Andrew Westphal | Ulster County Real Estate Specialist

It's been a busy Spring here in Ulster County for real estate. My firm, Westwood Metes & Bounds, currently has 60 pending listings. 40 of them are under 300k. With the exception of a one-of-a-kind $1.7 Mil property, the average listing price is 266k at about 138 days on market. 

Here is an interesting article from the Wall Street Journal about how the housing market may be turning around:
http://online.wsj.com/article/SB121003604494869449.html?mod=opinion_main_commentaries

The FHA has announced that the loan limits in Ulster County have increased as follows:

Single Family Homes: $ 402,250

Two Family Homes: $ 520,050

Three Family Homes: $ 628,650

Four Family Homes: $ 781,250

Features of FHA loans:

3% down payment

6% seller concession allowed

down payment money can be gifted

co-signers allowed for single family properties

primary residence only

FHA interest rates are currently lower than conventional loan programs!

Call Liz Moeller and Greg Eckert,

We are FHA loan experts!

800-972-7759   
Centennial Mortgage
312 Wall St.
Kingston, NY 12041

When it comes to the real estate market, Barbara Corcoran always has her finger on the pulse. Here is a great article and video about when it's a good time to buy, sell or hold in today's market. Full article is here: http://today.msnbc.msn.com/id/23376572/

269 listings sold in the 4th quarter 2007 compared to 348 sold in the 4th quarter of 2006. The average price for a single family residential home was $283,948 this quarter and $285,001 the previous year. The average Days On Market (DOM) for this quarter were 166 days compared to 156 days the previous year.

As of January 31, 2008, there are 1,012 listings on the market in Ulster County with 45 listings under contract and 105 pre-contract pending sales.

If you would like the full pdf report with an analysis by area, just email me.

Barbara Corcoran is one of the leading Real Estate brokers in the country. In this article and video she discusses things you can do to increase the chances of selling in today's competitive market. [link to article]

Here's a nice article in the NY Times about Marbletown. (click here)  Now is an excellent time to find your dream home in Marbletown, whether it's your country retreat or full time residence, there are some beautiful homes on the market now. For the first time in years, buyers have a choice of excellent properties and can negotiate excellent prices. Click here to search available listings!

These days one hears a lot about a "sluggish" Real Estate market in the media. Here in Ulster County, I beg to differ. Below are some statistics comparing the first half of the year from 2005-2007. According to the National Association of Realtors 2005 was the best year for Real Estate on record. Although there are slightly fewer listings sold thus far in 2007, it looks like the average days on market is about the same and the average price is actually up 8.8%. In my opinion, Ulster County continues to have staying power and still has a very active market.

One of the most important considerations of a healthy market is supply and demand. In Ulster County, the supply has been limited by a lack of new home production in recent years. This is partly because residents tend to fight development projects, thus keeping a rural feel to Ulster County. But also, there are high costs for new construction and there aren't many experienced builders or large building firms in Ulster County.

Since we are within a reasonable commute of Manhattan, the demand for rural homes has been strong and steady. Many folks telecommute as well. Being that Manhattan prices have gone up in 2006 and 2007, it is not surprising that city buyers are enjoying the relative bargains and high quality of life that Ulster County provides.

Over the past decade, many parts of the country experienced runaway appreciation rates. Ulster County, however, was much more steady and realistic. Most of all, I think homeowners here see their property not only as a solid investment but as a lifestyle.