Monday, April 7, 2008

Skaneateles Real Estate - The Weekly Update

The spring season is upon us! Of the 5 new listings, 3 are waterfront. The roads down to the lake for seasonal cottages are passable, interest is there, and if you buy now you most likely will be closed in time to enjoy the summer. How's that for a sales pitch?

On the closed market there are now 14 in the multiple listing service for Skaneateles this year. Last week none sold, as marked by a contingency status. Remember, "sold" is not "closed." Closed means money has changed hands and more importantly the deed has been filed with the county. I learned that years ago from an agent who had been in the business since World War II and unfortunately at least once a month I am reminded of it in one way or another. Stay tuned to a later blog - I have a sad, sad tale in the works now (not mine, not here.)

Those condos I wrote about also could be listed as residential. There are currently 12 on the market and none have closed since the beginning of the year. However, there are only 5 rental properties on the market and 4 others have been leased since January 1st. Not all go through the mulitple listing service and I know of several others that have rented. It's a sign of the times - but also a sign that investors should buy up these houses with apartments or two family designations. There's a need.

Currently there are 98 homes in Skaneateles on the market. Of these, 79 are existing homes and the remaining 19 are "to be built" or "under construction." Of interest this week is one of the first listings in the new Parkside community off West Elizabeth Street. Years in the development, a few homes were built to resemble exisiting village homes. Inside were all the bells and whistles you could want. The current listing is almost 4,000 square feet and priced at $649,900. I want to keep an eye on that one - see how it fares as a new (2005) home in that subdivision.

This week the average price of a home in Skaneateles is $546,700, slightly under last week's average. That's all right - it's still almost $300,000 over the nearest competitor in the county!