Kingston has a flourishing arts community that has attracted local and national attention. In 2007, Business Week named Kingston one of the Top Cities for artists in the country (ahead of famously artistic cities like San Fransisco). Kingston features a wide variety art professionals--painters, sculptures, writers, musicians, photographers, actors, dancers, graphic designers, media producers and craftsmen. Buildings in the Roundout, Uptown and Midtown area are being tastefully renovated to provide spaces for artists to work and live. Loft-style studio spaces are particularly attractive to artists who appreciate the urban aesthetic that Kingston provides.
Many galleries have sprung up and arts organizations are thriving. The Arts Society of Kingston or ASK is a vibrant organization that supports all sorts of creative endeavors in Kingston. ASK is currently renovating its building in the Rondout area of Kingston which already features galleries for hosting shows. Their plan is to renovate the second floor of their building and make it into a performance venue. They also sponsor all kinds of worthwhile exhibits and performances.
Undoubtedly, the arts community has contributed greatly to the renaissance that is occurring in Kingston.
At the beginning of a new year, we always like to take a look back at the previous year in order to get a perspective of how the market fared. You find our analysis here complete with graphs which display year-over-year trends. Let's first take a look at the number of homes sold in the City of Kingston, year-over-year as reported by the Ulster County MLS.
In 2010, 144 Single-family homes sold in the City of Kingston. That figure is down slightly from 2009, when 148 homes sold in Kingston The volume of homes being sold in the Kingston market obviously has not returned to the level it was at during the boom years, but it is encouraging that we did not see a significant drop in 2010. It should be noted that more homes where sold in Kingston than any other municipality in Ulster County by a wide margin. Undoubtedly, the 2010 volume was aided by the home buyer tax credit, so it will be interesting to see if the number of homes sold decreases in 2011. For that very reason, I'm anticipating that there will be less homes sold in 2011 than there were in 2010. The Kingston NY real estate market seems to rely more on a stream of first-time home buyers than surrounding towns which depend heavily on a strong second-home market.
Now on to the median price statistics:
The median price for 2010 actually jumped slightly from 2009. The median price for 2010 was $157,500 while the median was $156,600 in 2009, so there wasn't much movement at all. I don't see the median price returning to the peak we enjoyed in 2007 any time soon, but I also don't expect that the median price will dip as low as 2003 either. I believe that prices will hold relatively steady in 2011. The City of Kingston had the third lowest median price of all the municipalities in Ulster County. Now remains a very good time to buy in Kingston with a wide assortment and selection of available homes and low interest rates.
The New York Daily news recently featured an article about Kingston NY and dubbed it as 'High tech on the Hudson'. The article depicts Kingston as a digital hub of activity in the Hudson Valley and as an attractive area for urbanites from Brooklyn and Manhattan in technology and artistic fields. Many artists, graphic designers, coders, media producers, web designers and internet marketers have set up shop in Kingston. A great organization called the Kingston Digital Corridor has taken root in Kingston to promote and organize around all things tech. Techies feel right at home mingling and meeting with other digital professionals, entrepreneurs and Kingston NY internet marketers.
This digital movement has been facilitated by developers who have renovated former industrial and commercial buildings in the Rondout, Uptown and Midtown sections of Kingston. Shared work spaces and incubators found in these renovated buildings are popular and allow entrepreneurs and creative professionals to mingle, exchange ideas and collaborate.
Many are hoping that this digital revolution will lead to a resurgence in the Kingston real estate market. There's no doubt that there is a strong population of second homeowners in Kingston and the surrounding towns like Woodstock and Saugerties. By promoting Kingston as a digital center of excellence and activity, the hope is to attract skilled professionals that can live in the area full time, gentrify the area and contribute greatly to the community. We wholeheartedly support this great endeavor and can ably assist anyone who is looking to relocate or find a home in Kingston to join the movement.
Kingston, NY was recently featured in a segment on the Today Show where pundit Barbara Corcoran listed her Top 10 Home Bargains in the Country.
I thought it was quite an honor that Kingston was singled out among all of the various cities in the US.
There is no doubt that there is plenty to love about Kingston and the surrounding area. The Kingston real estate market has seen a dip in activity and prices as of late, but it has not been as adversely affected as most other cities and areas of the country by the economic downturn. Kingston's convenient access from downstate and ample cultural and outdoor opportunities make it an excellent choice--especially for second home owners on a budget.
The developers of a large scale riverfront project cleared a major hurdle when their final environmental impact study was approved by the Kingston City Planning Board. The project is called Hudson Landing and the proposal is for 1,682 housing units. The next step in the approvals is the site plan review process. The property covers 535 acres--of which approximately 350 acres would remain open space. The plan is to develop 16 single-family homes, 1,125 townhouses, 541 apartment units and businesses.
Interest in waterfront development in Kingston and throughout the Hudson Valley has subsided some with the dip in the market, but Hudson River views and Hudson Riverfront properties are still the envy of many.
