Pounding the pavement, speaking to other agents and my buyers, it seems clear — as the summer solstice —Manhattan Real Estate is red hot! The days of multiple cash offers at full ask or above are back. Buyer's agents are saddled with low inventory, near-record prices per square foot, and frustrated buyers.
One of my clients provided me with a list of Manhattan neighborhoods that he would consider: Soho, Noho, UWS, UES, Chelsea, Tribeca, and The West Village — and asked where he could "find a deal."
I provided an answer that stunned him: deals for Manhattanites or Brooklynites are to be found in the Hudson Valley and in the country. Dotted throughout the counties of Orange, Ulster and Sullivan, there are extraordinary homes available at remarkably low prices. Homes are beginning to sell again, and the deals out there are staggeringly good.
"Hudson Valley homes at low prices?" he asked. "What does that have to do with my question?"
He was very resistant but I asked him to hear me out while I proposed a scenario for his family to consider. Rather than experiencing continued frustration at losing out on another dream apartment in the $2.5M range, I suggested that they consider buying something in the city for $1.5M or under, and look at homes with complete privacy, serenity, acreage, and massive square-footage that would fundamentally change his family's life.
In addition, he would not be blowing his savings on a summer rental in The Hamptons. He complains that the drive to the Hamptons is awful, it is crowded, and they never feel they truly escape from the hustle and bustle of Manhattan. Plus, his wife LOVES the country and dreams of one day owning both.
That one day is now.
I sent them a few listings and they were stunned with what they could get. Historical stone houses, houses with breathtaking mountain and river views, houses with barns and rolling pastures, houses in gated-communities, homes on private lakes, lots to build a dream house, and on and on and on.
Their challenge now is to find the scenario that works best for them and their 2-year-old daughter. We are considering houses in Warwick in the $700K range; horse farms in the $1.5M range; an amazing log-cabin in Sullivan County with breathtaking views for $550K; or a wonderful house in a gated-community with complete privacy and lake access for $1.6M. There are all sorts of options for them.
So yes, the deals for Manhattanites are in Sullivan County and throughout the Hudson Valley. We can blow your mind with the incredible deals to be had and THEN find that two bedroom co-op! Whether you are seeking a house for a weekend or a legacy property, the time is now to look at The Hudson Valley!
Doug Labreque
VP Manhattan Office - GPS Real Estate - doug@wesellny.com - (917) 292 5173
originally posted at Deals in Manhattan by Doug Labrecque
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