The State of Real Estate
By Laurie Willow
From Issue 1: Winter 2009
For a few years at the peak of the market most home values in Gardiner went up 20%-30%. Some actually doubled. The rise was so steep and so fast that many in real estate felt that there would be a correction. That time has come. In 2007, the 47 homes that sold in Gardiner looked like this. The median price was $359,000.
|High||Low||Average||Median||Total Price||Listing Count|
|Days on Market||376||2||144||126|
In 2008, 32 homes sold in Gardiner. The median price was $311,000. This is the trend that is continuing at present.
|High||Low||Average||Median||Total Price||Listing count|
|Days on Market||249||55||136||131|
The market in Gardiner is down, but it isn’t as extreme as in many other areas of the country. It has shifted from a seller’s market, where a seller could get multiple offers on a property, to a buyer’s market, where offers may be tendered well below the asking price. It is a good time to buy. Because of the beauty of Gardiner, its proximity to New York City, and its still-rural quality, Gardiner property has maintained value relative to other towns in New York State and Ulster County.
Inclusionary Housing: The average home in Gardiner sells for around $400,000, so to buy a home here would take 10% down ($40,000 cash) and a monthly payment of about $3,000 ($1,932 mortgage and $1,000 in taxes and insurance). This cost is way above what many residents can afford. A section in our new zoning laws requires developers to offer a very small percent of a development at an affordable cost. The town board is currently discussing rescinding this law—the only law we have that even minutely addresses the problem of affordable homes in Gardiner. Without it, Gardiner is on its way to becoming a “one-economic-class” town. If you want to learn more, email Ray Smith at firstname.lastname@example.org or Laurie Willow at LWillow@aol.com.
Property taxes have also become a major obstacle to home ownership in Gardiner. There is a movement underway to reform property taxes, and a strong contingent is right here in Gardiner. Contact Gioia Shebar 845 256 0082 or go to the website for further information: www.taxnightmare.org