The Lower Hudson Valley real estate market has shown a bit more health in the second quarter, as the number of home sales in Westchester, Putnam, and Rockland counties have risen sharply compared to the same period in 2015.
In Westchester, the number of home sales from April to June was 2,241, up 11.5% from the 2015 figure. The volume was the second highest for a second quarter in 10 years, according to Jonathan Miller, CEO and president of Miller Samuel Real Estate Appraisers and Consultants.
A similar trend was recently noted in the Rand Report as well. The publication is issued by Joseph Rand, managing partner at Better Homes and Gardens Rand Realty in New City.
“We’ve now had sales going up for over four years, with regional transactions rising in 16 out of the last 18 quarters,” Rand stated. “Most importantly, we’re now seeing sustained sales increases driving sales totals to levels that rival the height of the last seller’s market, with almost 15,000 single-family home and 3,000 condos sold over the past 12 months.”
However, real estate isn’t looking so fantastic for everyone in the Hudson Valley.
The company that owns the Hudson Valley Mall has defaulted on a debt of almost $50 million. As a result, the mall has been put in receivership, according to court records.
Last month, state Supreme Court Justice Richard Mott named mortgage holder U.S. National Bank Association the receiver, and gave it permission to put the mall up for sale. In addition, he granted U.S. National Bank’s request to have CBL and Associates Management, a Tennessee-based developer and manager of retail properties, make an attempt to fill vacant space in the Ulster mall.
Metal roofs may be 100% recyclable at the end of a long life, but will the same hold true for the Hudson Valley Mall? The mall, which is anchored by Target, Sears, Best Buy, Dick’s Sporting Goods, and a 12-screen movie theater, remains open.
Despite the mall’s difficulties, Hudson Valley real estate continues in a positive trend.
In Rockland, the second quarter median sale price for single family homes was $430,000, up 4.9% from the 2015 median, according to the Rand Report. The number of sales also rose 28.2% to 495 from the same time last year.