Park, Milan, Northeast, Pawling, Pleasant Valley and Town of Poughkeepsie. What does this mean for luxury? If you are in luxury and want to sell, it could prove prudent to reimagine marketing and pricing if already on the market and definitely steer clear from “testing the market” with elevated pricing if considering market entry.
I believe it is my responsibility to both buyer and seller clients (and my subscribers!) to keep a solid pulse on the market. How can one expertly counsel buyers or sellers on pricing without, for starters? To see a sample of the Rhinebeck market momentum report, click here. I have one for every municipality in Dutchess and I produce for each of my clients outside of Dutchess County, as well. f you would like to see specific to your municipality, reach out to me by email or phone.
Latest Listings
Coming Soon
I have several new listings entering the market over the upcoming weeks. This coming week on tap for photography and active the following week are below (pictures and more info to follow, but if either capture interest, reach out to me and I’ll get the listing to you as soon as it’s live). Here’s a teaser of my most immediate next ups:
1). Wallkill: With change comes opportunity! Enjoy the benefits of a move-in ready upgraded home in mint construction infancy (Year Built 2023!) balanced by proven staying power in details and craftsmanship. This unusual double score is a buyers gain with sellers realizing a change of circumstances after living in this beauty for a year. Resting on a premium 7.5 acre end of culdesac lot gifting perfect balance between recreation and wooded privacy. 2,868 square feet. Four bedrooms, two full and one half bathroom. Fireplace. Full unfinished basement. Wrap around front porch Colonial. Closets galore. Entering the market for $719,000.
2) Pleasant Valley: For those seeking private one with nature, the long driveway, stream and multiple trails throughout the property provide the perfect country escape. Built in 1999 with three bedrooms, three full and one half bathroom. The property offers a balance of front level groomed sward with pond and opportunity to explore gardening in front flower beds as well as fenced garden, if desired. The back slopes to meet an active stream with wooden bridge crossing over to another area of this 21+ acre parcel. The picture windows in front and back of the home bask in this bucolic setting. Wrap around front porch Colonial. Full and partially finished walkout basement with full bathroom. Entering the market for $749,000.
These and more to come! Milan, Cold Spring, Rhinebeck, Hyde Park, Clinton Corners, Wappingers, Poughkeepsie, Red Hook, New Paltz and Kingston are on tap with more Coming Soon! Interested in a “real deal” valuation on your property and how to best prepare for sale? Let’s Talk!
Curb Appeal Color and Clean Windows!
Planning on a photo shoot or just want to add some pops of color around your home? No need to wait to clear final frost! Get out your gardening gloves and say hello to Spring!
Pops of color can do wonders for curb appeal and welcome to the home. Thanks Julie Ann at Phantom Gardner in Rhinebeck for your insight!
Clean windows bring the outside in. Even if the windows present as clean, it is often amazing the transformation once inside, outside and screens are freshly cleaned. It can make such a difference that I have had certain home interiors reshoots after the windows were cleaned!
Interested in an expert valuation of your home and custom tips to best prepare for sale? Let’s talk!
See 1.5 minute clip below for tips on pops of color now rather than awaiting clearing the last frost from Phantom Gardner in Rhinebeck!
Latest Review
Happy Clients, Happy Me!
I have been working with Sandi Park to find my next home and prepare to sell my current home. I have learned so much from her and working with her has been a pleasure!
I have bought and sold other homes and have worked with several other realtors. While my experience with them has been good, I didn’t know about, or expect, the higher level of expertise and commitment I’ve found with Sandi. I have never encountered this level of knowledge and professionalism which she applies effortlessly. Sandi brings a qualitative difference that I greatly appreciate and trust completely. Her advanced training, her love of the profession, and her enthusiasm all show clearly in every interaction.
I am consistently impressed with how diligently she works to help me achieve my goals. I’ve come to realize how critical all these factors are in both buying and selling a house and in navigating all aspects of the process.
Sandi is always available, acts quickly to follow up on any issue, has a solid fund of resources, and is thorough in her research. She keeps tabs on every relevant detail and works to see that all bases are covered. Sandi anticipates and diffuses to foster a timely transition. She works with honesty and integrity. She has become a trusted, invaluable partner in my real estate efforts and I enthusiastically recommend her without reservation. Barbara T.
What’s a sure fire way to delay closing?
“But the basement was finished when we bought it.” “That bathroom was always here.” I hear this all the time. I can’t tell you how many times I pull the file for my clients when they first list their property and records don’t match with the reality in and around the home.
Here’s the deal: it doesn’t matter if you bought it that way. In recent years, title companies and municipalities have become much more stringent about having all Certificates of Occupancy in place and open permits closed out. This is being enforced as a service to help protect the public by ensuring work passes code and, when applicable, is performed by a licensed professional.
When first listing, the listing agent should go to the town and pull the files on the home. The buyers agent should also do this for their buyer clients. However, the listing agent going in at the front end helps to get the process moving from the outset.
Once a buyer is secured, the buyer attorney will order title processing. It can easily take up to 3 weeks (sometimes more) before title fully comes in. Whether a cash or mortgaged buyer, in over twenty years as a broker I have yet to see a buyer forego the “clear title” clause in contract. If Certificates of Occupancy are missing or a building permit has not been closed out, that flags a violation with title. “Clear title” means no violations. Title can (and has) come in only a week before a planned closing.
Starting the process of rectifying outstanding Certificates of Occupancy or building permit close outs until at the time that title comes in has a high likelihood of delaying closing or at a minimum causing an unappreciated and unnecessary firestorm with the municipality that could have been avoided by simply pulling the file at the outset of listing.
With the house in the video above, since the files were pulled at the outset, we had all seven violations cleared and certificates of occupancy or compliance in place within three weeks; before the buyers title company checked the files. (see video for the seven violations). There was not a blip, but there very well could have been had we waited for the title report to come in. Proactive is absolutely the way to roll.
Tax grievance deadline is the end of May. Contact your local municipality for their deadline. Grievances can be filed every year, but only once a year with a hard deadline. If you believe your property is overassessed, for your own budget and resale value, it could be worth filing a grievance. I am available to provide a Broker Opinion of Value to supplement the filing or to help with the entire process. Current and past clients enjoy a special discount. Contact Sandi for more information.
There is no wavering on the deadline, so keep an eye if your intention is to file.
“One of my favorite stories ever!”
When a journalist proclaims writing about your listing as one of their favorite stories ever written – that’s pretty awesome. This property is certainly special and deserves the attention it’s enjoying in the press. This journalists efforts to dig deep into the history of the property for her story about Willow Lake Farm made the historic geek in me all giddy.
Willow Lake Farm has realized quite a bit of press locally, nationwide and in the UK (which has been targeted as a strong secondary market for this property.) I crafted a press release (see here) with input from my clients with my PR Department joining forced in distribution to various press outlets.
I have strong press contacts in my own right through ongoing interviews with the press for expert market input. The combined efforts really gave a push for heightened press exposure. Journalists will often supplement the article provided with additional fact finding and interviews to make it their own, which each did.
Since this property has enjoyed quite a bit of press coverage (with more to come) it was interesting to see the different spins on it and information discovered. Some stories headlined with the second season of HBO series ‘Pretty Little Liars’ filming there. Others dug in on the recorded history dating back to 1683 in Treaty with the Wappingers First Nation tribe.
Forever the history buff, I spent quite a bit of time in discussions with the county historians office (extremely helpful and pleasant) when I first took on this estate listing to get to know the property I would be representing at a deeper level. Those discussions served as foundation for the press release.
It was thrilling to realize heiress Madam Brett’s 1700’s land sales inclusive of this parcel that first started as a 28,000 acre parcel ended up hosting the Knickerbocker Lodge in the late 1800’s and its now Willow Lake Farm celebrating its hundredth birthday this year, built in 1924. Those land sales changed land ownership opportunities to include those outside of social elite for the first time. Prior to that, outside of the social elite the option was tenant farmland. This seemed a really interesting piece of history, particularly with what is now Dutchess County paving the way in this progression. I’m glad the press picked up on it with the New York Post taking a particularly deep dive in its history.
The property itself has historic relics scattered about. I LOVE driving the golf cart around this unique property. The grounds provide both a bubble of peace and exploration. There’s one trail that’s an all out four wheel drive uphill from the lake with large rock outcroppings. The golf cart screams for mercy as I hit the gas to plow uphill. Kids had their hands in the air for one showing. Love that trail. It’s usually the “finale” to the tour as it ends at Tree Tops, a creative retreat nestled in the woods.
This journalist went the extra mile, literally, by coming to the property. Several of my listings across price points have enjoyed press coverage. Heather is the first journalist that came to one of my listings as part of her fact finding for feature article. So far, this listing has been featured in TimesUnion, Hudson Valley Magazine, The Daily Mail (UK), The Poughkeepsie Journal and The New York Post. Mansion Global should be coming out next week. It has also been featured on Circa Houses (online, social media and email newsletter) among other prongs in this multi-prong marketing strategy. Casting the net worldwide to secure buyers for my clients!
Out and About
Happy Spring!
The weather is finally breaking! The Hudson Valley offers such a wonderful variety of options to enjoy. Here are a few snapshot options for May. Please share your upcoming discoveries for the next issue! Send me your finds!
Olana State Historic Park has all different events throughout the month. On the third Thursdays, they offer special workshops. The next one up is May 16th with a 3D art workshop. Click here for more.
Hudson Berkshire Wine and Food Fest, Columbia Fairgrounds in Chatham. May 25th and 26th. Find out more and tickets here.
Laurie Berkner – I played Laurie Berkner incessantly when both of my daughters were young. The first time my oldest fully recited her ABC’s was to a Laurie Berkner song. If you have younger kids, she’s awesome. Paramount Hudson Valley Theater in Peekskill. May 19th. 3-4:30. For those more up for a Southern Rockfest or ACDC, they have a whole calendar of events here.
Norah Jones at the Bardavon at 35 Market Street, Poughkeepsie on May 7th. 7-9:30. They have different events throughout the month. Click here for more.
Bard has a full events calendar, which includes some meditation sprinkled in. Click here for the May calendar.
Albany Tulip Festival. May 11th and 12th. This looks like a good one. Click here for more.
Innis Free Gardens in Millbrook has some special tours going on over Mother’s Day weekend.
Spring Crafts at Lyndhurst in Tarrytown – I lose myself at this one. Weekend of May 3rd.
Cherry Blossom Festival. Riverfront walkway in Peekskill. May 4th 10-5. My daughter is all about cherry blossoms. We will be there at some point.
Modern Makers Market. May 4th and 5th. St. Mary’s Episcopal Church, Cold Spring
Millbrook Winery – Bonsai Sip and Learn. May 23rd. 6-8. Find out more here.
Kentucky Derby Party. MTC Community Hall. Margaretville. See more here.
Milea Winery in Staatsburg is doing a Kentucky Derby event on May 4th. More info here.