Wednesday, September 2, 2009

Skaneateles Real Estate - The Weekly Update

I can't wait! Next week the Fair will be over, the kids will be back in school, and people's minds and hearts will turn once again to real estate. Whether it's buying the first home (or the first one in three years) and claiming the tax credit before it's too late or picking up the lakefront property that is such a good deal or just getting one of the village homes to hold on to, the fall buying season will be upon us! Until then.....

There are currently 141 active listings in the Skaneateles area as defined by the multiple listing service of Greater Syracuse. Over the past week 6 new single family homes were added: 3 re-lists and 3 new. The re-lists feature two waterfront properties that have been reduced substantially over the course of their exposure (that good deal I mentioned). The third is the same house at the same price with a new list number so we don't forget it's out there. Two small village homes came on, both under $200,000 - buy them now, rent them out, save them for your retirement home some day. The third new one is over 100 acres with a house - Jordan-Elbridge Schools, town of Skaneateles.

There is only one house marked contingent and it's been there a bit. We do have eight pending properties, that go along with the media reports of pending properties having increased 3% in July. Two are new ones, having gone straight to pending - both under $200,000 with one in the town and the other in the village.

There is one new closed property to bring our total for the year to 54. It came on at a good price in April and sold within 6% of the list price in July, closed in August. Nineteen of the closed properties this year were listed in 2009 - and I bet we can do better as the year progresses (for a number of reasons...mostly statistical).

Because the new closing was in the high $300,000 I thought I'd look at the numbers for Skaneateles, Camillus, Marcellus and Onondaga. In Camillus, only four houses listed over that magic number closed this year, and two sold for less. In Marcellus one house sold for well over $300,000 - but they originally had wanted over $600,000. Onondaga had a better percentage - of the 109 houses that closed 7 were over $300,000. But Skaneateles - 31 of the 54 homes were listed for over $300,000 and all but one closed over that. We are still the most expensive town in Central New York.

Good or bad? I suppose it means that our values will remain; I am sure, but would have to check of course, that overall the property values have increased in the past 10 years. Dramatically increased, thanks to restaurants like Rosalie's and the lovely Mirbeau Spa and Inn. We are definitely on the map as a destination year-round, and that brings in the investors. As one of them, and I paraphrase, said, "What's not to like? I wake up at 4:20 and just want to run through the village, I'm so happy to be here!" Thank goodness he's a jogger! So get your waterfront home that you've always wanted, buy the small retirement home - prices may dip a bit more, but some day they'll zoom up again!