The market is still kicking. I return to Westchester and Putnam counties for clients and their family/friends. Lately, I have been focused in the river towns. It’s quite active with a recent sale selling for $501,000 over asking on an $850,000 listing. Not sure what’s nuttier – going 62% over asking or feeling the need to put a grand on top “just in case.”

The driveway and adjacent parking lot filled with cars at an open house felt like pandemic days all over again. It seems we no longer have that level of fever in Dutchess County, although it is still active and multiple offers are still happening with certain properties.

From buyer tsunami engulfing the Hudson Valley in 2020 to industry shakedown in 2024 to a week met with either joy or wounds still too fresh to discuss, this has been quite the four year stretch. Among several other burning issues, affordability in and outside of real estate is pressing in our country. How will policies and priorities unfold?

Here’s one thing to count on: if you are looking to buy, the likely best bet of realizing noticeably lowered mortgage rates near term comes down to better credit and lower debt. I discussed credit, credit scores and preparing for lender discussions in more detail in the September supplement issue.

Since 2022, I have believed (and shared in The Brick) that at some point in 2025 we will move to at least a neutral market, which is the healthiest of market conditions as it represents balance in buyers and sellers. It may or may not feel like the healthiest of conditions that gets us there, though. The market has been adjusting for 2+ years with our region still experiencing sellers market conditions, albeit simmered in many areas compared to days past.

With the norm being one in a year, if that, there have been four market shifts in 2024 alone. The first started in October, 2023 when mortgage interest rates hit peak at over 8% for the first time since 2000. While it settled down later in the month, there was a shift that took more fuel out of the jets, which rolled into Q1, 2024. Activity did pick back up during that quarter. Interestingly, it was also an October when there was a shocking “8” involved in interest rates, but that one was October,1981 when rates hit their highest on record at 18.63%. The three other shifts that followed revolved around politics and were noticed more in other parts of the country further advanced in market adjustment.

Let’s dive in. Here’s what’s on tap:

• Rates and 2025
• The Five D’s
• Home Sales
• Demographic Shifts in Housing
• The Swoop
• Presidents Circle
• Clear Cooperation and the MLS
• Logo redesign vote
• Private Mortgage Insurance
• Luxury
• TM Meditation

Rates and 2025

There was much enthusiasm in lender and realtor circles for Q1, 2025. Anticipation of noticeable rate cuts pushed lenders to forward gamble with downward adjustments ahead of the September cut. I put out a video on social media urging buyers to contact their lenders ahead of the anticipated September cut as adjustment on the actual date was expected to be minimal in so far as mortgage rates were concerned with many lenders downward adjusting not on the anticipated September cut, but more so in anticipation of Q4 2024 and particularly Q1 2025. That’s exactly what happened.

This enthusiasm appears now met with a degree of cooling in so far as expectations for 5-5.5% mortgage rates near term. I still expect 2025 to be a busy and solid market, but I also expect it to be a different market, particularly as we press farther into it. I am a bit skewed as I had one of my best years in 2024 with sales down for many colleagues over the same period. Good or bad, I fully believe 2025 will be a defining year for realtors. Covid hoopla is done. We are back to the basics of skill and just like any other profession, not all have it.

We were spoiled with record low interest rates and a decade of low interest rates, in general. While the average fixed rate mortgage from 2010-2020 was 4.40%, according to Bankrate, the 30 year historic average on fixed rate mortgages as of November is 7%.

I have several seller clients planning to list in spring market. I have been counseling clients to list in January/February/March unless there is need to enter with peak competition. My January and February sellers have consistently done well. If you’re interested in selling, now is a very good time to meet and discuss how to best prepare and timing that makes the most sense for your circumstances and/or goals.

Question has surfaced as to whether rates low enough to move a noticeable amount of sellers off the perch and into the market will be as swift as anticipated. Brian Rehling, head of global fixed income strategy at Wells Fargo Investment Institute shared “Thursday’s rate cute benefits anyone that borrows based on short term lending. This includes corporations and consumers tackling credit card debt and sometimes car buyers. It’s really not going to be impacting mortgage rates at all.” Rates should continue to see decrease, but the 5-5.5% range may not be near term.

The Five D’s

Rates aren’t the only trigger that could move sellers off the perch and into the market. There are five factors that bring sellers and buyers into the market no matter the interest rates, politics, etc.: death, diamonds, divorce, diapers and debt. There is a gridlock of sellers and buyers with pent up need to transition that have been waiting on lowered interest rates.

Should debt, including tax debt, be the impetus, the worst thing to do is put head in sand. The tax lien foreclosure proceeding can move much more quickly than a standard foreclosure. I am skilled in short sales and foreclosures. If debt has become an issue and you’re considering selling, let’s talk through options with goal putting this swiftly behind with least, if any, forward impact.

Inventory and Home Sales

In 2023, home sales dropped nationwide to the lowest level in nearly three decades until September, 2024, when sales fell another 3.5%. Nationwide, sales of existing homes in the US are on track for the worst year since 1995.

There is considerable variation in listing supply and market condition nationwide. While the Hudson Valley is down in closed sales, the National Association of Realtors reported the Northeast as the only region not down in sales nationwide. The Hudson Valley holds in a sellers market but there are pockets around the country that have moved into a neutral or buyers market.

The “Inventory Levels” graphic in this section was created for the November, 2023 issue of The Brick. Numbers posted were directly from the OneKey MLS and Mid Hudson MLS systems. While OneKey MLS, based in Westchester, is reporting Dutchess, Putnam and Westchester counties down YOY in single family detached inventory, all three counties are actually up based on their own data and my data from Mid Hudson MLS before the merge with OneKey.

Current inventory levels for single family detached homes as of November 9, 2024: Dutchess: 626 versus 508 in November 2023, Putnam: 183 versus 156 in November 2023 and Westchester: 782 versus 687 in November, 2023. While all counties are in fact up year over year, the normal trending inventory levels of 2019 show we are still painfully low in all counties. See graphic.

I have found it imperative to have back issues of The Brick as sadly it is the only way I have been able to keep an accurate pulse on certain aspects of the market. OneKey, the MLS service based in Westchester with over 40,000 multi county member agents, has been disseminating from what I can tell erroneous data with refusal to correct. It is important for realtors to have accurate data to best counsel their clients. I have preserved data because of this newsletter. Not sure how everyone else is getting by.

Inventory is still lower than our last normal trending market throughout the region, but better than our rock bottom low. For example, in Dutchess County there are currently 626 single family detached listings active on the market versus rock bottom lows in the 370 range during Late Winter/Early Spring Market, 2022 so we are making our way. Regardless of interest rates, continued increase in inventory is expected in 2025. Sellers that need to transition can only hold out for so long. It is feeling like a gridlock in the moment.

The following numbers are single family detached sales, YOY September (October numbers have not yet posted). Westchester closed sales were down 7.9%, median sale price up 9.6% to $915,000, Dutchess County closed sales down 10.3%, median sale price up 10.2% to $459,500, Putnam down 13.5% in closed sales, median price up 11.6% to $530,000, Ulster County numbers are wholly inaccurate in OneKey and I will not report, Rockland closed sales down 7.8% median price up 11.5% to $725,000 and Orange County closed sales down 13.1% with median sale price up 5.9% to $450,000.

Demographic Shifts in Housing and the Split Level Home

Key forces that impact demographic shifts: government, economy, societal shifts and technology. One demographic shift that surfaced during the John Burns Consulting 2025 Housing Market Outlook conference are home designs continuing to decrease in size and multigenerational living continuing to gain interest to save on housing costs.

The split level home is very well aligned for multigenerational living. Here’s one I sold in the south side of Poughkeepsie. Rather than walk into stairs as is the layout with a raised ranch, the main level is first to greet. There are a limited number of up and down stairs from the main level, often leading to bedrooms in each area. Finished basements can add a perk of recreation and/or living space. This can render a great deal of space while also offering generational privacy with bedrooms on different levels with more limited stairs than certain other layouts. I fully expect the split style home layout to see increased interest in days forward.

The Swoop

With apples holding the September/October spotlight, November and December are historically known for “cherry picking.” While a finale pop is expected this year, these two months are historically the slower in real estate in our area. This can translate to deal hunting, particularly vacant homes that are a pure bleed on sellers through the winter months.

Rejoice if you see a property 30-45+ days on market. Days on market are your friend if you’re a buyer. Not so much if you’re a seller. New listings that are priced well and effectively marketed are generally still moving swiftly with certain ones continuing to realize multiple offer.

Even during the absolute height of Covid frenzy, I helped a number of clients secure properties for multiple thousands below asking price. Make the reduction your own before the seller publicly reduces, which could trigger multiple offers if mark is hit as we still are in low inventory. I lovingly call it the “swoop.” The New York Times referenced me as “Swoop Sandi” in their real estate cover feature article “Finding a Home in this Overheated Market”

There is a listing on the market right now that is making me salivate.

This property has many qualities that remind me of a classic historic home I sold on Linden Avenue in Red Hook at the beginning of Covid frenzy in September, 2020. It was listed for $489,000. People could not believe it sold for $700,000; setting the record in Dutchess County for highest percentage over ask. I knew when the buyers bought it what it could be. That 1840 colonial sat on eight bucolic acres. It had an in ground swimming pool that hadn’t been opened in at least five years and housed an entire microcosm of life, but at a minimum, there was a hole. That was a giving home with solid bones and historic detail. It was honest with it wounds and showed what it needed. Three years later it flipped back into the market restored and updated with an over ask sale of $3,755,000. See the before and after of 256 Linden Avenue in Red Hook here.

Whether flip or live, there is another house in Red Hook available right now that I think is being missed under radar for its potential. It’s not resting on eight private acres as the Linden house did. It does sit back from 9G, but it’s a true set back and we are talking panoramic Catskill views with five+ acres. The original owner was aligned with Bard. It’s been on the market for over a month. Here’s the full listing. It really needs to be experienced, though. I don’t feel the pics do it full justice. I did a clip on certain of the historic details of it here. If you or someone you know is interested, please reach out. I fully see the value and want to sell this worthy house. The last owner happily lived to over 100 there.

President’s Circle

So far my sales for 2024 have landed me the President’s Circle award – top 5% out of over 100,000 agents worldwide. Goal is one more up – the top 2% International Elite. Let’s see how the year closes out!

I’m not a “unit heavy” realtor. I don’t foresee ever getting an award based on number of units sold. I wouldn’t want to stretch myself thin and risk impact on the service my clients expect and deserve. My awards have always been transaction volume based. I sell across price points with goal for next year set at $20,000,000.

Clear Cooperation and MLS

I’m going to date myself here, but when I first started in real estate real estate listings came out in books. (I can see my teen rolling her eyes that I just shared that). The system has been around for over one hundred years in different forms – first starting in the late 1800’s with realtors simply meeting with each other to discuss listings.

The now digital form propelled efficiency in this marketplace for realtors, buyers and sellers. The latest of issues at hand in the real estate industry is “clear cooperation.” This policy was initiated by the National Association of Realtors (“NAR”) in 2019 with intention to defray what they viewed as unfair “pocket listings” by mandating NAR affiliated MLS services house new listings within 24 hours.

There are varied positions on this topic. I align most with Anywhere, parent company of my brokerage Coldwell Banker, with the middle of the road approach. My seller clients have realized pre marketing a listing can ignite a swift and successful sale. It’s form with our local MLS service is in “coming soon” status, which allows up to a 14 day window to market a property before changing status to “available.” I leverage the bejesus out of this option for my clients. I could see the window extending up to 30 days for luxury as that segment takes longer to set for launch with nationwide and global colleagues and contacts, including the press on tap for reach for starters.

This has been one prong in a multi prong approach for my clients listings to hit the market like a bomb from Day 1. The properties are not allowed to be shown by myself or any others during that “coming soon” window in order to allow fairness for all buyers to see the property once available. I personally think this is the answer to “clear cooperation” as it both allows pre marketing while maintaining fairness to all buyers and their agents by having a specific off market (or “coming soon”) window. Pre marketing .also allows buyers to be at the ready to see a home once it changes to active status, as well.

As a sidebar, with commission fields no longer present in the system, MLS services across America will most likely be called to task to demonstrate their value to realtors and brokers funding their existence in the days ahead (the National Association of Realtors should consider themselves in that bucket too.) OneKey MLS could serve themselves well by getting their act together, IMHO. But I digress..

Client Testimonial

“After two years with three other realtors, Sandi had us in multiple offer within a few weeks.” T. Mian

PMI

I have pulled comparatives for mortgaged clients that did not put at least 20% down on a conventional loan to check current valuation range. If you still have PMI, you may want to ask your realtor to do the same for you. Here’s the deal:

Twenty percent down was standard before Private Mortgage Insurance (“PMI”) came about to protect lenders from expense involved should a buyer default. PMI created home ownership opportunities that may not have existed if they didn’t have 20% down. PMI is required for buyers putting less than 20% down on a conventional mortgage. Lenders have an automatic termination date preset that calculates the value at purchase and payments applied to principal. Once equity is between 18-20% (depending on lender), then PMI drops off.

PMI can add up over time, regardless if the monthly payment is contained or into the hundreds. The amount of PMI is highly dependent on credit score and interest rate. More on PMI, breakdown of varied loan amounts combined with interest rates and credit scores in the September supplement issue. But what if your property has increased in value since purchased? That is up to the homeowner to raise with the lender. Once PMI is taken off, it’s off for good. We are still in a sellers market with favorable valuations so check into it!

It could be worth checking with lender for the number the home would need to appraise at in order to have PMI lifted. I have had clients save thousands with this exploration at the cost of an appraisal. While it can’t be guaranteed, it is most ideal to have a high degree of confidence it would appraise for at least the number needed, which is where your realtor can come in and pull a comparative for you.

Haven’t secured a realtor yet and plan to buy? These are the types of things I automatically do for my clients. Let’s talk!

L U X

I have some interesting luxury slated for 2025. I look forward to introducing to the market. I am a global luxury specialist with an extensive global network with proven consistent success in this space.

SOLD

Dutchess County homes $5M+ that have sold in the past 6 months. The property on Route 44 in Millbrook originally listed for $14M. Less than one month later they adjusted to $8M. They had their buyer in two weeks through multiple offer. Sold bidding fashion through auction. Nice over asking sale for a close over $2M higher. See the lineup here.

ACTIVE

There are currently 16 listings in the $5M+ range active in Dutchess County. Half of them are in Millbrook. Rhinebeck and Millbrook are usually the top sellers in the county at the high end, but interestingly not one of the current listings is in Rhinebeck. Click here to see.

TM Meditation

I just started TM meditation and can’t recommend it enough. It settles everything down and makes your mind feel a bit like an elevator going down. It’s pretty amazing and doesn’t have all the “breath this way” “sit this way” requirements to it. It’s quite simple and I’m finding incredibly peaceful. Highly recommend! I have great coaches, too. Really looking forward to a healthy, happy and productive 2025!

It’s a wrap! I would appreciate keeping me in mind for those who have questions on the market or are looking for a solid real estate partner to counsel through a purchase and/or sale. I am never too busy for your referral and take very good care of those sent my way.

We are making the “big move” at the end of the month from the Town of Rhinebeck to the Village of Rhinebeck. Unless something big happens (which you never know) December will likely be a light issue between moving and holidays. (yes, only one cup of coffee to read rather than two LOL)

Join my social media community for content in between The Brick. I’m on LinkedIn, Facebook, YouTube, Tik Tok and Instagram. YouTube and Instagram are great starting grounds for my content. Each channel has unique aspects. All around I’m either Sandi Park or HudsonValleyNest.

Happy Thanksgiving all!

If you know someone interested in buying or selling, pass The Brick along!

Best,

Sandi

The post Now What? appeared first on Sandra Park - Hudson Valley Nest.

The change of seasons does not mess around in the Hudson Valley. Trees ready for spectacular display as evenings and early mornings tease with energizing and brisk fall air. An abundance of farms in the Hudson Valley are coming to the final rounds with Honey Crisp while Macintosh take center stage for prime picking and abundant varieties ripen for end of September/October feast. The four seasons spoil us in the Hudson Valley! The latest in Hudson Valley events and workshops further down.

There have been a noticeable amount of new subscribers to The Brick lately. Welcome! Thank you also to my established subscribers trooping with me since I formalized this newsletter back in February, 2020, the month before our world went fully upside down. I included a survey in this issue to make sure I’m staying on track with catering to content desired. If you can take a moment to answer, it would be helpful and appreciated.

Fall market in our area kicks off after Labor Day weekend with increased activity through September and October before the historical mid-November slow down. While deals are still happening through the new year, the market generally gets sleepy between holidays with renewed vigor in January. As a sidebar buyers: keep a lookout in November and December. Those can be very good months for a deal, particularly on vacant properties as they are a pure bleed in expense through winter months so sellers could be that much more negotiable. In an election year, the market tends to truncate with a slowing down noticed on approach to Election Day rather than mid-November. (read: slowing down likely as we get into October this year.)

How does timing to close generally look for a market entry on September 15, as an example? There are timeline variables as every property and deal are different. The following example assumes timely action and resolution of any hiccups that can arise on the way to closing, market condition as current sellers market, the buyers and sellers aligned in closing date goal, single family detached residence, title company, attorneys and lender focused on dates (or a nudge realtor that keeps the ball rolling) and the property is a non-luxury property priced solid and effectively marketed. With all those assumptions:

Property enters the market on September 15, if in contract within 30 days (October 15,) closing date anticipated: November 15-December 6. Window fluctuation dependent mostly on whether mortgage processing is involved, title processing duration and party/attorney availability to close around Thanksgiving holiday. While buyer behavior cannot be promised, this seems reasonable based on timelines my clients have consistently experienced in this market condition.

To leverage the most bang out of fall market, having as much of September and/or October is supreme level ideal for a fall market sale.
On tap:

• Inventory, Mortgage Rates and Q1 2025 Outlook: Seller Market or Buyer Market Ahead?
• What causes listings to expire?Realtor Fees and New Agreements – The elephant in the room.
• Brick Community Survey – please share your thoughts and help refine content!
• Oldies are Goodies – Top picks in historic homes and Top 10 Luxury Historic Homes
• Key Questions When Interviewing a Realtor – I think these questions could be helpful.
• Upcoming Interviews and Seminars – market conditions, international and seniors.
• Sandi’s Stats – I’m all about providing content, but sharing a little yee haw
• Out and About in the Hudson Valley – Events and Workshops in September/OctoberIt’s a wrap!
  Here we go!

Inventory, Mortgage Rates and Q1 Outlook:

Seller or Buyer Market Ahead?

This fall market should continue as a sellers market. Houses priced well and effectively marketed, particularly in lower price points, continue to move swiftly with still a noticeable amount experiencing multiple offer. Yet, buyers have become more discerning. Buyers have more boxes to check now and will generally hold on putting in an offer if key ones are not filled.

The growth trajectory of 2020 through the front end of 2022 is done. Sellers still clinging to days past would be best served accepting this reality rather than clocking up days on market to eventually expire, versus selling in favorable seller market conditions. General rule of thumb: extended time on market is friendly to buyers, not sellers. Negotiating between multiple buyers is generally more fruitful than down with a singular one.

Make no bones about it, I will swoop in on the “sitters” (properties not selling) with my buyer clients in tow and leverage an aging and sitting duck to my clients benefit. As far as I’m concerned, overpriced listings have added to the low inventory we have endured over the past four years as they were never really “inventory” if they were overpriced and expired. Tease is better put.

My seller clients have buyers secured swiftly, but I will only work with sellers that are willing to be realistic as I value my time and personal finance used to support my clients goals. My clients have fared quite well with multi county sales records set, but they opened solid and were supported by highly effective marketing. It is that marriage between solid pricing (which also means maintaining an expert level pulse on the market in order to properly counsel clients on pricing in the first place) and highly effective marketing that lead to successful sales.

Certain lenders have already begun offering lowered rates which could provide buyers an opportunity to jump start ahead of buyers awaiting the Fed meet September 17-18. Frankly, I’m expecting cuts to be a bust coming out of that Fed meet with the wait a disappointment mortgaged buyers with high expectations. It seems the Feds are cooling on inflation with less aptitude for a noticeable cut in September. Rather, certain lenders appear to be hedging their bets on Q4 2024 and Q1 2025 cuts with advance reduction offerings regardless of the upcoming Fed meet. Basically, buyers should be calling around to lenders now.

Ultimately, a weakened jobs report and other economic data has more likelihood of spurring more impactful movement in mortgage rates than response to Fed interest rate cuts. Added to this, elections tend to breed uncertainty along with other wildcards at play that could impact the housing market. There have been changes in buyer dynamic that leave me questioning whether there really would be a tsunami of buyers returning with another trajectory increase in home prices as so many are saying would be the case once rates move into the low to mid 5’s. I’m not sold.

Inventory is a key element in supply and demand. The real question I see: do we have more pent up sellers that have been waiting on the sidelines with want/need to sell reaching boiling point or do we have more buyers that want to come back to the market? This is the absolute core question because the answer to this means either more or less inventory. Seller or buyer market. The reality is both sellers and buyers have been affected by the increased rates. Buyers slowed down, sellers pulled back.

As far as interest rates are concerned, I personally believe we will see the level of movement in rates needed to bring a noticeable amount of sellers off the perch beginning Q1 2025, earliest.

Consider the unexpected level of savings buyers went through over the past few years in battle against surging prices. Absurd interest rates on charge cards. Increased taxes. Elevated food costs. I’m not even going to touch on the political environment. I expect Q1 2025 to be an active market. What I question is what market condition will we be in. Will it still be a sellers market? If it is, will it stay a sellers market throughout 2025? My bet is one way or another we are coming out of sellers market condition in 2025. I projected this in March, 2022. I’m holding on that prediction.

Homes available for sale on market (inventory) is up and nearing trending pre-Covid numbers of August, 2019 in both Dutchess and Ulster counties. Putnam and Westchester counties remain at markedly low levels in inventory. During Covid, Dutchess County hit historic rock bottom in inventory with little over 300 active listings available. With 618 listings available as of today, September 10, we are getting there. In pockets around the country, inventory has risen out of a sellers market and into a neutral or buyers market.

I don’t expect a “crash” but I do expect an adjust. We simply can’t continue on the trajectory we have been on. While still up and the market is still strong for sellers at this time but there has been leveling off from where we were in 2020-2022 in percentage increases. With all that has circled around real estate, no matter what, there will always be sales (the level fluctuates) as regardless of market type, the Five D’s remain: Death, Diamonds, Diapers, Divorce and Debt.

What Causes Listings to Expire?

The market is still strong, yet showing discreet signs of softening. Year to Date In Dutchess County 867 single family homes expired (did not sell during the term of listing agreement), 920 in Orange County, 228 in Putnam County, 359 in Ulster County and 1077 in Westchester County, all per OneKeyMLS. That’s quite a few homes not selling, particular considering low inventory.

What causes listings to expire? Inaccurate pricing and/or ineffective marketing are top culprits. Even a completely dilapidated property will sell if the appropriate buyers are defined, targeted and reached with solid pricing. An appropriate window of time to sell based on market condition and price point also needs to be factored. Inaccurate pricing can be a realtor that does not keep a firm pulse on the market, a seller that insists on overly aggressive pricing, or both.

If during an initial realtor meeting with a seller, the realtor shares a number totally out of touch with any other number shared by other realtors, it may be prudent to see the realtors listing history for recent listing sales (directly from the MLS) and check it out. Did other listings expire? Were price reductions necessary prior to selling? How long did it take to sell?

If there is an unfavorable pattern when looking at multiple listings that realtor represented, we have a term in my industry for what that inflated number may have been: “blowing smoke to get a listing.” It’s when a realtor says a high number with intention to reduce in price after getting the listing. The first two weeks of market entry are imperative as you can lead a horse to water with stellar marketing, but if overpriced, the buyers will walk or not come at all.

Reductions later are often far less effective than opening solid in the first place. I’ve had multiple clients sell $100,000-200,000 over asking with numerous others selling tens of thousands over asking. Opening solid on all fronts is the way to roll.

Realtor Fees and Agreements

Sellers

How are professional fees panning out with listing agents, buyer agents, sellers and buyers…? In a nutshell, buyers and sellers basically have three options each when it comes to professional fees for representation.

This thornball is a barrel of fun and I do not believe these changes are pro consumer for buyers or sellers, but we roll with the cards dealt and carry on. I have late night thoughts, regardless whether “show ready” so prepare for that with this one, but it’s solid content. Here’s a snapshot of the three key seller options and considerations with those options in this 90 second overview.

Buyers

For over twenty years I existed almost entirely without buyer agreements with the exception of buyers including for sale by owner and other off market transactions in their quest. I have been fortunate and hold gratitude to not have had issue with clients reciprocating loyalty for solid representation on a handshake. The entry of decoupled buyer paid professional fees necessitates formality at the outset. I applaud those now that have been doing agreements all along as this does take getting used to.

The Department of Justice is meeting again in November. There could be changes going forward, but for now there are three main agreements for buyers. The wording can come in different flavors with varied counts on agreement options by brokerage, but below demonstrates core and ups/down of each:

Exclusive agreement.

• If you have aligned with a realtor you trust, it seems fair and reasonable to expect an exclusive agreement. Realtors will generally not include off market searches without either this agreement or identified properties agreement (noted below) in place prior out of value for their time.

Non-Exclusive (two flavors)

1. Identified properties/non exclusive: This agreement provides exclusive representation for properties that are identified by a realtor to their clients. Properties can be identified by any communication method. If a property is shared with a buyer, then that buyer would work exclusively with that realtor to pursue that property. The buyer can also work with other realtors on properties that have not been identified. Off market searches may be included with this type of agreement.
2. One Property Showing/non exclusive: This agreement designates the buyer agent as the exclusive agent for one particular property. This will likely be used most often by buyers that do not have an established relationship with an agent. The upside for the buyer is the ability to see if they align with the realtor. The downside is if a buyer continues in one property showing mode they will likely not realize the same level of service from a realtor as a buyer more committed to the realtor partnership. High caliber realtors value their time and will likely only do one time showing agreements for a few showings. After a few showings, a buyer should have a good feel for the realtor and whether they are aligned to work together.

An interesting point in all this nutty, a key plaintiff in the lawsuits just launched a company that appears to at the least leverage the changes the industry has been making in response these actions. Coincidental seems a bit of a stretch.

Know someone interested in buying or selling that could benefit from this content?

Pass along The Brick!

Oldies are Goodies

I have a sweet spot for historic homes. Aside from the solidity, it seems there’s always a surprise for the curious, regardless of price point or condition. Here are a couple of 10 second videos of recent surprises. The attic isn’t shown in the second video but I’m working on that listing and expect to show you soon. That attic had me at hello. The raised ceiling and beams. Salivation worthy.

Sandi’s Historic Picks

I have multiple clients in historic mode and went across five counties: Dutchess, Orange, Putnam, Ulster and Northern Westchester for historic homes built between 1700-1930 currently on the market that caught my eye.

There are a few listings that are new ones, but the majority have been on long enough to expect reductions so IMHO, take pricing for many with a grain of salt. The house on Nine Partners in Millbrook and Metzger Road in Rhinebeck have both been on the market without reductions since May, for two examples of others.

LUXURY

In a five county search including Dutchess, Orange, Putnam, Ulster and Westchester counties for historic homes built between 1700-1930, four out of the top ten are in Dutchess County. In fact, Dutchess County currently has the highest price point listing regardless of year built across all five counties.

Here are the current top ten priciest historic homes on the market between five counties:

Willow Lake Farm, Fishkill

Sandi is representing buyer and seller in the upcoming closing of Willow Lake Farm.  The sellers enjoyed extensive national and international exposure along with three buyers in multiple offer, all brought to the table by Sandi, in less than 60 days after seven years on the market with other realtors. Asking price: $4,385,000. Closing in September. Year Built: 1924. 105 acres.

See Full Listing

Upcoming Interviews and Seminars

TimesUnion/Hearst publication

Latest upcoming interview requested to share expert input on current market conditions in the Hudson Valley. Should publish within the next few weeks.

Buy/Sell in Europe

Next week, I will be interviewing the head of International for top brokerage Hamptons International based in the UK. Joining on this interview is his counterpart with focus on the whole of Europe. In this interview, I will be diving in to differences between the UK and US in buyer and seller representation and the overall process of purchase and sale in Europe. Should you have any questions on the buying or selling process and overall representation in Europe, drop me a line and I will work to have your questions addressed during interview. This interview will post in the next edition of The Brick.

Seniors and Families Helping Seniors

Another interview on tap is focused on seniors and their families. I am a senior transition partner and have found more instances of families going through hoops all the way through the probate process than may be necessary. The discussion will include an estate attorney, CPA, financial advisor, mortgage lender and senior living placement professional. This will be scheduled for November. If interested in attending or if there are specific questions of interest, please do share. I conduct these interviews and seminars as an informative service to consumers and invite suggestions.

Client Testimonial

“I couldn’t imagine having anyone else in my corner.” C. Stolfa

The post Feel the undercurrent? appeared first on Sandra Park - Hudson Valley Nest.

Knowing there would be much on plate with industry changes combined with much that has been on plate, I took a regenerative hiatus with my youngest in Italy. I rightfully gained twenty pounds, but only actually put on five between the walking and fresh foods, of which we ate with shameless abundance.

My daughter found a love for figs and apricots while putting nightly Tiramisu’s to the test to determine who had the best. This was a tasty, yet futile, effort as past four she couldn’t remember those that preceded (about the same count for buyers before houses start to merge) We had a similar test with Cappuccinos. We are both now firmly addicted. I’m on quest for standout cappuccinos. Top spots, please let me know.

The bottle of wine pictured spent six months fermenting 52 meters under water after steel barrel fermenting for three months. The level of yum in that bottle was a highlight among others during our time in Portofino. Yes, that’s seaweed and other remnants from the sea hanging off the bottle.

Sleeves up, let’s hit it…

Dutchess County median price July 24 vs July 23 YOY increased by 9.5% from $420,000 to $460,000. Municipalities realized a vast swing in median sale prices from down 3.6 and 28.8% in Pine Plains and Northeast respectively to the Town of Fishkill just squeaking into the positive at .1% gain from $479,500 to $480,000 in median price to the sky rocket median price increase in Stanford by 78% from $387,500 to $690,000 and everywhere in between. Other than two municipalities (Pine Plains and Northeast) all other municipalities were up in median sale price year over year July 24 versus 23. The Village of Rhinebeck took the top spot with a median sale price July 2024 v. July 2023 YOY of $771,750. The Town of Rhinebeck took second place at $750,000 with Millbrook in third at $712,000.

Westchester is up 9.5% in median sale price to $925,000 (ouch the taxes), Putnam up 14.1% to $525,000 and Ulster County up 11.1% to $425,000 in median sale price. In an effort to keep this newsletter more condensed, I tend to focus numbers spotlight on Dutchess County. With focus in Dutchess and Ulster, I continue to represent (and have set record sales) throughout the region with original roots in Westchester and Putnam. If specifics are desired for your municipality or county, reach out.

Do what you can, with what you’ve got, where you are” 

Teddy Roosevelt with credit to Squire Bill Widener

A colleague reminded me of that quote as varied scenarios that could serve as unproductive distractions whizzed through my head with all that is going on. The real estate industry has been chiming along for over a century largely the same until now with real estate seeming to take center stage in the press and now on the campaign trail with Ms. Harris’ announcement for down payment relief of up to $25,000 to qualifying buyers. With Harris first up, I fully expect this hairball to roll across party lines with each having their own “solution spin.” Timing for election Fall is hard to beat with this one, have to say. I’d grab a popcorn, but we are talking about my industry, so spectator is not on tap.

Here’s what is on tap, though:

• Is Government at Root?
• The Value Proposition
• Inventory and Mortgage Rates
• Compensation
• Settlement Letters
• Luxury

Is Government at Root?

Are increased housing costs really about commissions or is it largely about the government itself that, ironically, seems entirely focused on tying increased housing costs to commissions? The reality is, housing prices have been all about interest rates (tied to government), supply and demand. It has been quietly acknowledged in the sidelines that if there were any adjustment in commissions it would likely have marginal impact on housing prices.

I have been in conversations with a Steve Brobeck, Fellow at the Consumer Federation of America. (“CFA”). The CFA appears to be a very real voice in this process. I have found many articles in the press tend to mirror communications I’ve had with Brobeck with belief much of the content has been stemming him. I believe the CFA is closely tied to advisement on decisions and mandates being made.

Brobeck shared a “goal” percentage he would like to see buyer agent commissions. With his clear governmental ties, I found such stance unsettling in our free market country. He also cited the UK as a model of sorts, which I also found disturbing. I’m a global luxury specialist with colleagues throughout Europe who have not spoken favorably on the system. I scheduled an upcoming zoom interview with the head of international with the most prominent brokerage in the UK along with his counterpart that oversees a multitude of European countries for an in depth discussion on their system. It appears decisions are being made by the governmental “powers that be” based on limited studies rather than true industry knowledge or having the benefit of a person with working industry knowledge under advisement.

This is a complex industry. When the “powers that be” have made efforts to improve (the new property disclosure form and process released this past March as one example) they have missed the mark because of intricacies in our industry that can’t be gleaned from a report. The few misses with property disclosure (timing to buyer and penalty for not doing) could have been caught quickly if they had “boots on ground” input prior to release. It’s unfortunate as the impact could have been far more productive for the Governors efforts. That was a simple form and process change in comparison to what they are attempting now and they missed mark, which makes the magnitude of what they are embarking on now in what seems the same fashion that much more unsettling.

Brobeck cited disparity in skills in the real estate industry, yet often same fee paid. I can’t disagree. It is an unfortunate truth that our industry absorbs a bad rap caused by experiences with substandard agents. When a high caliber agent is in a deal with a substandard, the high caliber agent will most often do the work of both and shield their clients. Our job is to act in our clients highest and best interests. If that means doing the work for two and being paid the same fee as a numb nut in order to have a smooth sail for your client to closing table, then that is what the high caliber will do. This is why I like working in dual agency so much. It’s not about the “double dip” of commissions. It’s about having control of the schedule, access to both attorneys, all clients, the lender, etc..

Dual can be sticky if you don’t know what you’re doing, but if you do, it can be among the smoothest deals of the year. IMHO, the greater number of agents are not experience equipped or comfortable working in dual agency. Certain states won’t allow it, but it does seem moving toward more dual agency deals with the listing agent handling both buyer and seller is also a goal within the CFA. I don’t see blanket dual agency as a score for consumers.

I do believe underneath it all, they are trying to weed out low grade agents but it’s not so easy to do. It can’t be attached to time in business. I’ve worked with some freshly minted rookies that are energized and sponges to their mentors and I’ve worked with seasoned realtors that have been extremely challenging to work with and vice versa. There are also consistently stellar high caliber realtors in this business. Realtors that take their profession and clients seriously are worth their weight in gold. We counsel our clients through what is for most the singular largest investment. We are working in hundreds of thousands, if not millions, on a daily basis. High caliber realtors are trusted partners.

I am hopeful through these changes and heightened transparency the general pubic will become more educated on what to expect from a realtor. This could help alleviate a buyer pressing the “contact agent” button on Zillow to be aligned with a random realtor paying for leads or a seller having cousin Sallys second cousin list her house because she likes her but has no idea if her work and performance warrant the listing. These scenarios can be feeding grounds for bad experiences.

Could the industry be elevated by raising the bar of entry? Yes. With the whopping $8100 in yearly median income for agents with two years or less experience, how could the bar be heightened with any reality of attracting worthy professionals to this industry, though? On the National Association of Realtors (“NAR”) website there is the stat noting median yearly income of $8100. The NAR website provides a link to a major continuing education company that realtors use, CE Shop. Ironically, on their site, again available directly through the NAR website, they cite $90,000 per year income for realtors while encouraging the person to take licensing classes as though that’s what they will make out of the gate. Statistically, per NAR, it will take on average until year 16 to make $92,000, gross. Yet, through their very own website people are being deceived into thinking it’s right away. Transparency needs to be addressed on many levels.

87% in the first two years fail

This is not the easy job some people may think it is coming in, which is why the failure rate is so staggering. I was in executive marketing and project management before transitioning into this industry. The thought process was to leverage my skills and background in real estate versus all the traveling I was doing for work so I could have time to raise our children. I was under the impression at the outset that I would have control of my scheudule. That’s a very real rarity when first starting in this business. Schedule control comes as the realtor seasons. Thankfully, we also weren’t reliant on my income as I made $11,000 in my first year while investing $30,000 in the business.

Many realtors live on an emotional and financial roller coaster. It is not uncommon to support a clients goals in both time and personal finance for several months before being paid. If the goal for CFA and the “powers that be” is as it appears, to elevate the industry by weeding out substandard agents, it is far more complicated than trying to change the commission structure, which likely will only change marginally, if at all. The reality is we can’t work for free and while it may seem like big checks at closing, there are splits with brokerage, expenses and often many months to even years working for clients before closing.

Interest rates are anticipated to continue to drop with first quarter 2025 expected to be solid as reported by multiple lenders. That could tilt the supply and demand scale. Housing prices have been stabilizing since interest rates began their ascent in 2022. I have projected since 2022 that 2025 will be the year we break free from this inventory grip and stand by it. Let’s see.

I project the initial biggest impact will be on buyers that are not in a position to afford commissions leery to commit to compensation percentage in a buyer agent agreement without knowing the percentage the seller is offering.

The Northwest MLS, a leading multiple listing service with over 30,000 member agents, began offering buyer compensation as an option to sellers in 2019. In most instances, sellers have continued to pay the “standard range” in buyer agent commissions. Although some could be affected by recent press, it is expected that most sellers will continue to offer buyer agent compensation in kind with Northwest MLS. Every listing that came through today went to great strides to clearly notate “buyer agent commission offered” with 2.5 or 3% in the historical range for buyer agent compensation. So far, all this hoopla is reading business as usual, which is exactly what my colleagues with Northwest MLS said happened there, as well. At the end of the day, sellers need buyers to sell.

Also expected are a percentage of sellers that forego buyer agent commissions thinking they could “pocket” the difference (rather than give back to buyers in reduced price as the Consumer Federation of America speculates) and rather find themselves over priced and not selling. I have moments of late night thoughts that post on social media. These moments often involve complete abandon from lighting consideration and rolling with the thought that’s just burning to get out. My face looks like a lobster due to the lighting, but here is my current top concern for buyers and sellers with these changes.

The Value Proposition

Many real estate professionals are evaluating their career with core question revolving around value:

a) Do they bring a competitive value proposition to potential clients? If not, that will likely mean accepting discount level service fees or industry exit.

b) stay with the old commission sharing model or

c) lean in to the changes and find opportunities to enhance their role in real estate, whether continuing as realtors or leveraging the skills in another capacity within the industry. This comes down to the realtor, their background and skill set. I’m going with option C and hired a new coach.

This isn’t just about value realtors provide to their clients. This is also about the value that realtor funded associations, MLS services and brokerages provide to realtors. Certain inadequacies that may have been accepted in the past will now likely be called to question. Realtors are stepping up with the first round of realtor initiated lawsuits suing an MLS for mandating membership to the National Association of Realtors.

Can realtors continue to be forced to fund an association if they no longer want to be a member? Time will tell. Will MLS services be called to task to provide accurate reporting and other services to their members if an issue? Realtors pay splits with their brokerage out of professional fees/commissions earned. Generally, they can be substantial if the agent is new in the business or has a low transaction volume. Is the brokerage providing services, training and support that aligns with needs and substantiates thousands in splits?

Inventory and Mortgage Rates

Mortgage rates, supply and demand are at heart for the rise in home prices throughout our region and country. Inventory (read: supply) has been correcting with latest increase for Dutchess County by 28% July, 2024 vs July 2023 YOY (HGAR/OneKey MLS reports “down 25%” for Dutchess County, but their numbers are inaccurate due to a data merge with the Dutchess system in February.).

Albeit inventory is on the rise, demand still exceeds supply across most price points. We are still in a sellers market, but calmer than it was. WIth inventory on the rise, more favorable mortgage rates could push additional sellers off the perch to introduce more inventory. This has the potential to better counter balance increased buyers anticipated from projected decreased rates expected in the months ahead.

The Consumer Price Index (“CPI”) fell to 2.9% for the past 12 months ending in July, the slowest pace since March, 2021. According to Housing Wire, mortgage rates, which generally move in tandem with the 10-year treasury yield, are expected to drop even further in the coming months as the Federal Reserve is widely anticipating to cut rates by 25 to 50 basis points in September.

Don’t get too jazzed just yet. To really see some motion, loan originators generally agree a “5” needs to get involved – meaning low to mid “5” in interest rates on a consistent basis. My bet is 2025 with many lenders concurring expectation is favorable for first quarter 2025. According to the Mortgage Bankers Association (“MBA”) loan applications jumped 16% during the week ending August 9th. While still down 80% from peak in 2020, refinances are up 118% from one year ago, also according to the MBA.

Compensation

The industry as a whole is under scrutiny from all sides. At the heart of it, realtors simply want to help their clients reach goals. I spoke with a new client last night that shared she wished it was just left be, but here we are.

There are two key points that I’m not averse to:

1). Listing agents would typically evenly split commission with the buyers agent. I’ve been in this business for over twenty years and it was an unwritten rule. No one messed with buyer compensation. Sellers need the buyers. That’s how it always was. No one ever discussed it. It just was. While some things in our industry may seem a bit wonky to the outside world, we’ve been rolling along for over a hundred years without fanfare. We have had this under control on our own for the most part.

Since this whole lawsuit situation stirred up, I noticed certain listing agents and listing brokerages crossing the forbidden line and arbitrarily lowering buyer agent commissions. They were just being a little oinky in our area. In Massachsetts, parts of Long Island and other areas, it was getting really bad. With that being the case, I don’t disagree with taking the power of decision with what a buyer agent will be paid away from the listing agent and listing brokerage as it was creating bad taste and even I was questioning why is it fair to take less when the tables are turned? I applaud the buyer compensation percentage decision moving fully into the sellers hands for this reason.

2). Historically, a highly seasoned agent that consistently performed for their clients could be paid the same fee percentage as a less skilled agent. I never loved that, but it did work itself out in that the more seasoned agent with solid reputation tends to get more business and therefore in the end, makes more. The reality is, agents overall don’t make a killing. It’s really the top tier of agents that make a truly comfortable living if dependent on single income.

The median gross income for an agent during the first two years is $8100 per year, per the National Association of Realtors. Fast forward sixteen years and the average income for a realtor is in the $90K range before taxes and expenses. That’s nothing to write home about. All this talk about how much realtors make on each sale doesn’t consider the months, to at times years, a realtor could spend supporting client goals without being paid a dime for time or expenses. It also doesn’t account for the clients that decide not to buy or sell, splits given to brokerages and myriad expenses realtors absorb on supporting clients goals, marketing, education, etc. Many realtors struggle to get by. I’ve had my own struggles. When I first came to Dutchess five years ago, I clawed my way with many sacrifices to establish my business in this new locale. I do not disagree that the industry has room for improvement, but I do think the picture often painted in the press and otherwise is not fair or accurate.

Realtors come from different backgrounds and skill sets. Realtors will likely have varied compensation models in the days ahead. This is all still being worked through, but I expect standard commission amounts to still be the norm, particularly for higher caliber agents, while some may offer varied levels of service dependent on skills, level of representation and marketing collateral. There will likely be others that are less skilled that offer discounted rates. There will be a need for this variation as I do believe there will be certain buyers that either won’t be able to offer higher level services or need them.

Here is my two minute take on the days ahead when it comes to value and compensation.

Settlement Letters

There is a degree of confusion and uncertainty in the real estate industry right now. Systems are being updated, documents revised and new ones created as brokerages and MLS’ prepared for mandated changes that went into effect on August 17th. There is distraction in the industry in the moment, which feds this cautionary note.  I will continue to address different aspects of industry changes in social media as well as in The Brick.

At this time, information on how and if settlements will be distributed, eligibility for settlements, etc. is not readily available within realtor circles.  There are just so many other issues and documents circulating in the moment. I have reached out to the Consumer Federation of America as this organization seems actively involved in varied facets of this transition to see if they can share insight on eligibility and other details. I am actively working to get to the bottom of it to share more concise information. I’m thankful my client raised this with me when she received.

I am hopeful all third parties processing settlements will become public knowledge so we can post company names which should put an end to any scam potential in this arena. Maybe I’m just being paranoid, but with bank information requested for processing I am trying to find out more.

Please feel free to contact me with any questions you have on this or otherwise. What I don’t know, I will work to find out. Should there be question on sensitive information requested or answers that cannot be fully resolved through realtor channels, it could prove prudent to speak with a real estate specific attorney. 

Certain information is unfortunately not at optimal disposal in the moment, but we are working to get out what we know as timely as possible. 

See More on Settlements in this One Minute Video

Party Over

I noticed a single family house rental in a coveted municipality in Dutchess that rented for $5300 in 2020. Even in 2020, the house was not a $5300 rental, IMHO. They went on the market again in 2023 attempting to get the same price. That sit on the market has made clear – the party is over. For over a year this vacant rental continues to sit on the market, but now just below $4000.

My advice – cut the carrying costs and accept that $3,300-3600 is still a premium for what it is and call it a day. Some owners just cannot let go of what was so they sit – both rentals and resales. Price reductions have become pervasive in my emails and I regularly sell listings that expired with other realtors.

If you want to sell, the best way to do it is to get on and off the shelf. This means get listing, beautiful photos and have the marketing, advertising, etc.. going full steam by the time the listing hits the MLS service. Listings should hit the MLS with a POW. That is how every one of my listings hits the market.

Let’s be real…

If you were asked whether you would prefer to spend less on a product or service would you say “yes?” Would you prefer to pay less for your attorney, accountant or haircut? There’s always the option to find a lower price point for the product or service, but then the level of service or quality of product expected is generally lowered, yes?

I have conflicting thoughts on this as I agree in principle that less skilled should be paid less, However, I also see the reality that it will be nearly impossible for freshly minted real estate professionals to sustain long enough to reach skilled level considering current median income for two years or less is $8100 per year before taxes and expenses. There are myriad skills that feed into being successful in this business.

Enjoy the remains of summer! Fall Market is just around the corner. I expect a bump in September with the market slowing down as we get into October due to the election. If you are interested in selling, I would be happy to share customized recommendations specific to your home to prepare for sale, develop your pricing and marketing strategy and get you on the market!

With the exception of my Willow Lake estate listing which took 60 days to multiple offer, all other listings for the past four years have gone from listed to contract within 30 days. I have not had one listing expire throughout this nutty. I consistently deliver for my clients.

I would be interested in hearing your thoughts. Should you have any questions or if you are interested in buying or selling, call me.

Best,

Sandi

Luxury – Top 8

Dutchess County

click pic to right or under for mobile to see the Top 8

Willow Lake – Luxury

Getting Ready to Close!

Beautiful Willow Lake Farm. The owners had two other realtors and seven years on and off the market before we met. I had them in multiple offer with three buyers that all came through me in less than 60 days.

The bucolic property spans 105 acres with the main house built in 1924, three guest houses and multiple outbuildings. I defined three main buckets as primary audience for buyers: Retreat, Developers, Restaurant/Weddings. Secondary buckets were celebrity and private use.

After spending quite a bit of time with historians, I learned a great deal about the history of the home and land with first recorded exchange dating back to the 1600’s with this property redefining land ownership opportunity in the 1700’s. All of this was shopped to my and my public relations department contact base with a press release I drafted.

This property enjoyed extensive national and international press coverage among several other strategic marketing prongs which yielded a healthy showing schedule and three solid offers.

See press release here.

Closing scheduled for September. Sandi is representing buyer and seller in this transaction.

Asking: $4,385,000

The post Peeling Back the Onion appeared first on Sandra Park - Hudson Valley Nest.

Little break in Italy coming with the eye of the storm that’s been looming around the real estate industry expected to come in right about when we return so I’m leaning in on this trip. I’m holding gratitude for strategic packing and planning as major walks with what I’m certain will seem like a dresser on my back is not high on the list. Hope you’re all enjoying the summer!

Inventory has been correcting, but it’s still low and less buyers continue to be in the market as has been the case since interest rates began their elevation in 2022, but we still are in a sellers market. It’s not what it was. In fact, it seems every other email lately has a new spin on how to put “price reduction.” We have been riding the tailwinds of this sellers market for a while. This is all about supply and demand. There are definitely people holding back on selling. There are also houses that are still flying off the shelf. Buyers have become more discerning, though. They want toilets that flush these days – they may even check it twice.

I have had multiple sellers recently close that purchased less than two years ago. Real estate is a pillar long term investment, but in more ordinary markets, two years is generally not enough to recoup closing expenses. One of my clients went over asking and recouped closing expenses. The other had deferred maintenance that carried over from when the sellers bought the house and had an inspection that apparently missed some needed and pricey repairs (the sellers were not my clients when buyers).

They sold for $13,000 below their purchase price. IMHO, they paid over market value when they purchased, which didn’t help matters. This was my first client in four years that sold under asking (although my suggested range to them was actually in range with what it ultimately sold for). Generally speaking, some houses have been selling under asking quietly in sidelines all along.

Believe it or not, we are on the cusp of Fall Market. We have an election year Fall which historically the real estate market is slower in election year during the fall and then tends to rebound in the upcoming year. I do expect a pop in September, but it will likely slow from there through January. If interested in a Fall Market sale, now is the time to start preparing. Check out this quick message to Fall Market sellers. If you’re interested in selling, reach out and let’s get on calendar for a custom approach to preparing your home for sale.

Certain data circulating for Dutchess County as posted by OneKeyMLS is inaccurate, particularly when stating Dutchess County as down 23% in inventory. Mid Hudson MLS, which focused primarily on Dutchess, and OneKey MLS with roots in Westchester and Putnam, merged in February. Due to disparate data fields (an issues I’ve heard around the country with merging MLS systems) and questionable choices with how to handle, the merge wasn’t clean and certain historic data, particularly inventory (houses available on the market) unfortunately lost accuracy by a large margin with OneKey MLS now reporting Dutchess County as down in inventory year over year when Dutchess County is in fact up in inventory.

After months of reaching out in attempt to resolve, Chief Strategy Officer at HGAR/OneKey multiple listing service ultimately said “prove it” knowing Dutchess agents no longer had access to the historic data that had resided on the Mid Hudson MLS system. However, he made such challenge knowing I publish this newsletter so it seemed a bit sleepy to challenge a known real estate nerd to prove a data point, but prove it I did by pulling back issues.

Mistakes happen. Own it and make every effort to correct. Right? As far as the Chief Strategy Officer at HGAR/OneKey, whose salary I have to believe is paid by real estate professional membership dues, shared as resolve that Dutchess County will rather “start making new history” as of February, 2024 when the merge happened. His thought process – as time goes by it will become less relevant that we don’t have certain accurate numbers prior to February, 2024. Thankfully, I have back issues of The Brick to reference but I didn’t have all data points in every issue. It’s a definite and unfortunate loss as to truly understand the health of the current market, it’s imperative to know what the market was. I’m trying to get the word out as much as possible so colleagues and third party vendors the MLS shares feeds don’t disseminate inaccurate data.

Dutchess County just posted median sale price from $410,000 to $450,000 YTD, June, 2024. I believe that number is likely close to accurate. Past that, painfully the numbers are too much of a crapshoot. OneKey didn’t even include heavy luxury hitter Town of Washington/Village of Millbrook in with June numbers at all. While a substantially larger service (45,000+ members versus approx 1,200 members in Mid Hudson MLS) with substantially larger staff than Mid Hudson multiple listing service, OneKey MLS appears a bloated and inefficient train wreck, IMHO.

Localized MLS versus Statewide

Why do we have localized MLS services, anyway? The multiple listing service (“MLS”) is an organization that is a collective of brokers and licensed salespeople. Across the country, there are MLS services with as few as 200 members while others are in excess of 45,000 members. The MLS historically established rules to cooperation in sharing and selling listings. The underlying thought process was this broker cooperative would create a marketplace that makes buying, selling, renting and investing properties more transparent and efficient. There are 535 MLS services around the country. That seems absurd and inefficient. There isn’t standardization or data consistency between these services. What happened with the Mid Hudson MLS merge with OneKey MLS is not an isolated instance. What’s the point in all these MLS? Why not one standard statewide system? If we are going look to make positive and productive changes in this industry, bring it on. Let’s roll up sleeves and take a look at inefficiencies across the board. Click here for more on the positive for realtors and consumers this could bring to the table. Not sure what the Chief Strategy Officer at OneKey MLS was thinking barking up my tree. LOL.

NAR Settlement – Commission Structure

I would not argue areas of the industry have been broken, including commission structure (why should a seasoned expert be paid a comparable fee to a novice, for starters) but it is concerning the basis and justifications on which decisions are being made and whom is involved in making them. We don’t have solid answers on all matters yet, but the primary focus appears to be on buyer agent compensation and agreements. Changes are expected to start unfolding on August 17th. Many brokerages are already distributing new buyer agent agreements which will require buyer signature prior to touring a property with a realtor. There will be different versions of this agreement. I discuss this and overall update on the NAR settlement in this five minute video: NAR Settlement Snap Shot. Always feel free to reach out to me with any questions. I will answer whatever I know and look into what I don’t.

Generally speaking, the “powers that be,” which does appear to include the government, are positioning to decouple buyer agent commission with seller still having the option to pay the buyer agent commission so long as what they are offering does not exceed the amount agreed to between buyer agent and buyer.

There are transition pains with all of this. Additionally, our industry often has a domino effect with other industries. In the instance of these changes, lenders have been scrambling to find finance solutions for buyers. There are buyers that are stretching as is and don’t have the extra for commission. At the end day, the reality always has been that both buyer and seller pay the commission as it comes out of the transaction. It was more a matter of who wrote the check.

Another interesting tidbit I will add is Northwest MLS has been offering sellers the option of whether to include buyer agent compensation with listing since 2019. They have reported in multiple instance that most sellers continue to pay the buyer agent commission as they see the benefit of attracting as many buyers as possible to their home. I am surprised through all this that Northwest MLS hasn’t been raised and interviewed.

Choosing a Realtor

Changes in the industry or not, taking worthy time to consider choice in real estate partner has always been prudent considering this is the singular largest investment for most. One of the good things from all of this is buyers will likely hesitate more often before clicking the “contact agent” button on Zillow and other online housing sites. As more information filters out on what solid and professional realtors should be expected to do for their clients (information that should have been readily available all along), sellers and buyers may think twice before playing roulette by having a real estate partner chosen by clicking a paid lead generation button (which is what that is) or someone they may personally know but not be familiar with their professional work.

Focusing on reviews and referrals can be far more effective when seeking a realtor. Check out their online and social media presence. Do you align? Do you feel you can trust and have confidence in working with the professional being considered? If not, move on until you do. Careful choice in realtor could help elevate expectations and overall experience. I addressed this in a 30 second Instagram post “Hire a Friend or Family?” here.

I was also featured in an article in TimesUnion on topic “Five Questions to ask to find the right real estate person for you.”

The Numbers

I can share some basic numbers with where we are. Unfortunately, since Mid Hudson multiple listing service, which focused primarily on Dutchess County, merged with the HGAR/OneKey multiple listing service in February, 2024, Dutchess County realtors lost certain crucial historical data needed to accurately gauge the health of the market. Even worse – this inaccurate data feeds out to other data sites. It is unclear whether the general realtor base and others utilizing this information realize historical inventory data for one is grossly inaccurate. This is why I have not been sharing numbers lately the way I usually do.

I caught the discrepancy right after the merge with first communications to the MLS on it in March. After months of back and forth, two words from the Chief Strategy Officer at HGAR/One Key: “Prove it.” I was first taken aback by the audacity from a primarily realtor funded multiple listing service taking such stance, but that was quickly but the stupidity of saying “prove it” to a real estate nerd. That took about three seconds.

Should you hear Dutchess County is down in inventory from last year that is not the case. That is, however, what has been posted for realtor (and by extension general public) consumption since the February merge. Sadly, I am likely one of the only people that can prove it since historical data that was static was not transferred onto the OneKey MLS. I could feel Gary Connelly’s Cheshire grin as he said “prove it” knowing we no longer had access to this historical data. What I did have access to, though, were back issues of The Brick with data pulled directly from the Mid Hudson MLS system.

I could feel his Cheshire grin as he said those words as for most this would be an impossibility with Dutchess realtors completely stripped of all historic data that was static and posted in the prior system. OneKey refused to post this static data after the merge. It seems clear now to avoid revealing certain data that is now grossly inaccurate due, IMHO, to a careless data merge between two disparate systems.

For most, this would likely be an impossibility as interestingly static historical data that was posted in the Mid Hudson MLS dating back decades to its inception was not posted and I was notified by the service will not be. Static pages – why not? To post would reveal the clear discrepancy in numbers. Plain and simple.

Forgot to Mention

There seems little debate the industry has had room for improvement for many years. Raising the bar for entry with additional educational, background and mentorship requirements prior to representing multiple hundreds of thousands, if not millions, of dollars for transacting clients could elevate the industry and its service to clients, but seems unrealistic considering underlying realities embedded within the framework of the real estate industry.

According to the National Association of Realtors 2023 Profile of Realtors study, real estate professionals with less than two years of experience realized a median gross income in 2023 of $8100. I made $11,000 my first year yet put $30,000 into the business so that sounds about right. Interestingly, the CE Shop, an educational resource focused on licensure and continuing education classes for realtors, quotes an average income per online job site Indeed, of $94,586 while encouraging license application. Misleading information can demonstrate how 87% of real estate professionals are statistically out of business within one year of obtaining licensure. One year ago, in July 2023, NAR reported 60,000 agents quit during the first half of the year. No doubt, true success in this competitive business comes down to survival of the fittest. Is it realistic to expect to raise the bar on requirements for new real estate agents to enter to field while staying anywhere close to this median gross income?

Property Disclosure

First discussed in the April, 2024 issue of The Brick. This 48 question form asks varied questions of owners about their property. Flood questions were added along with a new mandate for delivery to buyer which ended the credit option of $500 for seller to pay buyer in lieu of providing the property disclosure form.

This created a disingenuous situation as sellers routinely credited buyers in lieu of providing. The misses as I see them with the new are in timing and penalty. Sellers should be mandated to provide these forms at a minimum prior to a buyer incurring inspection costs. New York State is a “buyer beware” state, as is. Let’s get these buyers information up front and empower them to make confident offers and solid decisions. Requiring before signing contracts is an unfortunate miss in funds already out for the buyer and what if something on the disclosure gives the buyer cold feet? Does a seller really want to wait until just about in contract to find there’s an issue and go back on market?

What if there is something of substance wrong that the seller is aware of? Would it not make. There is also now no financial penalty for not providing. The New York State Bar Association is scratching their heads over this, too. I have to believe input from a realtor was not sought prior to introducing this new process as it took about two seconds to see Governor Hochul’s oversights. The property disclosure form is far more basic than what’s on the table ahead. See the new property disclosure form here to gain understanding of the types of questions sellers are being asked about their property. If there was an issue that was repaired or is no longer an active issue, my understanding is it does not need to be including in this form, but this is a legal document that warrants legal counsel for questions. I have solid attorneys I work with. Reach out if you would like a recommendation.

If these changes are intended for the long haul, it seems the full picture should be considered. It has already been proven that decisions made seemingly without solid industry input have already fallen short of highest value. The new property disclosure form and mandate that went into effect in March, 2024 is an example of what should have been a simple industry change if properly implemented in comparison to what is now on tap but rather has two glaring issues, IMHO: 1) Current mandate: Seller to provide to buyer before buyer signs contract. It seems most productive to mandate this 48 page form filled out by sellers which addresses varied components and conditions of the property and provided to buyers prior to offer submission or at least prior to funding an inspection . Simple change in timing could have made property disclosure more useful to buyers and 2) It appeared the goal was to make this form a mandate for sellers to provide to buyers.

If that is the case, increase penalty from seller to buyer for not providing rather than remove credit to buyer all together. Prior to March, 2024, a $500 credit from seller to buyer was required for sellers that did not fill out this form, now no financial penalty exists. The New York Bar Association also questioned this move on their website (click for full article), noting “The most effective method of discouraging use of the credit would probably have been to increase the amount – perhaps to $1,000 or $10,000.” While it seems a well intended change by Governor Horchul, those two key misses could have likely been caught if industry input was included, by realtors or real estate attorneys, in the process. See new property disclosure form here. What could be deemed basic misses that should have been caught are unsettling particularly considering the magnitude of decisions being made at present for the industry.

With the level of inefficiencies that run deep in the real estate industry, the focus appears squarely on realtor commission as savior to housing prices created by the basics of Economics 101: supply and demand. Does this mean when supply and demand issues impact another industry relevant professionals will also be required to alleviate through reduction in their fees or supplies for services? While looking at downward adjusting commission to realtors, are brokerages also being looked at to increase the split provided to their agents or are brokerages remaining untouched with real estate professionals alone absorbing full impact?

Readying to Close

I first met Karen in review video above when she was working in building and zoning for a town in Dutchess. I got into building/zoning at the outset of a listing or when a buyer is pursuing a property to check for certificate of occupancies, open permits, etc… Basically, I don’t like surprises that don’t come in small boxes on the way to the closing table. The more that can be gleaned at the front end, the higher the likelihood of sparing hiccups on the way to the closing table. Karen was my got to when clients were buying or selling in her municipality.

For my seller clients, it can bring solid and trusting buyers to the table when depth of information is available. From a buyer perspective, information on the property can empower buyers with confidence in their choices. 

When it came time to sell, Karen reached out to me months in advance of listing. I shared an assessment custom to her home with counsel on where best to focus efforts and funds to prepare for sale. As the time neared to list, another agent came into the picture as is often the case when property owners start talking about selling. 

The other agent shared a noticeably higher number that was completely out of my suggested range. I keep a solid pulse on the market in order to offer sound counsel to my seller and buyer clients. I revisited the comparatives with her and her husband while standing by suggested range. 

I shared the risks of losing the crucial market entry window to overpricing as most often it leads to price reductions to ultimately sell or negotiating down with a singular buyer. She did not desire to entertain a drawn out process of showings but rather the highest dollar in as little time as possible. The notion of languishing on the market was not on radar. She trusted my counsel and listed. 

The home is a beautiful custom home that is ready for new parents. It is flanked on both sides by high end homes off a quiet country road. The private setting with views allowed for justified investment with lessened exposure to over improvement. 

The targeted buyer was not a $719K buyer as listed but rather a $850,000+ buyer that wanted to make the home their own and address areas worthy of update. 

It can be tricky when a home is priced in a different range than anticipated end value. Updates, repairs, etc need to be factored in pricing and attention needs to be captured from targeted buyers likely searching in a different price range. Highly effective marketing is crucial. 

We had our buyer in a week. Closing next week. 

126 Hobbs Road

Clinton Corners

Will be closing for full asking price at $719,000

See Full Listing Here

Willow Lake Farm in Mansion Global

After seven years on the market with other realtors, Willow Lake Farm had three buyers at the table in thirty days once listed with me.

This property has enjoyed extensive national and International press coverage along with extensive marketing to support solid pricing.

We are expected to close in September. See Mansion Global article.

4 Willow Lake Road

Fishkill, NY

Asking price: $4,385,000

• See Full LIsting

• See Property Tour Video

• See my take on marketing this property along with the celebrity that showed and called me a “legend”. (woohoo!)

I work across price points, but I am a global luxury specialist, which requires special background and training. Should you have any questions on the market or wish to discuss preparing for sale, reach out.

Click here for the aftermath of a true guru coming for a showing.

Milestone Moment since coming to Dutchess from Westchester/Putnam! That week hit a few weeks ago. Two of the properties have closed since then.

The Milestone 

When I first relocated to Dutchess County from Westchester five years ago I was quickly reminded of what it was like when first starting in this business over twenty years prior. When relocating in real estate, that often means starting over with establishing business. It did for me at least. 

I was brought north by developers of the Tradition subdivision in Red Hook to set their marketing and advise on pricing, amenities and work with their talented architects on layouts. That was an incredible experience to work with such a highly talented team of professionals. 

While working in a sales center of a 102 door subdivision would be an amazing opportunity along with its golden blanket of security for some realtors, it just wasn’t for me. 

I worked with them through pre-launch. My youngest had gone through the adjustment of starting in a new school system and was happy to stay so I returned to my broker roots with focus in Dutchess (although to this day I still return to Westchester and Putnam for clients and their referrals that don’t accept my relocation )

This is a highly competitive industry. Make no bones about it, we struggled as I made my way to establish my business here. My daughter stood by my side with “you can do it, mom” moments when I broke down thinking there was no way I could provide the life I wanted for myself and kids in this new terrain. Her words refueled my emptying jets. 

We are still making our way. Progress has not been overnight by any means. Each year it’s been better, though. I’ve stayed grounded in integrity, trust and transparency and keep pushing the envelope for my clients to realize success in their goals. My reputation and sphere have grown with this week marking a particular accomplishment in this chapter of the journey. 

I’m taking this supportive and incredible child on a special trip. My oldest will soon enjoy her special trip too. 

Holding gratitude. 

If you’re looking to get out of town…

About 10 miles off the coast of Maine rests this little squirt island stretching less than two miles long and one mile wide. Monhegan Island packs approximately 12 miles of walking trails that include rocky ledges, wooded, easy (relatively speaking) strenuous and the highest cliffs on Maines coastline.

Somehow in this less than four square mile existence days can go by while barely touching surface of things to do. How?! Time is different at Monhegan Island. Not time on the clock, but the overall perspective of time, and quite a bit else for that matter, shifts.

It didn’t hit at first. I got there with my snazzy new briefcase spotting the perfect ocean front study in the Inn that would host my creative spirits to write my overdue next edition of The Brick. Knock that out during the time my daughter needs to work was the thinking. Never happened.

I had three deals move to attorneys hands to fully execute contracts when I left. While i saw the window of opportunity for a “quiet” weekend, the lack of phone reception and highly spotty Wi-Fi was met at first with some resistance panic followed by an exhale like i have not had in some time. There’s a forced release that happens when stripped of transportation and technology in one swoop. Back to basics real quick.

The island is storybook material – literally and figuratively. Catching bursts of flora en route to whatever the day has in store. Houses bursting with textbook curb appeal while lacking driveway and garage. Most often if wheels are involved it’s golf cart with shed. Building fairy houses along classic storybook wooded trails spotted with perfectly green moss. No worries if you drop your charge card. Someone will pin it to the community board (happened)

It wasn’t that long ago residents had kerosene lanterns for light. Replaced now by propane generators supplying electricity throughout the island. Broad band just came two weeks ago and while it may be spotty, having it at all has mixed reviews from long time owners. Most people I met have been going for decades or are among the 60 that live there full time.

Definite experience.

Luxury

No, I didn’t forget luxury! If you have to look for it, you’ll appreciate it more. LOL. Here’s the latest talk of the town, 45 Hitchcook in Millbrook. $65,000,000. If it goes for this price, it will be the highest sale in Dutchess County record. Keep in mind that Ledgerock in Hyde Park opened up ready to take that spot with an opening price of $45,000,000. At last check, Ledgerock expired at $14,500,000. That is not to say that is what will happen here, but I am mentioning it can happen

It’s a wrap! Should you know someone seeking a solid real estate partner, I would appreciate the referral. I will take very good care of those sent my way.

Enjoy the remains of summer!

Ciao!

Sandi

The post Industry Shake Down “Prove It” appeared first on Sandra Park - Hudson Valley Nest.

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.

The post At the Gate – Drip, drip, drip.. appeared first on Sandra Park - Hudson Valley Nest.

The real estate industry has been quite the reality show for the past four years. We should have our own channel by this point. The chances of a smooth sail out of the frenzy and now continued low inventory market were minimal all along, but the real estate industry in full shakedown with seemingly everyone suing each other presents a whole new level of chaos by any measure. Hopefully this is the encore with normalization on the other side.

This issue was delayed for introspective evaluation of passion for my profession and long time desire for positive change in the real estate industry. Both of which were concluded still strong, so it’s lean in and adjust sails. I also needed to dig past the headlines and social media to deliver to my clients, subscriber base and followers information that will hopefully lift from the noise and glean transparent and digestible perspective about what’s going on within the reality that decisions are still on tap.

Before I get on a roll, Willow Lake Farm is pictured above. This is such an amazing property and truly an honor to represent. Between it’s deep roots in history with first recorded exchange in 1683 through a stream of historic milestones to ‘Pretty Little Liars’ filming season 2 on its grounds, this property is enjoying quite a bit of press regionally and in the UK. I have additional listings coming on in April/May/June I’m excited to let you know about in upcoming issues, too! I’m never too busy for your referrals!

Let’s hit the elephant first. Here’s what’s on tap in this issue:

• Industry Address
• Value and Interview Tips with Realtors
• New Property Disclosure Laws
• Willow Lake Farm – Join me for an exhale tour of this stunning estate.
• Sales this Past Month
• Market Update – How are we looking coming into Spring Market? What municipalities are saturated in luxury? Which have most options $500,000 and under?
• Taxes – what not to do if self employed and planning to get a mortgage within the next two years.
• Garage – this cheap addition to your garage door could save you thousands.
• City of Poughkeepsie on the Rise

Let’s dive in.

There is much still to be decided with new processes already making their way with at least certain key changes anticipated. None of the below is expected to be solidified until earliest July. There is much on the table, but these appear the key points and explored further in this issue:

1) It does appear a decoupling of buyer and seller realtor commissions is on tap with each paying the commissions to their representative agent directly rather than the seller paying for both at closing, Buyer liquidity and/or finance options to compensate buyer representation is a quandary. In addition, veteran VA loans currently prohibit financing commission, which is another quandary.

2). Mandate for buyers to sign buyer representation agreement prior to seeing properties with a real estate professional.

3) Offering of commission to buyer agents can not be displayed on the MLS effective July. Nightmare in phone calls to listing agents from buyer agents inquiring on whether the seller is offering commission fully expected.

4) Currently the Department of Justice (“DOJ”) is questioning whether sellers will have option to continue paying buyer agent commissions. DOJ questions potential for “steering” should sellers have this option citing issue that certain sellers may then be at an unfair advantage over those not offering buyer agent commission. In what appears a conflicting thought process, the DOJ seems comfortable with buyers including buyer representation paid by seller at closing as part of an offer.

5) Elevate transparency in the real estate industry (which The Brick subscribers have enjoyed all along!

The Industry Upside Down

Past erroneous and sensationalized headlines, past turmoil with the National Association of Realtors (“NAR”) seemingly scrambling to maintain power while MLS’ counter sue and brokerages get dissected to core, there is an underlying truth. Elevation in standards, expectations and results could benefit both the general public and the industry as a whole.

That’s not to say I agree with certain arguments, representations nor decisions being made to get there. I believe areas that stand for improvement are being overlooked due in part to what appears a lack of necessary “boots on ground” depth of industry knowledge by decision makers, which is highly unfortunate. It’s seeming at this point thought processes assumedly leading to decisions are generally half baked.

Real estate professionals put on suits of armor in 2020 to navigate unchartered landscape, guiding clients through transactions during a global pandemic. Some did this with utmost professionalism, some not. That experience magnified the good, bad and ugly in real estate professionals. The “good” should thrive in the days ahead so long as change is embraced and integrated into processes while the “bad and ugly” have likely seen the last of their rope with industry exit imminent. With change comes opportunity.

For over a year now, certain brokerages and individual agents started moving off the split that was customarily offered from the sale side to the buy side throughout our area, which was generally 50/50 or at a minimum a certain base percentage. As more and more brokerages or individual agents moved off the customary split, paying out as customary when the listing agent if not reciprocated when the buyers agent simply doesn’t seem fair. The costs of photography and marketing a listing agent incurs begin to enter the mindset when it never did prior, as well. The split was always just a given without question.

The shift has been more contained in the Hudson Valley with certain parts of Long Island and Queens experiencing elevated extremes in reduction, as well as certain pockets within surrounding states. In over twenty years as a realtor, the thought of adjusting the buyers side was always considered untouchable. In fact, if there was a lowering, I took from my side as I assume others did, as well. It was an unwritten rule. No one messed with the buyer agent commission. Buyers agreements are not only soon to be mandated, but necessary, as while we are in limbo awaiting decisions from the “powers that be,” it has the propensity to get ugly in realtor circles if self imposed downward adjustments to buyer agent commissions continue.

Two blatantly erroneous statements warranting clear correction

“Lowering Commissions will Lower Home Prices.”

The market drives pricing, not commissions. Escalated pricing is due to supply and demand with inventory shortages that hit historic lows and have had the region in a vice for four years. So long as inventory remains low, demand will continue to hold or drive prices even higher. It’s not commissions driving prices, it’s economics 101. I have had numerous listings sell for multiple thousands, if not hundreds of thousands, over asking. Commissions were not in the equation for buyers, but rather two words: “It’s mine.” For the flurry in the news for public consumption to state how and what realtors are paid as the solution for elevated housing prices seems irresponsible and frankly deplorable.

Buyers

While buyers may think this change will increase their ability to secure a home, and even have some wait for July thinking affordability will increase, the “solutions” currently being addressed will likely translate to disappointment for buyers. With how this is unfolding in the moment, this has a much higher likelihood of creating an even larger gap between the haves and have nots as certain buyers will opt to forego or have sacrificed representation against buyers that have representation. Mix that in with low inventory and it’s not looking pretty.

Want an example of sacrificed? Lenders are scrambling to figure out how to incorporate buyer agents commissions into financing. One potential solution being tossed around is to have the loan processors get a dual license as a real estate agent. There is pushback from loan processors as they realize the skill sets are completely different between the two professions. That may be one solution for buyers regardless to still have some form of representation, albeit compromised.

There is an underlying message that keeps coming out over and over in so many “solutions” coming to the fold. It’s sobering to see how many people truly don’t value or know what solid and professional real estate agents do or contribute to a successful transaction. This isn’t meant in any way other than an honest observation that clearly the real estate industry as a whole needs to improve.

One of the core issues I have with this profession is the low bar for entry. Education that addresses the realities of this profession and mandated mentorship for newly licensed realtors before setting them free to negotiate multiple hundreds, if not millions, in transactions while managing an overall deliverables timeline in what is for most the singular largest purchase. Rather, this potential lender “solution” simply dumps more amateurs into the industry. I appreciate lenders trying to find a solution, but perhaps go back to square 1 on that thought process.

Speaking of compromised representation, let’s cover dual agency. I personally like working in dual agency, which means representing both buyer and seller. Not all agents do and some won’t work in it at all. The reason I like it is not about the “double dip” in commissions by representing both sides. It’s about accountability. By representing both sides, I have direct access to all attorneys, lender, etc. This access streamlines the process and allows me to maintain a very solid pulse on outstanding issues and areas for address to keep things on swift track for the closing table.

Dual can get very sticky for some agents, though. I take the role of mediator when negotiating in dual agency, working to have all parties leave the table feeling whole. That takes seasoned skill. Just like in any other industry, not all real estate professionals are created equal. There is enough likelihood for it to feel a disadvantaged experience to not seek dual agency unless familiar with the agents expertise. Calling a random listing agent is the same game of roulette as buyers hitting “contact agent” on an online site. It could prove prudent to carefully consider choice in representation.

Net net – so long as the market holds in a sellers market, buyers holding out for July to not pay buyers agent commissions so they can better afford a home will likely be highly disappointed by not only a hold or higher prices, but potential lack of representation to navigate the waters. It’s very upsetting to see how the opposite of this reality is what is being spun for public consumption. If I was a buyer with limited funds for representation, I would be on hustle to secure housing before all this kicks in, personally. This could also prove advantageous from a competition perspective as there will likely be buyers that wait thinking July is the magic month.

Sellers

The nationwide average commission range has 5%-6% forever regardless of inordinate gaps in skill and expertise that have always existed in the industry. That “regardless” is an important point. That is where there should be change, IMHO. Should a realtor taking pictures with a phone and/or lacking experience to properly market, negotiate and successfully sell a property be paid the same as a high caliber realtor with expertise and professional photography a given?

There are good and bad in every industry. Is it worth it to pay more for a lawyer that solidly represents? An accountant that knows how to make the numbers work? The financial advisor that consistently delivers? I have secured six figures over asking for multiple clients with several others in the tens of thousands over asking. I routinely sell properties within days to a few weeks after sitting on the market up to multiple years with other realtors. Why should it not be worth paying more for expert level service in a realtor as in any other profession and less for realtors that aren’t as skilled? They both exist in our world just like any other profession, yet we have often been paid the same. There is room to fine tune in the industry.

“Buyer Agents are Free”

Buyer agents have never been free. It has always rattled my cage whenever I would hear an agent say this. Realtor commissions have been paid out of the transaction, meaning buyers have also been paying toward the commission all along. The seller was simply the one writing the check.

It seemed to work better for all that way since the seller would usually have funds at closing with buyers at times stretched for down payment and closing costs, which are generally noticeably higher than the seller. That is not to say I don’t see validity in certain aspects of change as the reliance on all listing agents being fair with compensation to buyers agents has proven itself recently to not be the comfortable assumption it once was.

There is also the issue of veteran financing. VA loans prohibit paying fees from the loan. Will veterans no longer be able to have representation if they don’t have liquid funds to cover buyer agent costs?

On the one hand, the Department of Justice is considering prohibiting allowing sellers to pay the buyers agent at all, citing potential issues of “steering” that they believe could put a seller at an advantage over other sellers by offering buyer agent commission. It has not been uncommon through the years for sellers to increase buyer agent compensation or offer bonuses to buyer agents to spotlight attention on their home, particularly in a buyers market. This could be equated to buying any product highlighted in advertisement. It seems odd the government can actually forbid this. ?

Ironically, the Department of Justice is creating more potential for lack in transparency with their actions. It is also ironic that they clearly realize the value the buyers agent brings to the transaction for the seller by putting such effort into containing it. I can only imagine how confusing all of this must be on the general public.

Value

There is a client I am working with that is both a buyer and seller. (yes, Barbara, I’m talking about you ;). She has bought and sold properties through the years with varied realtors. She shared having experience with realtors in the past that served as a bar of expectation in real estate professionals far below the level she now enjoys working with me.

This is not the first time I’ve heard this nor to gloat. With the need for a realtor statistically every twelve years on average for single family detached home transactions, it becomes clear how not having consistent exposure to realtors could challenge the opportunity for realization that heightened services are available. This round, she made an intentional effort and utilized social media during her partner decision process. Referrals, reviews and social media can be excellent means to find real estate professionals worthy of what should be the next step, an interview. You can also just call me and cut to the chase

Buyers clicking “Contact Agent” on Zillow or other online sites leading to random agents paying for leads should decrease as focus on value increases in the days ahead. There are stellar agents that pay for leads, but there are also agents that are either new to the industry without a client base or have not earned referral business from past clients due to poor performance. In both instances, paid leads can be the only means to generate clients. Expertise is often sacrificed by the unknowing buyer or seller that opt for random agents to represent. Paid leads have always been much like roulette.

It could help defray bad experiences if buyers and sellers develop a true interview process mindset when deciding on the real estate partner with whom to align, if their work is not already known. There are certain skills and background a realtor should be able to clearly articulate expertise. Here’s a cheat sheet with heightened communication skills an underlying essential in all aspects.

What to Look for in a Realtor

Project management: Ability to not only stay on top of the timeline to closing, but to recognize and diffuse issues that could delay closing in advance. Listing agents should go to the building department at the onset of listing and inquire on certificates of occupancy as a first stop among others while at the town. Waiting until title comes in with potentially flagged violations has a high aptitude to delay closing. If the listing agent you’re interviewing with shares that’s “for the buyers agent to do” – that’s a red flag. The buyers agent should also pull files, but the listing agent absolutely should be first in to get timely wheels in motion.

Negotiation skills: Clear understanding of client goals is imperative. Negotiation skills can vary considerably on the other side. The skill to work productively with the other agent, regardless, is essential. Counseling clients, whether buyers or sellers, through terms and purchase price. Carefully listening to both sides while working to find a meeting of the minds.

Market Knowledge: How does the realtor keep up with the market? Keeping a solid pulse on the market is essential for both buyers and sellers. How can an agent expertly and strategically advise sellers on pricing without expert knowledge of the market and market conditions? How can an agent advise buyer clients on value and offer without? I create custom market momentum reports. These reports slice and dice the market and serve as one prong of several to maintain expert level market knowledge.

Reviews: This isn’t about quantity. It’s about quality. I am horrible about asking clients for reviews, but when I do, they are heart warming. Nothing less than five star with comments along the lines of “I wouldn’t work with anyone else” and “Sandi is in a league of her own.” Those are the types of reviews to look for rather than numerous more that simply say “Did a good job.” You’re paying for a service. Seek stellar.

Marketing: How will the real estate professional market your property? What tools are available through the brokerage and how will the agent leverage them? What will the agent themselves bring to the table outside of those available through the brokerage?

Look at their Work: Check out their listings. Do you align with how the copy is written? Does the realtor hire professional photographers? Can you visualize this realtor representing your property? Look at the listing when it goes live in the MLS, also. Check out the photos, read the copy. The amount of times there are misspellings and grammatical errors is nutty. We all make mistakes, but there are some listings where it’s just nutty. I have seen houses actually in vertical orientation when they should have been horizontal. Snow in winter. Fingers in pictures. I don’t understand how certain agents get away with that, but they are being paid a fee for a service. It could prove prudent to check on their work.

Tidbit Alert

Per Realtor.com, their annual highest amount of views on site is the week of April 14, up over 18%. Spring Market is officially upon us! If you’re interested in what your home is worth or ways to best prepare for sale, reach out!

Market Conditions

With inventory still dripping on and numbers far below what had been “normal trending” prior to Covid, the market is still holding in a sellers market in most price points. While there are talks of some interest rate lowering, there is not expectation of significant rate drops in 2024.

There is a marginal price increase expected for Spring Market as low inventory continues. The days of double digit increase over asking are generally over. Multiple offers are still happening with certain properties, particularly those checking coveted boxes, but they also tend to generally be more contained. The market has still been up, but settling down for over a year and a half now. I have gotten multiple buyers into under ask deals.

If you are looking for homes in the $1,000,000+ price point, there are a generous amount of options on the market. If you are looking $500,000 and below, it is significantly tighter, but the following municipalities currently have the most options, with Hyde Park in the lead. Lagrange, City and Town of Poughkeepsie, Pleasant Valley and Wappingers. With less, but still more than others: Beacon, Beekman, E. Fishkill and Fishkill. Happy Hunting! Call me if you’re looking for a partner or have questions on your specific town or town(s) of interest.

The market generally slows in July and August in our area. We may see heightened activity in July this year if interest rates take a tick down. The Fall Market, as shared in the February edition of The Brick is expected to be slow as is historically the case in election years. If interested in selling, there is little doubt leveraging Spring Market with its continued low inventory could prove fruitful for those with realistic expectations. It is not recommended, however, to “test” (and likely lose) the market with overpricing. We are in a “we know what is now” window.

The end of June tends to realize increased price reductions from overpriced sellers during Spring Market that want to sell by latest August. For that reason, aiming for early June if planning to come on in later Spring Market should be goal rather than pushing further into June between reductions, graduations and summer kick off travel.

April really is a good month if ready. My winter clients did very well without leaves on the trees. Waiting for leaves is waiting for increased competition. Right now, inventory is still super tight. Properties that are priced solid and effectively marketed have been moving swiftly. Reach out for a realistic home valuation and tips on how to best prepare for sale.

Historic lows in inventory saw numbers for active listings at one point in the 300 range for single family detached in Dutchess County, a whopping 70% below “normal trending” inventory. Dutchess County is out of that space with current active and “coming soon” single family detached listings at 478 as of April 7, 2024 per HGAR/OneKey MLS. It’s still painfully low, but improving.

In February, home prices rose at nearly double the month to month nationwide versus normal prior to Covid 19 disruption. At the same time, the annual growth has overall slowed with a contained trend expected to continue for the rest of this year, per CoreLogic. There are pockets throughout the country that have moved into a buyers market.

Lacking full trust in HGAR/OneKey MLS reporting as I caught very real errors that have yet to be fixed, I have reverted back to generating my own custom market momentum reports. I am not certain, but hopeful, the median price per county info HGAR/OneKey noted is accurate. I am sharing with trepidation, but this piece doesn’t render on my reports as I always had it accurate with Mid Hudson, but here are median prices February YOY, per HGAR/OneKeyMLS:

Dutchess +12.2%($448,500), Orange +5%($420,000), Putnam +4.2% ($468,750), Ulster +10.3% ($400,000) and Westchester +13.9% ($831,250) .

FIVE HIGHEST PRICED* ACTIVE RESIDENCES PER COUNTY GOES TO…

Dutchess County – Click Here

Orange County – Click Here

Putnam County – Click Here

Ulster County – Click Here

Westchester County – Click Here

*SINGLE FAMILY DETACHED, PER HGAR/ONEKEY MLS

PRICE POINTS CURRENTLY IN A BUYERS MARKET IN DUTCHESS COUNTY

Dutchess County is by example in this analysis. There is a common theme – the $1,000,000+ space has moved into saturation in many municipalities in Dutchess County. Out of 478 current active single family detached listings as of April 7, 2024 in Dutchess County, 88 are $1,000,000+. Let’s put it another way: 10 out of 22 municipalities in Dutchess County currently have more “active” and “coming soon” single family detached listings $1,000,000+ than any other price point in its respective municipality. Nearly half! That appears to be translating to saturation in certain municipalities as noted below.

Current Buyers Market Conditions:

Amenia

$1,000,000+ (currently straddling buyers market at 7.2 mo

Beacon – Important to note: Current new construction inventory skews numbers upward. If you’re looking to buy in these price points, Beacon could be a good check.

$750,000-$800,000 – current 42 month absorption rate

$800,000-$900,000 -current 12 months absorption rate

$1,000,000+ – currently 36 month absorption rate

Dover

$1,000,000+ – current 12 month absorption rate

East Fishkill

$900,000-$1,000,000 – current 12 month absorption rate

Fishkill

$750,000-$800,000 – current 18 month absorption rate

Hyde Park –Important to note: Current new construction inventory skews numbers upward. If you’re in looking to buy in these price ranges, Hyde Park could be a good check:

$550,000-$600,000 – current 48 month absorption rate

$600,000-$700,000 – current 12 month absorption rate

$700,000-$750,000 – current 26 month absorption rate

$750,000-$800,000 – current 120 month absorption rate

$1,000,000+ – current 12 month absorption rate

Lagrange:

$750,000-$800,000 – 24 month absorption rate

Milan:

$600,000-$650,000 – current 8 month absorption rate

$1,000,000+ – current 24 month absorption rate

Northeast:

$1,000,000+ – current 12 month absorption rate

Pawling:

$450,000-$500,000 – current 12 month absorption rate

$750,000-$800,000 – current 8 month absorption rate

$1,000,000+ – current 12 month absorption rate

Pleasant Valley

$800,000-$900,000 – current 24 month absorption rate)

$1,000,000+ – current 72 month absorption rate not driven by new construction. OUCH!!!

Luxury Buyers – could find some negotiating here as there are “sitters” to have this absorption rate.

Town of Poughkeepsie:

$1,000,000+ – current 24 month absorption rate

Red Hook:

$650,000-$700,000 – teetering between neutral and buyers at 7.2 month absorption rate

$750,000-$800,000 – current 12 month absorption rate

Rhinebeck

$900,000-$1,000,000 – current 12 month absorption rate

Stanford

$550,000-$600,000 -current 18 month absorption rate

$750,000-$800,000 -current 12 month absorption rate

Unionvale

$700,000-$750,000

Washington (another OUCH!)

$1,000,000+ – current 26 month absorption rate

INTEREST RATES

Per conversations with several colleagues in the mortgage industry, the magic number for interest rate that should garner the traction needed to get sellers holding low interest rate mortgages off the perch and on the market in noticeable number is in the low, potentially mid, 5’s or below. While forecasted by Fannie Mae as potential to see 5’s in 2024, the Mortgage Brokers Association (“MBA”) has been more conservative with forecasting into 2025. See MBA forecast for interest rates. While there could be further interest rate relief in 2024, it is expected to be marginal.

Fall Market 2024 is expected to be a bit of dud as is historically the case in Fall Market of election years so even if mortgage rates take a real drop in the Fall, enough traction for noticeable shift out of the sellers market could take until 2025.

Just Listed!

Willow Lake Farm

Fishkill, New York

$4,385,000

FULL LISTING

Join me on a four minute exhale property tour!

Click video link below

Movies and HBO series ‘Pretty Little Liars’ have filmed on these grounds, weddings and other special moments have graced these grounds. Then there is the history. While speaking with the county historians office, it was discovered land exchange that included this land dates back to 1683 by Treaty with the Wappingers First Nation Indians and two financiers.

Where it gets really interesting was with heiress Madam Brett in the 1700’s. Financial circumstances necessitated the sale of smaller parcels from her 28,000 acre inheritance. This land was part of sales that changed land ownership opportunities beyond the social elite. Up until that time in the colony of New York, it was land ownership by the social elite or tenant farming. No in between. This is what happens when you get a historian and a real estate nerd together. lol. The land was originally developed from farmland into the Knickerbocker Lodge in the late 1800’s for the first mayor of Fishkill as a retreat for the city elite.

The main house and three guest houses encompass over 10,000 square feet of living space with option to accommodate 20+ guests. Five acre spring fed swimming lake. 105 bucolic acres with historic horse drawn carriage trails that traverse in and out of the woods. Multiple outbuildings, including a writers retreat, two gazebos (lakeside open air and screened stream side) and the “Hen House” with coop, greenhouse and workshop/four stall barn. Historic relics intact still pepper the property. There is a peace there that is much like being in a bubble. The video is four minutes. Give it a check when you have the chance.

Accessibility in both connectivity and location are hard to beat. WiFi stations throughout the property. Sixty miles north of NYC, less than 20 minutes to Stewart International Airport, less than 15 minutes to Cold Spring and Beacon for trains, shopping, dining and entertainment, minutes to Interstate 84 and the Taconic State Parkway.

I wrote a short story about the property and history. Read it here.

FULL LISTING

Survey and other documentation available.

The marketing strategy for my properties is multi-faceted and customized to each property. I have a solid relationship with the press with properties routinely featured across price points. The below is the press prong in motion within the marketing strategy for this property.

This 1924 stone English Manor property is currently target marketed nationally and internationally (international component focused in the UK) through my personal contact base as a Global Luxury Specialist as well as through the Global Luxury Program with Coldwell Banker Realty. NYC has been defined as nexus with a personal extensive network on full notice. We are in full steam!

Contact listing agent, Sandi Park with any questions or to schedule your private golf cart powered tour. This is one of those properties that kids add to the showings. Check out 30 seconds of pre-golf cart giddy here.

Recent Press for Willow Lake Farm

(NY Post article coming April 10th. Mansion Global article also coming soon.)

Hudson Valley Magazine – website and social media

Article: “Willow Lake Farm is a Fishkill Estate with a Rich History.”

Article Link: https://hvmag.com/home-real-estate/willow-lake-farm/

TimesUnion – website and social media

Article: “Willow Lake Farm, where ‘Pretty Little Liars’ was filmed, listed for $4.38M

Article Link:  https://www.timesunion.com/hudsonvalley/realestate/article/willow-lake-farm-fishkill-19375790.php 

The Daily Mail – UK. 

Article: “Gorgeous 1920s update NY mansion featured in upcoming season of ‘Pretty Little Liars’ lists for $4.385M

Article Link: https://www.dailymail.co.uk/news/article-13265927/Historical-New-York-Estate-Pretty-Little-Liars-sale-Willow-Lake-Farm.html

The Poughkeepsie Journal

Article: “Used in ‘Pretty Little Liars’ filming this Fishkill estate is for sale for $4.38M”

Article Link: https://www.poughkeepsiejournal.com/story/news/local/2024/03/28/fishkill-historic-english-manor-is-for-sale/73118334007/

Circa Old Houses – currently featured throughout social media and online.

(Poughkeepsie Journal story also syndicated into TimesHerald)

City of Poughkeepsie on the Rise

As of 2020, the sale of my listing at 7 St. Johns Parkway (see two minute video tour here) on the south side of Poughkeepsie was the highest sale in the City of Poughkeepsie in over fifteen years. Since then, four sales have sold for higher with the City not yet surpassing the $1,000,000 mark for single family detached, but coming right up to it. See the sales that topped my record sale in the City of Poughkeepsie here. This is across price points and not surprising. Poughkeepsie has been in transitional growth since before Covid. If you didn’t catch the minute video earlier on how certain sales push prices, here’s the link.

Taxes – Heads Up!

Those that are self employed and plan to obtain a mortgage within the next two years, careful with those deductions and expenses! Lenders look back two years and average the net income after expenses, deductions, etc… for income determination when qualifying for approval.

Speak with your lender before filing those taxes!

Home Tip – Garage Doors

Save Money with this Cheap Home Maintenance Tip for Garage Doors!

See 15 Second Video with Dutchess Overhead Doors (they humored me;)

Past Month Sales

January-March sellers have done well. In the Town of Clinton/Rhinebeck schools, the buyer was secured in two days in January for this home at 1017 Centre Road, Staatsburg, after several years on the market with other realtors. There was a marginal price adjustment for the price point before market re-entry, but a complete revamp in marketing. Closed for asking price at $1,049,000. See Full Listing.

Sunroom featuring seasonal mountain views and painted sky sunsets

“The Clincher”

When my client (pictured right) went into the bathroom of the house pictured above he immediately and excitedly adjusted the two side mirrors of the medicine cabinet to be on an angle. As he looked at himself in the center mirror, he beamed and declared “This is the clincher. This house was meant for me.” 

I have been the real estate partner for this client through four buy and sell transactions in the past four years with two more on tap for 2024, yet I had no idea where this was going. 

“I can cut my hair.” LOL. Well alrighty. And so it was. Fully executed contract for multiple thousands under asking.

Each client has their own priorities and needs. Never know what the “clincher” will be. It could be something expected or out of left field. Transaction number five with this client on the horizon. Have to say, this was a first as far as “clinchers” go

“The Feather”

Joy is the soon to be mother-in-law of a client I have helped buy and sell over the past few years. The feather in her hand she found on her way out of final walk through on a bush. She took it as a sign from the heavens that this first purchase on her own was meant to be. Sold for $19,000 under asking. (Sandi represented the buyer)

The “Cute Patoot”

The cute patoot above at 8 Woodland Avenue in Poughkeepsie had legs and just closed for $35,000 over asking when it already opened in the high end of range. $290,000. Sandi represented the seller. See Full Listing.

This sale could contribute to an adjustment in this price point in the City of Poughkeepsie. Watch this 30 second video for why.

New Property Disclosure

March 20th marked the date for a new property disclosure law. Up until that time, sellers could pay $500 at closing to the buyers in lieu of filling out the property disclosure form. I have yet to see an attorney do anything other than counsel their clients to pay the $500 credit. As of March 20, that option no longer exists and the property disclosure form was updated primarily with new inclusion of wetlands and flood zone related questions. See the new form here.

While Governor Hochul was likely well intended, they missed the boat on key points that could have made the new disclosure and requirements much more beneficial in the process. They require it to be delivered to the buyer “before signing contracts.” To be most beneficial it should be “before incurring expenses, including an inspection.” By the time a buyer is signing contracts, they have already spent hundreds or into the thousands (depending on how extensive the inspection and supplementals). It would also be helpful for a buyer to have to go over with their inspector as they go through the house. Definite miss with timing requirement for delivery to be of highest benefit, IMHO.

The other miss was with financial ramifications to seller for not filling it out. The $500 option went away. Nothing replaced it. The seller just “has to” do it. “But what if they don’t?” I looked into this a bit further and the New York Bar Association is wondering the same thing. I agree with the New York Bar Association in that this could have been more effective if the amount had actually increased to $5000 or $10000 for not filling it out. As is, there is now no remedy if the seller doesn’t fill it out. See New York Bar Association commentary.

This seems pretty basic to miss two key elements: timing to buyer and remedy if seller doesn’t provide. These are the ones making decisions for our industry as a whole. Little nerve wracking, but forward we roll.

The post Is this the Encore? appeared first on Sandra Park - Hudson Valley Nest.

Historically a slower month in real estate, this year the smell of Spring Market hit the air in January. That smell puts a skip in the step every time (and can delay The Brick!). The hopper is churning with nearly $2.3M in January transactions (buy and sell) kicking off 2024 expected to be in contract by the beginning of February with more behind them. That’s decent momentum coming into Spring Market. Keep that train chugging! Discussed in more detail, this is not the case with all realtors.

Redfin reported 49% of real estate professionals had zero to one transaction in 2023 with an industry exodus expected in 2024. That eye popping stat was sobering and enveloped every piece of my being with gratitude. Thank you to my clients, friends, followers and subscribers for keeping this realtor rolling full steam. I am never too busy for your referrals and deeply appreciate your trusted support sending them my way. I am a full time realtor with my career the livelihood for myself and children.

With 2023 the least affordable year in US housing on record, where do we go from there? Affordability is directly tied to supply and demand debacle that has plagued markets throughout the country since 2020. Per Mid Hudson MLS, we hit rock bottom in inventory between December 2021-April 2022, averaging a dismal less than third of a normal trending year in inventory with an average of 365 available listings. For the first January in two decades, inventory in January, 2024 was.higher than in December. This is highly encouraging.

When culling through the years and discovering that tidbit, let’s say my feet left ground. If you haven’t seen a realtor levitate, take a two second watch. Feel free to rate the socks. This is a positive sign of movement toward stabilization. Inventory is expected to continue to increase in 2024 and 2025 with continued movement toward balance in supply and demand. The balanced market is a neutral market, the healthiest of market types.

Elections tend to impact the real estate market. The second busiest market of the year in our area, Fall Market, will likely be at least slow, and potentially a full blown bust, due to the election. Once signs start flurrying about the landscape and talk shifts to politics, buyer uncertainty statistically grows and can put what is the singular largest purchase for most on pause.

I’m peppering in local information on events, activities, etc. on both sides of the bridge and beyond in upcoming issues. Should you have an event or hear of something interesting, please let me know for inclusion! (spark@hudsonvalleynest.com)

If this issue was forwarded, feel free to subscribe within the newsletter at bottom link for future issues. This newsletter is fully opt-in and has grown organically.

This issue:

• Market Conditions
• Snap Shot Stats
• Interest Rates and Refinancing
• Realtor Exodus
• Aging in Place
• Mid Hudson Multiple Listing Service Shutdown
• Robot or Realtor?
• Latest Listings
• Luxury
• Let’s Go Shopping!

Here we go...

Market Conditions

Net net for this year? The market is strong for sellers now with less buyers than when interest rates were five percent and below, but still enough demand to hold pricing. This should remain through Spring Market so long as interest rates keep at most a “6” involved. Lenders are reporting a noticeable uptick in mortgage applications. Inventory is expected to increase. All signs point to a bustling Spring Market.

If planning to sell or buy, getting ahead of Spring Market competition could prove prudent. One of my luxury listings enjoyed an accepted offer in two days in January. Another listing has had 15 showings in 3 days. No need to wait on pretty flowers. Buyers are out now with inventory still painfully low. It’s the perfect climate for sellers priced well and effectively marketed and for buyers to not be competing with as many buyers as expected in Spring Market.

The real estate market in our area is cyclical and runs ahead of official calendar season starts. The day after Super Bowl is the mark for Spring Market start in our area. This year, February 12th is kickoff day as far as realtors are concerned.

Spring Market peaks in April/May. This is also historically when the highest level of options (and competition) are in the market. June tends to be a mixed month with new listings coming on and listings that did not sell prior reducing in price to sell, particularly when a summer closing is sought.

Prior to 2020, January and early February tended to see buyers dipping their toes into the market. See some houses, tour neighborhoods; “get a feel” as they prepared for Spring Market. It wasn’t overly active in deals during those months. We have been in a different space since inventory plummeted and still remains in shortage.

Luxury is showing signs of saturation in Dutchess County, in particular, with Putnam County also near term vulnerable. Luxury took off during the pandemic with the last “normal trending year” of 2019 selling only 35 residences above $1,000,000 in Dutchess County, per Mid Hudson MLS. Luxury took a sharp jump in 2020 (124 sales), 2021(133 sales) and 2022 (121 sales) with a noticeable decline in 2023 to 81 sales. More listings expired than sold in luxury in 2023. If 2024 keeps pace, the writing is on the wall for saturation with 74 listings active already on the market and quite a few more anticipated as we get closer to Spring Market. Luxury sellers: Definitely consider getting on the market now. Reach out to discuss.

The most likely ideal window to sell in 2024 has already started and should continue through Spring Market (assuming there are no major deviations from current conditions.) With Spring Market comes more competition, although the inventory shortage is expected to see some relief. The head start my clients took to introduce their million dollar property to the market secured buyers in two days. See that listing here. Less competition yet still buyer demand.

Reach out to get started with what to expect in pricing, multi prong marketing and customized approach to preparing for sale. If you’re wondering if now is a good time to buy, it is if you find a property you are comfortable with and can comfortably afford. The days of rock bottom interest rates are most likely done for the foreseeable future and then some.

Snap Shot Stats

Dutchess County was down 20% in closed sales in 2023 in single family detached (“SFD,”) per Mid Hudson MLS. The year finished with a median sale price up 3.2% to $430,000. Average days on market are up 7.5% to 72 days, still well within the threshold absorption rate (the cycling of a property from active to sold) to hold in a sellers market. In our area, 0-5 months is a sellers market. 6-8 months is a neutral market and 8 months+ is a buyers market.

Attached living has garnered heightened attention for some time as it can provide a level of detail, craftsmanship and amenities that may not be found in single family detached within a threshold of comparable price. The year ended with attached living up 7.3% in median price to $309,500.

The year closed out down 17% in available SFD listings at 398 versus 484 posted end of year December 2022.

Sales in Mid Hudson MLS by Township 2023

Interest Rates and Refinancing

Interest rates have been going down, but expecting a decline matching the swift incline of 2022 in reverse is not happening. The Commerce Department released a report showing strong retail sales in December which could put a nix on hopes the Federal Reserve will start cutting rates in March. Pantheon Macroeconomics shared in a letter to clients expectations rate cuts will likely not kick in until May.

Christopher Waller, Federal Reserve Governor shared “…..I see no reason to move as quickly or cut as rapidly as in the past.” Seems clear if there is a swift and sharp dip in interest rates there will likely be other issues attached that could negatively impact buyer confidence and new purchase applications, so rolling slow and steady is likely the calmer road in the moment. With rates now having a “6” involved, so long as upticks are held at bay, Spring Market is projected to be in bustle mode. The lock-in effect, driven by the interplay of low rate mortgages, rising interest rates and scarcity of homes for sale has been a prominent issue in the real estate market since 2022. This eased somewhat as the interest rates lowered. The MBA predicts a whopping 56% increase in refinances in 2024.

Realtor Exodus

There is a significant industry exodus of real estate professionals projected to hit many markets nationwide in 2024. It seems the past four years have been defined by have and have nots. Cash vs. financed buyers were first at bat with financed buyers routinely feeling the heat when competing against cash. Certain mortgage types (FHA, for instance) most often didn’t even bother coming to the table 2020 through the front end of 2022. The past two years, have and have nots were amongst the realtors themselves. While some may have thought the number of real estate professionals increased during 2020-2023, I pulled numbers from the Department of State for new licenses/license renewals and they revealed a different story.

There has been a steady decrease in new real estate licenses/license renewals since 2019 in New York State. This makes sense considering how incredibly competitive it has been. Listings have been coveted and buyers along with their realtors lived on an emotional roller coaster as both time in market and radius for searches extended due to ongoing bidding wars and severe inventory shortage. If an inexperienced realtor and/or a seasoned realtor with primary client base in buyers successfully made it through these recent years, they earned their stripes and then some.

Aging in Place

In agreement with other projections, I fully expect 65+ sales to continue to increase in 2024 and 2025. The basic desire is for a home that best suits adjusted needs, current and anticipated physical abilities and lifestyle. It could be lower, equal or higher valuation than current residence. It is definitively not always “scale down.”

Study after study confirms over 90% of seniors desire to age in place. Longevity in independence and avoiding the assisted living scene is generally a high priority.

The desire is to age in place, but that “place” needs to check more boxes than current residence. Most are willing to do some level of renovation to make the home their own. Per the US Census Bureau, only 1 in 10 homes are suitable to age in place. This aligns with the huge uptick noted by the National Association of Builders with 77% of remodeling projects in the past five years being seniors renovating their home to accommodate aging in place.

Lending Tree recently conducted a survey based on US Census data that revealed 19%, or over 10 million people over 65 still have a mortgage. That leaves 80% that don’t and therefore not nearly as impacted by the “lock-in effect” as many are. For myriad reasons, I believe seniors will be a prominent sector in the market going forward in both buy and sell.

I am a senior transition partner, which is more than just words. As in any other age group, there are varied needs when working with seniors. There are also different areas of focus and sensitivity. Quite often a home is being sold that has been treasured for decades. That can also mean decades of belongings. Culling through and making choices can be difficult on some. I have a team of high caliber professionals I surround myself with that help in different facets of the transition as needed.

I had one client opt to sleep on her living room couch for two years because she could no longer get up the stairs to her bedroom. The home had out served its safe and useful purpose, yet she was chained by clutter. She now lives happily in a single floor condo. It was a process nurtured by understanding and support.

Pictured is my client, Peter. I have been his partner on soon to be six transactions in the past four years. In his hand is a compass. He’s determined to have sunset views in his new residence. We will get you that sunset, Peter.

Mid Hudson Multiple Listing Service

Shutdown

The Mid Hudson Multiple Listing Service (“MHMLS”) has been keeping track of sales primarily in Dutchess County for over two decades. With nearly 1,500 member agents, the service will officially merge with the Hudson Gateway Association of Realtors (“HGAR”) with nearly 50,000 member agents on February 1.

I continued to maintain membership with both services when I relocated from Westchester to Dutchess five years ago to afford my clients the increased exposure to HGAR realtors, which was nearly 48,000 more than if I was in the Mid Hudson MLS alone.

The big change that gets me all excited is the reporting. With HGAR exponentially larger staffed, the reporting capabilities are much more robust. Bring that data in! I have spent days pulling data out of the Mid Hudson MLS system to slice and analyze in ways not available otherwise for the benefit of my clients and subscriber base. I never understood how a solid pulse could be kept on the market to counsel clients, both buyers and sellers, on pricing and the overall market without staying close to certain stats, so I created them myself.

This is a positive and exciting merge, but I’m not fully confident all historical data will make the transition, so the real estate nerd in me has kicked into high to gather as much as I can before the system shuts down. The clock is ticking!

Nailed it again! Top Sales 2023

Robot or Realtor?

Artificial Intelligence has exploded in the real estate industry. It is estimated that 80% of real estate professionals are employing AI. I was in executive marketing before transitioning into real estate. While I see utilization of AI to aid mundane tasks and allow more time for creative, I have always considered marketing and creative development a skilled craft. AI can churn out impressive copy in seconds, but there are nuances that cannot replace human skill – or at least I’d like to believe that.

It is not uncommon at all for me to take on listings that expired (did not sell) with other realtors. There have been times a price adjustment was warranted (often marginal), but in all instances marketing, photography and copy were completely revamped. There is a synergy developed between the copy and photography that tells a story and is foundational to all marketing. For me, the photography inspires my.copy. While I hire professional photographers, I shoot pictures as well. This is both to add another perspective and also inspire my copy. I notice features through the eyes of the lens that I may not when first walking through a property. How can a robot replace capturing in words subtle nuances of a property? Connecting the photography and copy? I would be curious to hear your thoughts on it. Write me some feedback! I am staying informed as it is pervasive in my industry and our world, but let’s say I’m not an early adopter.

Almost Latest Listing

This listing flew off the shelf. It had been listed for a year and half prior with another realtor. There was a marginal price adjustment prior to market entry. The real change was a complete revamp in marketing. There were key features I brought to light in marketing, one of which was the reality of painted sky sunsets and seasonal mountain views from a glass surround sunroom facing due west.

My clients are happy with their buyers on every level and directed an acceptance after two days on the market. We are continuing to show through fully executed contract. Here’s a bit more on the property:

Quick Stats:

Three bedroom, three full/one half bathroom

3360 Square Feet

12.21 Acres – The harmonious mix of level groomed sward for recreation (potential pool site), gently rolling with wooden and stone fences dotting the landscape and wooded for privacy.

Central Heat and AC (plus an additional split in sunroom and family room)

Two car attached garage w/ one oversized bay

Two Additions: Sunroom with wrap around deck and family room/playroom/office (could convert to first floor bedroom)

Living Room with gas fireplace.

Parlor Room with wood burning fireplace.

20×30 Two bay barn with room for two vehicles and additional storage

Raised and fenced garden beds with water.

Rhinebeck Schools

Town of Clinton

Staatsburg PO

$1,049,000

SEE FULL LISTING HERE

Sunroom faces due West for painted sunset skies, seasonal mountain and natural surround views.

22×30 Two Bay Barn – houses all the upstate toys and tools.

Privacy. The over 12 acre property is a mix of level groomed sward, gently rolling and wooded.

Just Listed – Southside Cutie!

Introducing a solid affordable (and adorable!) housing or investment rental option in a charming and historic neighborhood of primarily higher valuation homes.  Located in the beautiful and coveted Southside of Poughkeepsie.  Less than ten minutes to Metro North, Vassar College, Marist College, Vassar Hospital, dining and entertainment. $255,000.

Details on this Southside Cutie:

• Built 1930
• One bedroom, one bathroom Converted from two bedroom. 
• Cherry hardwood floors in living and dining rooms.
• Front porch/mudroom entry – three season
• Kitchen with dishwasher, refrigerator and newer gas oven
• Full bathroom with generous cedar closet. Room for washer/dryer.
• Bedroom with hardwood floors and entrance to four season porch/office
• 10×20 Heated four season porch
• Perennial gardens planted with exacting care in fenced and level yard.
• One car detached garage with 15×20 extension. Separate room and entrance with electric, heat and beams of light. 
• New Roof 2013, Gas Boiler 2017
• 1040 square feet. 
• Hot air oil heat, Central AC

See Full Listing

Luxury

Luxury realized explosive growth both within the Hudson Valley and nationwide over the past four years. The Institute for Luxury Marketing defines the nationwide median luxury threshold price at $925,000. The nationwide median luxury home sale price was defined as $1,270,000 in the same report. In 2023, luxury homes sold for an average of 97.86% of sale price nationwide. Redfin recently defined as properties that are estimated to be in the top 5% of their respective metro area.

The country has realized pricing and inventory fluctuations in pockets across price points. For instance, the Hudson Valley area exploded with buyer interest beginning in June, 2020. The pandemic real estate frenzy wasn’t fully realized in Austin, Texas until over six months later in January, 2021, for example. While certain areas in the US remain strong in luxury, luxury is showing signs of impending saturation in Dutchess and Putnam counties. Westchester at this time appears less vulnerable.

The number of listings sold above $1,000,000 decreased to 81 listings versus 124 sales in 2020, 133 sales in 2021 and 121 sales in 2022. The last “normal trending” year of 2019 realized 34 single family detached sales above $1,000,000, per Mid Hudson MLS. The decreased sales in 2023 do not appear due to lack in inventory. 126 listings $1,000,000 and above either expired or withdrew from the market in 2023, per MHMLS. More expired than sold. Currently, there are 74 listings on the market in Dutchess County above $1,000,000 with January notoriously a month marked by low inventory.

The “Pandemic Market” kicked off in March, 2020 with a luxury sale. On March 19, 2020, 124 Martins Lane went into contract. Three days later, non-essential businesses were ordered shutdown in New York State due to Covid. One month later, the estate closed. That property had been on the market for four years prior to Covid. The most recent asking price of $15,000,000 was awaiting a buyer for two years all the way up to Covid. The estate sold for $1,600,000 over asking (multiple buyers) for a sale price of $16,500,000. And so it began.. See 124 Martins Lane. Town of Red Hook. Rhinebeck PO.

Not to be outdone, the neighboring property also sold during Covid. This one sold two years after Martins Lane for $18,500,000 and holds the record for highest sale in Dutchess County on record with Mid Hudson Multiple Listing Service. See Eden Knoll. The Town of Red Hook holds 2 spots in the top 3 in county for highest sale. Town of Washington, Millbrook PO, holds the middle slot with 409 Overlook, which sold in 2011.

MLS listings of top luxury sales by municipality.here,

Top 5 highest sales and other historic records in luxury per the Mid Hudson MLS below.

Latest Review…

“We had an absolutely amazing experience working with Sandi.”

A. Miller
Full review on Google My Business @hudsonvalleynest

Let’s Go Shopping!

I’m spotlighting various towns throughout the Hudson Valley. Rhinebeck and Red Hook were first up. Millerton is in process and quite the interesting town. It’s taking me a while to complete these as I’m really enjoying getting to know the shop owners (it’s about the journey, right?!)

I would be curious to hear what towns you’d like to see spotlighted! Drop me a line.

Take five minutes and get to know these special towns on tour with me!

The post The Year Ahead appeared first on Sandra Park - Hudson Valley Nest.

The holidays can be jovial with homes full of cheer as sweet aromas envelop the kitchen. The holidays can also be a challenging time wished away for speedy turn to a new year. I wish all well and if this is a difficult season, that peace and comfort are found in simple pleasures.

The dynamics in current market from lawsuits against the real estate industry to certain sellers digging in heels in attempt to squeeze the market with overpricing and everywhere in between took me back a step to collect my thoughts while actively engaged in getting clients set leading up to Thanksgiving. Hence, no Brick in November.

IWhen I miss a month, though, that’s when a number of subscribers tend to get most vocal. “Where’s The Brick?!” “What’s happening in the market???” Brings a smile. Thank you for your trust and continued interest.

My subscriber base has grown steadily since I formally launched in February, 2020 – just before the pandemic hit. I have always strived for transparency and to foster confidence in real estate and overall understanding of market conditions, which have at times felt like the Wild West in recent years. I welcome suggestions on content, feedback and questions – or just to say “hi!” I can be reached best by cell at 914-522-6282 or email: spark@hudsonvalleynest.com.

If this issue was forwarded, feel free to subscribe within the newsletter at bottom link for future issues. This newsletter is fully opt-in and has grown organically.

This issue:

• The Market
• Median Home Prices
• Interest Rates and Multi Family Financing
• Hire Friends or Family as Realtor?
• Just Sold
• Inbound and Outbound Migration
• The Luxury Market
• Test the Water
• Planning Forward

Without further ado, let’s dive in…

The Market

Early Bird Gets the Worm

Per the Federal Housing Finance Agency (“FHFA”) House Price Index, US house prices rose 5.5% year over year in Q3 2023. Yet, according to the National Association of Realtors, sales now sit at their lowest since 2010, dropping 15% year over year in October. According to Altos Research, inventory across the US, including our region, rose late into November with new listings up over last year. Competition for houses has remained surprisingly resilient despite mortgage rates reaching highs not seen in more than two decades, but sales volume is down for single family detached.

Attached living is the hot ticket in the moment with increases. The current median on single family detached is up only 5.3% ($440,000) versus 31.5% ($351,000) for single family attached. Current closed sales are up 28.1% while single family detached is down 14.6%. YTD closed sales are down in single family attached 23.1% with YTD closed sales down 21% in single family detached. Current sales dollar volume is up a whopping 77% in single family attached. Current sales dollar volume for single family detached is down 10.9%.

Numerous articles circulating share encouragement for the 2024 market. “Mortgage refinance demand jumps 14% as rates fall to lowest point since August,” “Promising Signs Abound for 2024 Housing Market” and “Redfin offers hope for Buyers” are just a few of the latest reads. No one knows for certain. Here’s my take…

The gridlock is projected to lift in 2024. That doesn’t mean it’s going to be pretty, we have curves ahead, but the gridlock created between low inventory, high prices, demand and higher interest rates should ease in 2024. Interest rates are somewhat cooperating, inventory has been increasing, which then speaks to demand. Should inventory increase to balance demand, prices should start to see some adjustment. The balanced market is the healthiest market condition. We have been everything but balanced since 2020.

Per numerous reports, US homes were the least affordable in 2023. Inventory has been rising with pools of anticipated feeders into the market in the days ahead that could help further increase inventory. Baby boomers cashing out, particularly in 2024 and 2025. Foreclosure filings are expected to increase beginning in 2024. There will be some opportunity for investors in that space, but with approximately 80% of foreclosure filings having a minimum of 20% equity in their home due in part to valuation surge, homeowners facing foreclosure will likely opt to sell their home before auction. Taxes have been on the list for outbound migration for years with noticeable increases in the past few years likely putting more fuel in the tank for relocations.

While demand still exceeds supply outside of the luxury market (more on luxury below,) as more inventory enters the market the scale will continue to shift toward a neutral and buyers market. Movement in this regard is expected to continue throughout 2024 and 2025. I stand by my 2022 prediction of 2025 being the soonest we see a truly stabilized market. I fully believe we have more curves in the road before we get there.

Sellers

Early bird gets the worm. If there are not specific issues with timing that dictate a sale further into 2024, mid-late winter Jan-Feb primarily and early March could provide more optimal seller market conditions than Spring Market in the coming year. Generally speaking, Spring Market is the busiest with more buyers and sellers in the market than any other (except during the pandemic when we experienced one long Spring Market) and, historically, certain buyers would put their their toes in to get a feel in Jan-March to “get ready” for Spring Market.

The difference is buyers “getting a feel for the market” in January-March hasn’t existed since the onset of the pandemic. The market did not allow space for that luxury. Buyers were either all in or regaining composure in the sidelines after another bidding war defeat. Walking a mile to get a parking spot to see a house is not a conducive environment for buyers just “getting a feel.”

We are in the scaled down remains of that environment. Want an example? Click here to see the house on Cottage in Hopewell Junction that went into contract in early November, with three days on the market before accepted offer. The property enjoyed non-stop showings. It just closed a few days ago and has proven an interesting study.

During the height of frenzy that level of interest would have easily meant multiple thousands over asking. It sold for $100 over the asking price. Granted, the sellers were not comfortable having the house shown so they accepted an offer after only a few days on the market without waiting at least a full weekend.

They likely could have gotten more had they shown the entire weekend, but they were clearly content with their asking price. The buyers are out, but they are much more discerning than pandemic height. I was of the understanding it was selling for noticeably over asking, but that ended up not being the case and rather provided a glimpse into what I believe to be an adjusting market demonstrated by such a marginal amount over asking doing the trick with such high buyer volume in showings.

There are also properties that don’t get the traffic and reduce drastically to ultimately sell. Want an example? Here’s a classic. This one went on the market in June, 2022 for $1,600,000 and sold for HALF its original ask at $800,000 in April, 2023. Nearly a year late during what was still a very active time in the market. See Property.

Reality is, sellers and/or their agents can ask whatever they want for a property. The buyer ultimately determines value through the sale price – whether up or down from the ask. The absolute best bet for an increase from asking is to open strong out of the gate.

There are buyers that have been in the market easily for several months, some more than a year. It is highly anticipated mid-late winter sellers will enjoy a captive audience of buyers this coming year with less competition than spring market so long as the property is priced well and effectively marketed. Call/text me (914-522-6282) or email (spark@hudsonvalleynest.com) and let’s talk!

...But NOOOOO I have gardens.

My property shows better in the Spring or Summer…

We are in the perfect climate to leverage other listings, which could mean a higher return than waiting for blooms. I smelt the same opportunity in the air in Jan-March 2023 as existed during those same months in 2022. That whiff is a bit euphoric, but I digress. Here’s the perfect storm that’s happening right now: Overpriced properties leftover from 2023 sit on the market. Certain realtors/sellers/whatever price new listings against the overpriced aged listings. Then its just another property to join the ones sitting.

Enter a solidly priced and effectively marketed new listing. This was the EXACT conversation I had with a seller client last December, 2022. She had extensive perennial gardens throughout the property. Trees surrounded. “This will show so much better in the Spring or Summer” the owner said to me. In the end, she trusted my counsel and we put her home on the market February 2, 2023. I gave her a range of $469,000-$499,000 while advising to the lower end of range as my clients have fared quite well with that counsel. We entered the market at $469,000.

There was a direct comparative house around the corner from my clients that had been on the market for eight months prior to my clients home. The other property entered the market in June, 2022 for $525,500. We entered the market in February and closed a month later in March for $550,000. My client was in and out of the market while the other home sat, selling for $81,000 over asking to boot.

If we opened at the $550,000 we ultimately got, would my clients have gotten it? Likely not. In the end, the other house opened at $525,500 and sold for $35,500 UNDER asking price at $490,000 a full year later. These were comparable houses, yet my clients sold for $60,000 more in one month and the other property took a full year to sell for $35,500 less. See both listings. My clients is the one on Traver. Even though they had extensive gardens, it mattered not. I spoke to the gardens with buyers. They got the picture.

It is imperative to align with a real estate partner that has a firm pulse on the market, leverages and executes strategic pricing and is skilled in highly effective marketing. Those key elements are more important than whether snow or spring flowers. That sale is one of many examples I could cite.

Buyers

There will likely be issues attached to what causes the expected impending adjustment that will lessen the amount of buyers as inventory continues to increase. As far as buyers are concerned, when a home and/or property is found that is liked, affordable (preferably without banking on a refinance by a specific time) and checks essential boxes at a minimum, then it is the right time to buy. While there are forecasts for lowered interest rates in 2024 and 2025, it’s quite clear we live in volatile world. There are more than a few buyers that got themselves into unfavorable situations playing “wait and see” for lower rates and prices.

Median Sales Price

The median price is the middle price which is often a more useful metric because it’s not impacted by outliers (ex: crazy bidding war sale prices) as it would be when employing the average.

Recent US median home prices have varied in a relatively tight range. Redfin’s latest October, 2023 US median home price is $430,339. Per the MidHudson MLS, which focuses on Dutchess County, the median sales price for single family detached is up 5.3% YOY November, 2023 to $440,000 versus $418,000 in November, 2022.

November 2023 YTD closed sales are down 21%

The HGAR/One Key MLS (source for Westchester and Putnam numbers) has not yet posted November, 2023 numbers. In Westchester County as of October, 2023, the median sale price for single family detached is up 6.7% to $800,000 in October, 2023 from $730,000 in October, 2022.

In Putnam County, single family detached median sale price in October, 2023 was up 3% to $510,000 versus $495,000 in October, 2022.

The buyer count has steadily decreased since May/June, 2022, but there is still currently not enough supply to fulfill demand. Solid pricing and effective marketing could really help matters, too. During the past twelve months in Dutchess County alone, 783 listings have either expired (did not sell during the term of listing agreement) or withdrew. To share perspective, more listings did not sell over the past twelve months than available by a noticeable margin in any singular month in Dutchess County since January, 2021.

Inventory has increased in Dutchess, Putnam and Westchester counties during November to date (12/6/23) regardless of historic seasonality decrease in new listings inventory in November and December. In fact, those two months are generally considered the slowest of the year in new listings and contracts.

This year we are not seeing the return of this seasonality pattern. In all three counties, inventory rather increased. Ulster County was not excluded by oversight in this analysis. More on “Politics and Multiple Listing Services” further down.

October, 2023 to date (12/6/23), inventory increased by 47% in Westchester and 81% Putnam, per HGAR/OneKey MLS. Dutchess County took a momentary dip from 549 active listings posted in October to 474 in November. As of today, 12/6/23, Dutchess County is up 7% from November to 508 active listings. Prior to the “one long Spring Market” that marked the pandemic, increased listing activity in November and December was nearly unheard of in real estate.

While increasing, we are still painfully below “normal trending” numbers of 2019.

New York didn’t make it!

NY made number 11, but not the Top Ten for highest median home price nationwide. New York did make #2 on the top 10 outbound migration list. Not sure that’s something to write home about though. 

The US median home price (single family detached homes) per Redfin US Housing Market most current overview report is $430,339. This was a 3.4% YOY increase October, 2023.  

Interest Rates and Multi Family

Interest rates have been demonstrating a degree of compassion lately. Both Fannie Mae and the Mortgage Brokers Association share projections for lowered interest rates in 2024 and 2025. They differ in timing. Fannie Mae does not project a “6” involved until 2025 while the Mortgage Brokers Association forecasts a move in the 6 range for interest rates as early as Q2 2024.

See Fannie Mae House Report.

See Mortgage Association Forecast Report.

Interestingly, the Fannie Mae Housing Report and Mortgage Bankers Forecast project multi-family sales to decrease in 2024 and 2025. While I’m sure they both have stellar economists drafting these forecasts, I don’t agree with those projections between increased interest in multigenerational living, affordable housing options created by tenants rent contributing to mortgage and overall rental demand. Demand has heightened for multi-family housing. Time will tell on the projections.

For those interested in multi family, the FHA recently introduced a program to purchase up to a 4 unit multifamily with projected rent applied as 75% of income factored for qualifying. For more on this program, watch my Instagram Video here.

Hire Friends or Family as Realtor?

Playing Nice Could Cost Thousands

The choice in real estate partner can mean the difference of multiple thousands of dollars. When considering representation, careful consideration of whom to entrust as in any other investment purchase or sale could prove prudent. 

There is never a good time to skimp on this choice, but now it is crucial. We are in a changing market. Should a high caliber realtor also be a friend or family member, that can be a score. 

If you are not privy to their work professionally, it could worthwhile to see their work prior to hiring. Does the quality of their work align with the level of representation sought? If not, the good graces could in fact sour a relationship in the end. 

I recently had a seller that hired a friend in lieu of my representation circle back to me. She shared that she and her daughter wished in the end that they hired me. Making this discovery once in a transaction is less than ideal. This conversation inspired a recent post on the subject below.

Watch this one minute thirty second video on it…

Just Sold

I love “feel good” deals. Abby and Drake have been such a pleasure to work with. Their dreams turned into reality when they came to the property I had listed at 90 Salisbury Turnpike in Rhinebeck. This gentleman’s farm needs some work, but they are handy and excited to start their own farm and orchard.

Eager to embrace the community, a special “Just Sold” postcard was crafted with their approval that included their growing family picture on the front with an introduction for neighbors on the back. Little spin on “ice breaker.”

I represented both buyers and seller in this transaction. See full listing here.

Inbound and Outbound

These states likely won’t be a shocker, and have a few things in common: they’re more affordable and most are in the sunbelt. While research has shown that homebuyers consider climate risk when deciding where to live, affordability is often a more significant factor as demonstrated by the number of inbound migration areas that have intensified climate risks.

Migration lists vary by data source. Texas is often on the inbound list. Austin, Texas, once a migration hot spot is losing homebuyers to other cities for the first time on record. Houston appears more in favor than Austin of late. I went with Redfin for this one as Redfin is reporting where buyers are searching, which provides forward insight.

Top reasons for outbound aligns with reasons for inbound: taxes, weather, lifestyle, closer to a loved one, job, education and affordability.

Top five states buyers searched to move from: California, New York, Illinois, Massachusetts and DC.

Top five states buyers searched to move to: Florida, North Carolina, Tennessee, South Carolina and Maine. (My kids are such trendsetters. They’ve been wanting to move to Maine since well before this report)

Per Redfin, October 2023

Luxury

This historic property pictured has been beautifully updated with fine craftsmanship. Take a look at the house tour by clicking here or on pic. Pleasant Valley.

According to Forbes, the US luxury market has progressively slowed down in 2023. Mansion Global predicts a 2.5% price increase in luxury homes in the global space. It appears we have topped out at a minimum in Dutchess and Putnam counties.

The Luxury Home Marketing Report noted “it is highly unlikely the luxury market will return to the same levels of demand, sales and price increase that occurred during the pandemic as those were extraordinary years.” See full report here.

Luxury historically is the first sector to adjust in a changing market. There are currently more listings active $1,000,000+ (94) than sold in the past twelve months (82) in Dutchess County. In the last “normal trending” market of 2019, a total of 35 listings sold above $1,000,000 in Dutchess County. Already 168% higher than the last normal trending year with more listing anticipated to begin entering the market in January.

Putnam County had no sales above $1,000,000 in 2019, per HGAR/OneKey MLS. In the past 12 months, Putnam had 26 sales. There are currently 34 active listings above $1,000,000.

With Westchester County carrying a lofty median home price of $800,000, I increased the luxury number to a minimum of $2,000,000. There are currently 169 listings in Westchester County above $2,000,000. 485 listings above $2,000,000 sold in the past 12 months. In 2019, 299 listings sold above $2,000,000. Westchester is showing as the least vulnerable in the luxury space of the three counties based on sell through to active listings against prior trending.

I predict saturation in the luxury sector in Dutchess County, in particular, and likely Putnam. Five luxury/ultra listing appointments in the past few months insisted on overpricing. In every instance, the seller wanted to list for noticeably (in three instances $1M to millions) higher than comparative range gleaned. Two of the sellers decided not to sell. One has not yet listed, but at least $1M over suggested price is expected. The two remaining went with other realtors willing to speak their pricing and have had multiple reductions since to still sit. It’s really not a time to mess around.

Over $10,000,000

Ledgerock in Hyde Park entered the market initially at $45,000,000 and was touted as what would be the highest sale in Dutchess County history if it sold at that price. It is now listed at $25,000,000. There are two listings priced higher that have entered the market. Curious to see the eight listing above $10,000,000 in Dutchess County? Here you go.

What Clients Say…

“I would not work with anyone else” J. Glassman

Often not detected by the senses…

Approximately 1 in 8 American residents get their drinking water from a private well, per the Center for Disease Control and Prevention. Private drinking water sources are not covered by the Safe Drinking Water Act, which focuses on public water systems. Private drinking water sources include private (or household) wells, springs, cisterns, water storage tanks and trucked water. 

The CDC noted approximately 1 in 5 sampled well tests revealed at least 1 level of contaminant. Shocking the well, UV light and/or reverse osmosis systems are the most common solutions. Water and well company professionals are best suited to advise on solutions based on specific issues. 

The key is to know whether contaminants exist rather than prolonged ingestion. Most often when a water test fails during a home sale inspection, the seller had no idea there were issues and is generally responsible to rectify and deliver satisfactory test results prior to closing unless the parties agree otherwise. 

Meanwhile, those that had been drinking from the tap (and depending on the issue, even a filtered water source akin to Britta will not filter certain bacteria such as EColi or Coliform,) up until that point may have been exposed to health risk(s.). EColi and Coliform are two of others that cannot be seen, tasted or smelled.

NYS Dept of Health advises yearly water tests, more often if issues were found prior.

See one sheeter from the Environmental Protection Agency on Home Water Testing.

Resilience, Relevance and Renewal

All projections point to it being a difficult market ahead for realtors. I’m actually planning on it being one of my best years. (am I nuts?!). I’m addressing a new CRM, calendaring and other software to free up time so I can continue to provide the level of service my clients expect and deserve while increasing my client base. Since I hold a broker’s license, I can be licensed in other states. I will have my CT and MA licenses by January. Plans to add a NC license are on radar, as well.

In the next two weeks I am finishing up my designation for Senior Real Estate Specialist as I enjoy working with seniors. One of my older clients slept on her couch for two years as she could no longer go up the stairs and felt chained by clutter. Her home was no longer functional or even safe. I want to continue to help others through their life transition into residences more suitable to their current needs and physical capabilities.

From a health perspective, it’s overhaul mode. I started intentional breathing, which is amazing. I’m integrating healthier choices and balance into my lifestyle as I’ve prioritized independence and longevity.

Wishing you all the very best of the holiday season. If you ever have any questions on the market, please feel free to reach out. I take my referral business very seriously and will take very good care of those sent my way.

I am very active on Instagram. I post all different tips and real estate advice. Join me @hudsonvalleynest.

Back in January with the year end! It’s a wrap!

Best,

Sandi

My Why….

Kylie (my oldest) and Alana under the “Bedford Oak” in Bedford. This was our favorite spot to picnic throughout their childhood years. Goes by so fast! Turned around and they are 21 and 15. Both amazing people.

The post The Final Stretch appeared first on Sandra Park - Hudson Valley Nest.

We are now halfway through Fall Market. Historically, the market retreats mid-November with renewal beginning in January with increased activity on the approach into Spring Market.

Due to continued inventory issues, Fall Market has been lackluster with many buyers and their realtors exercising ongoing patience in their quest and, based on a number of conversations with colleagues, top producing realtors generally down in sales numbers.

After Covid kicked in, historical seasonal patterns gave way to one long Spring Market. The market did see the return of slower winter seasonality last year after several interest rate bumps put the brakes on for a noticeable number of buyers and sellers.

Fall market 2023 seems to mirror much behavior from Fall Market 2022 with buyers active and multiple offers continuing, yet in lower numbers for both than June, 2020-June, 2022. For this reason, there is an expectation of winter seasonal slow down, particularly if interest rates take another hike. What will Spring Market 2024 look like?

There are other aspects of real estate that can include interesting trends, special community events and places to go, etc. I’m going to sprinkle tidbits into my newsletters. Suggestions or places you’re curious about? Let me know! Requests are always welcome along with the exploration!

Here’s what’s in this newsletter:

• Interest Rates – the impact continues
• Current inventory and median prices
• Horse Farm Compound Enters the Market in Rhinebeck
• Assessments – Is 100% assessed better? Does non-100% have greater potential impact on resale?
• How to lose every dime of equity in your home in two years
• Tax Liens – what has the recent pattern been and is it expected to continue?
• Top Sales Award – Woohoo!
• Trends in Homes
• Luxury – where is momentum high in our area?
• Top Five Outdoor Improvement Projects for Best Resale Return
• Local Business Spotlight

Let’s roll!

Interest Rates

Mortgaged buyers in contract readying to close are keeping vigilant watch on interest rate lock expiration dates. The days ahead will likely see certain properties go back on market as mortgaged buyers find themselves no longer in a position to buy should interest rates continue on the ascent. In the moment, cash buyers are salivating with hopes to regain accustomed leverage reduced by the pandemic to simply keeping a seat at the table.

Barry Habib, an authority on mortgage backed security research, best selling author and recipient of three Crystal Ball awards for accuracy in his real estate projections, shared his most recent forecast: for every 1% in interest rate decline, an additional 5,000,000 buyers will enter the market. That’s significant, even if off by a million.

What this boils down to is when a rate descent happens to a palpable point, mortgaged buyers awaiting reduced rates will likely find company and increased competition, which can drive pricing and ultimate purchase price through multiple offers. We have already experienced this to be true. Habib has now added a number to that expectation. I’m not holding breath on rate drops of any real significance near term. If anything, I believe the tank is filling up at the station for a bumpy ride yet ahead.

This “refinance in two years” chatter that’s been making its way all over social media makes me shrill. I think it’s misleading, at best, to counsel buyer expectations to refinance in two years when no one knows for certain what the interest rates will be in two years. They could be up, they could be down. We don’t know.

Financial planning for the unknown as though known is a sore reminder of where that mindset got more than a few mortgaged buyers in the early 2000’s. I’m not aligning what is now with the early 2000’s as it is very different, but I do see similarities with the mindset of interest only adjustable rate mortgages that were the rage back then until principle payments kicked in and interest rates took upward adjustments in comparison with certain buyers relying on a refinance within a certain period of time for continued home budgetary sustainability. There is an already proven caution flag with that mindset.

Whether interest rates are 3%, 5%, 7% or 20%, it’s the monthly nut. How much can you comfortably afford now without having to plan on a lowered interest rate by a certain date? If you find a home you like and can afford, then it is the right time to buy.

Inventory and Median Prices

Inventory continues to slowly increase, yet our general region remains in historic lows. As of September 30, 2023 posting in Mid-Hudson MLS, Dutchess County inventory increased to 497 listings available. Up from August, yet down 22% versus September, 2022.

For “normal trending/pre-pandemic” perspective, the average number of listings available per Mid Hudson MLS in the month of September in 2016-2020 was 1,347, nearly 43% higher than September numbers reported. October is seeing a marginal bump of new listings with current as of October 11, 2023 at 584. What does this mean? Far less seller competition with a captive buyer audience. The market is prime for selling. If you’re interested in current home value or are trying to work through scenarios of how a sale could align with a purchase, reach out.

HGAR/OneKey MLS reported Westchester County 866 listings available in September, 2023 reporting, down a whopping 41.7% from September, 2022. Putnam County reported 194 listings available in September, 2023 (down 34.7% September, 2022) We are still very much in an inventory squeeze throughout our region regardless of pockets around the country realizing inventory growth and inherent market shift. Fall Market is another tough one with buyers and their realtors eagerly watching for new listings as they drip on the market.

Low inventory with continued demand means we are still in a sellers market. While median prices have stabilized from their trajectory flight, they do still reflect the reality of basic supply and demand economics at play. The median sale prices are up in Dutchess, Westchester and Putnam. In Westchester County, September 2023 versus September 2022 saw a 7.6% increase in median sale price to $868,375. This is down from August, 2023 median price of $980,125.

There are counties in California that realize a notably higher median sale price than Westchester, but this is still eye popping for a median. In Putnam County, the median price dropped in August, 2023 versus August, 2022 by 3.9% from $510,100 to $490,000. Then September saw a pop to $550,000, up 9% versus September, 2022.

Dutchess County is showing stabilization with the most contained increase of the three counties, up 2.4%, to $430,000 in median price versus September, 2022. Mid Hudson MLS reported the same median price for August, 2023.

Dutchess County realized steady month to month YTD median sale price increases throughout 2022 ranging 5-9%. 2023 has lingered between flat and 2.7%. This consistent stabilization to date in 2023 in Dutchess could be deemed healthy versus larger swings still happening in neighboring counties.

Horse Farm/Compound Living in Rhinebeck

$789,000

New to Market

Three bedroom residence, two barns including one with fenced area for livestock and main barn with indoor riding ring and eleven stalls, four turnouts, outdoor riding ring and potential additional building site withsunset views.

Call Sandi to schedule your private viewing.

See Full Listing

See One Minute Property Tour

 (professional video coming soon)

Assessments

Is it better to not to be 100% assessed?

Nearly two thirds of the municipalities in Dutchess County are at 100% assessed value to market value (also known as equalization rate). The three municipalities assessing the farthest from 100% in Dutchess County are Dover, Hyde Park and Pawling with 35.5%, 45.5% and 32.78% equalization rates, respectively. Yet, those three municipalities serve up tax bills among the highest in Dutchess County to their residents. An overall homogenous calculation method does not appear to exist with exemption offerings also varying by municipality.

I have a current example of how 100% assessment can positively impact a community as a whole by creating a true and fair valuations method that, in the end, can help both resale and ease “jumps” in taxes when going through a reassessment process.

Two comparable properties, each with what should be full market value at approximately $1,100,000 and $1,200,000. The school tax collector shared approx. $1800 more in school taxes for the $100,000 difference in that particular municipality. Yet, taxes on one are over $10,000 more than the other just down the street. To the assessor I shared: “Why is one property assessed at $562,000 and the other $1,050,000 when they are comparable?” The response was their reality – the township has not reassessed in many years. Some houses “slip through the cracks” for a period of time. That’s how a jump in taxes can come into play.

It is my understanding that in municipalities that do not have 100% assessments, a municipality cannot raise assessments without verifying noticeable improvements to the property, regardless if the property currently assessed at $562,000 sells for $1,100,000, for example. In a 100% assessed municipality, the sale price alone can adjust the assessment.

The buyer of the home assessed at $562,000 will likely not have a great day ahead when their taxes ultimately jump closer to their reality of $1,100,000 purchase price, or at least the new buyers will when a reassessment shakes out. For the other home assessed more in line with value at $1,047,000, resale can be a challenge when buyers compare taxes to under assessed homes. There is also the issue of a homeowner with an accurately valued and assessed property at $562,000 paying comparable taxes to a $1,100,000 property if that property is also assessed at $562,000. This potential disparity is a core issue in non-100% assessed municipalities. 100% assessed takes subjectivity and “slipping through the cracks” out of the equation for the most part.

I speak with tax assessors regularly in representation of both buyer and seller clients and also for my own knowledge. I spoke with several assessors in Dutchess County when I noticed this disparity. I specifically called municipalities that are not 100% assessed. This is not about the assessors. Every tax assessor I have spoken with would happily embrace the common ground in assessments of 100%. This appears about politics and money. It is expensive to reassess and with at least a certain amount of people desiring to not be assessed at 100%, politicians hesitate to put their neck on the line advocating for one. New York State has been encouraging 100% assessments, but it is ultimately the decision of each municipality.

What is your assessed value? Is it accurate? The school taxes are handled within each district with separate contact from the municipality tax collector. Make no mistake, buyers are highly sensitive to taxes regardless of price point. Aside from being a hit on the current owners pocket, a home that is higher in taxes than comparable homes will most likely take a hit on resale. Should your home currently be under assessed, it may prove prudent to anticipate a jump in taxes down the road should assessments level.

If your primary residence does not have the STAR exemption attached to it, this is worthy of looking into. There is an income cap associated with this program of $500,000 or less for the credit and $250,000 or less for the exemption. Click here to see more information. Speak with your municipality about other exemptions, credits and relief programs available. The number to contact in State for more information on these programs is 518-457-2036, but try online first. Wait times with State can be painful.

Other options for tax relief are basically leave or grieve. Homeowners can grieve every year if desired but there is only one grieve allowed per year with a hard deadline in May. Check with your local municipality for date. For one scenario, if you are living in a municipality with higher school taxes, particularly without children in the school district, relocation to a lower tax municipality may be a worthy ponder. If you are curious about your current home value, reach out by phone or email.

Click here for a recent LoHud article on assessments.

Curious about tax rates in different municipalities? Click here for 2023 tax rate schedule for Dutchess County.

How to Lose Every Dime of Equity

in Your Home in Two Years

Foreclosures can take up to six years to process in New York State. Tax liens, two.

In May, 2023, a Supreme Court ruling in Minnesota (Tyler v. Hennepin County) raised question on equitable distribution of proceeds upon home sales in tax auctions. In New York State if a home went into tax auction, proceeds from the sale were kept in their entirety, regardless of homeowner equity. For example, if $10,000 is owed in delinquent taxes and owner has $500,000 in equity in the home, no matter. Upon tax auction sale, my understanding is the owner would get nothing. Zero. New York State responded to this latest ruling with a moratorium on tax lien auctions. Tax auctions usually scheduled for October are currently in moratorium until June, 2024 while the powers that be address and decide on a solution for handling going forward.

I shop auctions for investor clients and keep up with what’s going on. If you are in this space or you’re coming into this space, the worst thing you could do is put your head in the sand. If the property goes to auction, control is gone. My understanding is until County takes the Deed, the home can be sold by the homeowner. It may be prudent to leverage this moratorium and the current sellers market to sell your home before the process progresses. My understanding is delinquent taxes and liens will need to be paid at closing, but if there is equity, this should release to the homeowner once debts against the property are paid if sold prior to auction. Find a municipality that offers more comfortable taxes and put this behind you. Call me with questions or to discuss. Seeking attorney counsel could also prove prudent.

Tax Liens – The Numbers in Dutchess County

Per Dutchess County Land Records, delinquent property and federal tax lien filings have actually decreased in recent years versus pre-Covid. In 2019, there were 5298 filings with filings dating back to 2016 in that range up to 6101. In 2020, 4656. 2021 decreased to 4377 and 2022 saw a first bump since 2019 to 4739. I tried to get the same numbers for New York State as a whole, but after many calls and departments all without answers, Dutchess County was accepted for example. In the days ahead, due in large part to increased property taxes, I sadly do expect to see these numbers will rise, which is also likely feeding attention with New York State for timely resolution on how tax liens and auctions are handled going forward.

Top Sales Award – Nailed it again!

Since this crazy market started in June, 2020: 

• No expired listings 
• Every contract deal has closed for both buyer and seller clients. 
• Four sales records set in two counties out of all brokerages and realtors with my clients sales. 
• Multiple office top sales awards 
• Stemming from the newsletter I publish, a multitude of press interviews seeking expert market condition insight and over twenty feature articles, including The New York Times (Sunday real estate section cover story)

Trends

John Burns Consulting produced an interesting trend report for 2023. It noted communal living being on the rise. It will be interesting to see in the days ahead if the split style home increases with varied exterior design options. The split layout is highly conducive to multi generational living with limited up/down stairs to the side separated by main floor living versus the walking into a more noticeable flight of up/down stairs in a raised ranch. I sold a split in Poughkeepsie last year that had over 3,500 square feet with technically four levels and sold for well over asking. 4 Whitehall Road, Poughkeepsie.

Another trend I noticed in this report is the notion of 55+ communities integrated in pockets into standard communities versus a community of their own. This, again, promotes multi generational living, but on a community level versus within a singular home. I am a huge advocate of multi-generational living with roots in a project in Red Hook called Tradition that brought me full time to Dutchess County to set marketing, pricing and advise on amenities both within the home and community. This traditional neighborhood development epitomizes multi-generational living as traditional neighborhood developments do. There are still sites and also resales available in Tradition, btw. If interested in more information, connect with me.

A few other trends I’ve been noticing along the way. Click link to see 5 second or less video of each:

• Closet rods with built in lighting
• Pop up outlets
• Building a tray into the kitchen and/or butler pantry

Double takes don’t come easy to Realtors. Latest “look at that” moments:

• Skylights Redefined: How about your entire ceiling as a skylight? This $29,000,000 estate is stunning. If you’re curious to see the entirety wrapped into a one minute “social media quickly digestible” version, click here.
• The Lord Rumford fireplace in a 1772 residence: why don’t they make fireplaces like this anymore?

Luxury

Luxury homes in Westchester have been on the upward move, particularly in southern Westchester townships of Scarsdale, Rye and Larchmont.

Many aren’t selling for asking price, either. There have been several that have sold for hundreds of thousands of dollars over asking – up to nearly a million over asking.

Isolating to just the price point of $1,500,000 in the past six months per HGAR/OneKey MLS, 54 listings sold that were asking or sold for $1,500,000. Half of those listings (27) sold for at or over asking price. 22 sold over asking.

I had several listings sell for six figures over asking during the height of pandemic. It has not been my experience to see flights to that level since 2021 in Dutchess County. The highest over asking property sale to date in Dutchess County sold $1,500,000 over asking for $16,000,000, per Mid Hudson multiple listing service. That residence had been on the market for four years prior to Covid and reduced steadily through the years from its initial asking of $22,000,000. Once Covid hit our area in March, 2020, the residence was on the market for $15,000,000. One month later, in April, 2020, it sold for $16,500,000. See listing here.

Latest Testimonials

“We couldn’t have asked for better representation from a Realtor.”

“Smooth sailing. All questions answered. It’s been an excellent experience.” .

See Full Video Testimonial Congrats Jenny and Phil!

Closed 60 Driftwood Drive, Somers

$774,000

September, 2023

Sandi represented the buyers in this transaction

“Sandi brought us our buyer in less than two weeks. She expertly counseled throughout the entire process and ensured the timeline stayed on schedule to closing. An anticipator and diffuser, Sandi gets the job done and is a pleasure know and work with.” I. Dische

Closed 262 Route 308, Rhinebeck

$1,550,000

September, 2023

Sandi represented the seller in this transaction

Top Outdoor Projects that Pay Off the Most

Every project and every market is different, but here’s the estimated cost recovery on the top outdoor remodeling projects identified in the 2023 Remodeling Impact Report.

1) Standard lawn care service 217% (percent of value recovered) Project: Complete six standard seasonal applications of fertilizer or weed control on 5,000 square feet of lawn.

Cost estimate: $415 Estimated cost recovery: $900

2) Landscape Maintenance 104%. Project: Mulch, mow, prune shrubs and plant about 60 perennials or annuals. Cost estimate: $4,800. Estimated cost recovered: $5,000

3) Outdoor kitchen 100%

Project: Install and insert grill, stainless steel drawers, ice chest sink and concrete.

Cost estimate: $15,000 Estimated cost recovered: $15,000

4) Overall landscape upgrade: 100%

Project: Install a front walkway of natural flagstone; and two stone planters, five flowering shrubs and a 15′ tall tree.

Estimated cost: $9,000 Estimated cost recovered: $9,000

5) New patio. 95% Project: Install a backyard 18×16 concrete paver patio.

Cost estimate: $10,500. Cost recovery estimate: $10,000

Enjoy the improvement and return for doing it!

Local Star

Village Pizza in Rhinebeck got quite the play with this video in social media. Instagram, YouTube and Tik Tok all ate this video up. Al and his staff are well deserving of the spotlight.

See 5 second clip here.

It’s a wrap! If you are interested in selling and/or buying, give a call and let’s get the ball rolling! There is only one month left to Fall Market. Spring Market. 2024 has a very big question mark on it. We know what is now. Now it is prime to sell.

The foundation of my business is based on referrals. Should you know of someone interested in real estate, I would appreciate keeping me in mind. I will take very good care of those sent my way.

I am active on all social media and most active on Instagram and YouTube. Follow for tips, advice, market updates and sneak peeks in between The Brick @hudsonvalleynest

Would love to hear your feedback and input for future issues! Email me here.

Happy Fall!

Best,

Sandi

The post The Road Ahead appeared first on Sandra Park - Hudson Valley Nest.

Fall Market is not one to mess around with, particularly not this one with Spring Market 2024 having a big question mark. September, October and a piece of November encompass Fall Market. Historically, the market then settles down with the cyclically slowest months of the year in real estate mid-November through January. We know what is now. Now it continues as a sellers market, albeit most likely the tailwinds. If you want to sell, let’s meet and get you on the market!

Inventory continued on a plummet throughout the summer. Last year, on September 1, 2022, there were 637 available single family detached listings. Mid-Hudson MLS shows 530 current available listings, approximately 20% lower than the year prior. Here are the past five years of available inventory to share perspective:

September, 1:

2018: 1347

2019: 1298

2020: 1011 (First Fall Market with Covid. Down, but not drastic)

2021: 630 (Inventory dives)

2022: 637

Today – September 1, 2023: 530

Many homeowners with low interest rate mortgages are holding back on moving. There are areas in the country that have been moving toward a neutral market and realizing increased inventory. Affordability and inventory has remained a serious issue nationwide in many regions, though. Let’s unpack that…

Affordable Housing

I came across a historical taxation factoid while researching an 1830 Greek Revival residence soon entering the market in the Village of Rhinebeck that gleans yet another perspective on the state of affairs with affordable housing.

The example that follows is in Rhinebeck, NY, a lower tax town, with my bet other municipalities could find similar, if not broader, outcome. In 1880, the aggregate State tax against all taxable property in the whole of Rhinebeck was $23,045, per “History of Rhinebeck” by E. Smith.

At the time, there were 3,905 residents in Rhinebeck. Of those, 716 were “taxable people.” That nets out to $32 in total taxes per each of the 716 taxable people.

Fast forward 143 years at an average inflation rate of 2.4%. $32.00 equals approximately $957.00 today. Computation deviation from days past with current reality feeds into other calculations, as well.

Putting taxes aside, why was it so much easier for prior generations to buy? As one example, in 1970 the average home price in the US was $15,000. Today, that average has jumped 29x to $436,000. But wait…

The average income in 1970 was $9,000. The US average income has risen only 6X to current $56,000. Home prices are up 29X with income only up 6X. Add taxes, for starters, into the sauce and it becomes clear why there is a real issue with housing affordability in many parts of our country.

Is the pride of home ownership giving way to rentals as the solution to affordability? Developers, corporations and even lenders appear to see the viability of long term rentals with “build to rent” communities popping up around the country, particularly in the south.

Zillow just introduced a 1% down loan program, but does that help or further perpetuate the issue with higher monthly payments and increased interest accrued? I smell aptitude for increased foreclosures with that program.

Continued outbound migration to realize affordability in the days ahead? Certain states, likely.

Short Term Rentals (Air BnB) versus Long Term

Short term rentals can be a cash cow, no doubt.  However, enough ordinances have changed in multiple municipalities to raise the caution flag in our area. I have been cooling on Air BnB in our region for that reason with passive income focus on multi-family and multi-unit. See a one minute clip on the subject here.

Since I hold a brokers license, I can gain multiple state licensure, which I am pursuing. If you have interest in investment properties in New York and beyond, let’s talk!

Choosing an Attorney

Careful choice should be considered when evaluating representation, whether realtors or attorneys. They are not created equal in their respective professions with both having the capability of making or breaking a deal. Click here for a one minute video with tips to consider when choosing a real estate attorney.

Coming Soon!

Village of Rhinebeck

c. 1830 with 1850 addition

$1,200,000

This prominent Greek Revival residence stands in testament to fine 19th century architecture. First built c. 1830 with addition in 1850, the majestic temple front greets and graces an expansive portico. The front sidewalk lures from the heart of the charming and bustling Village of Rhinebeck. Detached and generous two car garage includes an upper level for storage and/or potential studio or workshop. Two additional sheds and carport. The landscaped property features a secret garden and ample space for simple enjoyment. Solid construction with meticulously placed fieldstone foundation. Cement floor throughout basement with log posts accessible from interior and Bilco doors. Period craftsmanship and architectural detail throughout. If your preference is historic charm updated to your own tastes, this 19th century diamond awaits! 2.5 miles to Rhinecliff train with Amtrak to Penn. Contact Sandi with questions or to schedule your private viewing.

Professional photos next week! This is just a sneak peek with my own photos. Entering the market on September 12.

Testimonial

“Sandi is in a league of her own.”

I. Mbue

The “Weeding Out” Continues…

According to a National Association of Realtors report, over 60,000 realtors left the industry during the six month period December, 2022 and May, 2023. This is not a shocker with an industry “weeding out” projected for some time in The Brick.

Taking it a step further, per New York Department of State, there were 135,222 licensed real estate salespersons and brokers in December, 2019. While the perception may be that number increased during the pandemic with floods of freshly minted realtors entering the market, there has actually been a steady drop.

Per Department of State licensing (it took me forever to get these numbers out of them) In December, 2021, there were 134,774 active licensed real estate sales persons and brokers; 448 less than the year prior. That number continued to tick down with December, 2022 reporting 133,549. The decrease between 2019 and 2022 is more noticeable with 1,673 having exited since 2019. It is fully expected a number of real estate sales persons and brokers will continue to exit the industry in the days ahead. Keep this one going with referrals!

TOP SIX IN SIX LUXURY

Ultra luxury has taken a recent pause in Columbia, Dutchess and Ulster counties. The top six sales in the past six months in these three counties range $3,200,000-$4,200,000. Four of the six top sales were built between 1840-1940. Click here to see the top recent luxury sales in Columbia, Dutchess and Ulster counties.

There was a time during the crazed past few years when ultra luxury could realize sales in just a few months. For instance, last September, Eden Knoll in Rhinebeck sold for $18,500,000. Accepted offer in less than two months with a close two months later. Click here to see the listing. This was not the norm before the pandemic. Prior to the pandemic, it could take a year to years for that price point to sell.

Are we slowing down in the ultra luxury space? Ledgerock in Hyde Park better hope not. I was considered to represent that listing. There can be varied opinions on price, but it has quite a bit to offer and panoramic views of the Hudson River that are hard to beat. Ledgerock is back on the market with a slight reduction from $29,000,000 to $25,000,000 this go. If it sells above $18,500,000 it will set a record in Mid-Hudson MLS history with highest sale. See the listing here.

In Westchester County, the top six range for the past six months was $6,600,000 to $7,400,000. Click here to see Westchester top luxury.

It’s a wrap! If you are interested in selling and/or buying, let’s talk. There are only two solid months to Fall Market as far as real estate is concerned. Getting the most out of both could prove prudent.

The foundation of my business is based on referrals. Should you know of someone interested in real estate, I would appreciate keeping me in mind. I will take very good care of those sent my way.

I am active on Instagram. Follow for tips, advice, market updates and sneak peeks in between The Brick @hudsonvalleynest

Would love to hear your feedback and input for future issues! Email me here.

Happy Fall!

Best,

Sandi

The post Fall Market – Let’s Get Picking! appeared first on Sandra Park - Hudson Valley Nest.