With more than 7,500 homes on the market in Dutchess, Orange, Putnam, Rockland and Ulster counties, selling new construction has been more than a challenge. Real estate analysis operates under the at-times-depressing message that no one has ever seen a market like this before.
A common complaint revolves around a desire for a new home coupled with an inability to sell the old one. One valley company with Fishkill housing inventory under way is stepping into the fray with its own solution.
Although new home prices have come down considerably since 2007 to attract those who are looking to downsize, upsize or “right size,” builders may not have the luxury of presenting a finished home exactly as it is needed. Further, those looking are often tethered to their existing homes.
Yonkers-based AVR Realty has completed many projects in the region, and their newest, Overlook Pointe in the town of Fishkill, has come up with a unique offering that it hopes will make it easier for sellers to make the transition.
AVR has begun construction on the first phase of its development, which when built out will offer 263 condos, townhouses and single family homes. Its first phase, comprised of 24 condominiums and 24 townhomes, is to begin at $275,000, with options to upgrade.
“The key is making the purchase easier on the homeowner looking to sell,” said Dan Simone, director of engineering and planning for AVR. “We know the market is rough, but we also know there are potential buyers out there. To help them over the hump, our contracts for Overlook Pointe are contingent upon homeowners selling their property. We have to be creative in order to sell new construction, and there are not many builders who are willing to wait for a prospect to sell their current residence.”
Ann Shaw, sales associate on the Fishkill waterfront property, said the contingency-based contract is a way for the builder to work with the consumer, but homeowners must be willing to work with the builder, as well. “We are working with a selected agent,” she said. “If they list their home with the broker we recommend, that Realtor will help them set a realistic price for their current home. Every 60 days, we meet with the broker and owner to see how much traffic they”™ve had, if there are any recommendations to reposition the house and if they want to proceed with the purchase at Overlook Pointe and extend the contingency rider.”
Each condo has a single-car garage, and some offer optional storage units, which are sold separately. Parking for guests is plentiful, Shaw added.  The town homes are tri-level, with a full walk-out basement. Buyers have the option of adding an additional garage.
Amenities include a 5,000-square-foot clubhouse offering a fitness center, theater, catering kitchen, billiards room, Wi-Fi friendly space and a meeting room. Both levels offer an outdoor deck. Add an outdoor pool and a tennis court ”“ along with views of the Hudson ”“ to complete the picture.
“AVR did a detailed market analysis of this project ”“the quality of construction, its location and the buildings”™ energy star rating has positioned us well,” said Shaw.
Simone says sellers are constricted by the housing market, so the novel approach to making a sale may be a “leap of faith, but one we are willing to take in this market.”
