This weekend I had a client coming up to look in the $250,000 range for a second home getaway with a modest achieveable list of features — house in good condition, some privacy, a nice setting. Their target area was the central west to northern part of Sullivan, west of Liberty to Callicoon, north to Livingston Manor and Roscoe. I identified 8 good candidates. Much to my surprise, when I called to set up appointments to show the houses, more than half of them had accepted offers on them. Wow! (Contracts hadn’t been fully executed yet, which is why they were still showing as ‘active’ in the MLS.) 2 weeks ago I called for another client on many of these houses, and they were available.
This confirms what I’ve been sensing for a month now, that houses in the $225K to $275K range with attractive features are moving. ‘Similar’ houses priced under $200,000, while lower priced, often involve compromises — like on a busier road, not particularly attractive location, needs work, more suburban style — that second home buyers aren’t willing to accept, and they aren’t moving. Likewise, many houses priced above $300K, while actually offering a lot more house and features than their $250K counterparts, are also lagging. $250,000 right now seems to be the new sweet spot in the market, at least the second home sector.