Real Estate Blog - Red Hook NY Real Estate Market Report January 2009

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Red Hook NY Real Estate Market Report January 2009

During January there were several snow storms as well as icy condition in Red Hook NY. This did not mean that real estate came to a stand still; several new properties came on the market and about 6 others now have accepted offers.

For the month there was just one sale. This 3454 square feet home was assessed $416,000 but sold as a short sale for only $230,000. Such a sale can certainly have an impact on the marketplace, this is a property that will be used by appraiser when doing an appraisal of a similar home in the area. The point is, a short sale or a foreclosure affects more than the people directly involved.

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RED HOOK REAL ESTATE MARKET REPORT - SINGLE FAMILY HOMES JANUARY 2009

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CATEGORIES	AVG LISTING PRICE	DOM	AVG SQ FT	AVG $/SQ FT
44 Active	$ 403,621.00	179	2315	$174
5 New	$ 851,780.00	5	2499	$342
2 Price Chng.	$ 251,950.00	75	1961	$128
4 Extended	$ 797,500.00	258	2748	$290
3 Contingent	$ 249,750.00	161	1619	$154
3 Offer -CS	$ 332,800.00	61	2084	$160
1 Pending	$ 149,900.00	38	2176	$ 69
1 Sold	$ 290,000.00	178	3454	$84
	AVG SOLD PRICE			AVG $/SQ FT
	$ 230,000			$ 67

STREET	SALE PRICE
Mill Road	$ 260,000.00

VILLAGE OF RED HOOK REAL ESTATE MARKET REPORT - SINGLE FAMILY HOMES JANUARY 2009

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CATEGORIES	AVG LISTING PRICE	DOM	AVG SQ FT	AVG $/SQ FT
7 Active	$ 298,843.00	100	1612	$185
2 Contingent	$ 214,000.00	144	1060	$202
1 Pending	$ 325,000.00	17	1248	$260

There were no sale sales in the village however 2 properties now have accepted offers and 1 is in contract.

****Data for this report obtained from the MidHudson MLS System.

PREVIOUS MARKET REPORTS

JANUARY 2008

If you would like more in depth information please contact Jennifer Fivelsdal- Associate Broker- Keller Williams Realty Team - 845-758-6842- jennifer@jfivehomes.com and www.jfivehomes.com

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Posted by Jennifer Fivelsdal, Fishkill NY on 02/04/2009 01:03 AM

Comments (10)

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Originally posted at: Rhinebeck Living: Red Hook NY Real Estate Market Report January 2009

This post has been included in New York Information Dutchess County, NY Information Red Hook, NY Information
Post is included in group: Hudson Valley Real Estate and Mortgage Professionals

10 Comments on Red Hook NY Real Estate Market Report January 2009

FEB

As usual Jennifer you are right on top of reporting what is going on in the local Real Estate market. Keeping my fingers crossed on a great Spring!

Jennifer -- A very nice report -- It is clear, informative and easy to understand.

Jennifer, I can't believe the drop in price on that house! And I would have thought this winter was impossible to sell or even have people list anything, I'm glad they're not waiting until Spring.

Jennifer: I am amazed at that short sale deal. WOW, I can't believe the bank went that low. Thanks for sharing the stats in your area.

Jennifer... you are right, until we can flush out the bank owned properties it does skew our comps...

Jennifer- With weather likd you have, I am surprised you can do any business. I think of real estate as fair-weather business. Rather silly though. Some of us relocate in all kinds of weather fromn all parts of the world. It is not snowing everywhere in the world.

Jennifer, your point is so important regarding the impact of this property on those that want/need to sell- waiting is probably not a good idea if it's critical to move. Appraisals are certainly going to change our reality, and sellers need this info!

Hi Jennifer,

You're sure had your fair share of cold weather, but you all keep going. Good info on your Red Hook real estate report.

Just getting home after 12 hrs, however I am still trying to kep up here.

Bill - with so many variables it is extremely important for agents, buyers and sellers to pay close attention to the market. Yes I can't wait for spring, I don't want to shovel snow anymore.

Joan - I want to share the information in a way that it could be easily understood, according to you I achieved that goal. Thank you.

Carole - Yes the winter has been rather harsh, however buying an selling still takes place. I have had rather busy productive December -February but usually when it is a mild winter.

Kat - I don't know what the actual loan amount was but this property did have price reductions. As stated the assessment was $416,000 that is the amount the taxes were based on.

Kim - That is a point I wanted to drive home to sellers; short sales is just another piece that has to be considered when pricing a property for sale. I like this phrase "there is nothing in real estate that price can't fix."

Eloise - Yes real estate is done in all types of weather because as humans our circumstances are always changing.

Laurie - I have been trying to get that message out, and your point about the effect of waiting should be carefully weighed. Appraisal will definitely change many realities.

Lynda - Thank you. Part of our duty is to share information on the marketplace.

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