Hudson Valley State of the Market First Quarter real estate report

This is typically the time of year we send out our First Quarter market reports. For this report, we are breaking our regular format to give our best analysis of the housing market due to the coronavirus, the resulting economic fallout and the Essential Services Order. We took the data from the first quarter and the company’s 40-year experience in the real estate industry to get a sense of where the market might
be going.

So how is the market? The pace of new inventory coming onto the market has understandably slowed down. Agents are offering video-conference listing consultations for potential sellers. Buyers that need to move right now are relying on virtual showings and video tours to accomplish their house hunting. Deals that are in contract are still closing, but experiencing some delays. We anticipate closings will be
down 50% for the second quarter but we don’t foresee values decreasing in the upcoming months. If we have a return to “semi-normal operations” pent up demand will fuel the summer market.

I want to express best wishes to everyone in our community during this challenging time and our hopes that you are staying safe as we all try to “flatten the curve.” If you have any questions about the attached report or real estate in general, feel free to call me at 845-480-2366. I’m always happy to chat.

Click the image below to access the full First Quarter Real Estate Market Report
Hudson Valley State of the Market First Quarter real estate report

Rockland housing update

SHIFTING STATS

Stay-at-home orders appear to be influencing the decision to put properties on the market. The number of homes listed for sale fell 13.1% for the week ending March 21 and 34% in the week ending March 28 according to Realtor.com. Home price growth slowed during the same two weeks to 3.3% and 2.5% year-over-year respectively.

RATES RECEDE

Mortgage interest rates have trended down for two consecutive weeks according to Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week ending April 2. The PMMS says the rate drop “reflects improvements in market liquidity and sentiment.”

FORBEARANCE FACTS

Mortgage forbearance is one of several options being offered to help Americans suffering as a result of pandemic control measures. Forbearance terms can vary, and borrowers should make sure they understand what their loan servicers will require. Some servicers are offering to tack deferred payment amounts on to the total loan balance, while others are requiring deferred payments to be made in a structured plan at the end of the forbearance period. The Mortgage Bankers Association reports that requests to delay mortgage payments grew by 1,270% between the weeks of March 2 and March 16, and another 1,896% between the weeks of March 16 and March 30.

ELDERLY ASSETS

Homeowners 62 and older saw their home equity jump $39 billion dollars between the third and fourth quarter of 2019 according to the Reverse Mortgage Market Index from the National Reverse Mortgage Lenders Association (NRMLA). NRMLA says that senior housing wealth has reached a record $7.23 trillion dollars in the U.S., the highest amount since they began tracking it in 2000.

Virtual Showings

Its certainly not business as usual and lots of buyers have put moving to a new home on the back burner. But some of my clients, for various reasons, need to sell or buy right now. We are doing so with new protocols for safety and innovative marketing including virtual showings. Stay safe my friends!

 

virtual showing

Economic assistance, pre-pandemic sales & equity access

CARES ACT

The CARES Act signed into law on March 27 in response to the economic fallout from our nation’s efforts to curb the spread of COVID-19 has several provisions to help consumers suffering financial strain. Consumer relief measures include the ability to request mortgage payment forbearance and temporary freezes for student loan payments, certain evictions and foreclosures. Consumers can begin the assistance process by contacting their loan servicers and landlords.

RATES RECEDE

Mortgage interest rates trended downward for the first time in three weeks according to Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week ending March 26. The PMMS attributed the drop to “the Federal Reserve’s swift and significant efforts to stabilize the market.” Freddie’s analysts noted, “the combination of the Fed’s actions and pending economic stimulus will provide substantial support to the mortgage markets.”

STILL SELLING

Pending home sales were up 2.4% from January to February, and 9.4% year-over-year according to the National Association of Realtors® (NAR). As for what’s next, NAR Chief Economist Lawrence Yun said, “Numbers in the coming weeks will show just how hard the housing market was hit, but I am optimistic that the upcoming stimulus package will lessen the economic damage and we may get a V-shaped robust recovery later in the year.”

HELOC HELP

Economist Elliot Eisenberg, PhD spotted a spike in homeowners seeking cash amid economic uncertainty. Eisenberg says that outstanding home equity loans rose $2.3 billion to $317.2 billion for the week ending 3/18/20. Outside of an increase during the last government closure, this was the first increase in home equity loans since the week ending 2/1/12, when they rose $4.7 billion to $553 billion.

Knolls East condos and townhouses for sale in the Hamlets Nanuet Real Estate

Knolls East Condos – The Hamlets – Nanuet Real Estate

Together, Knolls East, Timberline, Vista at Kingsgate, Treetop and Eagle Ridge are the Hamlets, one of the most sought after condo developments in the Rockland County real estate market.

Search Nanuet NY Rockland Real Estate Homes For Sale, Nanuet Condos for sale and Nanuet Town houses for sale

Knolls East Condos in Nanuet are immaculate contemporary tri-level town houses located in the prestigious Hamlets. Knolls East is a beautiful neighborhood with park like settings off  the rear decks. Knolls East is known for 9 quiet cul-de sacs wrapping around Wedgewood Parkway in the Hamlets. They are Milford, Wyndham, Nottingham, Knightsbridge, Yorkshire, Trafalgar, Revere, Oxford and Kensington Court.  Knolls East is also known for the bay windows in the living room and master bedroom.  Many units are spectacularly sun drenched and totally renovated.

The front door of these condos usually leads to a ceramic tile hallway. Some unit owners have added hard wood floors at the entry.  The ground level contains access to an attached garage with an electric door opener plus driveway parking. The ground level also has a laundry room and an office or den which could be perfect for a family room, home office, gym or guest room. The second floor in Knolls East has large kitchens with lots of counter space, a dining area sufficient enough for double-digit dinner guests and a private deck through sliding glass doors. A few steps up will lead to a spacious living room. Many Knolls East condos are warmed by wood burning fireplaces in the living room. Don’t forget the above mentioned bay windows as well as soaring cathedral ceilings.  Knolls East in Nanuet truly has a great open floor plan perfect for entertaining. On the third level you will find the master bedroom with a full attic inside the master closet.  A second bedroom will also be on this level.

While the previously mentioned floor plan accurately describes the units located on Milford, Wyndham, Nottingham and Kensington please be advised a newer section of the complex (Knolls East IV,) has a different lay out.  The units on Knightsbridge, Yorkshire, Trafalgar, Revere and Oxford have a colonial style floor plan with entrance directly into the living room level. This section of Knolls East often has a basement with two separate rooms which can be used as a third and fourth bedroom, family rooms etc. These condos have two assigned parking spots but no garage.  The biggest advantage of

Knolls East Amenities

Each section of the Hamlets has its own pool. The Knolls East pool sits between Nottingham and Knightsbridge Court. The unit owners on these two streets rave about the convenient pool access from their back doors. The complex also has tennis courts, handball courts and a club house which accommodates seasonal concerts. Knolls East Condos in the Hamlets of Nanuet is also one of Rockland County’s pet friendly condo complexes. On a sunny day in the Hamlets you can meet pet owners jogging, walking and mingling with other residents and their pets.  The real estate property taxes for Knolls East in Nanuet are approximately $6,000 per year. The HOA fees are roughly $350 per month.

Knolls East has an express bus to NYC directly from the complex.

How’s the Market?

Click here for all Knolls East condos for sale in the Hamlets.

The most expensive unit ever sold in Knolls East sold for $415,000.  This was a spacious Nanuet condo; light and bright freshly painted multi level town house boasting a finished lower level family room, a huge country kitchen with new appliances and two pantry closets, deck off the kitchen and master bedroom with master bath and walk in closets. This Rockland County Condo also had a new half bath, two new full bathrooms. Plus an alarm system and intercom throughout the entire home. The central air conditioning was only 3 years old; the water heater was only two years old. This condo also had a new washer and dryer.  It turned out to be a great find for a new Rockland County Homebuyer looking in the Hamlets of Nanuet!

Nanuet Real Estate Search for Listings

Try out map based search for condos in Nanuet. You will love the navigation!

Eagle Ridge Condos and townhouses for sale in the Hamlets, Nanuet Real Estate

Together, Knolls East, Timberline, Vista at Kingsgate, Treetop and Eagle Ridge makes up the Hamlets, one of the most sought after condo developments in the Rockland County real estate market. Take the Palisades Interstate Parkway to exit 10S (Middletown Road, Nanuet.) Turn Right onto Smith Road and then right at the top of the hill (Kingsgate Parkway) Welcome to the Hamlets!  From here your first right turn will be into the Eagle Ridge condo complex, Nanuet condos with spectacular views!

Click here to view all Eagle Ridge condos for sale in the Hamlets, Nanuet NY.  Listings are provided through the Greater Hudson Valley Multiple Listing Service.

Eagle Ridge condo listings for sale in Nanuet, Rockland County NY real estate market area.

Eagle Ridge condos in Nanuet were built in 1994.  This is the newest section of the Hamlets.  Residents love Eagle Ridge due to the proximity to Nanuet trains and busses, New York State Thruway and lots of shopping. (Spring Valley Market Place) These condos have central air, loads of closets and storage space, spacious private decks, skylights, recessed lighting, vaulted ceilings, hi-hats and crown moldings.

Eagle Ridge amenities include a children’s park, community pool, tennis courts, basketball court and clubhouse, Guest parking is plentiful nearby. Enjoy the outdoors with year round greenery.

Search Nanuet NY Rockland Real Estate Homes For Sale, Nanuet Condos for sale and Nanuet Town houses for sale

Eagle Ridge Condos have many styles and models.  The most prevalent models are the
Bucknell and Upper Bucknell condos, (These are 1050 to1150 square feet condos. The bedrooms are on the same level as the living area. Down the hall from the Kitchen and Living room is a half bath, laundry area and master bedroom offering large closets and a full master bathroom. Originally these were one bedroom condos with an adjoining room.  Most owners have placed a wall dividing the two areas for a second bedroom. Both Upper and Lower Bucknell styles have a private lower level ideal for a family room, guest suite or exercise area. The lower level also accesses private garage.

Cambridge models are mid size town houses in Eagle Ridge. These are 1400 sq feet, 2 bedrooms, 2 full bathrooms plus one half bathrooms on three levels of living space.

Eaton Models are 2000 square feet townhouses with the possibility of a fourth bedroom conversion.  Eaton models in Eagle Ridge have standup attic with so much storage space. These units have extra spacious living rooms with cathedral ceilings.  The master bathrooms have showers with separate soaking tubs.

Fordham models are the largest Eagle Ridge units.  In addition to the features mentioned above, these homes have two car garages and 2400 square feet.  These are as big as a house. (Without all the exterior maintenance, of course!)

Eagle Ridge has amazing views from all over the complex! Enjoy mountain views from Woodland Terrace, wooded scenery from the quiet cul-de-sacs and have your morning coffee and watch the sunrise. Privacy seekers love the beautiful landscaped retaining wall running along the bottom of Eagle Ridge Way. At night-time enjoy the ambiance of pretty street lights and the sense of security of a well lit neighborhood. This Rockland Condos complex truly is a MUST SEE!

How’s the market.

Click here to see all the Eagle Ridge condos for sale in Nanuet NY. 

The most expensive home ever sold in eagle ridge sold for $522,500.  This was a STUNNING townhome with spectacular eastern skyline views. This home had an extra full bathroom on lower level.  Bright, sunny, well cared for.  Gleaming hardwood Floors.  Extra built-ins created sought after counter space in the kitchen.  Two car garage.  Clarkstown Schools.  Sliders leading to private deck off the large dining room.  Loads of closet space. Quiet cul-de-sac setting.  Club house/Pool/Tennis and an alarm system.

Eagle Ridge Nanuet street names include Eagle Ridge Way, Hilltop Terrace, Mountain Terrace Skyline Terrace and Woodland Terrace.

VIEW ALL NANUET CONDO LISTNGS

Amber Fields real estate, Nanuet townhouses and condos for sale

amber fields condo complex nanuet town house for sale, nanuet real estate

Take a drive through Nanuet and discover Amber Fields, Nanuet Real Estate. Amber Fields condos
and town house complex is located in Rockland County NY.  Moments away from Costco, Lowes and
Target near RT 59 in Nanuet.

Click here for active Amber Fields
condos for sale in Nanuet

Search Nanuet NY Rockland Real Estate Homes For Sale, Nanuet Condos for sale and Nanuet Town houses for sale

There are approximately 131 units in Amber Fields.
Original Construction date: 1996-1997
Original offering price at time of construction $160,000 to $200,000 depending on size.
Exterior/End unit town houses size  2300-2400 square feet.
Interior/Center unit town houses size 1800-2000 square feet.
Most expensive town house to sell in Amber Fields was $509,000 at the peak of the market- November 2005
Amber Fields amenities: Condos with a pool, Club house, Tennis Courts, playground, basketball courts .
Individual unit features: Condos with a garage, 9 feet high ceilings, some units with private backyard and outdoor patios.
Homeowner’s Association Management Company: First Residential Management company.
Average monthly HOA fee – $395.00

Click here for active listing in Amber Fields, Nanuet provided by Rockland County’s Hudson Gateway Multiple Listing Service

Amber Fields Street Map. Amber Fields includes Meadow Lane, Brook Hollow, Hampton, Autumn, Long Valley and Cragmere Drive. Across the street from New Clarkstown road resides the Hamlets.
Alexander Court is located in the Versailles Condo complex.

Amber Fields nanuet condo complex street map in Rockland County NY. Street Names include Meadow, Brook Hollow, Cragmere, Long Valley Autumn and Hampton Drive.

 See all the Nanuet Condos!