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Beacon is the new Rhinebeck (according to housing sales)

Only one area posted a gain in real estate prices in Dutchess County year-over-year: that was Beacon, up 1%.
Everything else went down, for an average of -10.3% countywide, in one year.
Second worst was Rhinebeck: -42.3% in prices, in one year. (Amernia was the worst at 44.8%.)

So it seems that all of the rich New Yorkers who used to buy weekend homes in Rhinebeck are now buying weekend homes in Beacon.

Read all about it in the PoJo:


Beacon:

In Beacon, Donna Hardisty at Manor House Realty attributed the city's resistance to price decline to two factors.

"The edge is what it always has been," she said. "We're so close to the train station. We have a beautiful community with so many different amenities," notably the arts.

A good chunk of the business is New York metro area people coming up, including those looking for weekend homes, she said.

Anita Drake at Exit Drake Realty in Wappingers Falls was surprised to hear the price results for Beacon and speculated that it might be an "anomaly." But she agreed that the activity level in the Beacon-Glenham area had risen.

The listing service data showed 93 sales for Beacon in 2009, up from 63 in 2008.

Rhinebeck:

The reported Rhinebeck drop didn't seem real to Paul Hallenbeck, a broker with an agency in that community.

"Prices are not off 42 percent here," Hallenbeck said. "Prices are lower as well as in other places."

The decline is likely related to the weekender market that has been part of the Rhinebeck picture for many years, he said.

"And they tend to often be the high-end buyers," Hallenbeck said, "and there really aren't that many high-enders right now."

That market comes from New York mostly, and the city has been the epicenter of financial setbacks for a lot of those well-paid people who have sought out Rhinebeck in recent years.

He said they might feel "that this may not be the right time to buy a weekend house."

"Because the purchase is discretionary, they are waiting to see what happens next," he said. "The full-time residents who need to sell for various reasons have reduced their prices to get a sale."

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Tags: Beacon, Dutchess, Estate, Real, Rhinebeck, trends

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