Wednesday, May 20, 2009

Skaneateles Real Estate - The Weekly Update

We drove out tonight in Bob's Honda Del Sol to Sylvan Beach on Oneida Lake for food and just to drive in the warmth. On the way home we stopped at Gannon's for ice cream in the Valley. It was teeming. just like on a hot summer night. I had a 'Cuse Trax single scoop with peanut butter, nuts and whipped cream. We leaned against the car and watched the world go by. So the blog is late, but the breeze is warm and I don't mind writing with the peepers out there and the windows open.

I spoke with a friend today who stated that "maybe this year isn't the best year to sell waterfront." I told him I'd check it out and see if the facts agree with his assertion. So please consider this the special Waterfront Edition of The Weekly Update.

Currently there are 138 single family residences listed in the Skaneateles area of the multiple listing service. Of these, 41 are considered waterfront. Whether they are actually on the water, shared lake frontage or lake rights they all have a "Yes" next to waterfront. Prices for the waterfront range from $279,000 to 3.2 million dollars.

This week there were 3 new listings - one was a re-list and reduced price of what I consider a very nice ranch, another a home in Niles, and the third waterfront with shared lake frontage.

Three properties also were marked contingent: a ranch, a house that has been reduced systematically to prompt a sale, and waterfront in the $700,000 range. Altogether there are 9 properties marked "K" of which 2 are waterfront.

Of the 6 homes pended, waiting to close, 3 are waterfront.

So far this year we now have 31 closed properties, of which only two are waterfront. This compares to last year's paltry 17 at this point with 3 of them waterfront. In 2007 by this date there were 29 properties that had closed, with 5 waterfront within that total.

So maybe it's not the BEST year for waterfront...? A few weeks more will tell. But the closed properties are surpassing the year when all was well with the economy and we were supposedly bubbling. That's good news!

The new closings came within 7% to 20% of their original list prices. The two village homes surprisingly were the hardest hit, while the town properties closed within the smaller percentage. Can you extrapolate from this - I doubt it! Each was priced by a different brokerage. Pricing waterfront is even more difficult - each home is unique.

But along with the warmth let's bring on the sales! Don't miss out!