A couple of comments on the previous post caught my eye, namely what's the price cut level that would bring NYC buyers back into the Sullivan real estate market? Some people suggest we may need to drop 30% or even more to be perceived as a 'good value' and reinvigorate demand. (My personal opinion is…Details
I just posted my monthly Current Market Conditions Report, with Sullivan County real estate sales data through September. If you look at sales data through September, the modest pickup in sales we saw through the sales was continuing (even though prices have been trending lower). However, I don't know how relevant it is, given that…Details
The Villa Roma, one of the last remaining Catskills resorts, had its grand reopening last weekend, after rebuilding from a devastating fire in 2006 that destroyed the resort's main building. Villa Roma has 140 hotel rooms and 230 time share units. (The time share units, along with the Clubhouse at the golf course and most…Details
Yeager Realty Associates, the largest real estate brokerage in Sullivan County with 3 offices and three dozen agents and associate brokers, is closing its 3 offices. Paula Yeager, the principal broker who started the company in 1984, announced the shutdown at a company meeting Monday afternoon. (Update 10/2: Paula indicated in an interview with the…Details
I'm laid up with a nasty cold today (boo hoo!), and was choosing between Turner Classic Movies, the Food Network or surfing real estate sites. I chose the latter because I don't need anything to make me sniffle more, and food isn't, well, all that appealing at the moment.
So I just spent an hour browsing condo listings in Miami, Miami Beach and Fort Lauderdale, a market area that always seem near the top of lists of real estate basket cases. They're markets that were overbuilt, overhyped, with lots of investor speculation and have suffered preciptious price and sales declines.
What struck me, in looking through listings, was how many were flagged as foreclosures or short sales. In some zip codes, it seemed as though a third or more of the properties were foreclosure or short sales, with asking prices quite a bit below the asking prices of the regular 'non-foreclosed' listings. I felt bad for those regular sellers, because they have to compete with lenders who are willing to take a big hit to move a property off of their books. (And that's what this bailout is all about, to cushion their loss-eating.)Details
Its been a little more than a week since I posted "Stop Dead" — which elicited a LOT of comments (32). In the intervening week, the economic picture certainly hasn't brightened much. The news clips and soundbites about the economy have been downright scary, with "crisis" and "meltdown" peppering every third sentence, and the occasional…Details
This week's New York Magazine has a lengthy article on the "Catskills Gas Rush." The author, David France, who has a second home near Margaretville in Delaware County, has penned a good introductory overview on gas drilling. But as someone who follows gas drilling, I found that it was more of a broad brush stroke…Details
Catskill Mountain Keeper, an organization working to implement regulations to mitigate the damage from the gas drilling process (among other things) is holding its 2nd Annual Beerfest Fundraiser tonight, Saturday, Sept. 20th at Hills Country Center from 5 to 9 PM. There will be fgine craft beer, food, prixes and music. Admission is $20.
I'm sure that, like me, any reader of this blog is following the Wall Street (debacle? meltdown? chaos? — or to use George Bush's term "adjustment"?) all week. I keep turning on CNBC like I watch the Weather Channel when there's a major hurricane. (Probably the only folks happy this week are advertisers on CNBC.)…Details
Somebody just turned me on to an article in last Friday's "Escapes" section in the times: Your Second Home Unplugged. It hits the nail on the head, about a second home being about fewer gadgets, television and Blackberry's and more about real connections. Between people. Like the way it used to be. There's a great…Details
It would be a huge understatement to say that the weekend's events were just a blip on the financial radar screen. Lehman has effectively died, Merrill is being taken over, and Washington Mutual and AIG are on the critical care list. Poor Lehman. I guess it wasn't politically expedient for the Republicans to extend any…Details
There are a few common areas of confusion among city dwellers about country property and Sullivan County. No, it isn't wells and septics. Its transportation options, high speed internet and cell service. For city dwellers, these 3 things are universally available — in the city — and they take them for granted like water and…Details
Budget Travel magazine ranked Port Jervis, NY as one of the "10 Coolest Small Towns in America" in its latest issue. (Read online.) Ok, Port Jervis is in Orange County, but its the town that a lot of folks in southwestern Sullivan County relate to. Congratulations to Port Jervis for making this list.
I just posted my Current Market Conditions Report, with sales data through August, 2008. The picture shows steady, if slow, improvement in sales. Although we're still well below the sales rate (and prices) of the boom years, we're up from the lows of this past winter and spring. Check out this month's report and drop…Details
There's no doubt in anybody's mind (except some sellers drinking happy juice) that sales are down and prices have rolled back. But the big question, particularly in the minds on buyers, is what's the right price for a house today, and have we turned a corner. So I went back and looked at the data…Details
In my mind, the weak link in the Concord redevelopment was the ability of Concord Associates to secure non-governmental equity loan financing for the project, given the tightening in the real estate credit markets and upheaval in the real estate arms of major investment banks. All around the country, large projects are being scaled back,…Details
Last evening, the listing agent for the property at left called to tell me that the builders of this new construction home at Timber Lake (non-lakefront with lake rights), listed at $429,000, are holding a Labor Day weekend sale, dropping the price for Labor Day weekend only to $409,000. I've gotten a few similar calls…Details
The calendar still says "August", but everywhere there are signs that summer is drawing down. Over the past week, nighttime temps have dipped into the 40's, getting me to pull out an extra blanket and even turn on a dash of heat. (Its cooler earlier than I remember.) I've also taken to wearing long pants…Details
If you've strolled down Main Street in Callicoon, you may have passed the freshly renovated digs of the Callicoon Wine Merchant (25 Lower Main Street.) They've been open all summer, sans wine, selling a delightful range of artisan cheeses, olives and other accompaniments while they awaited their wine license. Well, they finally got the approval…Details
I received an email this morning from the Catskill Citizens for Safe Energy (www.catskillcitizens.org) with a .pdf update about a recent meeting between 8 environmental organizations and the DEC in Albany, as well as an overview of the gas leasing presentation held this past week in Lake Huntington. The .pdf isn't on their website yet,…Details