Tuesday, October 7, 2008

Skaneateles Real Estate - The Weekly Update

So the market may be falling, the bailouts may be increasing, but Skaneateles is looking a bit more reassuring. Where do you put your money when the market is not performing for you? In real estate, my friends!

Currently there are 142 active listings in the Skaneateles area. Five "new" listings came on this past week, but 4 were actually re-lists.

Looking at those gives a sense of what is happening in Skaneateles. Each was re-listed to give it a "fresh face." The numbers are now going to be different - over the 200,000 mark so each new one will bear a number like ML#201003. It will be readily distinguishabl,e from the old 19....... numbers. There is a category called "history" on the listing, and if the address is in-putted correctly the history will appear. But to the naked, non-trained or non-deciphering eye the listing looks "new."

Usually a re-list accompanies a new price, too. One of the waterfront re-lists came down $30,000; the other came down $100,000! One of the homes in the village came down a small percentage, while the other re-list stayed at the same price. Will this help them sell? Probably - but it will be the price reduction rather than the "new look."

There is one new home marked contingent - a tale unto itself, too. After over two years on the market and a list price dropped to 70% of the original, this waterfront property has sold - but we won't know of course until closing what the final number was. There are 8 properties marked contingent at the present time.

The "P" properties are those that either have a mortgage commitment or don't need a commitment because the transaction is cash - and there are 13 of them. Yes, even with all the issues out there economically, people are still being approved for mortgages.

We added 3 closed properties to the list this week to give us a total of 38 so far this year. They range from a village home under 200K to new construction in the mid-500s. A lake rights property settled in between them in price. The closing price of all three was under the list price.

But we hit a new mark. Up until this week we were at or under 50% of what closed last year during the same period. We are now above that - not much, but any good news is worth spreading.