I must take a moment to run through the past week. There are 115 active listings in the Skaneateles area. There is one new waterfront listing, actually a re-list down almost 10% from the original list price. One home has sold and gone directly to pending - the list price is currently 35% off the original price. Nothing closed.
Now it's time for the fun to begin!
Skaneateles had 64 closed properties for 2008, as compared with 103 in 2007. The median price was a resounding $410,000 as compared to $300,000 the year before. The least expensive property closed for $68,000. The most expensive closed for $2,066,250 and was not surprisingly waterfront. In 2007 the least expensive was $43,000 but the most was 4.9M. It's the one on West Lake Street currently being remodeled.
Camillus by comparison closed 267 this year as opposed to 299 properties last year. They were well ahead of their number until the fall when things seemed to slow. The median price remained virtually the same, however, at about $137,000.
Elbridge closed 60 single family homes this year as compared with 54 the year before, a nice increase. The median price also rose from $106,000 to $118,720.
Marcellus sold 59 this year and 60 last year. The price was slightly lower ($148,000 in 2008, $155,500 in 2007) but not appreciably different. Stability. Always a good thing, at least in this market.
Waterfront in Skaneateles was certainly the big thing this past year. Almost 36% of the sales were waterfront of some kind, whether lake rights or right down on the water. The previous year the number was 26%. Multi-million dollar properties were big in 2007 - 11 homes closed for over $998,000. In 2008, there were only three. So why the increase in the median price? There were a lot of homes, waterfront and non- in the 500k to 700K range.
Next year will be better, I predict! I resolve on my end to close more homes (I've got a couple in mind right now) and sell all my listings. I need your help - come and buy in Skaneateles!
Happy New Year!
Wednesday, December 31, 2008
Predictions and Resolutions
In no particular order, I want to memorialize these thoughts so I can go back and check them next year. And I probably will. Knowing that readers are out there, too, may keep me on the straight and narrow. Whatever it takes!
I resolve to sell every home I list in 2009. I know selling is a combination of sellers, buyers and agents as well as marketing and the economy, but what the heck! No goal, no drama.
I resolve to establish financial goals that are not all monetary. I will run my business as my business; my personal finances will be separate. I've already gone to M&T and spent a wonderful few minutes with their manager, Mary Adsit, who got me rolling. I've done all right so far with my bookkeeping, but this is another level of expertise I want to add to my list of accomplishments. (Besides, it will be easier at tax time!)
I predict that Alex and Rachel will be married under sunlit skies on the lawn of the Sherwood Inn in Skaneateles on July 18th.
I resolve to fit into some little dress with high-heeled sandals for their wedding.
I predict I will cry at the wedding.
I predict that the Syracuse University basketball team will get to the Final Four.
I predict that the Syacuse University football team will have a winning season. (Did I write that?)
I predict that two real estate agencies will merge into the largest in Central New York (Oh, wait! That already happened! Prudential was bought out by Hunt...)
I resolve to write my blog three times a week.
I predict that between 80 and 85 single family homes will close in the Skaneateles area in the coming year.
I predict that the percentage of waterfront homes sold will be in the 25% range.
I predict that the real estate market in Central New York will remain one of the best in the country, buoyed by mortgage rates under 5%.
I predict that I will participate in a transaction this year with a fixed mortgage rate of 4%.
I predict that the TV show Lost will not end in 2009.
I predict that there will not be over 150 single family homes listed in the Skaneateles area at one time.
I resolve to spend more time cross country-skiing, biking, sailing, kayaking, hiking, swimming, skating and water-skiing than I did this year.
I predict that I will meet many more new people - buyers and sellers - in the coming year and I will credit them with my supreme enjoyment of real estate.
I resolve to sell every home I list in 2009. I know selling is a combination of sellers, buyers and agents as well as marketing and the economy, but what the heck! No goal, no drama.
I resolve to establish financial goals that are not all monetary. I will run my business as my business; my personal finances will be separate. I've already gone to M&T and spent a wonderful few minutes with their manager, Mary Adsit, who got me rolling. I've done all right so far with my bookkeeping, but this is another level of expertise I want to add to my list of accomplishments. (Besides, it will be easier at tax time!)
I predict that Alex and Rachel will be married under sunlit skies on the lawn of the Sherwood Inn in Skaneateles on July 18th.
I resolve to fit into some little dress with high-heeled sandals for their wedding.
I predict I will cry at the wedding.
I predict that the Syracuse University basketball team will get to the Final Four.
I predict that the Syacuse University football team will have a winning season. (Did I write that?)
I predict that two real estate agencies will merge into the largest in Central New York (Oh, wait! That already happened! Prudential was bought out by Hunt...)
I resolve to write my blog three times a week.
I predict that between 80 and 85 single family homes will close in the Skaneateles area in the coming year.
I predict that the percentage of waterfront homes sold will be in the 25% range.
I predict that the real estate market in Central New York will remain one of the best in the country, buoyed by mortgage rates under 5%.
I predict that I will participate in a transaction this year with a fixed mortgage rate of 4%.
I predict that the TV show Lost will not end in 2009.
I predict that there will not be over 150 single family homes listed in the Skaneateles area at one time.
I resolve to spend more time cross country-skiing, biking, sailing, kayaking, hiking, swimming, skating and water-skiing than I did this year.
I predict that I will meet many more new people - buyers and sellers - in the coming year and I will credit them with my supreme enjoyment of real estate.
Tuesday, December 23, 2008
Skaneateles Real Estate - The Weekly Update
I went into the Elbridge M&T Bank last week and ran into Sherri Dattler, their mortgage consultant. I've known Sherri for years, back to Skaneateles days when I first arrived. I thanked her profusely for putting together a mortgage for the people buying one of my listings. She shared that the rates had gone down substantially since they first applied three months ago. I told her about this blog, and asked if she could share what that meant dollar-wise. She eagerly went back to her office (they've just remodeled) and calculated.
It means that if you have a 30 year fixed mortgage for $100,000 and a rate of 6.5%, the cost per month would be $634. The rate currently is 5%, so the payment would drop to $538. That's a savings of $96 every month and almost $1,200 per year. Push that out even 10 years and the savings are almost $12,000. That could buy a lot!
The point of all this is two-fold. Those homes that seem expensive can be purchased literally for a lot less. Think what this means for a $400,000 mortgage - takes one's breath away! The other point Sherri begged me to stress was that now is a great time to refinance. She also urged me to send along her phone number (315-424-4022) and her e-mail: sdattler@mtb.com.
Back to business. There are currently 116 active listings in the Skaneateles area. Two new ones came on this week, both re-lists of homes that have been on the market. One is waterfront and another town. Both have been reduced almost 20% from their original price. (Think 20% off the price plus the 15% off for the mortgage....)
Good news! Three other properties have been marked contingent. All have been on the market at least 5 months but reductions vary from 2% to 20% of original price. Of course we won't know what they actually sold for until they close. Nice mix: town, waterfront with lake rights, and village (11 Onondaga - hooray!)
We now have 64 closed properties (last year there were 100 at this time) and one new one. It actually closed a year to the day it was listed. The price was 10% under the original list price - and add in that mortgage savings (think a mortgage of maybe $400,000) and the new owners got a very good deal.
You can, too! Remember those 116 listings? They are all waiting for you! What a great last minute gift one would make!
It means that if you have a 30 year fixed mortgage for $100,000 and a rate of 6.5%, the cost per month would be $634. The rate currently is 5%, so the payment would drop to $538. That's a savings of $96 every month and almost $1,200 per year. Push that out even 10 years and the savings are almost $12,000. That could buy a lot!
The point of all this is two-fold. Those homes that seem expensive can be purchased literally for a lot less. Think what this means for a $400,000 mortgage - takes one's breath away! The other point Sherri begged me to stress was that now is a great time to refinance. She also urged me to send along her phone number (315-424-4022) and her e-mail: sdattler@mtb.com.
Back to business. There are currently 116 active listings in the Skaneateles area. Two new ones came on this week, both re-lists of homes that have been on the market. One is waterfront and another town. Both have been reduced almost 20% from their original price. (Think 20% off the price plus the 15% off for the mortgage....)
Good news! Three other properties have been marked contingent. All have been on the market at least 5 months but reductions vary from 2% to 20% of original price. Of course we won't know what they actually sold for until they close. Nice mix: town, waterfront with lake rights, and village (11 Onondaga - hooray!)
We now have 64 closed properties (last year there were 100 at this time) and one new one. It actually closed a year to the day it was listed. The price was 10% under the original list price - and add in that mortgage savings (think a mortgage of maybe $400,000) and the new owners got a very good deal.
You can, too! Remember those 116 listings? They are all waiting for you! What a great last minute gift one would make!
Monday, December 22, 2008
'Tis the Season
As I bake cookies in our unfinished kitchen I have a great opportunity to marvel at the cards and photos we've gotten this holiday season. We put them up on the wall with tape - the wall is going to be repainted anyway, at least that's what we said last year - and they have become a gallery. We only took down last year's pictures when we started getting new ones after Thanksgiving.
As I look at them I realize how much my real estate career has given me. Not just a place to go and people to meet, but entire families with whom I work and stay in contact. As an only child of an only child, I have few relatives. My birthfamily is spread all over, from Alabama to Minnesota to Kentucky to Rochester. Bob's family is here and ever-present, a wonderful gift. But there's always room for more.
I want to just tell about a few families, inspired by the baby pictures on the wall. This year we received a lovely photo of three children, all pre-schoolers. They are decked out in their holiday clothes, even the baby. I met the parents when I first started out. They were engaged then, looking for a home to live in for a bit before they built their own. They've married, enjoyed the births of these beautiful children, bought and sold a home, bought and built on land. I also work with both their families and friends. I just put on a new multi family in the city - another friend. I treasure their faith in me.
Another couple came into my life in a whirlwind. He had just taken a job with Welch Allyn and she had given birth to a tiny baby on New Year's Eve, six weeks prior to their entrance. We worked together to buy homes, but none were right. "No room at the inn!" we used to laugh. They eventually built a home in Camillus, and were happy there for a bit. On Christmas morning they would stop over and say hello with their now-growing little boy. After a couple years they returned to Georgia and family. We stayed in touch and when they visited would find me. Always on Christmas I received a letter. Last year was sad - the mother wanted another child, but somehow couldn't have one although she longed openly and prayed often.
This year the picture they sent was of a mother, father, and a maturing little boy holding a picture of his new sister, Hannah, who will join them in the new year from Korea. Huge smiles everywhere. I am thrilled for them, and for allowing me to stay in their lives despite the miles.
My last couple didn't send a picture this year. I met them at an open house in the city, and while the house I had wasn't right for them they remembered me. When the mother of the young woman, a Realtor herself from Buffalo, suggested they find a buyer's agent the couple suggested me. I met with the mother and we all found a great house for them, after many precarious moments. Through the process we became friends; Bob and I attended their wedding two years ago.
A year later the young woman's mother died of breast cancer. I was so glad she had seen them married. I knew they were busy with work and grad school and their commitment to the man's native Ghana, so I thought about them often but didn't call.
This Christmas they sent me an e-mail. The young woman gave birth to twins prematurely on December 4th. So I don't have a picture perhaps, but I have a website to track their babies' growth.
These are a few of my families and my babies - and as the snow falls and the cookies bake, I think about them all and thank you, my readers, for this yuletide indulgence.
As I look at them I realize how much my real estate career has given me. Not just a place to go and people to meet, but entire families with whom I work and stay in contact. As an only child of an only child, I have few relatives. My birthfamily is spread all over, from Alabama to Minnesota to Kentucky to Rochester. Bob's family is here and ever-present, a wonderful gift. But there's always room for more.
I want to just tell about a few families, inspired by the baby pictures on the wall. This year we received a lovely photo of three children, all pre-schoolers. They are decked out in their holiday clothes, even the baby. I met the parents when I first started out. They were engaged then, looking for a home to live in for a bit before they built their own. They've married, enjoyed the births of these beautiful children, bought and sold a home, bought and built on land. I also work with both their families and friends. I just put on a new multi family in the city - another friend. I treasure their faith in me.
Another couple came into my life in a whirlwind. He had just taken a job with Welch Allyn and she had given birth to a tiny baby on New Year's Eve, six weeks prior to their entrance. We worked together to buy homes, but none were right. "No room at the inn!" we used to laugh. They eventually built a home in Camillus, and were happy there for a bit. On Christmas morning they would stop over and say hello with their now-growing little boy. After a couple years they returned to Georgia and family. We stayed in touch and when they visited would find me. Always on Christmas I received a letter. Last year was sad - the mother wanted another child, but somehow couldn't have one although she longed openly and prayed often.
This year the picture they sent was of a mother, father, and a maturing little boy holding a picture of his new sister, Hannah, who will join them in the new year from Korea. Huge smiles everywhere. I am thrilled for them, and for allowing me to stay in their lives despite the miles.
My last couple didn't send a picture this year. I met them at an open house in the city, and while the house I had wasn't right for them they remembered me. When the mother of the young woman, a Realtor herself from Buffalo, suggested they find a buyer's agent the couple suggested me. I met with the mother and we all found a great house for them, after many precarious moments. Through the process we became friends; Bob and I attended their wedding two years ago.
A year later the young woman's mother died of breast cancer. I was so glad she had seen them married. I knew they were busy with work and grad school and their commitment to the man's native Ghana, so I thought about them often but didn't call.
This Christmas they sent me an e-mail. The young woman gave birth to twins prematurely on December 4th. So I don't have a picture perhaps, but I have a website to track their babies' growth.
These are a few of my families and my babies - and as the snow falls and the cookies bake, I think about them all and thank you, my readers, for this yuletide indulgence.
Tuesday, December 16, 2008
Skaneateles Real Estate - The Weekly Update
You would think nothing would happen at this time of year, but my listings are being shown or at least inquiries are being made. And why not? The mortgage rates are going down and there are deals to be made.
There are 117 active listings in the Skaneateles real estate market. Only one new one came on this week and that was a re-list. Of particular interest to many is the marking of 11 Onondaga as contingent - again. We believe this sale will go through, but in the event it deosn't back up offers are more than welcome.
A newly pended home is in the village - it never bothered to go contingent, just pended! I think everyone is a bit gunshy right now and would prefer to wait until the commitment comes across our desks.
We had three closings this week - three! In the town a home closed above the list price - imagine! In the village a small investment opportunity closed at two-thirds of the original list price. Waterfront also closed - but at a reduction of about 25% from the original price.
We now have approximately 65% of last year's closings, with 24 being waterfront. Of the 20 true waterfront, as in on the lake not just with lake rights, only three were over one million dollars. And another three were under half a million dollars. But within that vast 70% of the closed waterfronts between 500k and 999K the range was huge. Gorgeous new construction vs. tear it down - please! How do you set the price? I think the answer is a combination of all things - location, condition, ease of movement, and subjective perception. Some people want the tear downs and others think a camp should be a camp, not a castle. Skaneateles has all kinds!
So enjoy the winter months, enjoy the last weekend of the Dickens celebration, and "Come Home to Skaneateles!"
There are 117 active listings in the Skaneateles real estate market. Only one new one came on this week and that was a re-list. Of particular interest to many is the marking of 11 Onondaga as contingent - again. We believe this sale will go through, but in the event it deosn't back up offers are more than welcome.
A newly pended home is in the village - it never bothered to go contingent, just pended! I think everyone is a bit gunshy right now and would prefer to wait until the commitment comes across our desks.
We had three closings this week - three! In the town a home closed above the list price - imagine! In the village a small investment opportunity closed at two-thirds of the original list price. Waterfront also closed - but at a reduction of about 25% from the original price.
We now have approximately 65% of last year's closings, with 24 being waterfront. Of the 20 true waterfront, as in on the lake not just with lake rights, only three were over one million dollars. And another three were under half a million dollars. But within that vast 70% of the closed waterfronts between 500k and 999K the range was huge. Gorgeous new construction vs. tear it down - please! How do you set the price? I think the answer is a combination of all things - location, condition, ease of movement, and subjective perception. Some people want the tear downs and others think a camp should be a camp, not a castle. Skaneateles has all kinds!
So enjoy the winter months, enjoy the last weekend of the Dickens celebration, and "Come Home to Skaneateles!"
Monday, December 15, 2008
Just a Few Things.....
Last Friday Syracuse University got a new football coach. He is Doug Marrone who played for SU in the 80s. Not that I remember him, but he was part of a good group of strong SU supporters, Tim Green and Scott Congel to name two. He played under Coach Mac.
I am still skeptical. Alex is willing to bet me $100 of his hard-earned money that SU will have a winning record in two years. I want it in one year, and apparently so does Coach Marrone.
I like what he says. He wants to take the players who are there and build his offense around their strengths. Coach Robinson believed differently - take HIS offense and make the players use it. It didn't work.
Now this may seem far-fetched, but I can relate this to the real estate market. Hang in there! If you use Marrone's philosophy, you analyze the situation (the players) and work with them. The economy is the situation in real estate and home-selling must accomodate the market. G-Rob said "This should work!" as in the west coast offense, and when it didn't he was lost. He didn't know how to monitor and adjust. As in the market - sellers must adjust, the market isn't going to.
Enough! Welcome to Coach Marrone (offensive coordinator for the New Orleans Saints until today)! He said that coaching SU was his dream job, something he worked for his entire life since he was a kid in the Bronx. How wonderful that he has achieved his dream!
Other stuff: Floyd Little, running back extraordinaire for SU in the 60s and Kansas City in the pros is going to the inauguration. He hopes to present Barack Obama an SU jersey with number 44 on it, commemorating the brilliance of 44 in SU history and Obama's own presidency (number 44, as it were!)
When sports and real estate and politics collide! I love it!
I am still skeptical. Alex is willing to bet me $100 of his hard-earned money that SU will have a winning record in two years. I want it in one year, and apparently so does Coach Marrone.
I like what he says. He wants to take the players who are there and build his offense around their strengths. Coach Robinson believed differently - take HIS offense and make the players use it. It didn't work.
Now this may seem far-fetched, but I can relate this to the real estate market. Hang in there! If you use Marrone's philosophy, you analyze the situation (the players) and work with them. The economy is the situation in real estate and home-selling must accomodate the market. G-Rob said "This should work!" as in the west coast offense, and when it didn't he was lost. He didn't know how to monitor and adjust. As in the market - sellers must adjust, the market isn't going to.
Enough! Welcome to Coach Marrone (offensive coordinator for the New Orleans Saints until today)! He said that coaching SU was his dream job, something he worked for his entire life since he was a kid in the Bronx. How wonderful that he has achieved his dream!
Other stuff: Floyd Little, running back extraordinaire for SU in the 60s and Kansas City in the pros is going to the inauguration. He hopes to present Barack Obama an SU jersey with number 44 on it, commemorating the brilliance of 44 in SU history and Obama's own presidency (number 44, as it were!)
When sports and real estate and politics collide! I love it!
Thursday, December 11, 2008
Bright Spots
The news has been so poor lately that I thought I'd write about what is good that's happening out there. As I came through Yahoo to get here I caught a brief "Five Reasons to Suspect Your Job is in Jeopardy" headline. I'm sure I could return for more bad news, but who needs it?
This morning in the paper (www.syracuse.com) a real estate deal was announced. In Elbridge, the residents of the Champion Mobile Home Park have banded together to buy their park for 3.6 million dollars. They formed a homeowners association and borrowed money to do so, all with the gentle nod of the owner who had kept it running in good form for years. That means 350 families became home owners today. I think that's wonderful!
I opened my mail for my monthly bill from M&T. I borrowed, like so many did, from my home equity line of credit this year to get past a very slow real estate spring and a very expensive tax season. The interest rate has dropped from about 5.5% six months ago to a munificent 4.0%. I'll be able to pay it off with the next closing, and there are closings on the near horizon.
My e-mail produced rate quotes from Ed Nash who seems to e-mail everyone in all the offices. I keep his quotes as reference points. Today he promised a 30 year fixed rate of 5.1%. If you only want 15 years the rate drops to 5.0%. I won't tell you about the ARMs (adjustable rate mortgages). I'll just let you guess that they are lower.
When I bought my house in Skaneateles in 1990, my rate was 9.5%. My attorney, John Yuhas, congratulated me on getting such a good rate. His was presumably much higher. Think of that. A 100K home garnered about $10,000 in interest alone back then. The yearly interest now is a much lower $5,000. Prices of homes are higher, yes. But there is equity accumulating, not interest for the banks.
The brightest point for me now is the realization that I have the ability to give to others. It may all sound a bit hokey, but I am glad that I can send a check out to the Food Bank (www.foodbankcny.org) or Wanderers' Rest (www.wanderers-rest.com) where we found Boo. I am sorry so many people need extra help this year, but I am thrilled I can provide some of it. I'm not alone. Pat Snyder from Williams Realty told me she had a grand time buying blankets and chocolates for Christmas baskets and the elderly this week.
So take some of that interest you've saved and spread it around to those who need it this year! It will warm your soul and create a bright spot that no gloom and doom headlines can take away.
This morning in the paper (www.syracuse.com) a real estate deal was announced. In Elbridge, the residents of the Champion Mobile Home Park have banded together to buy their park for 3.6 million dollars. They formed a homeowners association and borrowed money to do so, all with the gentle nod of the owner who had kept it running in good form for years. That means 350 families became home owners today. I think that's wonderful!
I opened my mail for my monthly bill from M&T. I borrowed, like so many did, from my home equity line of credit this year to get past a very slow real estate spring and a very expensive tax season. The interest rate has dropped from about 5.5% six months ago to a munificent 4.0%. I'll be able to pay it off with the next closing, and there are closings on the near horizon.
My e-mail produced rate quotes from Ed Nash who seems to e-mail everyone in all the offices. I keep his quotes as reference points. Today he promised a 30 year fixed rate of 5.1%. If you only want 15 years the rate drops to 5.0%. I won't tell you about the ARMs (adjustable rate mortgages). I'll just let you guess that they are lower.
When I bought my house in Skaneateles in 1990, my rate was 9.5%. My attorney, John Yuhas, congratulated me on getting such a good rate. His was presumably much higher. Think of that. A 100K home garnered about $10,000 in interest alone back then. The yearly interest now is a much lower $5,000. Prices of homes are higher, yes. But there is equity accumulating, not interest for the banks.
The brightest point for me now is the realization that I have the ability to give to others. It may all sound a bit hokey, but I am glad that I can send a check out to the Food Bank (www.foodbankcny.org) or Wanderers' Rest (www.wanderers-rest.com) where we found Boo. I am sorry so many people need extra help this year, but I am thrilled I can provide some of it. I'm not alone. Pat Snyder from Williams Realty told me she had a grand time buying blankets and chocolates for Christmas baskets and the elderly this week.
So take some of that interest you've saved and spread it around to those who need it this year! It will warm your soul and create a bright spot that no gloom and doom headlines can take away.
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