Some renters have decided now is the time to buy because prices and
interest rates are down, but New York City real estate is still out of
reach, and the renters are instead shopping for second homes in the
country. Real estate agents throughout the Hudson Valley and in other
second-home markets, including the North Fork of Long Island and the
Jersey Shore, say that sales have picked up recently with potential
buyers from the city. One woman looking to buy an apartment in the city
found that she could only afford studios, so she decided to stay in her
Park Slope rental and instead buy a three-story home for less than
$300,000 upstate. Brokers estimate that prices in the Hudson Valley are
down about 10 to 15 percent from last year, and that most buyers are
looking in the $250,000 to $450,0000 range. [more]