1870s Colonial in Upper Nyack Hits the Market

It was a quiet week for local real estate this week, with the area seeing a modest 6 new listings, including our featured property: a the 1870s Village Colonial at 322 North Broadway for $850,000. And again, it was a week for lower priced buyers, with the other five properties having an average list price of only $300,000.  

And regarding sales—it was certainly not the busiest week of the year.  We only had 2 properties go Under Contract, and 4 properties Title Transfer. Interestingly, none of these properties that closed were single family homes.  They included a commercial warehouse, a mixed-use building, a condo, and a two-family home.   

As most of us would agree, real estate is very local and each market is unique. Typically I like to keep this column about our local market, however, this week I thought I would also mention some interesting news about the national and regional real estate market:

According to the National Association of Realtors (NAR), the number of Total Existing Home Sales for August rose 7.7% from last July, and 18.6 % from August of 2010.  So despite some banks being tight with credit, and the challenges with appraisals, the number of sales is strong.  Who are these buyers and how are they financing these properties you ask? 

Well according to the study, investors accounted for 22% of the sales in August, with first time home buyers picking up 32% of the market. And 29% of these August sales were "All Cash" deals...mostly from investors.

Lawrence Yun, Chief economist of the NAR, attributes this rise in sales to more affordable prices, rising rents, and investors absorbing foreclosed properties.  

Despite this positive news from NAR, The Wall Street Journal surveyed more than 100 top economists about the nation's housing market, and Wednesday's front page article, "Home Forecast Calls for Pain...prices to stumble through 2015", predicts that prices will fall another 2.5% this year, and only climb 1.1% annually through 2015. 

Let's just hope that our "unique market" will outperform the experts predictions.   

That said, here are the local properties:

New Listings:

306 Sierra Vista Lane, V.Cottage(condo)           $205,000

3 Allegra Drive, Valley Cottage (condo)             $239,000

76 Waldron Ave, Central Nyack                        $289,000

50 No. Broadway, Nyack (condo)                      $334,900

322 No. Broadway, Upper Nyack                       $850,000

Under Contract:            List Price/ Days on the Market (DOM)

52 South Midland Ave, Nyack           $339,000/ 124 DOM

6 Key Place, Tappan                        $469,000/ 81 DOM

Title Transfers: Sale Price/ Days on Market/ % of Orig. List

50 No. Broadway, Nyack   $322,500/ 181 DOM/ 80%

150 Burd Street, Nyack  $400,000/ 481 DOM/ 47%

492 Piermont Ave, Piermont    $450,000/ 56 DOM/ 94%

70 Piermont Place, Piermont    $460,000/ 48 DOM/ 90%

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