🏡 Peekskill House - $229,900

LISTING OF THE WEEK
📍918 HUDSON AVE, PEEKSKILL NY 10566

Contractors, flippers, investors… this is IT.

3 Bed - 1 Bath home listed at $229,900.

Foreclosed property - needs heavy renovation.

Check out this listing here.

DEVELOPMENT GOING UP 
📍YONKERS, NY

Extell Development is constructing 6 apartment buildings across 20 acres of Hudson River waterfront.

“Hudson Piers” will be a mixed-use development with ground-floor retail space. A total of 1,395 luxury apartments are being built - a mix of studio, 2 bed, & 3 bed.

The site is located minutes away from a Metro North train station and includes a variety of amenities including pools, fitness centers, and a river-side walking path.

Check out the renderings here.

RESTAURANT OF THE WEEK
📍SOMERS, NY
🍔 PRIME PUB

Check out their menu here.

SPOTLIGHT
🏡 HOME AFFORDABILITY BY THE NUMBERS

Home prices have increased substantially ⬆️
Interest rates have increased substantially ⬆️

Historically an inverse relationship, a spike in interest rates would decrease home values as buyers in the market command a lower sales price as a result of increased monthly mortgage payments.

Summary of today’s housing environment - Extremely Limited Inventory.
Homes are sold at record-high prices even as mortgage rates approach 8%.

Median Home Price - Westchester County (Zillow Value Index)
August 2020 - $608,707
August 2021 - $681,610
August 2022 - $740,251
August 2023 - $752,235

Average 30-Year Interest Rate (Freddie Mac)
2020 - 3.1%
2021 - 2.96%
2022- 5.34%
2023 ~ 7.50% (Current)

30-YEAR FIXED RATE MORTGAGE AVERAGE - UNITED STATES