Carol Culkin

It was the longest bridge in the world when it opened in 1888, and it will be the longest pedestrian bridge in the world when it reopens in October 2009. A fire destroyed the railroad portion of the bridge in 1974. After 34 years of dormancy, the Poughkeepsie-Highland Railroad bridge is undergoing a makeover. Local officials and business owners hope it will bring millions of tourist dollars to Dutchess and Ulster counties each year. Click on the links below for more information.

http://www.walkway.org/index.ph

http://www.amazon.com/Bridging-Hudson-Poughkeepsie-Railroad-Connecting/dp/1930098251

Irish eyes are smiling on the Hudson Valley. On Saturday, March 7th at 1 p.m. the county's 14th annual St. Patrick's Day parade will wind its way through Wappingers Falls, starting on Route 9D at St. Mary's Church and ending in the Town Square. This parade is for all of Dutchess County to enjoy. The parade will be held regardless of weather. There will be bagpipe bands, floats, fire trucks, and classic cars. Area restaurants offer traditional Irish food with more music and fun for everyone.

St. Patrick's Day Parade, Wappingers Falls. 845-297-0800, www.DCSPPC.org&nbsp

Hello Dutchess County Home Buyers! Are you there? I know that a lot of you see the national news reports on TV and think the bad news about the housing market is a measurement of what's happening right here in Dutchess County, NY. But, don't be fooled!

HERE"S A FACT:

JANUARY 2009 was the first month in many when the average sales price had not decreased from 1 year before.

So, If you snooze you may lose.

Need proof the local market is a good one to invest in? Well, here in the chart below you will see that people ARE confident in investing in real estate in the Dutchess County area. And, perhaps this is a sign that you better act now before prices or interest rates start adjusting upward as demand increases. And, especially, if you are a first time home buyer who might want to take advantage of the $7500 tax credit -available if you close on a home before July 1st, 2009.

I have tracked market trends for the Mid-Hudson Valley MLS as far back as the beginning of 2007, and am happy to share the following statistics (the months that stand out in bold are the months when buyer activity was UP):

DETACHED HOUSING # OF PURCHASE OFFERS SUBMITTED

(FIRST OF MONTH COMPARED TO ONE YEAR PRIOR):

January 2007 ↓ 3.3% January 2008 ↓ 12.9%

February 2007 ↑ 2.5% February 2008 ↓ 18.5%

March 2007 ↓ 21.1% March 2008 ↓ 22.6%

April 2007 ↓ 25.9% April 2008 ↓ 6.5%

May 2007 ↓ 37.4% May 2008 ↑ 18.4%

June 2007 ↓ 20.4% June 2008 ↑ 12.4%

July 2007 ↓ 25% July 2008 ↑ 20.8%

August 2007 ↓ 8.2% August 2008 ↑ 6.7%

September 2007 ↓ 8.7% September 2008 ↑ .09% Email Carol

October 2007 ↓ 8.2% October 2008 ↑ 1.6% cell phone (845) 430-6543

November 2007 ↓ 15.1% November 2008 ↓ 2.5% Office (845) 227-4400 Ext. 358

December 2007 ↓ 13% December 2008 ↑ 29.9%

The comments to yesterday's post about IBM layoffs in Dutchess County have generated some interest. Of course, Dutchess County is not exempt from troubles that face the rest of the nation. People are loosing jobs all over the country. But, for Dutchess County, IBM is THE only major employer - followed by the hospitals and medium sized colleges.

Some of these IBM employees might be able to find other work outside of the area. If they want to remain in the computer, semi-conductor or engineering fields they will most likely move away. This could lead to a rash of relocation. But, not all of these moves will be employer sponsored. Few of these sellers will be entitled to the generous relocation benefits of yesteryear.

The comment below from Kelly Sibilsky was, for me, affirmation that I should post a follow up about the state of employee relocation. Kelly commented as follows:

To add insult to injury, just a few years ago when people lost their jobs they could count on a relocation package from their new future employer which would help them in the house-selling/house-buying arena. Now, relocation packages are few and far between. This economy has definitely taken it's toll on everyone, every industry, everywhere.

I have confirmed through two very reliable sources - generous relocation packages are gone. Since I worked at a relocation company prior to entering the real estate field as an agent, I still have contacts there. I've also handled many relocation transactions as a real estate agent and have kept in touch with the happenings of the relocation company where I once worked.

It's my understanding that relocation companies are laying off many employees too. Their corporate clients have cut back on relocation packages, and therefore the 3rd party companies which oversee employee relocation have less work these days. This is filtering down to some of the relocation company suppliers too. A secretary I know was just laid off at the local law firm which handles all home sale transactions for one major relocation company throughout New York. IBM is a client for that relocation company.

I suspect many individuals who have been laid off at our local IBM plants will be left holding the bag. Kelly is so right when she stated "To add insult to injury"... When reality finally sets in about a job loss, the bigger slap in the face for some sellers will be finding out there are no relocation benefits, no buy-out and no guarantee their house will sell. Not only will they have to confront declining home values, they will also face the high costs associated with moving. I know - I paid for my last move ...$10,000 for the shipment of household goods, $13,000 in Realtor fees to get my house sold, closing costs and attorney fees on the new house. It adds up. And, that was 10 years ago when I figured I actually got by cheap at just over $30,000 in relocation expenses. A $10,000 lump sum helped towards that move but it was a huge financial set-back just to get ahead. In the end, it was the price we had to pay for a strategic career move which involved advancement, long-term growth and opportunity. A few years later. I learned that the average employee move costs a company $55,000 - and, that was 7 years ago.

For sellers who are forced to go it alone on their relocation expenses, at least the positive side is that they might be gaining opportunities where others can't. There will be some people who might not be able to find a job here or elsewhere. It's not going to be easy for many - to find a job or sell a house! I am prepared to be a good listener to many of my future clients.

At least I can say, I've been where they are - trying to sell a house and move out of town without a relocation package is NOT easy. I was lucky to have had a good Realtor who got my house sold fast. I listened and complied with all her recommendations and once I accepted the cost of things, I let reality take over so the anxiety wouldn't.

One thing that sets me apart as a Realtor when it comes to servicing these sellers, is that I can honestly say I understand because of my own life experiences.

Hundreds of people lost their jobs today at the two IBM Corp. plants in DutchessCounty. Some might even be close friends of mine. I'm worried. I started 2009 with so much optimism. But, my smile is now fading. This is serious. It's downright heart-wrenching. My heart goes out to the employees of IBM who have lost their jobs.

Being that the real estate profession was one of the first to feel the financial pinch of this economic crisis, I'm somebody who can totally understand the impact caused by a loss of income. It can have a devastating effect on people. It can and will turn some lives around. It's going to cause a lot of people uncertainty and much anxiety.

Hopefully, for some - when one door closes, another opens. Some of the IBM employees may have the opportunity to find new jobs within the company. Many are highly educated and skilled, although not all will land on their feet. It might involve relocation for some and it's going to be hard for them to sell their homes in this market. Currently, only 5% of listings in DutchessCounty are selling each month. That means for every 100 homes on the market, only 5 will sell this month. ...Or, 95 homes out of 100 won't sell this month.

The announcement today couldn't have come at any worse time. It hit people in the middle of a severe recession that has already boosted Dutchess County's jobless rate to 6.1 percent, the highest since 1993 during the epochal downsizing of IBM when thousands were left jobless. Today's announcement was a little fuzzy, but it's speculated that there will be about 900 layoffs this time.

I suppose Realtors^® will get busy listing more homes for sale. But, will these new listings sell? With housing inventory so high, we will need to stress the importance of intelligent and competitive pricing. I have found that over the years it's been hard to tell an IBM engineer that their numbers might not be precise when it comes to anticipated value vs. what a buyer is actually willing to pay (or what a bank appraiser working for a buyer's lender will say it's worth). Engineers are very analytical, but this is real estate. Most will need to understand that a Realtor^® cannot tell people what they want to hear. We must tell it as we see it, no matter how difficult the news might be. Still, there wil be a few agents who might try to "win" a listing with a pricing opinion which flatters the seller.

Code of Ethics and Standards of Practice of the NATIONAL ASSOCIATION OF REALTORS ^®

Standard of Practice 1-3: REALTORS^®, in attempting to secure a listing, shall not deliberately mislead the owner as to market value.

Additionally, home marketing goes hand in hand with pricing. I happen to know many local real estate firms have cut back on their marketing. It's evident just by looking in the real estate section of the local newspapers. I even wrote about this in my January 12th post, Dutchess County Sellers: Do You Know WHY Your Home Isn't Selling? . I also feel every Realtor^® should be forthcoming when it comes to what they can offer in terms of marketing. But, I know some real estate agents will try to skirt around the subject of marketing and claim their methods work. Sometimes sellers won't realize how terrible a firm's marketing might be until they have signed a 6-12 month listing contract.

As IBM employees find themselves out of work or scrambling to secure new jobs elsewhere, local Realtors^® need to put more emphasis on getting fast results when it comes to taking a new listing. It's not all about getting the listing. It's about getting the listing SOLD. The goal should be to obtain the best possible price in the shortest period of time. Every seller should expect a WRITTEN marketing plan and a straight-forward pricing opinion - even if it's a sharp contrast to what the seller has in mind.

The news was NOT good today in Dutchess County. But, I believe when the going gets tough, the tough keep going. So, as discouraging as the news might be locally and as sick as I am hearing about the economy on a national level, I am a tough Realtor^® who must keep going. I need to roll up my sleeves and get to work - because there are people who are worse off, directly impacted by economic crisis and uncertain about their future. I must keep going. I can't let bad news get me down right when there are people who might really need help!