By: Hellen Zaboulani
Could it be that the Hamptons is unofficially expanding out into the Hudson Valley? Glitzy parties, new country clubs and climbing home prices seem to affirm it.
As reported by the NY Post, since the pandemic, with remote work still viable, the Hudson valley has become a boon. With people looking for more countryside spaces, prices up through the roof, and real estate magnates adding new posh developments in the area, why shouldn’t Hudson Valley be the next Hamptons? The neighborhood already has rich countryside escapes as well as cultural downtown centers. “[The Hudson Valley] is the kind of place where you can go vintage shopping, visit a gallery, have a nice dinner and go hiking — all in the same day. That’s what feeds my soul,” said Hillary Kaplan, 53, who began exploring the Hudson Valley with her family during the pandemic from their home in Westfield, New Jersey.
Kaplan and her husband subsequently purchased a second home in a new development by NevelHaus in the area. Founded in 2020, the turnkey homebuilding platform started by New York City-based developers Joshua Gelb and Pelle Hamburger, turned 44 acres in the area into eight custom homes. The high-design, fully customizable three-bedroom, 2½-bath homes are priced from $1.62 million. Kaplan, who owns the interior design firm Mimi & Hill, enjoyed collaborating to help customize her new home, which is nestled on a plush 3½-acre lot. “We saw an opportunity to create a product that was frictionless,” said Gelb, who worked to fill a void in the market for luxury modern homes with NevelHaus.
Other new developments include the über-luxury housing community Silo Ridge Field Club, which opened in 2017, offering a residential enclave on 800 leafy acres. More new projects in the area are forthcoming by luxury teams Auberge and Soho House.
Overall, sales prices in Ulster County, which includes popular Hudson Valley towns like Kingston, Woodstock and Stone Ridge, have jumped 24 percent in 2021– the highest increase of any county in NYS, according to data from Corcoran Country Living. Despite the increase in price, the current average sales price in the area is still $461,000, which is well off from the Hamptons’ $3.17 million average. Demand for luxury properties in the Hudson Valley has shot up. In 2021, 83 homes in Ulster County closed above $1 million, compared to only 17 back in 2017, as per Corcoran Country Living.
As per the Post, hotels in the area are also starting to attract city slickers. Inness, a hotel and member’s club with a golf course spanning 220 acres near Stone Ridge, is gaining popularity. Likewise, Troutbeck in Amenia, a 250-acre Hudson Valley estate hotel, and Piaule, a 24-room boutique hotel overlooking the mountains in the Catskill, are both making waves.
While the rise in interest rates is putting a damper on sales across the board, activity in the Hudson Valley has only slowed slightly. “The market is strong and well-priced. The Hudson Valley is still undervalued. It’s yet to be tapped,” said Ryan Serhant, who heads his namesake NYC brokerage and who stars on Bravo’s television series “Million Dollar Listing”.