Catskills are the New Hamptons? Not Just Yet.
Kandy Harris | August 21, 2015It seems Hudson Valley/Brooklyn comparisons have given way to Catskills/Hamptons comparisons. Makes sense, after all. Now that the Hudson Valley is growing out of its bedroom community phase, all these people moving on up here have to buy their second-homes somewhere, and the Catskills, my friends, are where they’re buying them. However, unlike the Hamptons, real estate is less expensive in the Catskills. Dramatically less expensive, you might say, and growing even less expensive by the day. Watershed Post recently reported that the number of sales are up, but the prices are going down. What gives? Faye Storms of Ruth Gale Realty explained in the piece that in Ulster County, it’s simple: Last year, more expensive homes sold more, driving up the average sale price. This year, it’s all about less expensive homes in the “sweet spot” of $100,000-$300,000, not to mention the ever-popular five-figure range. Who’s buying these homes? What are they looking for? Does the locavore food movement have anything to do with this real estate market? All these questions and more answered here on Watershed Post. What say you, reader? Is the Catskills market bubble soon to burst? How long can demand go up while prices fall? Let us know in the comments.
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