From the NY Post:
Time to buy in ‘Quantum Valley’? Upstate New York home prices are set to skyrocket as Big Tech moves in
Will the San Francisco Bay Area tech hub known as Silicon Valley soon be eclipsed by the Hudson Valley?
The sleepy, bucolic area north of New York City, known for its farmhouses, rural ambiance, and spectacular views of the Hudson River, is poised to become the next big tech area if Nvidia co-founder Curtis Priem has his way.
“We’ve renamed Hudson Valley as Quantum Valley,” the multimillionaire told the Wall Street Journal. “It’s up to New York whether they want to become Silicon State—not just a valley.”
While the co-founder of one of the world’s largest microchip companies cashed out long before the market cap topped $2 trillion, he’s not hurting for money. He is reportedly donating $75 million to his alma mater, Rensselaer Polytechnic Institute in Troy, slightly north of Albany, so the school can buy an IBM-made quantum computing system. It would be the first of its kind on any campus in the world.
Priem told the Journal he hopes this gift will make the Hudson Valley the epicenter of quantum computing research, attracting the kind of talent that started billion-dollar disruptors such as Google, Microsoft, and Apple.
…
“At first, prices may rise as demand outpaces supply, but ultimately, developers will increase supply if that is the case,” he says. “We’ve seen similar success up in Malta, NY, about 40 minutes north, with the microchip factories. That development took place mostly on vacant land. A similar revival within a city itself, instead of farmland, would certainly be interesting to witness and be a part of. Troy would be a great fit.”
Cahill notes there are a lot of well-built structures still standing in Troy that were part of the manufacturing boom in the early 20th century that could be repurposed for condos. There is also a lot of vacant land around Troy, something getting increasingly more difficult to find in large metropolises.
Local real estate agent Harriet Norris, of Douglas Elliman, agrees that values in the area might not stay affordable for long.
“Property values in the area would certainly rise with the need for more housing and commercial space,” she says. “And good jobs in this new technology sector would bring growth and expansion to all sectors of the economy in Hudson Valley and upstate region. I think it’s good news all around.”
Cahill notes that the area has plenty of technology and engineering students because of the two local colleges, RPI and Union. But those students normally take their brain power elsewhere—to New York City, Boston, or Silicon Valley—once they graduate.
“If we could keep the talent here because these new computers are housed here in Troy, there is plenty of room for housing,” he says.
…
“If a high-tech corridor develops and companies create more high-paying jobs in the region, it could push home prices higher,” says Hale. “Already, relative affordability in the Albany-Schenectedy-Troy metro area, where the median home listing is priced at $449,900, according to Realtor.com, just above the national median of $430,000, makes the area attractive. The typical home listing price has risen 10.3% from one year ago in the area while Realtor.com reported that nationwide home prices were flat in April 2024.”
The upsides of the area include lots of leafy green preservations, a short commute to the capital city of Albany, many local highways, an international airport, and proximity not only to New York City but also to Vermont, New Hampshire, and Massachusetts.
No. 1
That’s me
I know it’s overpriced, but can’t stop buying Nvidia
“ The sleepy, bucolic area north of New York City, known for its farmhouses, rural ambiance, and spectacular views of the Hudson River, is poised to become the next big tech area if Nvidia co-founder Curtis Priem has his way.”
So if you’ve been eyeing a move upstate to the Hudson Valley, it might be time to get a move on before this area sees Silicon Valley prices.
It’s a personal dream of the co-founder because of his fondness for the area. The Hudson Valley is huge so they need to be more specific. If it’s just the Troy-Albany area, then fine. It’s not exactly next to Piermont or Sparkill. Though, I drove through Poughkeepsie about a year ago and good God, that place can use a rebirth. Ultimately, I think the tech industry will do the same for the Troy-Albany area as gambling did for the inner portion of Atlantic City.
Bodes well for the Suarez Family Brewery in Hudson, NY. (Shameless plug)
I’ve been to a lot of places, but I don’t believe I’ve ever set foot in Albany.
Saugerties or maybe Catskill is the furthest up the Valley I’ve ever been to, and that was more of a weekend drive than business. Lake George, etc – never been.
Everything is a cycle. I do not believe this company will die. Right way to do it is buy when there is blood in the street…I don’t see how you lose buying now.
Excuse or reality? Reality is that the biotech sector peaked in 2021 and has been trying to survive the down cycle (extremely fast and hard hitting rising rate cycle). If rates dropped as fast as they went up, this stock would f/ing fly. Understand the pressure the rates have put on non profitable biotech companies that are trying to develop a profitable company in these conditions.
You try surviving and growing at the same time….f/ing brutal. No easy task. The fact that gingko is surviing and still growing in this environment is something to respect. They plan on being profitable by 2026. Give it some time. The minute rates start dropping, the alogorithms (lemmings) will jump into this sector and drive it up as they chase high growth again.
Look at the stock market. Most stocks suck. The majority have been doing chit. The algorithems (lemmings) have all gone to safety….they all piled into a few stocks they are think are “safe” along with commodities. Creating a bubble in those “safe” plays. If you are smart, you get out of those safe positions now and go into the beat up high growth companies like gingko that are a straight up value.
Key to winning in the stock market if picking stocks (not boring minimal gains indexing) is to sell what everyone wants, and buy what nobody wants. The cycles always play out, and the losers are the lemmings late to join the group, always paying
for their exit.
Libturd says:
May 23, 2024 at 3:22 pm
Pumps,
What’s your excuse for DNA?
Family friends had a place in Saugerties for years so I was there on frequent summer trips as a youth. I’ve also stayed in Woodstock, Cobleskill and Oneonta on frequent trips over the years. These towns up the NY State Thruway can use a boost and revitalization so, something needs to move in to attract younger workers.
Catskills: You take the good, you take the bad, you take them both, and there you have…
Poconos: All you need to bring, is your love of everything.
“Again, I said exactly when housing would go off 10 years in advance. WTF are you talking about below? If it was a given, then wtf would I even be making a call?”
Because you’re an idiot and despite being an educator can not even grasp the simple logic that ‘predicting’ something that has occurred with regularity over the course of 50 years through wars, economic shocks, the near collapse of the financial system, the fall of a major empire, multiple stock market crashes, Presidential assassinations, commodity shocks, and every interest rate environment possible is not a ‘call’.
It is a near certainty, dumbass…..
I was in Schenectady last month, on my way to Howe Caverns with the kids. We walked around the tiny but clean downtown and had a good breakfast. After, we figured we’d walk to the closest playground. Yikes! Crackheads doing deals at 11AM inside the playground. We did an about face back to the parking lot.
On our way out of town (due west) we drove through a ghetto past a bust stop, a bonds place, and a (large) store selling window bars (“security systems”). It was bad y’all.
“Poconos: All you need to bring, is your love of everything.”
Long Island: Long on innovation.
Winter is long and awful in that region
grim says:
May 24, 2024 at 8:29 am
I’ve been to a lot of places, but I don’t believe I’ve ever set foot in Albany.
Most of the Hudson Valley is a lot like Vernon, just with a little more Chasidim mixed in. In recent years, we’ve stayed in a lot of these towns for one event or another or on a stop heading further north.
Lake George is essentially LBI on a lake. They have a nice mix of restaurants and entertainment for the RV family up to the snobby Manhattanite. They have arcades and souvenir shops. Lots of activities on the lake. Lots of loud bars too. It’s kind of charming, if you are a New Yorker who doesn’t own a car and either takes the bus up or rents a car. Personally, I’d rather be at the shore.
Albany, if not the capital of NY, would look more like the other post-industrial cities in upstate. Think Rochester or Buffalo. Honestly, the town offers absolutely nothing from a tourist point of view. On the bright side, it’s not expensive to live there or in the suburbs.
Schenectady/Saugerties/other exits to get off by Hunter/Wyndham are all the same. If you like living in the woods, this is your place. Outside of hunting, skiing and fishing, you better have a good internet connection, because your smart phone might not work. The only amenities are two gas stations, a small supermarket, a smoke shop and a bait & tackle shop. Don’t worry, you can get your beer at the gas station. If you are lucky, you might have one fast-food joint and a Dunkin where they will completely fuck up your order every time. But you’ll forgive the girl with a nose ring and terrible tats because, well, you will.
Then there’s the old Borscht Belt towns. Nothing is more exemplary than Monticello at the top of the big hill on the Northway. The first thing you will learn in those parts is that there 17 different State Route 17s. In normal times, you would label roads N,S,E,W. But in Sullivan County and the surrounding area, you will find 17A, and 17K and 17M besides the 17N and 17S. I nearly forgot about 17C. Now it’s all fine and dandy until someone asks you which direction to go on say, 17K. I know this area really well, as I spent too much time in these parts growing up. I was a camp counselor at a very expensive camp filled with kids with the most fucked up value systems. There was a pecking in the camp based on how much money your dad had. It was like a caste system. Certain kids had more rights and privileges based on this. I actually have a copy of the shopping list they sent to parents of stuff the kids needed to pack. Only there was a shop in Manhattan where you could buy the entire package from underwear to toothbrushes in one full swoop. It was like $1,000, which back then, was crazy. Heck, at the Summer camp my parents sent me too, half the kids didn’t have underwear, let alone a toothbrush. Amazingly, that store threw enough variety of colors and styles in that everyone didn’t look like they were dressed the same. And of course the cool kids, stashed some clothes of their own to bring. Needless to say, the tips were marvelous. I made more in two weeks working at this camp than I made for the 9 weeks at my cheapo, Fresh Air Fund YMCA camp in Blairstown. I also used to head up to Monticello to do the Kutsher’s resort with my folks when I was pretty young. What was crazy was they even had an indoor ice surface. I thought that was so cool. And two high dives at the giant pool. They had and indoor pool two. Nightly shows and lots of eating. If you go through Monticello now, there is definitely a revival occurring, albeit a very slow one. For a while downtown was shuttered for the most part. But one by one, the old shops are reopening. The Resorts World Casino probably helped out a lot. And that’s a strange place too. Lots of Hasids and Chinese gambling side by side. Very smoky. But also, pretty nice. They also built one of those huge indoor waterparks nearby. Honestly, if I was to live upstate, I would probably choose Monticello. There’s just stuff to do and a real mix of people who live in those parts. I think the horse track is still open too somehow. And if you do stop to eat, check out the really good diners, Tilly and Miss Monticello. These are both really good and will take you back to the days when diners were pretty much your only food option in lots of towns.
Pardon my terrible grammar, missing words and poor spelling. Whoo. Just wanted to give a little flavor to upstate.
Idiot, I ask again. When is the next runup in the housing cycle? It’s so easy…then tell me you obnoxious fool. Your weakness….you think you are smarter than everyone else. You think you are superior. Well, Mr. smartest man in the room….give me winning investment advice like I did with housing. What’s the move in housing….and when does it happen? I am all ears.
I have said over and over that I called a major housing boom. In 2013 I said my house would be worth 1 million in 10 years and got laughed at. It was so obivous according to you though, right? Yet, I was laughed at for saying such crazy chit at the time. Go f/k yourself for putting me down, when all I did was give the best calls ever made on this blog…and I never backed down. Not once, even though I was called an idiot over and over by people like you…How that work out? You stupid f/k.
leftwing says:
May 24, 2024 at 9:28 am
“Again, I said exactly when housing would go off 10 years in advance. WTF are you talking about below? If it was a given, then wtf would I even be making a call?”
Because you’re an idiot and despite being an educator can not even grasp the simple logic that ‘predicting’ something that has occurred with regularity over the course of 50 years through wars, economic shocks, the near collapse of the financial system, the fall of a major empire, multiple stock market crashes, Presidential assassinations, commodity shocks, and every interest rate environment possible is not a ‘call’.
It is a near certainty, dumbass….
Joys of home ownership. Between travel soccer every Saturday and Sunday and all the rainy weekends I am way, way behind on yard work, so it’s going to be a long long weekend of yard work….
My Pool is now open and clean. I might fire up the heater and burn some $20 dollar bills to get it warm enough to swim.
I aneed to pull weeds from all the backyard beds and mulch out back too. Perhaps 60 more bags of mulch to top it off. I am glad it’s on sale for $2 a bag. Also need to trim hedges and shrubs and kill some creeping vines.
My patio pavers are a mess of moss in every joint and baked in dirt. I have to rent to power washer and spend a whole day cleaning, re-sanding etc. Home Depot is where I am headed later after my meetings wrap up around 3 PM. I am trying to get the boss to cancel but so far no joy.
17 different route 17s… lol… for sure! Route 17 going through Monticello toward Binghamton is a scenic ride!
Juice,
Get one of those bubble solar covers. They really work. Pain to store, but if you have a large yard, you can roll it up around a long 1 x 2 and just leave it by side of pool.
Also, consider buying a power washer. I use mine at least once a month. Just get a used one with a Honda motor if you can. It will work forever with minimal maintenance. Just oil changes every three years or so. Otherwise get a $300 unit. Don’t spend more than that.
This is the one I have, but with a Honda motor.
https://www.lowes.com/pd/CRAFTSMAN-3100-PSI-at-2-4-GPM-3100-PSI-2-4-Gallons-Cold-Water-Gas-Pressure-Washer/5014045335
I spent an hour this morning powerwashing all the deck furniture. They were on my lawn under a tree for two weeks as we couldn’t find a lot of days without rain to paint and sure up the deck. They were a mess. Back to new.
Libturd says:
May 24, 2024 at 9:49 am
“Long Island: Long on innovation.”
New Jersey and You: Perfect Together
Juice Box says:
May 24, 2024 at 10:42 am
“pull weeds…mulch…trim hedges and shrubs…power washer and spend a whole day cleaning, re-sanding”
Sounds like a carbon copy of my weekend — the kind of chores where you’re drenched with sweat within 10 minutes of starting and are constantly swatting at the cloud of gnats hovering in front of you! Does anyone have a wife that has ever helped with any of the above — beyond finding and paying someone to do it?
I cover up to the Hudson Valley for work, stop about a half hour south of Albany.
Monticello is a hard pass. Coldest place in the area. Wind just howls down that valley. It’s always the coldest location when they show the regional temps on the news.
They did just open a new golf course at the casino, supposed to be pretty solid. They were hawking $359 stay and play packages when I stayed there a month ago, but it wasn’t open yet. Lots of fish at the poker tables.
Poughkeepsie has some rough areas. Kingston is turning around. I usually stay in Fishkill. Some good restaurants in that little downtown. Lots of small towns with an artsy feel just off of the Thruway on both sides of the river.
Juice-
I cracked my pool open a couple of weeks ago. First the pump was on the fritz. Start capacitor, easy fix.
Heater developed a leak in the heat exchanger over the winter. Probably due to rodents nesting on top of it. That’s an expensive fix. One contractor quoted me $7k for a new one. Know a guy who will install it for $500 on the side, about $4k to buy it myself.
Much cheaper to rent a bobcat and fill it in.
The intex was great for three years. Just planted grass over the 22 foot diameter crop circle in my back lawn.
I still have one of these.
You should see me floating on a raft in it.
https://www.walmart.com/ip/Bluescape-Blue-10-ft-Family-Inflatable-Swimming-Pool-Round-Age-6-up-Unisex/
Bad link
https://www.walmart.com/ip/Bluescape-Blue-10-ft-Family-Inflatable-Swimming-Pool-Round-Age-6-up-Unisex/266938726?
Schearzmann of Blackstone backs Trump.
Wanted to touch on this some more…the passage below is what the crypto market is. It’s pump and dump cycles. It’s not hard to make money investing, it becomes difficult when you get greedy. No need to time tops and bottoms of cycles perfectly…just try to buy when no one wants and then sell when everyone wants it. The rest is patience waiting for the cycles to play out. Real estate is no different except the cycle moves like a tortoise and it is not volatile. That’s why I love crypto….volatile and really moves quickly when it hits the different stages of the cycle. You get greedy and don’t sell, you get punished hard. If you remain disciplined and sell, you make a lot of money. Only the few make money as most don’t have the discipline, patience, or investing instincts to win. No different than any other investing market.
“Key to winning in the stock market if picking stocks (not boring minimal gains indexing) is to sell what everyone wants, and buy what nobody wants. The cycles always play out, and the losers are the lemmings late to join the group, always paying for their exit.”
Lefty,
You know what my prediction for housing is? We hit peak pricing for a long time. If current birth rate continues…it will stagnate or deflate next decade. But but lefty told me it only goes up….
Millennials drive housing and they won’t be moving up till late next decade. Oldest millennial turning 40 now…so have to give them to their 50s since most started families lates to buy up while hitting peak earning years. That’s your next bull cycle in housing. Not for a long time…
Meetings all cancelled so I picked up the power washer and the 14 inch surface cleaner with the spinning heads, spent the entire afternoon but I am now done. Front walkways and the large patio around my in-ground pool, and I have around 100 ft of short retaining walls I cleaned as well. Seems like the moss lost this war. Looks good enough for an episode of that you tube power washing channel. I am too tired to even go for a swim now or take it back to Home Depot tonight.
Small Gov – my wife helped mostly getting me water since I was too covered in muck to go inside, and she moved around planters and our patio furniture, she also did move the hoses around and made sure to point out all the spots I missed.
Tomorrow is return power washer and pick up 60 bags of mulch most likely two trips. If I survive this weekend I might even put out my portable hot tub…..along with the rest of the patio furniture and umbrellas.
Hughesrep – my booster pump is squealing like a stuck pig. I did blow it out too, sealed bearing probably. I have a back up suction cleaner that works well just takes longer.I have not checked the heater, no water leaking and no rodent nests. Bummer on the cost. I put in a 400,000 BTU in 2020 during Covid paid about $6,000 but that was with digging an 80ft trench and laying a gas line, well I think I paid the landscaper $1200 to dig the trench.
Why didn’t you rent the trencher from HD?
When Mrs Fab and I got the shed, we rented a backhoe for the weekend to clear the corner and prepare the pad. Cheapest quote we had from the locals was $6K. We paid $800 for the stone and 6x6x12′ delivered. It was $600 for a Saturday rental and they didn’t pick it up until Monday, so we had all weekend to play with it.
Looks like the weather for Monday is going to be ugly.
Fab – needed to be dug by hand, around gas line, sprinkler lines, buried drainage pipe, under walkway, under fence around a tree etc
Not one person thinks housing can correct in this thread….you know what that means. Sell…
Keep it simple. When everyone wants to buy, sell. You might not time it perfectly, but you will win. This is the hard part, you have to fight yourself to sell right now because it’s hard to believe that housing will not stop going up. This is what I was talking about yesterday with crypto or any market. The few win because it is not easy to pull the trigger on selling when everyone wants to buy, and buying when no one wants to touch it. Yet, this is the only way to win.
https://www.reddit.com/r/Millennials/s/rRw4s8j7gw
The shore was absolutely empty yesterday despite perfect weather. Walked into spikes at pt pleasant at 630, and sat right down. Empty tables at every restaurant. That is unheard of.
No traffic going in either all day.
BRT: Any thoughts on why?
I haven’t thought long term about housing in a very long time. Thanks to lefty, he somewhat spiked my interest again.
Thinking about this some more….prob earlier in the decade. Oldest millennials turning 44…so they should start buying (their dream home)at around the age of 50 or a little later.
Thanks for spiking my interest again…appreciate it.
The Great Pumpkin says:
May 24, 2024 at 4:43 pm
Millennials drive housing and they won’t be moving up till late next decade. Oldest millennial turning 40 now…so have to give them to their 50s since most started families lates to buy up while hitting peak earning years. That’s your next bull cycle in housing. Not for a long time…
People out in Belmar at the beach already.
https://njbeachcams.com/central-new-jersey/belmar-webcam/
Definitely south bound traffic this morning.
Driscoll Bridge and further down.
https://www.njta.com/travel-resources/camera-list#
My sister was able to get a last minute VRBO house rental for the weekend on Barnegat bay, has a built in pool too, but no boat docked.. Bummer… We are headed down Sunday to visit may even make a trip to Sleazeside to check out the boardwalk and maybe even a cheesesteak… the sausage one with peppers, onions and marinara at the Midway on the boardwalk.
I was all over the area around Exit 109 for various reasons. Traffic was brutal. Heaviest I’ve seen since last summer. BENNY’s are back.
Also the parkway has been heavier since Wednesday evening.
Maybe people aren’t spending money, but they are down.
BRT says:
May 25, 2024 at 8:41 am
The shore was absolutely empty yesterday despite perfect weather. Walked into spikes at pt pleasant at 630, and sat right down. Empty tables at every restaurant. That is unheard of.
No traffic going in either all day.
I dunno chi, I could tell you there was zero line at the 35 bridge into pt pleasant. Not much in Belmar at night. There was a accident up in toms river area that gridlocked the parkway from 98 to 82.
3b, no clue. As someone who used to live on the area, this is supposed to be the biggest weekend. But perfect weather usually drives the crowd.
They’re here!!!
Paying NCAA Division 1 athletes now? I can list a dozen reasons why I disagree with this.
Fun at Sleazside last night.
SWAT teams from around Ocean County have been called in to Seaside Heights this evening due to a chaotic scene, as thousands pour into the town for the holiday weekend.
Authorities are enforcing a 10:00 PM curfew for all under 18 years old.
Reports of gunfire are untrue.