Red Hook, NY, Real Estate Sales, 2000-2015

 

The following are sales charts and analysis for the real estate market of the town of Red Hook and for the villages of Red Hook and Tivoli. They cover total number of transactions and dollar amount of those transactions, as well as median and average prices. Figures pertain to single-family detached houses as reported in the Mid-Hudson MLS

Town of Red Hook

Though actual sales activity seems to be returning, analysis of a decade’s worth of sales of single-family detached houses in the Town of Red Hook indicates that the depression of 2007/2008 has left its mark in the form of reduced valuation. The big slide in prices lasted through 2009. Although prices did not return to these low levels, they did drop again slightly from 2014 to 2015. Taking the long view — the dramatic rise and fall of real estate prices between 2000 and 2008 notwithstanding, if you purchased your property in 2000 it is probably worth about 30 percent more now.

I believe buyers are starting to be satisfied that the worst is over as far as declining values are concerned and are hunting for properties that are priced well below what they might have fetched in 2005/2006. This mindset accounts in part for increased activity in 2014 and 2015. Another reason for increased volume is probably pent-up demand. First-time and vacation buyers alike felt priced out of the market when it was high and became afraid of the market when it was sliding downward. As we enter period of relative stability, their confidence is returning, as is their dream of home ownership in our beautiful town and villages.

Another reason for increased volume is probably pent-up demand. First-time and vacation buyers alike felt priced out of the market when it was high and became afraid of the market when it was sliding downward. As we enter period of relative stability, their confidence is returning, as is their dream of home ownership in our beautiful town and villages.

Town of Red Hook, NY Single-Family Sales, year 2000, and then annually 2005-2015.

Town of Red Hook, NY Single-Family Sales, year 2000, and then annually 2005-2015.

Red Hook Village

The real estate market in Red Hook Village paralleled that of the Town, including the increased volume and the price dip of 2015. Average real estate prices run much lower in both villages than in the town generally — not suprising given the relative vintage of most properties inside the villages and the relatively smaller lots. But the villages have their own charms and may well provide an affordable entree into the region.

Village of Red Hook, NY Single-Family Housing Sales, year 2000, then annually from 2005 through 2015

Village of Red Hook, NY Single-Family Housing Sales, year 2000, then annually from 2005 through 2015

Village of Tivoli, NY

In 2011, a Hudson Bluffs property in Tivoli Village sold for over $4-million. Of course, that sort of sale will skew the average for most municipalities in this part of the Hudson Valley. To capture the normal experience of a location, one could argue that such statistical outliers should be deleted, and yet, the fact is that we do have some marvelous luxury properties in our town and their changing ownership is part of our real estate landscape.

Single-Family Home Sales, Tivoli, NY, year 2000, then annually 2005 through 2015

Single-Family Home Sales, Tivoli, NY, year 2000, then annually 2005 through 2015

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Thanks for reading. When you are ready to start browsing homes or land in Dutchess, Columbia, and Ulster Counties, I encourage you to do so at my websiteAsk-Marty.com. Because I am a member of THREE MLSs (Mid-Hudson MLS [Dutchess County], Ulster County MLS, and Columbia Greene Northern Dutchess MLS), you can search the entire region on both sides of the Hudson River. You can save properties that interest you and you can set the site to email you notices when new listings match your criteria. This a great way for buyers or sellers to monitor a specific neighborhood or school district or type of property!
Best wishes,

Marty

Negotiating buyer-agency fees

How the buyer agency fee is usually set

This topic of negotiating buyer-agency fees is not discussed as much as negotiating listing-agency fees because buyer-agency fees are usually specified in the listing agreement. Most listings include an offer of cooperation to buyer’s agents. The offer for a specific amount or for a specific percentage of the sale price is made by the listing broker and approved by the seller. The amount is part of the listing contract between the seller and the listing agent.

Why you might want to negotiate

Here in the Hudson Valley and lower Catskill Mountain region, the most frequent offer of cooperation is a specific percentage of the sale price. Occasionally, the offer will be a half percent less and occasionally it will be a half percent more. So, let’s call those typical offers 1 (for less), 2 (for most frequent), and 3 (for more). As a buyer, you might agree that offer 2 is reasonable, but you might take issue when your buyer agent gets 3 or more. After all, those are dollars that are taken out of the sale proceeds — if the seller didn’t have to pay them, he or she might have accepted a bit less. The price range in which you are shopping and the level of service you require might also influence this decision.

How you might negotiate a fee that has already been set

If the buyer is willing to enter into a buyer-agency contract, one part of that agreement could be to set limits on the buyer-agent compensation. Buyer and agent could agree to a specific dollar amount or to a specific percentage. If the buyer-agent compensation is greater than agreed, the difference could be credited to the buyer or the seller at closing and the buyer could bring that many fewer dollars to the closing table.

However, the arrangement can cut both ways — if the buyer-agent compensation is less than agreed, then the buyer will be expected to make up the difference at closing. Remember also, compensation will not be discussed in a vacuum. Your buyer’s agent will grant you compensation limits and the obligation to perform specific duties, but he or she will also have expectations for you that could include your loyalty and cooperation.

If you think you might want to negotiate buyer agency fees, be sure to do that at the same time you ask a buyer agent to show you a property or search for listings. Buyer agency contracts are a good idea — they specify expectations and obligations, including compensation, that are often taken for granted by agents and clients alike.

What usually happens

Partly because buyer agency is often undertaken without a formal contract, most buyer-agents simply accept the offer of cooperation specified with the listing, and their buying clients do not attempt to negotiate that figure. It can be a significant disruption when either buyer or agent attempts to negotiate a figure that has already been specified or that should have been negotiated earlier.

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Thanks for reading. When you are ready to start browsing homes or land in Dutchess, Columbia, and Ulster Counties, I encourage you to do so at my websiteAsk-Marty.com. Because I am a member of THREE MLSs (Mid-Hudson MLS [Dutchess County], Ulster County MLS, and Columbia Greene Northern Dutchess MLS), you can search the entire region on both sides of the Hudson River. You can save properties that interest you and you can set the site to email you notices when new listings match your criteria. This a great way for buyers or sellers to monitor a specific neighborhood or school district or type of property!
Best wishes,

Marty

Who pays the buyer’s agent?

In my posting of July 14 about buyer’s agency, I wrote, “As a potential buyer …, you should understand that the cost of a broker/agent … is already built in to the commission that the seller is paying. Using your own agent to get information about a listing should not increase your purchase price.” That’s absolutely true — the amounts have been set and using a buyer’s agent will not increase your purchase cost. But who actually bears agency costs? The fact is that agency fees are shared by the buyer and the seller; and the determination of who actually bears that cost is at least in part simply a matter of perspective.

Seller pays

It is true that most agency commissions have been arranged as part of the listing contract so that a buyer’s agent is paid by the seller’s agent a specific percentage of the sale proceeds. The seller’s agent pays that fee out of the commission that he or she receives from the seller. So, it’s fair to say that the seller is paying the buyer’s agent fee, which is part of the seller’s total commission payment. A seller considering whether to accept an offer must subtract the commission payment (and other expenses) to know how much money will end up in his or her hands when the transaction is closed.

Buyer pays

Where did the seller get the money to pay the commission? Out of the sale proceeds, obviously; and we know where that came from — only the buyer brings money to the table — so it’s also fair to say that the buyer is paying the buyer’s agent fee. If the fee were lower, more dollars might have gone to the seller who might therefore have accepted a lower price.

What to do

Whether to use a buyer’s or seller’s agent are separate questions. Sellers should know that agency fees can be negotiated when entering into a listing contract. However, once buyers and sellers are in the system and using agents, and fees have already been negotiated; my suggestion is to set concerns about who is paying the commissions aside and focus instead on the actual return and payment. That is, sellers should look at the net proceeds after the commissions are paid. If the offer isn’t high enough to cover those, then don’t accept it. Generally, buyers should not fret about paying a commission amount that was arranged previously; instead, offer a fair price that you can afford and let the seller worry about the commission fees. (I will write about the possibility of negotiating buyer agent costs soon.)

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Thanks for reading. When you are ready to start browsing homes or land in Dutchess, Columbia, and Ulster Counties, I encourage you to do so at my websiteAsk-Marty.com. Because I am a member of THREE MLSs (Mid-Hudson MLS [Dutchess County], Ulster County MLS, and Columbia Greene Northern Dutchess MLS), you can search the entire region on both sides of the Hudson River. You can save properties that interest you and you can set the site to email you notices when new listings match your criteria. This a great way for buyers or sellers to monitor a specific neighborhood or school district or type of property!
Best wishes,

Marty

Affordable Homes to Buy in the Hudson Valley and Catskills

NYC Urbanites Are Looking at Properties in the Hudson Valley and Catskills

In “Buying a Second Home First,”New York Times Real Estate writer Michelle Higgins noted recently that many New York City renters who can not afford to purchase in the City are finding homes that they can afford in the Hudson Valley, the Catskills, and other nearby regions. If you are reading this post, you are probably already familiar with the region and know its extraordinary features and potential for a high quality of year-round or vacation life. Click on this sentence if you’d like a little inspiration.

Early Fall Scene, Pasture near Burger Hill, Rhinebeck

For Many, the Move Makes Financial Sense

Higgins correctly points out that there is a wide range of properties available — literally something to suit just about any budget or taste within easy commuting distance of New York City. And, as real estate prices in the region remain depressed from their post 2006/7 highs while rental and purchase prices in virtually all parts of the City are zooming upwards, a purchase in the Hudson Valley or Catskills regions just might make good economic sense. Now that the excess value has been purged from all these lovely properties, is a good time to pick up something that will appreciate in value while providing a refuge just a short way from the hustle of the City.

You Can Get There From Here

I love living in the Hudson Valley where the Catskills in my western view create spectacular sunsets almost every evening. My Red Hook home town is a pastoral paradise — home to busy farms and restaurants, and world-class performing arts facilities at Bard College’s Fisher Center. But I go all over the region, crossing the Hudson River weekly, to do business and meet friends from Woodstock, Saugerties, Stone Ridge, Rosendale, and High Falls to Rhinebeck, Staatsburg, Hyde Park, and Germantown, and to the cities of Kingston, Poughkeepsie, and Hudson. Red Hook is centrally located to all of it. It’s an excellent location in which to search for a vacation home or from whence you can explore properties in the entire region.

Buyers and Sellers — Act Now!

Aside from the fact that historically low interest rates must rise sooner or later, the fall is a wonderful time to experience the Hudson Valley and Catskills. Buyers, a well-organized property-shopping trip could include several showings with your buyer’s agent while leaving time to experience some of the region’s favorite activities. Sellers, a nicely maintained property will look all the better surrounded by the glorious colors of fall. Call me to get started or log on to www.Ask-Marty.com to get started.

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Thanks for reading. When you are ready to start browsing homes or land in Dutchess, Columbia, and Ulster Counties, I encourage you to do so at my websiteAsk-Marty.com. Because I am a member of THREE MLSs (Mid-Hudson MLS [Dutchess County], Ulster County MLS, and Columbia Greene Northern Dutchess MLS), you can search the entire region on both sides of the Hudson River. You can save properties that interest you and you can set the site to email you notices when new listings match your criteria. This a great way for buyers or sellers to monitor a specific neighborhood or school district or type of property!
Best wishes,

Marty

Historic Red Hook House, Modern Barn & Garage on 3.6 Acres For Sale

Click anywhere on this message to be taken to the property website.

Own the Rockefeller House on Rockefeller Lane in the heart of rural Red Hook in the Hudson Valley. Offered at $475,000.

DSC_0500

Total package offers so much! House is 19th century (possibly 18th century) center-hall two-story farmhouse with 9-foot ceilings, wide board floors and other original details retained. It has been thoroughly upgraded and is currently divided to include a separate complete apartment (access via exterior or center hall). Property includes heated garage, three-level barn (heated 1st level has concrete floor, commercial electric) — all on a pretty setting with 3.6 manicured acres and privacy enjoyable from 2 large decks and classic wide front porch.

This house is on the property purchased from Jacob and Ann TenBroeck by P.I. Rockefeller in 1833. It is identified on several mid-19th-century atlases, and labeled “Pine Grove” belonging to P.I. Rockefeller on the Dutchess County map of 1867 published by Beers. On some copies of the Thompson map of Rhinebeck, which included Upper Red Hook in those days, there is an indication that a house was on this spot — or close to this spot — by 1797-98 when the map was prepared. And there is at least one TenBroek on the Rhinebeck tax rolls for 1799. What a great history project for a Red Hook High School student!

For more detail, contact your own broker/agent or the listing broker:
Maarten Reilingh (Marty)
Licensed Real Estate Broker
Serving Dutchess, Ulster & Columbia Counties
48 E. Market St; Red Hook, NY 12571
www.ask-marty.com
marty@ask-marty.com
845-532-1204 (voice)
720-625-6543 (fax)

For Hudson Valley real estate, try my website on your mobile device

Whether you are actively seeking to purchase a house or just happen to stumble upon a For Sale sign or a neighborhood in the Hudson Valley that inspires your interest, you should know that my Search app will provide details about all the listed properties in any neighborhood in Dutchess, Ulster, Columbia, and Greene Counties.

Try Ask-Marty.com on your mobile device

So long as you are looking in Dutchess, Ulster, Columbia, and Greene Counties, you can use my website’s Search Feature on your mobile device. 1) Go to Ask-Marty.com on your phone or pad. 2) Bookmark the page. 3) Place the bookmark alongside the App icons on your device. Then, when you drive by a place that interests, simply hit the bookmark icon. After the page loads, hit the Find Me button and the map will center right where you are. So long as the property you are looking at is listed in any regional MLS, it should appear right at the center of your map.

Ready for more detail?

Once you have the price and other listing details, if you want more information or to visit any property you find, then you can call on me or on an agent with whom you are already working. Using my webpage does not obligate you to use me as your agent; you are supporting me, which I appreciate, simply by using my system. (Click here to see why I encourage you to call someone other than the listing agent — even if the listing agent is me!)

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Thanks for reading. When you are ready to start browsing homes or land in Dutchess, Columbia, and Ulster Counties, I encourage you to do so at my websiteAsk-Marty.com. Because I am a member of THREE MLSs (Mid-Hudson MLS [Dutchess County], Ulster County MLS, and Columbia Greene Northern Dutchess MLS), you can search the entire region on both sides of the Hudson River. You can save properties that interest you and you can set the site to email you notices when new listings match your criteria. This a great way for buyers or sellers to monitor a specific neighborhood or school district or type of property!
Best wishes,

Marty

Maarten Reilingh (Marty)
Licensed Real Estate Broker
Serving Dutchess, Ulster & Columbia Counties
48 E. Market St; Red Hook, NY 12571
www.ask-marty.com
marty@ask-marty.com
845-532-1204 (voice)
720-625-6543 (fax)

When you’ve found a house to buy — who ya gonna call?

Historic Red Hook home, barn, and garage currently listed at $475,000

Historic Red Hook home, barn, and garage currently listed at $475,000

Whether you find it online, in the papers, or driving by; there comes a time that you will want more detail about a property that is for sale than you can find in the listing or just by looking at it from the street. After some consideration, you may even want to make an offer on the property. You may call the listing agent, of course. But you don’t have to. In fact, between New York State law and the Multiple Listing System (MLS) rules and regulations, the system is set up to insure you have access to a real estate agent who puts your interests over those of the seller. That’s the person you should be calling — your own buyer’s agent.

Real estate marketplace

Unless the property is being sold by its owner without the assistance of the a real estate broker, the property will be listed in one or more Multiple Listing Systems (MLSs). The MLSs are like stock exchanges, but for real estate. As in any other exchange, various rules and regulations have been created to insure that that buyers, sellers, agents, and properties are treated fairly, openly, and efficiently. In other words, the MLS is a way of bringing order to the marketplace.

Marketplace rules

There are two rules of importance that relate to the central question of this post, which is who are you, the potential buyer, gonna call for more information and perhaps to make an offer?

Offer of cooperation

The first is that each listing must include an offer of cooperation to other participating brokers. The offer of cooperation states a percentage of the listing commission that will be paid to a buyer’s broker or sub-agent. As a potential buyer then, you should understand that the cost of a broker/agent who will put your interests ahead of his or her own and those of the seller is already built in to the commission that the seller is paying. Using your own agent to get information about a listing should not increase your purchase price.

Listing types

The second rule is that — at least in our area — the MLSs accept only two types of listings as defined by New York State law. One of these types is called “exclusive right to sell”; the other is called “exclusive agency.” Thus, the term “exclusive” refers to specific types of arrangements between agent and seller and has nothing to do with which agents can show you a listing. In fact, all participating agents and brokers can show you the property and contact the listing agent on your behalf.

(Why do some brokerages insist on splashing the word “EXCLUSIVE” all over their yard signs and newspaper ads? — you might well ask. I think the practice is misleading and should be banned. See this posting for more.)

What if I don’t have my own buyer’s agent?

Of course, inspiration is likely to flash when least expected. If you have a smart phone or other internet-connected device, you’re in luck. Just about anywhere in the country you can at least get the price of any listed property right at the end of its driveway. (In Dutchess, Columbia, and Ulster Counties, just go online to Ask-Marty.com and use the Find Me button to re-center the map on your location. I leave a bookmark on my screen; it works just like an app!)

But for anything beyond the price and the listing itself, it will surely pay if you take the time to do a little bit of research and establish a relationship with a real estate agent or broker who will serve as your buyer’s agent by guiding you through the  process and placing your interests and needs above his or her own and those of the seller.

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Thanks for reading. When you are ready to start browsing homes or land in Dutchess, Columbia, and Ulster Counties, I encourage you to do so at my websiteAsk-Marty.com. Because I am a member of THREE MLSs (Mid-Hudson MLS [Dutchess County], Ulster County MLS, and Columbia Greene Northern Dutchess MLS), you can search the entire region on both sides of the Hudson River. You can save properties that interest you and you can set the site to email you notices when new listings match your criteria. This a great way for buyers or sellers to monitor a specific neighborhood or school district or type of property!
Best wishes,

Marty

Maarten Reilingh (Marty)
Licensed Real Estate Broker
Serving Dutchess, Ulster & Columbia Counties
48 E. Market St; Red Hook, NY 12571
www.ask-marty.com
marty@ask-marty.com
845-532-1204 (voice)
720-625-6543 (fax)

Red Hook, NY — Housing Market Summer 2015 Outlook

Single Family Detached Residences around Red Hook, NY* Summer 2014 vs. Summer 2015

Compared to last summer, the Red Hook, NY, housing market shows some improvement. Market life is more active this year, but the activity is still quite moderate. Total inventory is a bit smaller, but there is still a 10-month supply of listed properties. In other words, the market is a bit better, but it’s still quite slow.

Red Hook, NY Housing Market in the Summer of 2014

Readers here may recall successive postings from last summer. Each week, I reported 140 listings (give or take a few) and the occasional closing, anywhere from zero to three per week (usually one or two). Following the market was so mind-numbingly dull, that I stopped reporting before the summer ended.

Red Hook, NY Housing Market in the Summer of 2015

The market today shows 128 Active listings. Compared to last year’s summer average of =/- 140 weekly listings, that’s approximately 10 percent fewer listings. The past month saw 13 closings, solidly in the upper range of last summer’s weekly number. The number of Active listings divided by the number of the last month’s closings is 10 (rounded up), which indicates a 10-month supply of houses is currently on the market.

Historic Red Hook home, barn, and garage currently listed at $475,000

Historic Red Hook home, barn, and garage currently listed at $475,000

Why Market Trends Are Important

In fact, I am not now, nor was I ever, a proponent of deciding to buy or sell properties based on what the market is doing. Most of the people I know buy and sell properties because of life events and goals. Still, the market is the current, if you will, that must be navigated when buying or selling. So, while I don’t advise following the market from week to week, when the time comes to buy or sell, it’s also time to know which way the current is flowing, and how strong. Constructive action on the individual level can help you amplify or counteract market trends.

How to Use the Slow Market to Your Advantage

Buyers, the signs are in your favor, as they were last summer — now is a great time for any sort of buyer: first timers, downsizers, investors, upgraders, weekenders can all find properties they like at prices they can afford. I’ve heard brokers complain that there’s “no inventory out there.” That’s not true, obviously, but if you find the house you like at a price you think is fair, you may want to jump on it sooner rather than later. Sellers, there is no denying that properties are moving slowly, even with a slightly smaller inventory, but if you are willing and able to do it, proper, realistic pricing can put your property at the head of the list! You can also improve your chances by truly acting like a seller who expects to sell: 1) make a small investment in cleaning and repairing; 2) start packing! and reduce household clutter.

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Thanks for reading. When you are ready to start browsing homes or land in Dutchess, Columbia, and Ulster Counties, I encourage you to do so at my websitewww.Ask-Marty.com. Because I am a member of THREE MLSs (Mid-Hudson MLS [Dutchess County], Ulster County MLS, and Columbia Greene Northern Dutchess MLS), you can search the entire region on both sides of the Hudson River. You can save properties that interest you and you can set the site to email you notices when new listings match your criteria. This a great way for buyers or sellers to monitor a specific neighborhood or school district or type of property!
Best wishes,

Marty

Maarten Reilingh (Marty)
Licensed Real Estate Broker
Serving Dutchess, Ulster & Columbia Counties
48 E. Market St; Red Hook, NY 12571
www.ask-marty.com
marty@ask-marty.com
845-532-1204 (voice)
720-625-6543 (fax)

*Data based on Mid-Hudson MLS listings within the Red Hook School District, which extends into the adjacent towns or postal zones of Rhinebeck, Tivoli, Barrytown, Annandale-on-Hudson, Milan, and Clermont, in Dutchess and Columbia Counties.

Consider “buying local” when choosing a real estate agent

“Buying local” is a valid strategy to improve any local economy. Unfortunately, although virtually every local real estate agent and broker lives close at hand and spends some of his or her earnings locally, a significant portion of all commission dollars are promptly sent out of town. Franchise fees based wholly or in part on sales volume are paid to the corporate parents of locally-owned franchises; company stores take everything before sending salaries and commissions back to local staff and agents.

Which local companies have out-of-town corporate masters?

Virtually all of them! In the Mid-Hudson MLS, well over 90 percent of all sales dollars are generated by offices with out-of-town corporate headquarters. The Berkshire Hathaway Home Services connection to “the sage of Nebraska” is well known, of course, as it is widely touted. But the real giant in American real estate is Realogy Holdings Corporation, which owns Better Homes and Gardens, Century 21, Coldwell Banker, Corcoran Group, Sotheby’s International, and ERA Real Estate franchises. Realogy’s headquarters are in New Jersey; at least those dollars are staying on the East Coast! RE/MAX, Realty Executives, Weichert REALTORS, and Houlihan Lawrence are all substantial standalone brands (with company stores and/or franchises), but only Houlihan Lawrence is headquartered in New York State.

Consider “buying local” when you choose your agent

There are many fine agents affiliated with the big real estate brands. Knowing many of them personally as I do, I for one would not exclude them from consideration when choosing an agent. But if “buying local” is a primary concern for you, you may want to consider an agent not affiliated with a national or regional brand. As I showed in the previous post, having the most listings is no guarantee of sales success. A smaller, local agency or a solo operator like myself may be able to provide more attention to you and to tailor services more to your needs or liking.