Ellis Sotheby's International Realty -

Lower Hudson Valley: Real Estate Market Update | Spring 2018

1 Washington Avenue, South Nyack

If current sales volume trends are any indication, consumers are discovering what Rockland County and Orange County residents already know: that the area offers a unique and coveted lifestyle with some of the most extraordinary homes available anywhere. Richard Ellis, owner of Ellis Sotheby’s International Realty in Nyack, New York, said those counties continue to be favored by buyers who live in New York City, primarily Manhattan and Brooklyn. He also has seen an increase in buyers outside of the United States who are purchasing homes at price points greater than $1 million.

In 2017, Orange County showed increases for dollar volume and units sold of 14.46 % and 9.81% respectively. This is good news! We cautiously predict 2018 will be a good year for real estate throughout the county, and particularly for luxury properties in Tuxedo Park. We believe the new tax laws foster more spending in the higher price points. While we have yet to see any significant appreciation in home values in higher price points, some lower priced homes are beginning to see appreciation.
16 Liberty Street, Piermont

SETTING RECORDS

Richard Ellis, owner of Ellis Sotheby’s International Realty in Nyack, New York, said 2017 was another recent record-setting year for unit sales by his brokerage, which achieved record sales and increased its sales volume nearly 19 percent from 2016 and selling more luxury, single-family homes in New York’s Rockland and Orange counties and Hudson River towns than its competitors.

187 County Highway 105, Highland Mills

Home sales recorded by the Hudson Gateway Association of Realtors Multiple Listing Service show the firm was the market-share leader in sales volume for luxury homes valued at more than $1 million, 29.22 percent in Orange and Rockland Counties and 35.57 percent market share in Rockland County. In the Hudson River towns of Grandview, Palisades, Piermont, Nyack, South Nyack, Upper Grandview and Upper Nyack, Ellis also commands the number-one position in market share for single-family homes, with 23.80 percent for homes across all price points and 56.88 percent market share for the $1 million-plus home market.

95 Judson Road, Montgomery

Ellis Sotheby’s International Realty sold more homes on the Hudson River than any of its competitors: 57 percent, ranging from $850,000 to a record-setting price of $3.5 million in 2017. “Business has been booming,” he said. “It was quite a year for us.”

Luxury sales recorded by the MLS show a 21 percent increase in sales over $1 million in Rockland County and 11 percent in Orange County. “And 2018 is shaping up to be another great year with sales of $4 and $5M under our belt already” Ellis said.

Cautious Optimism

The recent completion of the new Tappan Zee Bridge spanning the Hudson River between New York’s Rockland and Westchester Counties means improved commutes to and from the city. It is expected to drive more sales activity to the west bank of the Hudson River and stimulate new construction, particularly in Rockland and Orange Counties. “More buyers who began their search in Westchester County will come searching for homes in Rockland and Orange Counties,”
said Ellis. “Quicker transportation options to New York City make the Hudson’s west side more appealing.

96 Washington Spring Road, Snedens Landing

We cautiously predict we may finally see home values start to appreciate, including in the luxury segment and the middle-market range for first-time buyers in Rockland and Orange Counties. We already see some appreciation in Snedens Landing, Clarkstown and Orangetown and cautiously predict 2018 will also be a good year for Tuxedo Park, particularly for luxury properties just under and over $1 million.”

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