Market Conditions in 12498>Question Details

Shadyfarmer, Both Buyer and Seller in 12498

Do you think that there is a strong market for new, modern green construction in this area? How would that compare to the yesteryear bargains?

Asked by Shadyfarmer, 12498 Wed Dec 22, 2010

It seems there are quite a few foreclosures and short sales - decent sized homes with traditional character, but sales for modern construction seems strong, even at high prices. It there a good market for that type of home in this area? Are there perhaps, two types of buyer?

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Jack Flash’s answer
I love Kermit's answer to this question. "It ain't easy being green!" That's very true, unfortunately. Green technology is too expensive to make it very profitable. Will there be a market? Of course, but I think higher end homes are the most likely candidates. And even among those, you aren't likely to see the investment returned. Yes, there are definitely two types of buyers. Well, maybe even more. But suffice it to say, there are those that give a crap and those who could not care less. Yeah, an educated buyer may get converted. But plainly, people have to care first. We are so programmed to get the "best" deal. It's going to be difficult to educate people out of that.

From an environmental standpoint, I'd encourage it. I'd love to see every new home built with LED lighting wherever possible, automatic ultra low ev blinds, ultra low ev windows, and all sorts of other things to reduce energy usage. And also, older homes remodeled with the same technology. I'm not holding my breath for it though.

I believe part of the problem we face with having cheap green tech is the opposition by large oil and natural gas companies. Anything that would threaten their profitability is likely to have a long road to success. And green technology is a huge threat since they haven't gotten their feet firmly into it yet. So until they figure out a way to get a good foothold in the green market, things probably won't change much at all.

If you're going green in your home building or remodeling, it is something you've got to be prepared to do because it's the good thing to do, not necessarily the profitable thing to do. If enough companies jump on board so we can start seeing cheaper products to help us go there, the profitability will change. But I don't think we'll see lots of houses going that way until it gets much cheaper to build that way.
0 votes Thank Flag Link Thu Dec 23, 2010
Not at all. The market for "new, modern green construction" is and has been a recent fad. When buyers /people realize that they will NOT save much more then a few dollars a year it becomes a non issue.

Been there with current homeowners that have asked me about converting to solar, tankless systems. they actually think that they will save thousands of dollars every year, when infact there would be NO savings for the first 6-8 years.. and then like 100 dollars a year.
1 vote Thank Flag Link Wed Dec 22, 2010
Many times home buyers DON'T want to move convert their homes into more energy efficient properties from windows, radiant barriers, tankless water heaters, toilets, appliances, window treatments, landscaping and much more.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
1 vote Thank Flag Link Wed Dec 22, 2010
In order to sell green in this market you need a educated buyer. Most buyers won't pay more just for green. It is one of my jobs to educate a buyer as to how much they will save in the long run. When they realize they could save as much as a third on monthly utilities in an energy efficient home, they're more likely to take a closer look. I predict green development will enjoy a bright future as the economy improves.
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0 votes Thank Flag Link Thu Dec 23, 2010
I would say there is limited demand for modern green construction because of the price. Demand will grow as the building cost falls.

When undertaking this type of a project thorough research is necessary. I have an example of a green modern house right here in the Hudson Valley that failed to sell. Getting a good handle on style and size will be key.

It is also important to consider the local economic conditions and, speaking of green, one of the few solar companies in the area just laid off its workforce.

Will green housing thrive? Yes, eventually, but it is not there yet.
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0 votes Thank Flag Link Wed Dec 22, 2010
Ulster County is very quickly evolving. Media in varying degrees is finding a home here and Green everything is spot on in our area. Green construction has yet to actualize all over our area but there are some great green buildings as well as new construction(as evidenced by the Cooper St new homes in the village of New Paltz done by a fabulous eco Builder). There are two things driving our market, quality and price. As it is a buyers market right now the customer can be picky both in price and quality. In terms of "Green" homes just because it is a green home does not mean that a builder can set that green home in a less than desireable location. I have seen too many a beautiful new home set in the absolutely wrong location too many times. In terms of short sales and foreclosure, our area is experiencing less than many other areas. Now this is all in regard to Ulster County. Other counties differ. Any other questions, feel free to ask.
0 votes Thank Flag Link Wed Dec 22, 2010
ABSOLUTELY! There will always be a market for modern green homes in Woodstock, NY. My opinion is that your square footage will be of upmost importance. Not too small, not too big! If building for re-sale, layout and size must be considered.

The trend I'm seeing is for a relatively smaller home to be built, one that is efficient and easy to maintain, but does not compromise with respect to details and featues. As mentioned by the two great agents before me, the design needs to be right for our area. More specifically, the right things need to be in the right places. Kitchens and baths are important, as are the demographic you will be targeting. Who is this green and modern home for? Who is the likely buyer? I have my answer to that, and would love to share with you my top 10 design aspects to consider when building these types of homes.

Again, the trend may very well be leaning away from the older, more charming farmhomes, with new momentum in the direction of more sustainably built homes that offer the 'must have' conveniences every buyer desires.

Best of luck in the New Year!

Dylan Taft
Principal Broker/Owner
Taft Street Realty, Inc.
845.380.3394 (direct mobile)
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0 votes Thank Flag Link Wed Dec 22, 2010
Yes, modern green construction is appealing to many buyers and some may be willing to pay a little extra, while others are still interested in bargains.
0 votes Thank Flag Link Wed Dec 22, 2010
While the past year has had foreclosures and short sales our area hasn't been hit as hard as many others in the county. Personally, I've had buyer clients looking for houses that are modern in design. I have one house that I could sell several times over because of the design. Clean lines and in beautiful condition with privacy is a winning combination. Absolutely. Our buyers tend to be looking at homes in the higher price ranges. If that's your intention of building - keep me posted.
Thanks for your question.
Have a great holiday.
Marcia Weiss
Westwood Metes & Bounds Realty
Woodstock, NY
845-750-0710 (mobile)
0 votes Thank Flag Link Wed Dec 22, 2010
Yes I believe you are correct. There are those buyers looking for bargains and of course everyone wants good value for their money - but there are buyers in our market looking for newer and especially "greener" construction as long as the home is designed well.

Amy Lonas
Associate Broker
Coldwell Banker Village Green
0 votes Thank Flag Link Wed Dec 22, 2010
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