Ithaca, NY Real Estate News

Re-blogged by 0 agents Central New York Alert: Fortuna Energy Drilling in Your Backyard SOON! Okay, time to unostrichize ourselves on the gas leasing that is rather quickly moving to the front burner with many landowners and activists in Central New York.  We've heard about it for a some time now, and some people have actually walked away with money in their pockets from leasing their land to energy companies for gas and mineral extraction.  What else though, is going on out here?  The realities of what the outcomes are in some cases have had people hitting the roof, and with good reason.  Here is a short list of some isses that have come up: Loss of clean drinkable water on premises Loss of clean breathable air within the immediate surrounding area Destruction of roads from heavy traf...
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By Linda Santos, Realtor - Ithaca Fingerlakes NY Real Estate
(Warren Real Estate)
Some positive news about the housing market is starting to trickle in lately:  Marketwatch reports that the rate of existing home sales is up 5.1% on the national level, boosted by price discounting.  As a true sign of the times, the article states that 45% of the transactions recorded in February came from "Short" or distressed property sales, which have been averaging a 20% discount off current market values.  See the entire article here.  If you are contemplating a short sale purchase, be aware of some of the myths and trends around these sales.  You may need more time to close the transaction, and the bank may not necessarily "give" the house away.  However, if you have the patience to get through the process, you may benefit by acquiring an excellent, under-valued property which wi...
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By Linda Santos, Realtor - Ithaca Fingerlakes NY Real Estate
(Warren Real Estate)
Okay, time to unostrichize ourselves on the gas leasing that is rather quickly moving to the front burner with many landowners and activists in Central New York.  We've heard about it for a some time now, and some people have actually walked away with money in their pockets from leasing their land to energy companies for gas and mineral extraction.  What else though, is going on out here?  The realities of what the outcomes are in some cases have had people hitting the roof, and with good reason.  Here is a short list of some isses that have come up: Loss of clean drinkable water on premises Loss of clean breathable air within the immediate surrounding area Destruction of roads from heavy traffic and infrastructure development Loss of privacy and quiet enjoyment of owned land Serious he...
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By Melissa Miller, RE/MAX In Motion
(RE/MAX In Motion)
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 glean...
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By Melissa Miller, RE/MAX In Motion
(RE/MAX In Motion)
Re/Max In Motion is supporting Musical Artist, Derek Rose in the global One Billion Fans Contest sponsored by Tribe of Noise.  Derek describes his sound as, "True homemade music without any modern technology, with good vibes and feelings." We acknowledge that we can't do justice to his sound by just describing it - we can have the technology to do much better - here's a link to his on of his original songs,  Painted Boots:  http://www.tribeofnoise.com/listen.php?h=ba7b6c3fa8d2c1361bbc5feb384077eb&l=f  Derek has a chance to win the One Billion Fans and an even better chance if you vote for him - please click here http://www.tribeofnoise.com/dereckrose  and click on the stars.  Thanks. As the winner of the One Billion Fans contest, Derek Rose would have his image on the world's largest di...
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By Melissa Miller, RE/MAX In Motion
(RE/MAX In Motion)
  By Barbara Blanchard, Licensed Broker Associate, GRI with RE/MAX In Motion      We are fortunate enought to live in an area with a stable economy spearheaded by Cornell University and Ithaca College. We never fell victim to the three primary causes that created the housing crisis.   1. Corporate builders saturated areas with thousands of new homes, primarily in states with low property taxes and heating bills. 2. Buyers came, along with the speculators. In some areas, houses doubled in value in a short period of time. Speculators purchased more homes with little cash out of pocket, hoping to cash in on inflated housing prices after holding the houses for a short period of time. 3. As prices rose at an unhealthy rate, many buyers couldn't afford to purchase homes using conventional mo...
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Tompkins County woke up to much cooler temperatures this week - a foreshadowing of winter to come.  I don't mind the winter; I welcome it.  There is just something 'cozy' about the cold temperatures and winterscapes.   But we did have a beautiful beginning to autumn- warmer temperatures and beautiful foliage. So what does this have to do with real estate in Tompkins County?  Winter is universally known as a time of year when real estate slows down.  I'd like to debunk that myth.  Real estate is a changing/shifting market - it is not static.  Buyers and sellers and sometimes their emotions dictate the dynamics of the market. Contrary to popular complaints, real estate agents and professionals do not set the prices for the market; buyer's do.  That's what market price is --- what a buyer ...
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...and it was very interesting what Mr. Yun had to say. He reviewed the national market trends in real estate, mainly in the residential sales pricing area. Also highlighted NYS statistics. Many economists predict that the housing market hasn't hit the bottom yet, but will do so sometime between now and the end of 2009 and in fact, many predict an upward swing in the market in early 2009. So buyers who are out there trying to 'time the market?" NOW is the time to make your offer...if you wait until Spring 2009, you may be too late! Want to know more? Just email me...
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By CJ DelVecchio
(Warren Real Estate)
I am just back from the state REALTOR meetings in Saratoga NY. What a lovely week - sunny, pleasant. I had the most delicious caramel gelato there...even tho it was $4.85 for a small cone! Lots of real estate tips and insights from these meetings. While they are really business meeting of the NYS Association of REALTORS, there is much to be learned from peer discussions. I am proud to say that I have been voted in as Regional Vice President for the Southern Tier Region for 2009-2010!!! This covers the Ithaca, Cortland, Binghamton, Elmira-Corning and Otsego-Delaware boards of REALTORS. I am looking forward to meeting with my colleagues from other neighboring boards to learn about their issues and priorities for 2009 and beyond! In the meantime, I am back in Ithaca helping buyers and sell...
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By Beth Ganem
(Audrey Edelman Realty USA)
Sellers whose homes have not sold in the peak selling market of Spring and Summer are worried.  Not enough showings, no offers and how are they going to get their homes sold.  The biggest problem seems to be, as always lack of communication, between the listing agent and the sellers.  Agents don't like to talk to sellers when they have no good news, no activity to report. The sellers at today's listing appoiintment have had their home listed since February.  They have made price reductions; both times they suggested the reduction to their agent.  Other complaints were that the agent never  made suggestions of what they could do to enhance their home through buyers' eyes.  They were of course concerned that their home will not sell if they do not get buyers in to even look at the house. ...
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By Melissa Miller, RE/MAX In Motion
(RE/MAX In Motion)
Something spectacular happened today... I opend up our local daily newspaper and found a positive real estate news story!   This isn't really shocking news since I am immersed in real estate everyday and I am aware of what the market is doing, but it's shocking that they actually reported on it!  There was no doom and gloom regurgitated into the story from the national media---- a reporter actually went out and interviewed four local real estate agencies.... RE/MAX In Motion, Coldwell Banker Shaw Real Estate, Warren Real Estate and Audrey Edelman/Realty USA... the top four real estate agencies I might add,  to find out what is happening in the local marketplace.   What an ingenious idea!   I guess you can say I'm a little tired of hearing the national media doom and gloom so this articl...
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By Melissa Miller, RE/MAX In Motion
(RE/MAX In Motion)
Winter has arrived in the beautiful finger lakes region of New York.  This usually signals the real estate market to slow down....but not this year.  Something strange is happening.  Buyers and sellers are changing their minds about real estate and the winter months.  It seems that old man winter may have shed his stigma in the eyes of upstate buyers and sellers!   I am witnessing a little flurry of listing and selling activity (excuse the pun).  There are more closings this December, in our office, than there were last year at this time AND I have seen more listings come in this month than in October!   And the really awesome thing---- these listings are going under contract in mere weeks; why? because 1. they are priced correctly 2. more qualified buyers are coming into the market 3. ...
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By CJ DelVecchio
(Warren Real Estate)
Hi there fellow agents, consumers and websurfers!  One week and counting - I am headed to Las Vegas for the NAR convention. Should be a fun time!
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By Melissa Miller, RE/MAX In Motion
(RE/MAX In Motion)
...surrounded by reality.  I'm not making that up - it's a bumper sticker I saw.  Just like the "Ithaca is Gorges" one and the "Ithaca is Cold".  I bring this up because Ithaca is almost really in it's own little bubble, especially when it comes to Real Estate.  It is impermeable to the 'national trends'. The market in this area is not down. It's simply shifting.  Shifting to a buyers market. And prices have not bottomed out. Total sales volume compared to '06 is up.  We speculate that  Cornell University, Ithaca College and Borg Warner have something to do with the successful real estate market .  They continue to draw people to this area.  We see a lot of professors, grad students, and other professionals relocating into and out of this area.  This is not to say that Ithaca is cut off...
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