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Sullivan County NY Sales Data 2018

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.

Orange County, NY Real Estate Sales Update 2018

Orange County, NY Real Estate Sales Update:


SINGLE FAMILY HOMES

Sales registered a 9.6 % sales boost year over year.  The Hudson Gateway Association of Realtors provided the statistic and noted this figure reflected the highest total of homes sold since 2007.  Median home price (term indicates fifty percent of sales were above with 50 percent below) was $243,250 for 2017 which reflects a 6.2 jump in the median price from 2016.

Current for sale Single Family Home Inventory is marked at less than 6 months demonstrating a sound market tending to support the notion Orange County, NY has moved into a Seller’s Market.  My personal work with buying clients supports that bidding wars are frequent, buyers often don’t get into their first choice home, and cash buyers are swooping in and out bidding first time home buyers.

Foreclosures and short sales remain plentiful, but even these properties receive quick offers and usually require at or above retail market prices in order to secure an accepted offer.  Although pricing for these types of property are tempting, be prepared for a significant roller coaster ride as you bounce along the foreclosure or short sale track.  If you don’t know the difference between a short sale and foreclosure, you probably should stay away from this portion of the real estate market place.  Feel free to contact me for an explanation and short primer on the best way to acquire foreclosures or short sale properties.

Condo Sales realized a remarkable 23 percent increase over 2016 demonstrating current market strength while multi-families surged 16.8 %.  Medium condo sale prices tuned up to $163, 250 with multi-family homes (2-4 units) came in at $141,000–a whopping 40 % increase over 2016.  Investor demand contributed significantly to within the multi-unit dwelling space.

Attribution– Report is based on this article from the Times Herald Record.

Investors-Take A Second Look at Monticello Venue

Money on the lineMalaysia based Kien Huat (Corporate Name) owns almost 90 percent of Empire Resorts, the firm building the Montreign Resort at Adelaar.  The huge conglomerate is putting it’s money on the line which means some very smart people are betting that whatever the casino landscape looks like ten years from now, they’ll still be making a ton of money and be viable.

Business banter about more casino development in an over saturated market has given investors pause for thought.  Local real estate sales should have been more brisk as the build out picks up speed.  Ken Haut’s substantial investment may now stimulate a more balanced thought process for other entrepreneurs evaluating the profit potential in Sullivan County.

The risk to reward ratio is always the paradigm.  Kien Huat obviously has weighed the pros and cons and voted with many millions.  You may want to consider taking the leap.  There is no risk involved in contacting me for a frank discussion on how you can profit here in Sullivan County, NY. Take a few moments and call me at 845-492-0261.

 

Possible casinos in northern NJ, Manhattan could oversaturate market

CrapsBy The Associated Press

Posted Feb. 18, 2016 at 12:55 PM
Updated Feb 18, 2016 at 1:04 PM

Read The Associated Press article here.  Then, consider the following implications for the Montreign Resort and Casino at Adelaar.

If casinos are built in Northern Jersey and perhaps Manhattan, the Sullivan resort scheduled to open in early 2018 could be in serious trouble. The article makes the “over saturation”  and “slice of the pie” arguments.  There is a limited number of gambling folks thus the proliferation of casinos within a short driving radius of the NYS Metro area will simply dilute the customer base.

Goodbye jobs, major development, economic bounce-back, etc for Sullivan County.  This is a nasty prognostication few in our Sullivan Catskill Community welcome.  There is no input to render as to how New Jersey, and the New York State Gaming Commission will react; nor are the cards dealt regarding the business consortiums who make the decisions to build or pass on a casino development.

The implications for investors, as mentioned in my previous blog on this subject, is substantial.  And, that is why a “wait and see” attitude concerning property purchases has been adopted by those who follow casino/business news.  Based on the uncertainly of the Montreign’s ultimate success, residential sellers should be very cautious about pricing and believing there is now a seller’s market underway in Monticello, or for that matter, Sullivan County, NY in the entirety.

 

 

 

The Over Priced Real Estate Market in Monticello, NY

Goose 2Steve Israel is a veteran reporter for the Times Herald Record daily newspaper.  He’s been reporting on casino issues in Sullivan County for many a year and knows his facts.  Here is his recently published article entitled “Sellers galore, but few buyers for property near Sullivan casino site”.

Sellers believe they’ve found the golden goose and are holding out for prices many investors and developers have passed on this far into the speculation arena.  Just as the California Gold Rush produced great wealth, so too will properties surrounding the Montreign Resort/Casino at Adelaar.

Several or more factors, however, will determine just what the agreed to price tag will be for properties in the immediate casino area.  There is an economic debate among casino business aficionados as to the ultimate success of the Monticello Casino.  Major competition may be on the horizon in Northern New Jersey, Atlantic City will continue to draw, Indian owned properties maintain some market share, the Pennsylvania Pocono casinos are close by, road infrastructure concerns about traffic from New York City are being discussed, and the general sense the gambling scene is over saturated all contribute to the wait and see attitude taken by a more cautious investor mind set.

Residential sellers should be mindful of the message.  A casino may be coming to town, but home values may remain static. Pricing within the current comparables is prudent for the time being.  Supposing you’ve got the goose and raising your price based on what you believe is common sense, may not be the right approach.  If you need or want to sell, forget the casino hype and call me for comps before you count the goslings who have not yet hatched.