Active Rain September 6, 2011

Cold Spring & Philipstown New York Market Snapshot

4 bedroom Ranch outside Cold Spring, town of PhilipstownAnyone who knows me knows that I love the Hudson River towns, and not just the ones in Westchester. Nyack in Rockland is near and dear to my heart, and so is Cold Spring, a hop skip and a jump away in Putnam County, NY directly across the Hudson from West Point. 

The area is very popular with weekenders from Manhattan, and aside from the village of Cold Spring, which has one of the most charming downtowns you’ll ever see, there is also the village of Nelsonville, and the larger areas  outside the villages in the town of Philipstown. All share the Cold Spring post office, and all are served by the Haldane school distict. There is something here for everyone here from historic, quaint village living, to bucolic acreage with privacy and majesty up the mountainside. 

The market here is more like Westchester than Putnam or nearby Dutchess county. In the 90 days spanning June through August, the area had 10 closed single family home sales at a median sale price of $407,500, which is almost $100,000 higher than the $315,000 median price in the rest of Putnam. In the same period last year when the stimulus was still skewing price and volume upward, 10 homes sold at a median price of $481,000. This is a significant drop in median price, but 2010 was affected by the $8,000 tax credit. There are two homes under contract at a median price of $457,500. 65 homes are on the market at a median list price of $499,900. 

The high inventory points to now being an exceptional time to be a buyer in the Cold Spring area. There is some real opportunity here. We currently have a beautiful listing in the town outside the village on 8 acres with a pond for $549,900. It is an all-brick, 2400 square foot 4 bedroom 2.5 bath ranch with a 2-car garage and 2 patios. That is an incredible value for a locale that is just over an hour from New York City on the Hudson Line. The area is one of the little jewels that deserves far more attention. 

If you’d like more information on the property, call or email me. If you’d like to search for Cold Spring area homes like an agent, get yourself a free Listingbook account

Covered Bridge in Philipstown, NY

View of Hudson from village of Cold Spring, NY