The "upper end" of the Sullivan County property market ranges between $500,000 and $800,000 for non-lakefront properties, and somewhat higher for private lakefront or riverfront properties. In this price range, a buyer can own a property that evokes an "Oh, Wow! This is spectacular!" response. In contrast, in the Hudson Valley, the upper end starts at $800,000 and rises into the stratosphere. Within this range are stunningly set contemporaries, private lakefront homes, lovingly renovated farmhouses with views on acreage and riverfront estates. What we don't have are historical landmark houses (those gracious large Colonials overlooking the Hudson) or many stone houses — Sullivan County was settled later than Orange or Ulster counties, when building had advanced from stone to frame construction.

Moving beyond the mid-range, here are some of the options generally available:

• Old farmhouses with substantial acreage. There are usually a few farms for sale with 50 to 150 acres, with asking prices from $400K to $1 million. Often these properties have a rundown or unrenovated farmhouse, but the farmhouse is often not in the most private setting (farmers generally wanted to be close to the road.). Some buyers of these old farms subdivide off and sell the old farmhouse and barn, and then build in a more private location on the remaining land. An area of particular appeal for this type of property is around Fremont Center and Callicoon Center, an area some call 'Celebrity Gulch' because of the number of celebrities who have purchased old farms in the area.
  
  
• Renovated farmhouses on acreage. Even in this price range, renovated farmhouses are still scarce. But they do come on the market, and above $500,000, are quite lovely, and in the $600,000 to $800,000 range, the settings and renovations approach magazine quality.
  
  
• Contemporary on acreage with views. Above $500K, you'll find larger (3,000+ square feet) contemporary cedar sided or log sided homes with modern open plans and cathedral ceilings to bring in the often spectacular views. They are usually very privately set, with a pond or two and a stream or other unique land features.
  
  
• Private lakefront. Between $400K and $500K, lakefront still involves some compromises — either its a private lot with good lake frontage but a so-so house that needs updating, or a dramatic house that's isn't all that private. You get into private, estate-quality lakefront above $600K. There are two lake developments — Black Lake Estates and Chapin Estate— that have been designed specifically for buyers seeking a private and exlusive lakefront getaway. Both are -gated communities with spectacular settings. Homes at Black Lake, on 5 lakefront acres with substantial frontage and privacy, typically range from $600,000 to $750,000. At Chapin Estate, a new development, a fabulous house on 5 lakefront cares with privacy will run about $1 million and up. There are also a few homes on more 'traditional' lakes, like Tennanah Lake, with very private settings — but lakefront privacy carries a premium, and some of these homes are priced up to $1 million.
  
  
• Lew Beach. Once the 2,400 acre estate of Laurence Rockefeller, Lew Beach, in the far northeast part of the county, is a very unique place. Most of the land is preserved in its natural state. Only a handfull of homesites are offered for sale each year, and the number of resale houses is also very small. Basically, you own a relatively small piece of land (5-20 acres) surrounded by preserved green space. The building site on each parcel is specifically designated, so no house is in sight of any other house, and your view is also preserved. The 'development' owns miles of Beaverkill Riverfront, and you can join the Mountain Club to use the shared river. Lew Beach is for the privileged few, with homesites about $400,000 and homes ranging from $800,000 to almost $2 million.
  
  
• Riverfront. Private riverfront, whether in the western part of the county on the Delaware or in the northeast on the Beaverkill or Willowemoc, is very limited, due to a combination of factors. There are now significant development restrictions to protect the rivers, and along many rivers, the road runs between the homes and the river itself. Due to its scarcity, the price for private riverfront homes or buildable parcels is all over the map. It does come on the market, but takes patience.

Values and Appraisals

Very few 'select' properties are sold here each year, making it much more difficult to establish value based on a comparison of comparable sales. Higher end properties, particularly larger farms, private lakefront and estate-like properties, are priced and sold more like fine art than more pedestrian homes. If you're planning to use mortgage financing, and are purchasing a property above $500,000, there is a very good chance that 1) an appraiser is unable to find sufficient comps for an appraisal and 2) if the property can be appraised, the appraisal will come in below, sometimes well below, the agreed on selling price. As a result, buyers of more expensive properties should be prepared to put down a substantially larger deposit than the standard 20% or pay cash for the property. There are private mortgage lenders who do lend beyond appraised value, however, and individuals with high net worth can often get financing from their own private banking sources. I'm not saying its impossible to finance these properties, just that buyers should be prepared to bridge an appraisal gap.

Buying Land and Building

There are some estate-quality parcels here, and Sullivan County is one of the only places within a couple of hours of Manhattan where you can still find a150 or 200 acre parcel. But the few large parcels on the market are often priced more per acre than a smaller parcel. Larger parcels (50 acres+) are typically priced at $6,000 to $8,000 an acre for nice land with 'features', like rolling farmland, hills with views, ponds, etc. Flatter woodlands, land that is more difficult to build, or large parcels that front on a main road, can be priced lower, at $3,000 to $5,000 an acre. And then there is what we call 'billy goat land', property that is rocky, very hilly and wooded, often with quite steep slopes and difficult access, that has been primarily used for hunting. This type of property, while possible to build, is very difficult and is usually priced around $2,000 an acre.

Sullivan County has a limited number of contractors and that means there can be a wait to build a new home. This year, if you were planning to have a new custom house built this summer, you needed to be on a builder's schedule (with plans) by January. Another option to reduce lead time and build time is to go the partial custom route, starting with a 'kit' house, like a Lindal Cedar or Beaver Mountain Log home, or custom modular, like the incredible houses fabricated by Westchester Modular Homes.

In general, allow $180 a square foot (and up) for quality construction, or $150 a square foot for more mid-range construction. This, of course, varies a huge amount, depending on square footage, custom detailing, construction type and layout. Rustic post and beam construction with extensive detailing, like a fabulous stone fireplace, can run much more.

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