Catskill Rental Property Investments

[Ashlyn Longobardi]

I grew up in Catskill, NY and moved out of the area, but I am not looking to invest in rental properties - buy and hold (will consider air B&B if the location is right) back in my hometown and looking for some advice on Catskill from an investors perspective. I have continuously visited Catskill and over the past seven years I have seen it grow in terms of visitors from out of town. Across the river in Hudson amazes me how it now feels like walking through Williamsburg Brooklyn and I am just waiting for some of the tourists (and money) hop across the river to Catskill. Any opinions on the changes in Catskill real estate and renters over the past five years? Anyone had and air B&B luck?

[Chris Szepessy]

My wife and I moved from Hudson (actually Greenport) to Catskill almost 9 years ago. Prices were much cheaper here which is what brought us over. Hudson has changed a ton in the last 12 years or so. I've been hearing that Catskill is "up and coming" since we've been here. It's definitely seen some progress, but it's got a ways to go. Most shops/cafes aren't even open on saturday/sunday. Home prices (and rents) have steadily gone up the last few years which can be a sign that things are getting better. The problem with the money/tourists coming from Hudson to Catskill is that everyone seems to be terrified of the bridge. You ask someone why they haven't gone to Catskill and their response is "you have to cross the bridge." The state has recently invested (wasted in my opinion) $12-15 million on connecting the Thomas Cole house and Olana by putting in a roundabout and soon to be parking lot with sidewalks to walk to Olana and the Thomas Cole House. I don't know how much tourism it's going to bring, but I'm hoping for the best. I have always thought that Hudson and Catskill should get together and have a trolley going back and forth to bring people over. Catskill doesn't have a train station so I thought this might be a good way to bring tourists from NYC over to Catskill.  

I have no experience with AirBnB, but I have thought about looking in to it. We want to refinish our basement and I thought about renting in out occasionally to offset the cost. I know ski season is huge around here with Windham and Hunter mountains, just not sure if Catskill being 20 min or so away is too far for people to want to stay when they come up to ski.

I do think Catskill will get there at some point and now seems like a good time to get in on the action before it gets too expensive like Hudson.