Tuesday, November 25, 2008

Skaneateles Real Estate - The Weekly Update

Is the glass half full or half empty? The turkey ready for leftovers or not enough to get to Sunday?

We now have (only) 121 active listings in the Skaneateles area. Only three came on this week and all were re-lists of previously attempted sales. A lot or a few?

There were three newly marked contingent sales. One is selling under the price the owners paid for it just a year ago, another at about 3/4 the original list price. The last dropped the list price considerably and found a buyer, but until it closes we don't know what it actually sold for (as in price.)

There are still 3 waterfront homes hanging out marked contingent, waiting for a town approval or mortgage or whatever other contingency is needed.

There are 9 pending properties and none new this week. One needs to be finished, as in new construction, another is a very delayed closing and three are not in Skaneateles schools but in the town and out a ways with lower prices.

Going back to the newly sold (hooray!) contingent properties....While we don't know what they sold for, we do know their assessed values. All three sold well under their assessment - as in $27,000, $53,000, and $57,000. (Ouch!) These are in the 15% - 25% range. People have long complained that assessments are too high in the village and town - I would be surprised if the new owners didn't take their sales sheets to the town for re-assessment at market value, i.e., what they paid for them in todays' market.

This does not apply to waterfront. One of the "properties in waiting" sold in the range of 200% OVER the assessed value.

There were two closings this week - one lake rights and another town, closing above the assessed value and within 3% of the list price. Needless to say, it sold quickly.

We now have 53 closed properties in the Skaneateles area year-to-date. Last year there were 90. However, going back and analyzing the data reveals that in this fall market only 25 closed last year while in 2008 23 have closed. Hmmm....My guess is that the market started to change in June/July of last year so it more nearly represents today's market. Looking at the comparison of last June to September: 34 closings for 2007 as compared to 13 closings in 2008, June to September.

Half eaten? We have been in this slow market for more than 15 months. The good news is that we are surviving and improving, up from our low point. I say there's more for leftovers!