The Chapin Estate and Bethel Town officials are considering plans for the development of a 50-100 million dollar resort destination. Proposed details.
For 2017, home sales in Sullivan County NY increased by 2.2 percent with end of year total accounting for 590 home purchases. Median prices rose from $128,000 to $135,000 accounting for a 5.5 % increase from 2016 levels. Medium pricing is defined by 50 percent of homes sold fall above $135,000 with the remaining 50% falling below that number. (See Local Realtors: Pace of home sales largely returning to prerecession levels)
Local Sullivan County brokers anticipate stronger sales for 2018 with many more showings occurring in the usually slower winter months. The “Casino Effect” has shaped the Monticello, NY market to some extent by creating excitement and new motivation for home buyers to consider buying while commercial investors continue to eye the area to determine long term investment potential.
Overall, realtors® are optimistic 2018 will continue the upward trend with m.)ore buyers and somewhat higher pricing due to stronger demand. The rental market is being driven by the new casino housing demands while other businesses continue to expand job opportunity creating a better return on investment for rental property.
Sellers “hope” their house will sell. They want a quick purchase, at the highest price. Delayed maintenance shouldn’t impede negotiations and a comparative market analysis doesn’t mean pricing at current market value. As in” “I want to net out at this number, can’t or will not lose money, will not cut the grass, paint, or complete any fixes that will help sell my home.”
Buyers “hope” they can buy a home of their dreams, that it’s truly affordable, the school system is perfect, the local park is a few blocks away, and the taxes are “reasonable”. “I need a seller’s concession to help with closing costs, a fire place, and finished basement. “If you can’t find that for me Mr. Broker or Agent, I’ll find someone who can.”
Broker’s “hope” their seller understands proper pricing is the number one reason why one home sells more quickly than another similar one down the block. The CMA, Comparative Market Analysis, pinpoints recently sold properties within a short distance of the one to be sold, adjusts some for positive features like an in ground pool, special or extraordinary interior or exterior features (water front-100 acres included-rentable chalet, and so on) or a negative adjustment for substantial delayed maintenance, mold, no landscaping, buried oil tank, etc..
Broker’s “hope” their buyer clients understand you can really only accomplish two primary goals regarding home ownership within a budget-LOCATION AND PRICE or PRICE AND LOCATION. Any additional factor like more acreage, great school district, pool, deck, finished basement, wine cellar, high end appliances are a true bonus.
No one should ever lose hope. But-Sellers and Buyers need to realistically evaluate a broker’s guidance on how best to sell or buy real estate. This advice isn’t about inflating your broker or agent’s ego. It’s about your money and how best to use your real estate professional’s years of experience to get what you want.
These buyer/seller/broker hopes are somewhat stereotypical snap shots. Individual sellers, buyers, and broker/agents vary in great degree. Putting people in boxes does little to forward the real estate process.
If you, the seller or buyer develop the trust and confidence in your real estate professional, stick with that person and listen critically. Then, ask the needed questions, get the answers, and get on with moving in a positive direction toward closing.
‘Rapid Price Increases Will Not Last Forever’
The answer is likely not, according to a recently released realtor.com® report. Building is lacking in many markets—one hallmark 10 years ago was over-construction—and credit standards are more stringent, says Danielle Hale, chief economist of realtor.com.
In 2016, home prices (the national median home sales price) were 2 percent higher than they were in 2006, the report reveals. Pre-recession prices have returned in 31 of the 50 largest metropolitan areas.
In contrast with 2006, however, are today’s credit conditions. Currently, the median FICO score for a mortgage is 734; the median in 2006 was 700.
“Lending standards are critical to the health of the market,” says Hale. “Unlike today, the boom’s under-regulated lending environment allowed borrowing beyond repayable amounts and atypical mortgage products, which pushed up home prices without the backing of income and equity.”
Additionally, economic indicators point elsewhere. Employment was healthy then and is now, but inventory is limited more today—at a 20-year low. Presently, the average months supply is 4.2; in 2007, the average months supply was 6.4.
For more information, please visit www.realtor.com.
Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at email@example.com.
The idea of purchasing a property and having renters can be an exciting business venture that offers lucrative financial rewards. However, there’s a lot involved in being a successful landlord and it’s important to be aware of what’s required before making the commitment. Whether you’re investing in one rental property or five, here are some questions you should ask yourself before getting involved.
Can You Do-It-Yourself?
There’s a lot more to being a landlord than taking the rental check, and one of these things is being there for the tenant when push comes to shove. If there are issues with the heating or the fridge breaks down, you’re going to be the one who has to facilitate or complete the repair, so you’ll need to have the wherewithal to fix problems effectively. While there are many situations where a repairperson can help, having some DIY skills goes a long way towards turning a better profit.
Do You Have The Time?
Weeks and even months may go by where your tenant requires little to nothing from you, but if you own an older property or have several renters, even maintaining the place can get to be quite a bit of a chore. It can be a good expenditure to have a contractor take care of these issues, but you’ll still have to use your time to find the right person and oversee the budget. If you already have a pretty full schedule, being a landlord will add a lot more to the pile.
Can You Deal With The Risk?
It can be easy to turn a profit if you have a renter, but if you happen to own property in a vacation area or a community on a downturn, it may be more difficult to find renters consistently. There may be periods of time where tenants are scarce, and this means that you’ll have to be comfortable with financial instability in order to weather the storm. While the moneymaking months can make up for the off-season, if you doubt your ability to take on the financial risk, this may not be the right choice.
Being a landlord is a considerable responsibility that will require you to take on financial risk and serve your tenants effectively and efficiently. If you’re thinking of becoming a landlord and are looking for a rental property, contact John Kavaller. He has vast experience and will share the “ins and outs” of how to buy, maintain, and meet the many challenges associated with income producing properties.
It’s Christmas Eve day and warm for late December in Otisville, New York. Well not quite Otisville, actually Mount Hope. That’s sort of true, Catskill Country Real Estate is in the Town of Mount Hope, but our office address is actually Middletown, NY 10940.
It’s not easy having a difficult address to define or having bushy eyebrows. Marilyn keeps trying to sit me down for a haircut and calm conversation. Clippers out, comb, scissors and that awful buzzing sound fill my ears—oh—they need a buzz cut too.
TMI—yes I know. Nobody really cares about haircuts these days—especially earcuts. Well maybe barbers do, but I’d have to go to Facebook in that there seems to be a good deal of interest in photos of just about anything. Updating status must include personal information about personal grooming—hold on, let me check Twitter too ……………………………………………
Yep—just as I suspected. All the social network platforms show the broker with the bushy eyebrows is trending and may go viral. There seems to be an unusual amount of static about busy real estate brokers, interest rates moving upward, and the Polar Vortex simmering down.
It’s been a very busy year for Catskill Country. We’ve closed many transactions, formed more solid relationships with other real estate firms and REALTORS®, helped a number of folks get into homes, and expanded our services to a multi county territory.
Our reviews are moving steadily upward as we seek to maximize our relationships with new clients, referrals, and our advertising venues. Our budget allows us to profile thousands of homes on our two websites making it easy for consumers to research and review almost too much information.
The one key difference between Catskill Country and our competitors centers on my absolute commitment to immediate contact with anyone wanting more information about real estate. We welcome all questions and respond almost as soon as we are contacted so you aren’t waiting around for answers.
I have bushy eyebrows but– I understand how to listen and bring your real estate goals into focus, and accomplish the mission of helping you buy or sell property in the Mid-Hudson and Catskills Region of New York State.
The Times Herald Record has reported a new urgent care facility will be operational in 2017. Located on the corner of Route 42 and Concord Road, “CRMG, which is a corollary to Catskill Regional Medical Center in Harris and is part of the Greater Hudson Valley Health System, will open the 11,500-square-foot facility on nearly 14 acres.”
Located at the former Kutsher’s site, Veria is continuing its march toward completion sometime in 2017. According to Town of Thompson supervisor Bill Rieber, the project is on track and will and feature 131 rooms with almost 300,000 square feet, two story wellness center.
Details and Times-Herald Record article