Friday, October 9, 2020 / by Vanessa Saunders
Spacious homes like this one outside Newburgh, NY have become increasingly popular. This property on 38 Susan Drive is listed at $1.2 million.
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
It seems like only a few months ago that demand for large properties in the Hudson Valley - million dollar mega mansions, private estates, and luxury ranches - had declined significantly over the previous few years. Nationwide surveys now indicate that the health crisis has brought to light how valuable more square footage and carefully designed floor plans can be. Home offices, multi-purpose rooms, gyms, and theaters are becoming more popular, and some families are finding the space they need for these upgrades in the luxury market.
For Hudson Valley buyers looking for larger homes, steady increases in equity might be what makes a move possible. Leveraging home equity makes it easier to afford the down payment on a luxury home, and current low interest rates are making mortgage payments more affordable than they have been in years.
The lower Hudson Valley’s Journal News reported Thursday that locally, bigger has been better in third-quarter sales. Westchester saw the largest overall gains. The Journal News said that the number of luxury homes sold in Westchester rose by at least 52% over the third quarter of 2019. A total of 182 homes over $2 million were sold in the third quarter in Westchester. 109 luxury homes were sold in Scarsdale, Rye City, Mamaroneck and Bedford.
According to the Journal News, upstate New York has seen similar recent growth in the luxury market. 62 homes over $1 million sold in Putnam and Dutchess, an improvement of 181% over last year on a year-to-date basis. As of October 7, 30 homes over $1 million – 22 homes ranging from $1 million to $2 million and 8 homes above $2 million – were under contract in Dutchess. Twenty-three homes over $1 million sold in Rockland County in the third quarter.
Clearly, today’s strong gains in home equity paired with record-low interest rates make fall a great time to move up into the luxury market to meet those changing needs. If you’re ready to gain some breathing room in a larger home, it’s a great time to contact a global Property Systems Local Area Specialist who can help you find your space in the Hudson Valley luxury home market.