Beacon NY looks like a hot market
Hi BP community!
I am interested in investing in the lower Hudson valley, specifically Beacon NY. Would love to hear other investors experiences of this location. I noticed a lot of flips in the area lately but I don’t know if there is any buy and hold investing going on. Looking for multi-family and townhouses (single family homes look a little overpriced for rental investment) and I hope that there is potential for some long term appreciation.
Any opinions are welcome.
The reasons I am interested in Beacon are:
- I hear a lot of people that are moving or want to move there, even from NYC.
- It’s only 74 minutes by express train to NYC. This may sound like a lot to the rest of the country but my first job in the NY metro area was 100 minutes away from home.
- As NYC becomes more unaffordable, people are moving north along the towns on the Hudson river. For example, fifteen years ago Tarrytown was not so desirable and now townhouses by the Hudson river sell for $1.4m. As a result there is a move even more north in search of affordable housing in an interesting setting.
- Millennials don't want to live in sprawling suburbs and prefer small picturesque towns and Beacon has some of the same characteristics that made Williamsburg Brooklyn as success.
- The demographics of Duchess county (where Beacon is located) show an increase in the 20-40 year old population.
Please let me know what you think.