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Hudson
Valley NY Real Estate Blog
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Wednesday, February 28, 2007
A proposed bill which would require anyone selling a home to test their well water was vetoed by Dutchess County Executive William Steinhaus. An override of the veto is unlikely. It would have also required landlords and owners of commercial properties to periodically test their private wells.
Wednesday, February 21, 2007
The Town of Lloyd and the Hudson Valley Rail Trail in Highland, NY has received two different grants to extend the existing pathway. The Town of Lloyd was awarded a $1,930,000 grant from the New York State Department of Transportation Enhancement Program to extend the trail westward from the current ending point at Tony Williams Field to Route 299. The extension will be approximately one mile. The Town of Lloyd also received a $802,000 grant from the Ulster County Municipal Planning Organization to provide funding to expand the trail eastward from Commercial Avenue, across Route 44/55, under Route 9W, to Mile Hill Road. This extension will also add approximately an extra mile to the trail.
Monday, February 19, 2007
The Town of Rochester board voted on February 7th to extend a moratorium on development for an additional three months.
Monday, February 12, 2007
The Ulster County Legislature passed a bill to require pesticide applicators to notify neighbors of any properties which are to be sprayed by liquid pesticides. Written notice must be given to neighbors at least 48 hours in advance of spraying.
Friday, February 09, 2007
The C.L.U.E. report is an independent source of information about the insurance claim history for a given property and individual over the most recent five years. The seller must obtain the report, so the buyer must make it known that they would like the seller to obtain a copy.
Review of the report benefits both the buyer and the real estate broker representing the buyer. The buyer has the advantage of seeing if any claims have been taken out on a home. Supplementing the home inspection with the C.L.U.E. report amplifies the buyer's ability to detect potentially costly latent defects, especially for areas that were inaccessible during a home inspection. It is not a catch-all solution, by any means, since owners do not report or take out a claim on all problems, but the report can reveal major structural defects and problems the owner has cleverly disguised.In addition, the buyer can detect potential trouble in insuring the home before they make the decision to purchase it. Home insurance premiums can go up based on the claims tied to the property--despite the purchaser's good risk rating. A higher premium can also cause a PITI payment to become unaffordable or bump the debt-to-income ratio up to the point where the client no longer qualifies for their preferred mortgage product. Don't make an offer without requesting it!
The median selling price in both Ulster and Dutchess Counties dropped in January 2007, compared to January 2006. Although the average price in Ulster increased 4.8% to $279,074, the median price fell 11.9% to $238,000. The average and median price both dropped in Dutchess. The average was down 15.6% to $348,553 and median fell 6% to $315,000.The average days on the market in Ulster was 173 days--24 more days than January last year. Dutchess reported 126 days on the market, which is 12 days longer.The number of homes on the market held mostly steady in Ulster County with 1,442 homes available. Dutchess showed an increased inventory by 18% with a total of 1,963 homes on the market.
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