Wednesday, October 5, 2011

Skaneateles Real Estate - The Weekly Update

Just getting this out there.....a bit of a rant.  For the past two weeks several of my properties have been ready to close, but have not closed due primarily to bank issues.  This goes across the board - national mortgage lenders, local banks, and even a credit union have held up families from moving.  In one case, four families have been affected due to the need to close the first so the others can close.  Issues have ranged from mitigating the radon (after the bank had seen the contract weeks and weeks ago and apparently said a credit at closing was possible) to asking for more information at the last minute.  We have not - thank goodness - gotten to the closing table only to leave and go home to packed trucks.  But it has been disheartening.

I will report that one attorney, who shall remain nameless in this blog, has told me that he/she will not deal with either Bank of America or Wells-Fargo.  His/her approval for any contract these days states that explicitly:  "I long as the mortgage will not be sought from either of these companies."  (I paraphrase.)  A cautionary word to the wise......and yes, do not give credits for radon, just get it done! 

Back to Skaneateles and the real estate market....There are currently 145 homes listed and active, of which 45 are in the village and 32 are on the water.  Five new homes came on this past week.  Two in the village - lower $300,000 and upper $100,000 range, as their sizes dictate their prices.  In the country you can choose a smaller home in the mid-$100,000, a larger home with substantial garage space and some acreage in the mid-$200,000 or go for more acreage, more square footage and look at one in the $400,000 plus range.

Six are considered contingent, but continue to show.  One new one that was listed around $500,000 and is a waterfront property is newly added to this category.  There is nothing new in the "under contract, do not show" area but there are five waiting to close.

One little camp went straight to pending, joing four others.

Unfortunately there are no new closings - we are stuck at 51, but this is better than 2010 and 2008.  Hooray!

Good news to end this blog - my in-laws have opened Hobby House Toys at 7 Jordan Street, next to the Irish Store.  Please stop in and say hello to Sue and John - and buy a toy while you are there, too.  Then go out and buy a house to put it in.