Is the Hudson Valley the New Hamptons?
As more and more young wealthy professionals move north and shun the Hamptons, some real estate professionals are wondering if the Hudson Valley is the next big thing in high end real estate.
Business Insider reports that while the luxury home market on the tip of Long Island sagged in 2016, prices for high end homes in the Hudson Valley held steady at around $1 million. Home prices did stabilize towards the end of the year, but the cat is out of the bag so to speak.
Many buying homes in the area, are purchasing second homes in addition to keeping a residence in the city. Families do all have their own reasons for making a move, but there are two that stand out. First of all, it’s financial. Your money goes a lot further here in the Valley compared to NYC or the Hamptons.
Another thing to consider is how easy it is to get to the Hudson Valley from the city. When you’re heading out east to Montauk, that can often take many hours on heavily traveled Long Island highways. Plus having Metro North and Amtrak service, heading north starts to make sense.
It’s not just families that are moving to the area, these celebrities have been calling the Hudson Valley home for quite some time.
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