Monday, August 17, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
We knew it couldn’t last. They’ve finally found us out. Business Insider magazine, a business site with deep financial, media, tech, and other industry focus, revealed the top four places to find investment properties outside of New York City, and guess what! Three of them are in the Hudson Valley.
Business Insider interviewed Dawn Pfaff, founder of NY State MLS, the real estate tech platform now known as State Listings, Inc. last week. Pfaff discussed four markets that she feels are real estate 'hotspots' outside NYC which investors should target in 2020. Even with the Covid-19 pandemic dealing a series of hard economic blows to New York City, the suburbs and rural areas in the Hudson Valley have been hot spots for investment even with high demand and low inventory.
Pfaff highlighted these four markets that are still attractive to investors:
Orange, Ulster and Dutchess counties are numbers one, two and three on her list. Said Pfaff, “"There is still enough land to build new construction, but there is also a huge opportunity to buy, fix, and flip properties and rentals in these markets." She gives these reasons. "The Hudson Valley is close enough to New York City to commute by train, bus or car," Pfaff said."The area allows people who felt trapped in the city during COVID-19 a way to find some space and clean air, while still being close enough to commute to their jobs in the city."
Rental properties are also a solid investment. She says, "I can attest firsthand to the fact that the rental vacancy rate seems less than zero. Most landlords have waiting lists," Pfaff said. She added that for investors looking to buy rural, another hot New York investment are mobile home parks. "Investors want these types of properties as affordable housing in New York is almost nonexistent."
The one investment hot-spot not in the Hudson Valley is an old favorite that still seeks to show growth for investors. “The Hamptons is currently on fire for residential seasonal rentals," according to Pfaff."That is a place that investors can find a nice return and also a good place to hold wealth in property. The values there always seem to appreciate."
However you look at it, investment in real estate is still a winner in the Hudson Valley, if only you can find properties to buy.
To find out more about investing in real estate in the Hudson Valley, or for more information, CONTACT US