Orange County home builder addresses shifts in the housing market.
Cornwall-on-Hudson — Is it time to buy new or renovate? Well, that depends on where you live. Although interest rates remain low, the current average cost of gas per gallon in New York is $4.428 – up nearly a dollar from just a month ago. These increases along with continued COVID-19 restrictions in New York City have influenced the migration of individuals and families to the Upper Hudson Valley region as they search for a new or resale home.
“Potential homebuyers in the New York City area are looking for safe places to go to in the event of another pandemic,” said Michael Bartolone, President and Founder of Olympia Development Companies. “This migration of people toward upstate New York has created increased opportunities for whole house renovations, remodels and home additions.”
An award-winning new home builder and general contractor in the New York Hudson Valley region, Olympia Development Companies has seen how a very limited amount of new and resale home inventory in New York City has also influenced the push to the suburbs. “It is much quicker and more cost effective to purchase an older home and renovate as opposed to building a new construction home,” Bartolone continues.
To add to escalating costs, lumber prices have continued to soar in recent months. Newsweek reports that despite an initial decline in prices in the new year, lumber prices are currently sitting at $1,272 per thousand board feet – prices not seen since summer 2021.
Those factors, along with the likelihood that remote and hybrid work will be part of the “new normal”, has influenced the housing market shift. “People want to settle into a home that can accommodate work, play and family life,” said Bartolone. “Families are looking for function, energy efficiency and style…. playrooms that can double as workstations, as well as offices, home gyms and outdoor living spaces.”
When consulting with clients, Bartolone always strives to blend their preferred architectural style with how they would like the home to function. “Home building needs to make sense, whether you are looking to build a new home, renovate or add on to an existing home,” he said. “The Olympia team is committed to providing clients with quality service and craftsmanship to ensure their complete satisfaction every step of the way.”
About Olympia Development Companies
Olympia Development Companies offers new home construction, eco-friendly “green” homes, general contracting (residential/commercial), rental properties/multi-family, private real estate development, construction management, development management and land acquisition. To learn more, visit olympiahomesny.com or call 845-534-4695.