Buying Land in Tuxedo Park

Tuxedo Park is a historic village in New York that never seems to go out of style- very much like the tuxedo itself.  An exclusive 2,600-acre gated enclave – said to be the country’s first gated community, in fact, and yes, where the tuxedo was first worn- Tuxedo Park is 40 miles and some 45 minutes from Midtown Manhattan, making it an idyllic second home destination as well.  I was happy to sit down with our in-house Tuxedo Park expert Barbara du Pont to get her take on the current state of the market and the growing interest in land parcels for sale.

Lookout Stable Road is for sale and was just reduced to $350,000

Richard Ellis: Can you tell us about the current inventory in Tuxedo Park available to prospective buyers?

Barbara du Pont: While we have seen a market recovery this year, which has caused a reduction in inventory, there is still a wide range of great properties for sale. But what I find interesting about the current market is a rise in buyer interest in land and an increase in land coming up for sale.

RE: What do you attribute this increase in interest to?

BdP: There is a rise in appreciation for how unusual the Village of Tuxedo Park is due to the historic preservation of its natural landscape and viewsheds.

This past October, the Race Track was dedicated as our community’s Nature Preserve. With the consent of the Board of Trustees and encouragement of the NYS Department of Environmental Conservation (DEC), the 21-acre Race Track will be transformed into a Nature Preserve. This will be a multi-year community project funded entirely by private donations and government grants. The Race Track was the site of the Tuxedo Park Horse Show during the Gilded Age. Abandoned since the 1940s, nature has claimed it as a biodiverse sanctuary: more than 300 trees and plants have been identified by naturalist John Yrizarry, environmental consultant J.G. Barbour and Bowman Hill Wildflower Preserve. Some 200 species of bird nest there or use as a flyway, while countless mammals, reptiles, amphibians and butterflies call it home. This level of biodiversity is rare in the Lower Hudson Valley.

This private lakefront lot in Tuxedo Park is available for $800,000

RE: What has the market been for land lately? 

BdP: This year we started to see a recovery in home sales which have been sluggish over the last 10 years and we are optimistic that land sales will follow.  We are seeing more interest in people looking for building lots. Until this year, the last sale was in 2013, and there were only five sales from 2009 to 2013.  However, interest is picking up and there have been two sales in 2016, including one parcel on Tuxedo Lake.

The land at Summit Road in Tuxedo Park is available for $980,000

RE: Why is this a great opportunity for buyers? 

BdP: Currently there are eight lots for sale in Tuxedo Park and only two are lakefront.  Also keep in mind this is in the context of an inventory of homes that has decreased to the lowest point in a decade. There are very few homes listed that are in move-in condition, so some buyers really are more interested in building to their specifications, rather than doing extensive repairs and remodeling.  Buyers appreciate the natural beauty of Tuxedo Park and that choosing the right site, which can afford more privacy, wooded surroundings or sweeping views, is often most important.