Wednesday, April 15, 2009

Skaneateles Real Estate - The Weekly Update

Please read through the usual update, short and sweet, then read on for a discussion I've been having in my head for a few days, prompted by a loyal reader.

Currently there are 133 active listings in the Skaneateles area of the multiple listing service. Eight new ones have been added - spring must be coming! Of the eight, only two are re-lists. One is waterfront with a new agent and a 10% reduction in price from the last listing and the second is also reduced about 10% and is in the Jordan-Elbridge school district.

The six new listings are made up of two in the village (both with the number 16 - spooky!) and one in the country. The other three have waterfront and range in price from $520,000 for lake rights, albeit village, to almost one million dollars down the East side. I imagine there will be others coming how would I know that?

But nothing sold this week, as evidenced by being marked contingent. And nothing new closed. I do know again at least two that are primed and ready for closing, just waiting for paperwork to be finalized.

Since there's so little to report except the new listings, I thought I'd look at other categories. No condos have sold this year so far, or multi-families although there are a few on the market. There have been four different groupings of lots that have closed totaling over 150 acres in all. While one would support a single house, the others could be developments in the coming years. It will be interesting to see how it all plays out.

Here's the discussion. A question was raised concerning why I didn't simply identify the houses that have closed. It is a matter of public record anyway, so I am not revealing anything confidential. I've chosen not to name addresses because I prefer to go a step farther, analyzing the trends. If, for example, a house listed originally at $499,000 and then sold three years later for $350,000 that is important. It may have gone through several Realtors, several price changes both up and down (it happens!) before common ground was discovered and there was a meeting of the minds. I am privy to the history because of the multiple listing service to which I belong and pay dues. That information is not general knowledge. I feel that as long as I speak about a property without naming it I can give more valuable information.

However - I do understand a desire to see what has sold this year and be able to identify the houses. "A village house" could be anything from a split level on Route 321 to a split level on Lakeview Circle. If the first house sold for $500,000 that is HUGE. I can see how this information is important to both buyers and sellers. I will therefore publish a list of sales - houses and sold prices - after every 20 sales. The sales will already have been published in the Post-Standard, but not everyone reads it, even online, and on occasion they seem to get it wrong. If someone has a reason to object, please let me know. And hopefully that list will occur next week, probably in a separate blog without any analysis.

Please enjoy the weather! And buy a house or two this week - the deals are out there!