Trixie’s List asked two of our real estate advertisers, Anthony D’Argenzio from This Old Hudson Team at Houlihan Lawrence and Kylah Campeta from Nicole Vidor Real Estate, their opinions on the Hudson real estate market.
Anthony D’Argenzio:
This Old Hudson Team at Houlihan Lawrence
Photo credit: This Old Hudson
Photo credit: This Old Hudson
Kylah Campeta: Nicole Vidor Real Estate
How have Hudson real estate sales changed in a post-COVID economy?
Anthony D’Argenzio: The Hudson Valley/Upstate region certainly experienced increased regional attention during the pandemic, which we’ve seen remain strong and steady, sustaining a resilient demand for housing. With inventory levels low, now it is an opportune moment to be listing your property. We’ve seen the majority of This Old Hudson Team at Houlihan Lawrence listings continue to receive multiple bids and sell above ask, even in the wake of the pandemic.
Kylah Campeta: The COVID real estate tsunami consumed a large portion of the Hudson real estate inventory, coupled with much higher interest rates and far fewer properties to offer clients the market has depleted considerably. Consequently, prices are holding and still often going above asking. Trades and materials are very high making turn key properties the most desirable.
There’s a belief that interest rates will go down in the future. Is this impacting sales?
Anthony D’Argenzio: With anticipated rate drops by the Fed, we believe the spring/summer market will bring a prime time for sellers. As interest rates become more competitive, we’ll see an influx of buyers in the market, translating to heightened competition and higher selling prices.
Kylah Campeta: Some analysts are saying, better to buy now before the interest rate goes down because when it does, the market will be flooded by buyers and prices will go even higher.
A common complaint is that there’s not enough inventory of available homes. What do you think?
Anthony D’Argenzio: Certainly, it is true that turn-key properties do tend to sell significantly faster. However, for those with patience, time, and the assistance of a reliable contractor, investing in a fixer-upper can yield substantial benefits and an opportunity to secure a better deal in the market.
Kylah Campeta:The inventory is low across the country. The hot COVID market ate up the inventory and the high interest rates froze it. It is equally challenging for new builds. The situation could be greatly helped by more creative zoning.
Has the rental market cooled?
Anthony D’Argenzio: Yes, while the rental market may appear flat overall, there remains a consistent demand for properties that offer the right combination of location, amenities, and price point.
Kylah Campeta: The rental market has not cooled but it does seem that the higher priced rentals are taking longer to rent.
What do renters want in an apartment/house? What is the best way to prepare to rent out a space? What are the most desirable amenities?
Anthony D’Argenzio: Affordable, long-term rentals remain in demand, versus furnished housing that commands a premium price. Overwhelmingly, we’ve seen renters prioritizing walkability, abundant natural light, in-unit laundry, well-equipped kitchens, outdoor space, parking availability, and always, that Upstate historic charm – which always holds a particular appeal.
Kylah Campeta: Renters want a well-cared for building within walking distance of Warren Street. In the country renters prefer to be near a village. A landlord can prepare by fixing any problems before renting and making sure the apartment is clean and all of the systems work well. A washer and dryer in a unit and parking make a huge difference.
What do you see in Hudson’s real estate market future? In the coming year?
Anthony D’Argenzio: As the trend towards both small-town charm and urban convenience persists, we see Hudson’s desirability remaining steadfast. However, we anticipate a potential price adjustment on the horizon. While overpriced fixer-uppers may linger on the market longer, at This Old Hudson, we firmly believe well-priced properties, marketed thoughtfully with a design-first perspective, will continue to experience swift sales that maximize their value for sellers.
Kylah Campeta: I think we are going to see more of the ‘old’ Hudson, people that came in the late 90’s and early 2000’s, when real estate was still affordable and taxes were reasonable, selling and downsizing. The older residents are also looking at rising costs and thinking of cashing in and downsizing. The challenge is, there is nowhere in the community to downsize to. I think we will see more rentals as more people are required to return to their offices. I think it will be a very active spring, summer and fall.