Tuesday, September 16, 2008

Skaneateles Real Estate - The Weekly Update

"Slowly I turn, step by step....."

Having lost a deal this week due to the mortgage mess and having gained a deal this week due to the mortgage mess, I think I am going around in circles instead of advancing or retreating.

There are currently 142 active listings in the Skaneateles area. We added 7 "new" ones this past week - 4 were actually re-lists and 3 were brand-new, first time in recent memory on the market.

Two properties were designated "contingent." One was in the town, another on the water (surprise!)

As of tonight, there are 8 "K"ed properties and 13 pending properties. One actually went right to pending - an eager buyer's agent found the perfect home for his people, talked the owners into selling for a decent price, and pended it immediately.

Only one property closed, and that was sort of in the Skaneateles area - but again, 10% under the original list price. There's a trend - especially for the homes priced for yesterday's market, not the current one.

About the mortgage mess: I lost a deal because people (not mine) were trying to buy a home with a credit score under 600 and a missed payment to boot in the past 30 days. Not the best idea. I gained a sale because frankly the real estate market, as Scarlett O'Hara would tell you, is what's real, not stocks on paper. When Wall Street has issues, real estate does well. It's a safer bet. So my buyer sold his stocks and moved his money into an investment property. As I said, it's time to invest in Skaneateles!