Market Glimpses

There was a time – not all that long ago – when a personal relationship and a handshake would pretty much guarantee gaining ‘credit’. From about 1960 on, though, the need to gather, appraise and quantify information about personal credit use (and misuse) grew like topsy — and the one tool making this analysis possible…was the Computer.

Today, one’s ‘price of admission’ to many purchases is based entirely on one’s ‘credit score’. The larger the purchase – such as a home – the closer the scrutiny, the higher the standard. We’re not sure this is ‘progress’, but we are sure it is Reality…and a system you must understand and protect. An estimated 75% of all lenders use your credit score to evaluate your loan applications. A numerical calculation, it is a summary of your entire credit history. Comprised of a number between 300 & 850, the higher that number, the greater your chance of being approved.

But how is this number determined? About 35% is based on your credit history, examples being how many times you missed a payment, or were late. Another about-30% relates to how much you currently owe, as against the amount of credit you have available. Another 15% reflects how long you have had credit with existing accounts, the longer being the better, while about 10% of your score is based on how recently you’ve opened new lines of credit. Today your ‘credit standing’ is more important than ever, as it often spells the difference between success and failure for your goals. Be careful how you use it and, above all, don’t abuse it.

You will almost certainly need it more than you know.

Chatham had been identified as a “Central Regional Location” by the Railroads in the 1830s, but it was1869 – its year of incorporation as Chatham Village – that a dumbstruck crowd actually beheld a mob of elephants right here on Main Street.

A Circus Train had arrived, and stopped…confronted by the intricate wooden trestle* then leading into the Village. Taking exception to this seemingly rickety structure, the elephants’ violent reaction threatened to collapse the trestle altogether! With that, each was off-loaded and led into the Village, re-boarding once the trestle had been cleared…and roll off into history.

Our ‘central’ location has been a growing lure ever since, the County today offering quick, easy access to the Capitol Region, New York and Boston – plus all the joys of secure country living.  Always affordable, homes here remain remarkably so. Like to take a tour? No need for a Circus Train – just a computer tapped into beachandbartolo.com.

Our thanks for input & Photo from the Chatham Historical Society. Call (518)392-9236.

Perhaps it all started when the Club Helsinki opened its doors, giving once-sleepy Hudson the beginnings of a vital new dimension.

For many years this small city was notable mostly as a major Antiques center. In recent years increasingly fine – even City class – restaurants began popping up, as have a handful of art galleries.  And now comes…the ‘Sound of Music’, and a kind of rhythm simply not heard here before.

Today, famous Rock band members most often seen in such as the Big Apple, Las Vegas or L.A. are now showing up in the ever-more-happening city of Hudson.  Just one example that comes to mind is Tommy Stinson, a member of the iconic Guns & Roses band, who now calls Hudson home for he and his family.

Always a small city but equally one with an amazingly diverse history, Hudson is now in the process of staking a powerful artistic claim to the 21st Century. Come take a long look.  Go antiquing…have some dinner…catch some music…and you might well wonder if, just maybe, Hudson is now a place where you can imagine putting down your stakes.

Each month we present here a fascinating, often little known aspect of Chatham’s history or that of Columbia County — as drawn from our monthly ads in the Chatham Press.

Once upon a time – the 1890′s – the huge brick building just off the Central Square was a very, very Grand Affair.

Dubbed the Windsor Hotel Sanitarium, this magnificent structure reminded one of a fancy wedding cake.  Four stories tall with proud pergola atop, the first three were girdled all ‘round by dramatic porches much in the ‘Steamboat Gothic’ style.

It was founded by Doctor-brothers C.H. and Abbott Mason, the latter famous for his ‘Vegetable Cancer Cure’…which was not known to have cured anything.

The Windsor flourished nonetheless . Its 50 spacious rooms ($2 -$3 per day) were Hotel for  Railroad Agents and travelers, most being Permanent Residences for‘inmates’ whose severe afflictions were largely emotional. A ‘sanitarium’ indeed.

The Windsor and accompanying land likely cost about $60,000 – a major bargain when compared with the Berkshires next door. This same disparity exists to this very day. Properties have remained very affordable in Chatham and the County, astonishingly so now in the present economy.

For those with a ‘dollar and a dream’, it’s a perfect time to review your bargain opportunities – on our web site beachandbartolo.com.

Our thanks for input from the Chatham Historical Society. Call (518)392-9236.

Photo courtesy of MetzWood Harder Insurance.

Today more than ever before, buyers and potential sellers are innocently going on line expecting a time-saving path to an accurate measure of a home’s worth.  I call this the ‘On Line Pitfall’… and few pitfalls are more useless or misleading than this one. On line sites generally draw data from three sources: the property characteristics, the tax assessment, and recent transactions as recorded at the County Clerks’ office. The first pitfall? Information that is often neither current nor accurate. The second, simply enormous pitfall?  Critically important, even irreplaceable information including Location and Condition are simply missed or overlooked altogether in these so-called evaluations. The bottom line? There exists no reliable substitute for the opinions of an experienced appraiser or, even better, those of your Real Estate Broker or Buyers Agent. Both come heavily armed with intimate knowledge of the local market and the property itself, having explored first-hand its every nook and cranny inside and out – and likely more than once.  So…if you do have some fun going on line, fine, go right ahead.  Just remember to bring along that proverbial ‘grain of salt’ – on second thought, a whole pound might well be in order.

In this view, a rekindled optimism about Real Estate is due and overdue. With the Press taking an overall ‘National’ view, it drones on and on about foreclosures and falling prices — simply ignoring the fact that conditions vary widely from market to market.  This ‘broad brush’ smear encourages uncertainty and a profound caution about buying, though this makes sense in many areas, it doesn’t here in Columbia County.

With interest rates still at historic lows, the stage is beautifully set for highly profitable long term investments for first time and second home buyers equally. Other positive recent signs include our Commerce Department reporting new home sales up 5.7% in September, the first such upward swing in months, and current homeowners now benefiting from the Administration-sponsored relaxation of refinancing rules.

All in all, If you set aside your fears for just a moment…you’ll realize that huge buying opportunities are right in front of you, right here – and right now.

Halloween is quickly approaching and everyone is preparing for all the ghosts and goblins to come out, so get the candy ready. There are many events going on leading up to Halloween to check out, here are a few.

 FilmColumbia starts tomorrow and should be a lot of fun; I myself will be going to see some movies.  It is a great time to sit back and check out some movies; most times that have not even hit theatres yet.

On Saturday October 29^th, the Chatham Area Business Alliance is holding its annual Halloween in the Village celebration from 11-4.  This will be great fun for the whole family. There are activities going on all over Main Street, you can go to Chatham Kids and decorate a cookie, participate in the Scavenger Hunt, or simply just go trick or treating at each store in your costume. For the adults you will be able to go to the Hudson-Chatham Winery and if you’re in costume you will receive a complimentary wine tasting. We here at Beach & Bartolo will have a Beanbag toss game, and a “Guess How Many” game, and we will certainly have the candy ready.

So stop by Chatham over the next two weekends and check out the great events that are going on right here on Main Street.

Just when you thought good news was an endangered species, it pops up in a big and meaningful way.

After floundering for years, we New Yorkers now have something to be proud of – a Governor Cuomo who realizes that creating opportunities requires strong leadership, this combined with a clear vision of a better future.

And through his efforts so far, some five major high tech companies are coming to our State. This will mean about $4 billion dollars in new revenue (possibly leading to lower taxes), plus some 2500 new high tech jobs and 1900 new construction jobs – most high-paying.  And more may be on the way.

The majority of all this activity will happen right here in our own backyard, the Capital Region.  Beyond the thought of reduced taxes, another result will be more and more people who can afford to buy homes.  Given our location/proximity, wonderful country feeling and affordability, Columbia County will very likely see more new Real Estate activity than any other.  Indeed, really good news.

Thanks, Andrew, we needed that…

It’s a familiar terms, but what does it really mean?  How does it happen? And, most important, how can it be best exploited to your advantage?

Put simply, a ‘buyers market’ exists whenever market conditions heavily favor the buyer.  The situation typically begins with reduced housing demand…leading to reduced home values and prices. A gradual reduction in sales puts ever more homes on the market, and for longer periods of time.  This in turn leads to a still further drop in demand…and round and round it goes, for some unknown length of time.

Exploiting the present situation to the buyer’s advantage is all about a single factor – timing.  Many savvy buyers now agree that the very best time has arrived and are making their moves; in fact, they know that waiting can indeed be very, very costly because the market can turn with surprising speed.

So don’t wind up waiting too long – then missing and regretting forever – what may well have been your bargain of a lifetime. As the song goes, ‘These are the good old days…’ And indeed they are.

Beyond the monetary appeal of currently high prices for gold, silver and other precious metals, I strongly suspect another, very powerful factor may explain the sell-off. Gold is tangible, offering the security of something solid you can hold and touch; by razor-sharp contrast, stocks and bonds seem little more than vague abstractions. Investing in Real Estate provides all the satisfactions of precious metals — and much, much more. It is a Safe Haven, an investment under whose broad, protective wings you can live and love. With the average homeowner staying in their homes seven years I am confident that, over that period of time, Real Estate will out–perform Gold while providing countless pleasures…and the memories of a lifetime.