Real Estate Information

The Center for Research, Regional Education and Outreach (CRREO) recently released the first annual Regional Well-Being Report for Dutchess, Orange, Sullivan, and Ulster County.  The eight well-being categories covered in this report are Economy, Education, Environment, Community & Equity, Governance, Health, Arts & Culture and Safety. 

The categories are rated from 0 to 100.  Ulster County scored very well in three categories, with an 80 in Arts & Culture, 71 in Safety, and 70 in Governance.  Dutchess County was the only other county that scored at least a 70 in any category, scoring a 71 in Governance.  To see the full report CLICK HERE.

Regional Snapshot

The region has a total land area of 3,715 square miles. It is nearly twice the size of the state of Delaware. Ulster County alone is larger than the state of Rhode Island. Nearly one million people reside in our four-county region.

Dutchess County has almost a third (31%) of the region’s people, but less than a quarter (22%) of the land area. About two in five (41%) regional residents live in Orange County, where there is a land area about the same as in Dutchess (22%).

Sullivan County, with more than a quarter of the land (26%), is the least populous (8%). Ulster County has 30% of the land in the region and 20% of the population.

Age: About one quarter (23%) of our region’s residents are under the age of eighteen. Twenty-three percent are age 18 to 34, 30% are age 35 to 54 and 24% are 55 years of age or older.

Children, those under age 18, live in 36% percent of regional households. Seniors, those age 65 or older, reside in 23% of the households in the region.

Race: Seventy-five percent of residents in our region are white, 12% are Hispanic or Latino, 8% are Black or African-American, 3% are Asian and 2% reported some other race.

Land Use: Approximately one third (32%) of the region’s land is classified as residential. Just under a quarter (24%) of the land is deemed vacant and about one in every five acres (21%) is wild, forested, conservation lands or public parks.

Agricultural lands comprise 10% of the region. Each of the remaining categories – Commercial, Public Services, Recreation and Entertainment, and Industrial represent less than 5% of land use in our region.

Of the four counties, Dutchess County has the most land dedicated to residential development (41%) and agriculture (18%). Sullivan County has the most vacant land (30%). In Ulster County, home of the Catskill Forest Preserve, over one third (34%) of the acreage is wild.

To see the full report CLICK HERE.

Instead of playing the trade-up game, more homeowners are staying in their homes, upgrading kitchens and baths and building additions to accommodate their needs instead of moving into a bigger house, but there are also some early signs of an improving real estate market, according to a new survey of architecture firms.

More architects say they’re seeing demand for and inquiries about home-remodeling projects, including kitchen and bath upgrades and home additions. And an increasing percentage of architects say business conditions in the first-time buyer and affordable home market also improved in the fourth quarter of 2009, compared with the fourth quarter a year earlier, according to the American Institute of Architects’ Home Design Trends Survey. The survey of 500 residential architecture firms is conducted each quarter.

A net 28% of architects responding to the survey said they’re seeing greater interest among homeowners for kitchen and bath remodels, up from -16% a year ago, and a net 21% said demand for additions and alterations is improving, versus -14% a year ago. The survey figures are computed as the percentage of respondents reporting an improvement in business conditions minus those reporting a decrease.

Meanwhile, a net -4% of the architects surveyed said the market for homes for first-time buyers is improving, up from -65% a year earlier. A net -31% said the market for move-up homes is improving, compared with -71% a year ago.

“It’s still too early to think the residential market has fully recovered, but there are two encouraging signs—overall business conditions are far better than they were a year ago at this time, and we are seeing improvement in those housing sectors that need to lead a broader improvement in the housing market: remodeling and alterations of existing homes, and at the entry-level of the new construction market,” said Kermit Baker, chief economist of the American Institute of Architects.

Baker said homeowners are making improvements thoughtfully, not banking on recouping the entire cost at resale or over-improving with upscale features as they might have several years ago. And projects are typically smaller in scope these days. “The mentality is evolving that bigger isn’t better for my home, from an investment perspective,” Baker said.

As for first-time home buyers, Baker said that conditions are likely improving due to the first-time home buyer tax credit, low mortgage rates and the ability of these first-timers to buy a home without having to sell an existing home first.

For the most part, kitchens are being upgraded with practical improvements and features to make the space more usable. “A lot of the upscale stuff, like double appliances—two dishwashers or two refrigerators—or over-the-top appliances seem to have disappeared,” Baker said.

The five most popular kitchen products and features, according to the survey include:

-Recycling center, a designated place to put cans, papers, etc., which could be in the form of a nook or even part of the lower cabinetry
-Larger pantry space
-Renewable flooring materials
-Renewable countertop materials
-Computer area/recharging stations, dedicated to such tasks as recharging laptops, cell phones and PDAs.

The same desire for practicality and less glitz can be found in the bathroom. People are moving away from steam showers and towel-warming drawers and racks, and instead focusing on features that will help them better control their utility costs, Baker said.

The five most popular bathroom products and features include:
-Water-saving toilets
-Radiant heated floors
-Accessibility/universal design, or features that are adaptable and allow homeowners to age in place
-LED lighting
-Doorless showers.

With banks tightening their grip on loans, getting one is requiring more work and vigilance on the borrower's part. Even people with excellent credit are jumping through hoops to verify everything and avoiding nicks that could give the appearance of being a risky borrower. There are a few strategies to employ that could improve the chances of not only getting a loan but getting a better rate.

One of the obvious ones, beyond paying bills on time, is to not be overextended on credit. Lenders look at how credit is managed, so someone with $10,000 credit limit but owes $9,000 won't appear as good a borrower as someone who owes only $1,000 of the $10,000 limit. Therefore, it is important to pay down credit before applying for a loan. This can help raise your credit score and get a better rate.

When you do pay down the debt, such as on a credit card, keep the account open to show lenders you have a long credit history and you are responsible by not maxing out every loan you get. Be wary, however, of some creditors who have started reducing credit limits as amounts are paid off. You may need to ask for the limit to be raised, or switch to a new credit card.

Next, verify your credit score every year, or right before you apply for a large loan such as a mortgage, to make sure there is nothing on the report that is inaccurate. While other credit report requests could harm your score, because it indicates you are looking for help often, requesting your own report does no damage to your record. There are three credit bureaus that maintain reports. Request them all through www.annualcreditreport.com. Reports are free once a year. Nearly eight in 10 reports have an error, according to the U.S. Public Interest Research Groups. Be wary of firms that offer free credit reports only after you sign up for another service with a monthly fee.

If you do see a mistake, follow the instructions to dispute the charge. If the mistake was caused by a certain circumstance you feel was not common, also dispute it.

The importance of good credit in our changing economy cannot be overemphasized. Those neglecting their credit are positioning themselves to be shut out of the economy, and at risk of not having a lifeline when times are tough. In addition, those with poor credit also face higher expenses as interest rates, insurance premiums, and rental rates can be higher for those without excellent credit, not to mention employers may shun applicants that do not demonstrate responsible money management.

Make it a point to audit your credit at least once a year and make managing it a priority in your life. Doing so will eliminate chances of financial disasters.

Three years ago, biochemist Claude Dal Farra was developing anti-aging creams for a cosmetic company in the French Rivera town of Sophia Antipolis. Nearby roads led to Cannes, but when the company was sold, Dal Farra left the coastal film Mecca for a job in New Jersey.

“I was used to living in the countryside in the south of France and New Jersey was too crowded, so I started looking in upstate New York,” Dal Farra said. A real estate agent showed him a former Arabian horse farm with a spacious house adjacent to a large stable and indoor riding ring. The only drawback were the other houses near enough to hinder his privacy. The real estate agent explained that he would own those houses as well. The entire property was 30 acres.

“You have to understand, this is unheard of in France. No one has 30 acres to themselves. I signed for it that very day,” Dal Farra said.

As he settled into his new job and upstate home, his brother Brice came to him with a dilemma. They had started a non-profit organization with some physician friends called the Anthropedia Foundation to create mental health and wellness videos, but they needed a better place for production. Claude offered some rooms in the barn as a makeshift studio.

“Then the economy took a downturn,” Claude said. Donations to the foundation dropped significantly and the brothers brainstormed last year about other ways they could support Anthropedia. What if they created another company to make for-profit films and used some of that to support the foundation work?

Brice, adept with finances, studied the business end of independent films to create movies with high production value while limiting costs. They obtained the needed permits to organize Claude’s Vinci Farm into a state-of-the art film production facility.

BCDF Pictures, the for-profit production company, with producer Jonathan Burkhart at the helm, filmed Vera Farmiga’s “Higher Ground” early this summer and is currently filming “Peace, Love, and Misunderstanding” directed by Academy Award-winning director Bruce Beresford and starring Jane Fonda and Catherine Keener. A third film goes into production sometime this fall.

Vinci Farm now has three state-of-the-art editing suites, a screening room, wardrobe department, art department, production offices and an acoustically engineered music studio with a control room, isolation booth and virtual orchestra feed room. There’s room for future growth.

“There’s nothing in the same stratosphere to what they have there,” said Laurent Rejto of the Hudson Valley Film Commission. “They could easily do three feature films a year there,” Rejto said. “They have 30 full-time jobs for people working in the film industry. We’re talking millions in revenue in a little place like Kerhonkson.”

A family philosophy the Dal Farras abide by in France and now in New York is to serve the communities they live in. “What’s good for Kerhonkson?” Claude asked. “I try to conduct all of our business within 15 miles of Vinci Farm.”

Crews are housed in area apartments and hotels, eat at local restaurants or have regional farm products catered to the set and use nearby businesses for supplies. The farm has a solar array for energy efficiency and adopts sustainable “green” practices keep waste to a minimum.

“If each person did the same thing, we’d all be happier,” Claude said. “For me it’s great to have access to local products and services. Perhaps in the future, we’ll be able to offer more housing in Kerhonkson.”

Vinci Farm is a key asset in a growing film industry infrastructure that turns producer’s weekend “getaways” to workweek “get tos.”

“We have the best designers in the country working in our art department for a chance to work with Bruce Beresford and Jane Fonda,” BCDF Pictures producer’s assistant Jason Nicholson said during a walk at the farm.

Beresford paused on his way through Vinci Farm’s flagstone lobby on his way to a meeting. “I love this script. I wouldn’t be working on it if I didn’t,” Beresford said. “What I didn’t expect was that upstate New York would be so beautiful to work in. Who knew?”

Most families with young children live within a mile of a public elementary school. The most common home heating fuel in the U.S. is gas. Only a third of American homes have a working carbon monoxide detector. These are just some of the findings of a comprehensive national sample of the more than 130 million residential housing units released recently by the U.S. Department of Housing and Urban Development.

HUD's 2009 American Housing Survey (AHS) provides one of the most thorough views inside the homes of millions of Americans and reveals everything from the square footage of the unit to how many homes have front porches, garages or even usable fireplaces. First conducted in 1973, the survey’s long-term design allows analysts to trace the characteristics of U.S. housing units and their occupants. For example, the 2009 survey reveals that significantly more American homes are larger and have more bedrooms and bathrooms than homes 37 years ago. In addition, homes of 1973 were significantly less likely to have central air conditioning and other amenities considered commonplace today.

"This important survey provides us a clear picture of the American home and its occupants," said Dr. Raphael Bostic, HUD's Assistant Secretary for Policy Development and Research. "The housing crisis makes clear the need for continued collection of high quality housing data to help us understand housing markets. The numbers behind this survey not only provide valuable information on the composition of our housing stock, but they also help us monitor the mortgage markets, measure worst-case housing needs and inform our policy choices."

The 2009 AHS includes enhanced data for five metropolitan areas: Chicago, Detroit, Philadelphia, New York and Northern New Jersey. For the first time ever, the AHS also includes data on disability status of household members. The new AHS also includes two independent metropolitan surveys of New Orleans and Seattle. Last conducted in 2004, the New Orleans survey in particular will provide an in-depth progress report of the redevelopment of the metro area following the hurricanes of 2005.

There are 130,112,000 residential housing units in the U.S.; 86% of these are occupied. The median age of ‘the American home’ is 36 years, though the survey finds that homes newly constructed since the 2007 AHS are generally larger, more expensive, have more bedrooms and bathrooms and are more likely to include amenities such as central air conditioning. Some of the other key findings of the 2009 AHS include: 68% of U.S. homes are owner-occupied; 51% are located in suburban areas; 29% in central cities; and 20% outside metropolitan areas; and 18% are located in the Northeast; 23% in the Midwest; 37% in the South; and 22% in the West.

Unit size
-The median size of an occupied home is 1,800 square feet (compared to 1,610 in 1985, the earliest year this information was collected), with owner-occupied units being larger than renter-occupied ones. Newer Homes are also usually larger, with a median size of 2,300 square feet.

-Median lot size for single-family homes, including mobile homes, is 0.27 acres (compared to 0.36 acres in 1973) with owner-occupied units generally having more land than renter-occupied ones.

Rooms
-Most homes (53%) have six or more rooms, with owner-occupied units generally having more rooms than renter-occupied ones. In 1973, only 39% of homes had six or more rooms. Newly constructed homes generally have more rooms – 65% have six or more rooms.

-Most homes have three or more bedrooms (64% compared to just 48% in 1973). -New homes generally have more bedrooms – 80% of them have three or more bedrooms.

-More than half of U.S. homes (51%) have two or more bathrooms compared to just 19% in 1973. Again new units have more bathrooms, with 89% of them having two or more bathrooms.

Equipment
-All units have a refrigerator and kitchen sink and almost all homes (99%) have a cooking stove or range. Overall, 98% of units have a full kitchen.

-The most commonly used cooking fuel is electricity (60%) followed by piped gas (35%).

-Two-thirds of the homes (66%) have a dishwasher, 51% have a disposal in the kitchen sink and 3% have a trash compactor. New units are more likely to have these amenities.

-More than eight in ten homes have a washing machine (84%) and clothes dryer (81%).

-About two-thirds of U.S. homes (65%) have central air-conditioning and another 21% have window units – new units are more likely to have central air-conditioning (89%). By contrast, only 17% of U.S. homes had central A/C in 1973 although 30% contained window units.

-About nine in 10 homes (93%) reported a smoke detector while 36% reported having a working carbon monoxide detector.

Heating
-About two-thirds of U.S. homes use warm-air furnace for heating; 12% use an electric heat pump; and 11% use steam or hot water system.

-The most commonly used home heating fuel is piped gas (51%) followed by electricity (34%), though new units are more likely to use electricity.

Plumbing
-Almost all units (99%) have complete plumbing facilities.

-The most commonly used fuel for heating water is piped gas followed by electricity.

-More than eight in ten units (88%) receive water from a public system or private company, and the remaining units received water from wells.

-More than nine in ten households rated their water as being safe.

-Eight in ten units use the public sewage disposal system and 20% use a septic tank, cesspool or chemical toilet.

Amenities
-Most homes have a telephone (98%), porch, deck, balcony or patio (85%) and a garage or carport (66%).

-About half (48%) have a separate dining room and three in ten units (30%) report two or more living rooms or recreation rooms.

-About one-third (35%) have a usable fireplace.

-New construction is more likely to have all these amenities.

Neighborhood
-95% of units are located close to a grocery or drug store, and 97% of residents with access were satisfied with the stores near them.

-Slightly more than half of U.S. homes (54%) are located near public transportation, with about seven in ten of the residents (71%) living in these units saying that they live within a 10 minute walk to such transportation. However, just 17% of households living near public transportation report using it for commuting or school.

-Most communities (90%) do not have secured entrances, though new construction is more likely to be in secured communities. Residents, overall, were satisfied with police protection in their communities (91%).

-Most residents reported that their neighborhoods did not have vandalized buildings (88%), barred windows (84%), and trash, litter or junk (89%). However, 40% of residents said that their streets needed repairs.

-Nearly half the households (45%) had access to community amenities such as a community center or clubhouse, trails, golf, daycare, shuttle bus or private beach or park area.

-Noise from traffic was a problem reported by almost one-quarter of residents (23%), though fewer residents of new construction found this to be a problem (15%).

-Six in ten households with children under the age of 14 years (60%) said that there was a public elementary school within one mile of their homes.

-Less than one in ten households with someone 55 years or older (7%) reported living in an age-restricted community.

For more information, visit www.hud.gov.

RISMEDIA, July 6, 2010

The statistics shown below were taken from the Ulster County Multiple Listing Service.  

Comparing sales from January 1, 2010 through July 15, 2010 with sales from the same time period in 2009, there has been an increase of 160 homes sold, a 33.6% increase.  The average sale price decreased from $240,296 to $235,503, a 2% decrease.  The median sale price increased from $206,730 to $209,875, a 1.5% increase. Sales increased for homes in every price category, except for the lowest and highest priced homes, those priced under $100,00 and over $501,000.

When you compare sales for the January 1, 2010 through July 15, 2010 with sales from 2008, there have been appreciable drops in average and median sale prices.  The average sale price dropped from $300,999 to $235,503, a 27.8% decrease.  The median sale price dropped from $245,000 to $209,875, a 16.7% decrease.

The average and median sale price for 2010 is slightly lower than what it was in 2004!  But with prices remaining fairly stable for the past year and a half, perhaps we have hit the bottom of the market.  

The following chart is broken down by Ulster County town, for the period January 1, 2010 through July 16, 2010.  It lists the number of units sold, the average list price prior to sale, the average sold price, a comparison of these two figures, and the average days a listing is on market, beginning with the listing date and ending with the sold date.

Woodstock had the highest average list and sold prices for Ulster County, and the Village of Ellenville had the lowest average list and sold prices.  Rosendale had the highest ratio of sold price compared to list price, and Ellenville had the lowest ratio.  Marlborough had the highest number of days on market, and Hurley had the lowest.

The National Association of Realtors (NAR) puts together every six months, real estate statistics for Ulster County, New York, based on information they get from the Ulster County Board of Realtors, the Ulster County Multiple Listing Service, and the local and national government.  This includes statistics and information about real estate sales, mortgages, foreclosures, employment, and unemployment in Ulster County, New York. 

To see the full report from NAR, CLICK HERE.

Drive Score shows a map of what establishments are in a property’s neighborhood and calculates a Drive Score based on the number of places within a convenient driving distance. With Drive Score, buyers can see how close establishments are by car. Homes are often located in an area where restaurants, libraries, grocery stores, hospitals and other businesses are easier to get to by car than on foot.  To see the Drive Score for a particular address, click on this Drive Score link. 

Three Shawangunk Ridge Park Preserves (Minnewaska, Mohonk Preserve and Sam’s Point) Have Local Impact of
$12.3 Million and More Than 350 Jobs

Conclusion: A study commissioned by the Minnewaska State Park Preserve, the Mohonk Preserve and the Sam’s Point Preserve determined that tourism and park/preserve operations generate a positive economic impact on the local area of $12.3 million and support 358 local jobs.  The study was conducted by Business Opportunities Management Consulting using economic impact models used by the National Park Service.

Background: The Shawangunk Ridge (Gunks) is a geologically unique branch of the Appalachian Mountains regionally famous as a destination for world-class rock climbing and other outdoor recreational activities.  In Ulster County, over 30,000 acres of the Gunks are protected, primarily as part of the Minnewaska State Park Preserve, the Mohonk Preserve and Sam’s Point Preserve.  These three entities have commissioned this economic impact study to quantify the benefits to the region associated with their operations and the tens of thousands of tourists that come to the Gunks each year.

To determine the impact that Minnewaska, Mohonk Preserve and Sam’s Point have on the region, the Money Generation Models (MGM) that were developed for estimating economic impacts for the National Parks Service were used.  The MGM models are able to estimate spending by visitors based on information about the number of visitors to each of the three preserves.  With additional information about local spending on park/preserve employees, operations and capital expenses, the models are able to calculate the economic impact and number of jobs supported in the local area.  

Economic impact is quantified in the form of the value added to the local economy.  The value added represents the sum total of the increased value to goods and services that is generated by the local activities being evaluated.  In so doing, the model captures those flows of money that go to local businesses and residents and backs out flows that go to businesses and individuals outside of the local area.  The MGM models also use sophisticated multipliers based on studies of national park operations to take into account the secondary effects resulting from recirculation of money spent by tourists, the park/preserves and park/preserve employees.  This includes the number of jobs supported by these secondary effects.  

Results: Using information from the three entities and applying the MGM models provided the following information about the impact of Minnewaska, Mohonk Preserve and Sam’s Point on the local economy:

• Annual visitors to Minnewaska, Mohonk Preserve and Sam’s Point: 392,695
• Annual spending by visitors to Minnewaska, Mohonk Preserve and Sam’s Point: $13,051,000
• Annual local sales taxes generated by visitors to Minnewaska, Mohonk Preserve and Sam’s Point: $459,000
• Total economic impact of Minnewaska, Mohonk Preserve and Sam’s Point on the local economy: $12,307,593
• Number of local jobs supported by Minnewaska, Mohonk Preserve and Sam’s Point: 358

Of the total $12.3 million in economic impact, $4.5 million is from the effects of spending on park/preserve operations by the three organizations and $7.8 million is generated by the spending of visitors to the three entities.



Of the total 358 jobs supported by the three entities, 242 are the result of visitors to the area, 63 are employed by the park/preserves and 53 are supported by park/preserve operations spending.



The above economic impact estimates were generated by the Money Generation Models (MGM) using 2009 visitor and financial information (most recent available fiscal year) from Minnewaska State Park Preserve, Mohonk Preserve and Sam’s Point Preserve.

As the housing downturn has shown, homeownership is about more than buying a home – you have to make sure you can keep the home over the long term. If you’re thinking about buying a home, these five steps can help ensure you get the right house for you, and the affordable financing that helps make homeownership a long-term success:

Get Educated. A little mortgage know-how goes a long way toward ensuring you get an affordable mortgage

Before you hire an agent or find a lender, get educated on the loan process and key factors that make a loan affordable. You’ll want to know about loan types – fixed-rate mortgages, adjustable-rate mortgages, FHA and VA loans – and the full range of line items that contribute to the total cost of securing the loan, including discount points, appraisals, and real estate agent commissions.

If you would like more in-depth information, the Department of Housing and Urban Development (HUD) can put you in touch with the nearest housing counseling professional in your area. Visit the HUD Website for more information. You can also check with local government, neighborhood associations and neighborhood bank branch offices for information sessions on home buying as well as homebuyer- education programs.

Get Your Finances in Order. Given today’s stronger lending guidelines, it’s more important than ever to get your finances in order<

First, get a copy of your credit report, which usually includes your credit score. If your credit score is low (anything below 620), take the time to improve it. If you find errors on the report, take the time to correct them. This may put your home buying plans on hold (creditors typically look for a two-year history of consistent, on-time bill payment to establish good credit), but it could result in a better loan and more affordable rates.

Establish a Budget. Before you start searching for your home, make sure you know how much home you can afford

Lenders will evaluate all your debts and take into account your full financial situation in qualifying you for a mortgage. A key factor is how much income you bring in vs. how much you will pay out each month. Here’s a good guideline to check where you are: Your housing expense (the mortgage payments on the house you are buying) should generally not exceed 28 to 33 percent of your total monthly gross income – and all revolving debt (including car payments, credit cards payments, and your mortgage payment) should not exceed 36 to 40 percent of your total monthly gross income.

It’s always helpful to create a monthly budget, itemizing all your recurring expenses, including estimated maintenance costs, taxes, utility bills, and condo or homeowners’ association dues. Then, test your budget. If you can pay all these debts and continue to add to savings, you may be ready to buy a home. If not, you may have to revise your plans.

Start Saving. Having savings in reserve helps ensure you can afford the upfront costs of homeownership

These include:

• Down Payment – Five to twenty percent of the purchase price. (Keep in mind, a lower down payment means you’ll have to qualify for a higher loan amount and pay for mortgage insurance – adding to your monthly mortgage payment).

• Deposit – Two percent of the purchase price, typically. Sometimes called earnest money, a deposit shows the seller you’re serious about buying the home. If your offer is accepted, the deposit or earnest money will be applied towards the down payment. If your offer is rejected, the down payment will be returned to you.

• Closing Costs – Three to five percent of the purchase price, on average. These costs include all fees required to execute the sale, including attorney fees, title insurance, appraisals, and points.

Get Pre-Approved. In today’s competitive market, home buyers should get pre-approved for a mortgage before they begin their house hunt.

To be pre-approved for a loan, your lender will gather information about your job, assets, income, and debts and then determine how much financing you’re qualified to receive, backed by a pre-approval letter. When you’re ready to make an offer, this letter will tell the seller you’re a serious and qualified buyer. It will also give you an edge over competing buyers who are not pre-approved.

Keep in mind, pre-qualification doesn’t mean you have an approved loan. You’ll still need to apply for a loan if your offer is accepted.