Skaneateles Real Estate - The Weekly Update

"Inundated!"  That was my word for the rental market this past week.  So many calls for the two properties I have listed in Skaneateles - each $1,300, each 3 bedrooms.  Last Sunday I held two open houses and told people to come - one couple came to both, and another took an application for one of the homes.  People insisted that they see these homes - but then didn't come.  The rental market is a difficult one - but I wasn't alone.  The "inundated" also came from another agent who was beset with calls.  So many people can't buy, for one reason or another, that they want to rent.  And what better place to rent than in Skaneateles?

Currently there are 146 active single family residences for sale in the Skaneateles area.  Of these, 46 are in the Village and 31 are considered waterfront.  This week there were no new listings - just a re-list with a HUGE drop in price for a waterfront home.  There were also no new contingent sales, so the number remains at seven.

But there were pendings - of the 10 in the multiple listing service for Skaneateles, three went mostly straight to pending.  One is a village home that has had the price drop over the past year, and the other two had lakefront.  Again, fairly long times on the market with drops in price.

We remain at 54 sales for the year.

About those rentals....15 show that they were rented since the beginning of the year, two are currently contingent, and there are only 10 on the market.  These range from a low of $795 to $2,900.  The highest priced rental this year went for $5,500 per month - but for a home well worth it.  I wish the selling market was as hot - I'd love to see 100 homes on the market with 150 closings this year to date.

2208 Coon Hill Road

If you are out and about this weekend, stop by both of my Coon Hill listings - open Sunday, 1:00 to 3:00.  Just a very short two miles down East Lake to a left on Coon Hill Road.  I will buy you a "drink" at the Welsh bar!

Skaneateles Real Estate - The Weekly Update

Last night as I came home from the office I thought I might have left my cell phone there which would not have been good.  It wasn't in its cupholder, and as it was dark by then, I had to pull over into Butters Farm.  The cell was on the seat, once I turned on the lights, but rather than back up and out I continued up the hill to do the loop back to Jordan Road.  I usually go up that way in the daytime to show houses, rarely at night.  It was lovely - most of the homes had spectacular lighting, and with the landscaping and fall decorations it was really beautiful.  One of those "not taking the straight way home" moments that proved worthwhile.

Currently in the Skaneateles area of the multiple listing service there are 150 homes listed as active, with 47 of them in the village.  These numbers have been fairly constant for a long time now.  There are 33 homes considered to be waterfront as well.

Two new listings came on, both in the $300,000 plus range.  One is a village home, fairly newly built, and the other a small camp. 

There are four properties marked contingent - one is a sweet Village home which I've hoped would sell, as have others I know.  I am glad it has a contract on it.  The other categories - under contract, do not show, and pended both have five homes listed.

BUT!  We have two new closings this past week which should raise the average price of a home in Skaneateles a great deal.  One is a waterfront estate that closed close to its asking price of well above one million, and the other is a magnificent country home above half a million dollars.  We now have 54 homes that have closed so far this year.

I decided to see what the median price of the closed properties is - and it turned out to be about $300,000.  Of these, 13 are Village homes and 11 are waterfront.  Three homes closed above one million. 

If you add Spafford, then four homes this year in Onondaga County have closed above a million and all of them are Skaneateles properties.  The same (4 each!) could be said for 2010 and 2009.  In 2008 there were only three by this time of year - and yes, all Skaneateles.  Finally going back to 2007 there were 11 homes closing above a million - again, all Skaneateles!  It takes five years of records - 2006 - before another town, Dewitt, can claim a million dollar home.

We live in an expensive town - at least in Onondaga County and most probably all of Central New York.  The financial problems have touched us, too - the numbers bear that out with the precipitous drop from 2007 to 2008.  But the homes are still as lovely, the lake is still as pure.  These fall days can still take your breath away!

Skaneateles Real Estate - The Weekly Update

So the rant continues.  I went in to a closing this morning.  Correction - I started driving in to a closing this morning but received a call as I drove up Old Seneca Turnpike outside of Marcellus.  All the paperwork hadn't arrived from the mortgage company - Wells-Fargo - so we would be delayed an hour.  Not a big deal, but since we had had a difficult time getting to this point, a bit worrisome.  They are located out west, in a different time zone...maybe that was it.

I went back to the lake, did a bit of work there, took a phone call or two, then headed into Syracuse to be in time for the now-10:00 closing.  My clients met me in the coffee shop.  "Another half hour."  So we talked and shared a few stories.

The seller's attorney arrived for 10:30.  Still no documents, but we caught up a bit.  I decided that waiting around was not going to make things happen, so I left.  I went out to Pier One and shopped, then as I was leaving (at noon) I got a text that said "Fifteen minutes."  Hooray!  I texted the agent on the selling side and went in to the city.

My clients had made it upstairs to the bank attorney's office by then and they were indeed signing papers.  But they were still waiting for Wells-Fargo's documents, just getting ready.  I left again at 1:00, at their urging. 

They finally closed at 3:30.  The very sad part of all this is that their purchase was the first in a series of four homes that depended on their closing. 

Buying a home should be a joyous occasion.  It should be the culmination of a process and after months of dreaming it should be thrilling.  This was far from it, and the bank was to blame in this case.  How sad that makes me -

But there are currently 151 properties listed as active in the Skaneateles area of the multiple listing service.  Of these, 47 are in the Village and 32 are considered waterfront. 

Four brand new listings came on the market this week.  Two are mine, as it happens.  One is listed for $218,000 and also for rent on Old Seneca Turnpike at the corner of Highland.  It is truly a fun home - all arches, fireplaces, steps, and colorful!  The other one is at 1650 Coon Hill Road ($179,000), towards the East Lake end of the road.  It is next to the fire station - and no, the siren does not sound there any more!  It has hardwoods, four levels of living space, and a deep back yard.  It will be open this Sunday from 1:00 to 3:00. The other two listings are in the higher range - a village home on a quiet cul-de-sac has come on for around $600,000 while a waterfront property is at the half million mark.

Sorry - no new contingent or under contract, do not show homes this week.  One has gone to pending, however.  So there are currently 15 homes altogether in these categories.

We do have a new closing, though, bringing the year-to-date number to 52.  A sizeable waterfront home in the village closed, within 10 per cent of its original list price and six months from the date of listing. 

So please do not let my sad tale of woe dissuade you from buying a home.  I went to two other closings today, too - and they were in and out in just over an hour.  Of course this was a local bank, with a local mortgage person hovering to make sure all went well.  And it did!

Skaneateles Real Estate - The Weekly Update

Just getting this out there.....a bit of a rant.  For the past two weeks several of my properties have been ready to close, but have not closed due primarily to bank issues.  This goes across the board - national mortgage lenders, local banks, and even a credit union have held up families from moving.  In one case, four families have been affected due to the need to close the first so the others can close.  Issues have ranged from mitigating the radon (after the bank had seen the contract weeks and weeks ago and apparently said a credit at closing was possible) to asking for more information at the last minute.  We have not - thank goodness - gotten to the closing table only to leave and go home to packed trucks.  But it has been disheartening.

I will report that one attorney, who shall remain nameless in this blog, has told me that he/she will not deal with either Bank of America or Wells-Fargo.  His/her approval for any contract these days states that explicitly:  "I approve...as long as the mortgage will not be sought from either of these companies."  (I paraphrase.)  A cautionary word to the wise......and yes, do not give credits for radon, just get it done! 

Back to Skaneateles and the real estate market....There are currently 145 homes listed and active, of which 45 are in the village and 32 are on the water.  Five new homes came on this past week.  Two in the village - lower $300,000 and upper $100,000 range, as their sizes dictate their prices.  In the country you can choose a smaller home in the mid-$100,000, a larger home with substantial garage space and some acreage in the mid-$200,000 or go for more acreage, more square footage and look at one in the $400,000 plus range.

Six are considered contingent, but continue to show.  One new one that was listed around $500,000 and is a waterfront property is newly added to this category.  There is nothing new in the "under contract, do not show" area but there are five waiting to close.

One little camp went straight to pending, joing four others.

Unfortunately there are no new closings - we are stuck at 51, but this is better than 2010 and 2008.  Hooray!

Good news to end this blog - my in-laws have opened Hobby House Toys at 7 Jordan Street, next to the Irish Store.  Please stop in and say hello to Sue and John - and buy a toy while you are there, too.  Then go out and buy a house to put it in.