Anyone reading the New York Times or other national papers is led to believe that residential real estate values are increasing rapidly. The Times reports that Manhattan prices are skyrocketing and the general feeling is that all of the United States must be experiencing this boom! The fact is that although this may be true of Manhattan’s residential real estate, the LowerHudsonValley and the general area north of New York City is not encountering this phenomenon.
My observation is that values in the lower HudsonValley are at best stable and at worst still declining. Manhattan and maybe a portion of United States real estate may be increasing in value at a rapid pace. Or, maybe after many years of declining real estate values, the national news networks are desperately seeking positive signs of improving national markets.
What I see is a situation that is not quite so rosy. The lower HudsonValley real estate brokers are reporting that although demand has improved for residential properties, inventory of homes for sale is way down. Multiple Listing statistics are showing that prices are either stable or in decline.
Maybe the national real estate values have increased but that boost has not come home to the Lower Hudson Valley. Sorry to contradict the New York Times, but America is not Manhattan.