About Tompkins County, NY

Ithaca vs. Manhattan, January 2009

This morning I listened in on a short-sale webinar by J. Allan, Janie C., and Broker Bryant, all active on this site. Jennifer is from CO., the other two are from FL., and the statistics they cited about the FL. markets were stark. Roughly 60% of homes in their markets are distressed sales, therefore there is a need for Realtors in certain areas to perfect the skills required for successful short sale negotiations.

Ithaca has seen an increase in such distressed property sales in the last year, but not nearly comparable to these markets. Our MLS system does not currently record distressed properties as a category in terms of type of sale. The only way to figure it out is if you happen to know the listing agents handling them, or by gleaning from reading the MLS sheets to see who the owners of the properties are. If the owners are Bank LLC's., you can make an educated guess, and/or call the listor. It may be worth our while now though, to begin to record this data, as it begins to appear in our market.

There is an excellent article in the NY Times today about the housing market from coast to coast. NYC condo and co-op sales showed a 50% drop in contracts in January (but they don't say what they are comparing it to - the previous month or the year ago month of Jan). However, Ithaca, also saw a 50% decline in terms of residential contracts in January (from 150 in Jan. 08 to 74 in Jan. 09). Interesting parallel. I do not, however, feel a cringe or a twinge when I read the Ithaca Board of Realtor stats. I do cringe when I read this about Manhattan, because of the bloodbath that their job market has become. A related article goes on to discuss values declining by roughly 30% for some market sectors in the metropolitan area.

One upside for us ABOUT Manhattan, is that homes in our market, compared to there, are STILL highly attractive in terms of price point, and what you can get for your (remaining) dollar. So, we are seeing some renewed interest from buyers who might be looking to invest, downsize, or in other ways escape the city, but still be near enough (only 4 hours away) to go back for the occasional urban fix.

According to an Ithaca Journal article, as of March 3rd, values held firm all through last year, and NO municipality lost ground: "Increases in property values varied across the county, from a 1.51 percent increase in Groton to a 3.58 percent increase in the City of Ithaca. No county municipality saw a drop in property values, Franklin said." Although we have had fewer transactions, values overall remained solid. But it is a shifting time. Many moving parts in the national economy, and in new taxation strategies both nationally and statewide. So the impact of these changes is likely to show up in the year ahead.

Will we hold up in 2009 as well as we have so far? It's anybody's guess. We have had a store or two close shop, and some people have suffered job losses. But demand for housing here still seems to be high. Bidding wars have not disappeared. I know of at least two last week and that was just through my office, the 4th largest in town (we are not really "large" - 15 agents).

Stay tuned for the post-mortem toward the end of summer! And feel free to leave your questions or comments for me here, or send them to me at Santos.Homes@gmail.com.

The Ithaca Journal reports today that according to the department of assesment in Tompkins County, home values are rising and/or have risen, bucking the national trend. Finally! This just confirms what the local REALTORS have been saying all along. It's a double edged sword though - property values rise, taxes goes up - bad if you are a tax payer, good if you are in the market to sell.

Although it may not seem like it - this is good news for buyers too. Sure, you'll be taking on that tax payment, but remember, the value of your long term investment (your home) is increasing! You are buying something of value and when ready, you can sell that value.

BUT for those of you looking to get some relief from your taxes you can always appeal your assessment and here's how in Tompkins County:

* First, review the county assessment department's information on your property to make sure it's accurate. You can access this online at http://asmsdg.tompkins-co.org/search.aspx or in the department's office: 128 East Buffalo St.

* Second, search for sales of similar properties in your neighborhood and compare sale prices to your valuation. This information is also available online or in the assessment department office.

* Third, schedule an informal assessment review meeting with a county appraiser. To make your case, bring information about your property and about sales of similar properties. Deadline is March 27.

* Finally, file a formal grievance application. These are available online and on the back of the notice sent by mail from the assessment department. Deadline is May 26.

* For more information, call 274-5456 or go to www.co.tompkins.ny.us/assessment.

Source: Department of Assessment Assistant Director Jay Franklin

My name is Lindsay Hart and I am associate with RE/MAX In Motion Real Estate in Upstate NY. I have been working in real estate for 4 years.

I am working in association with The Melissa Miller Team at RE/MAX In Motion. I graduated from Ithaca College's Park School of Communications and have been living in the area for 10 years. I currently reside in Trumansburg with my husband, Rordan. In addition to real estate I volunteer for the non-profit Trumansburg Central School District Foundation, Inc.

There is no crystal ball for the future of Real Estate, but there is solid information and part of my job is to help you understand and incorporate it into your housing goals. There are excellent opportunities out there. If you are ready and able, it's a great time to buy. The prices are realistic, there is time for due diligence, and the ability to get financing in today's market makes for a strong buyer. Sellers shouldn't overlook their opportunity as well. Many potential sellers are holding back because they perceive this market as a bad time to sell, forgetting that it is really a good time to buy, and are holding up their future plans by only looking at one side.

The market ebbs and flows and it will stabilize. If you are selling, you should do everything in your power to make your house more attractive and enticing to buyers who are out looking now. If you are a buyer, understanding the local market using solid, realistic, and local information should help take some of the anxiety out of the decision making process and open your eyes to the value of the area.

If you would like to receive regular updates on the local real estate market please email our team at mmteam@reinmotion.com and ask to be put on the list and reference which area you would like more information on.

Remember, home is where the heart is and Hart is where Your Home Is!

C: 607-227-5990 LindsayHart@remax.net www.lindsayhart.reinmotion.com

My friend was telling me about this business they have been working on this past year. It's a local, web based business and she and her partners have been working on the website and have it up and running now. I took a look at it and the first thing I thought... "what a great resource for gifts!" It's all local artisans and their work AND it's affordable!!

If you know anything about the Finger Lakes region, you know that it's chock full o' talent. Whether is local art, prints, chocolate, bread, wine, wine stoppers, soaps, or jewlrey you can find a talented local artisan behind it. Usually you'd have to trave to find these treasures and most of the time shell out a pretty penny. Which is not my style BUT in the case of The Fingerlakes Store, this isn't so! All the goods are right there, at your fingertips, and they are affordable!

Going beyond real estate, this is a great place to find those 'pieces of the Fingerlakes' that you can share with your family and friends, whether they are near or far! Looking for a unique gift with meaning for the holidays, birthday, or anniversary? I reccommed the Finger Lakes Store - see what you can find!

The FingerLakes Store

I don't know if this is just a phenomenon or is a proven fact but if you want to drum up business just take a vacation.

In my case it's true. I had been planning my Southern Caribbean cruise for a year - yes one full year - even before I knew I was transitioning from manager to agent. So I guess that lends some credibility to the theory of real estate and vacations.

Anyway, I was in the office taking care of last minute details and getting ready to leave for my week long holiday in the Caribbean, two Friday's ago, in the office, I got a phone call. My first floor call - it was a good one. She was pre-approved, knew what she wanted, I explained agency and how I could represent her as a buyer's agent... she chose me, just like that. Yippee! My first buyer. Of course it happened that way, I was getting ready to leave that evening! So I set up an appointment and had my teammate show her the property that weekend.

I've seen it before and now I've experienced it. If you want to drum up business, take a vacation....

I suggest the Southern Caribbean... see for yourself.

HAPPY SELLING!