Who’s Buying Upstate? You Are. If You’re Rich.

Luxury Farmhouse from Catskill Premier

Our Margaretville correspondent passed on this article from the Financial Times. According to the Brits, the bulk of sales for homes in the Catskills are going to New Yorkers, despite the untimely lull in sales, post-Irene. They’re attracted by its “four-season resort” amenities: swimming in summer, fishing in fall and spring, skiing in winter. Brokers say some live there as much as 3/4-time (hope they write in to tell us how that’s possible for the rest of us) while others are weekenders.

While our philosophy is that upstate New York properties are incredibly reasonable as compared to hyper inflated prices here in New York City, and that there are tens of thousands of folks like us, who want to be home owners but can’t make it swing in our neighborhood of choice, this article reports on folks interested in grander properties. “One discernible trend is the increasing number of buyers seeking estates, usually of 100 acres or more,” they write. “Catskill properties can fetch as much as $2m, particularly those closer to Manhattan. Yet you don’t have to spend anywhere near that to obtain an exceptional home. Spinelli is selling a four-bedroom property with mountain views for just $750,000. Located in Bovina, it includes a pool and 12 acres of grounds.”

Personally, that seems like a lot for Bovina to me, but I’m not looking for a second home in that price range. This article really caters to folks who might otherwise be interested in the Hamptons or other chic places, but want more for their giant pile of cash — excuse me, more for their money. As one upstate buyer put it, “It’s better than sitting in traffic on the way to the Hamptons. And for the money, it’s a great deal.”

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About lisa

I'm a freelance writer (and thus, not a homeowner), specializing in real estate, urban planning and sustainability. Also, I just like looking at pictures of houses.

Posted on December 5, 2011, in Catskills, Finances. Bookmark the permalink. Leave a comment.

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