Real Estate Collapse Can Benefit Us

by: Bill Liblick

Sullivan County just like in the rest of the country is in a housing slump. Sales and home prices are sinking, despite the fact that our real estate market has clearly been undervalued.

According to numbers released, new deeds declined for a third year in a row, prices on homes sold were slashed, and more foreclosures have been filed.

What are the reasons for our slump? One does not have to be a rocket scientist to understand that. Secondary homeowners are obviously scared to make new investments in properties, and primary buyers are finding it difficult to make ends meet.

Nonetheless, the recently released figures were expected, because of our depressed economy, high price of gas, increased mortgage rates, and the fear that we are heading towards a recession.

But, when you analyze the situation all may be not lost.

In fact, now may be the time to capitalize on our depressed housing market by illustrating to potential purchasers what a great buy Sullivan County is.

We need a unified effort coming from developers, governmental leaders, and organizations like the Sullivan County Board of Realtors to come up with a solid media blitz to promote and sell Sullivan County.

Compared to similar properties on the market elsewhere, we offer the most for secondary and primary homebuyers. With mortgage rates coming down, we look even more attractive.

Orange County has become too expensive of a place to live. Thanks to the train station in Middletown it is feasible for people to live here while commuting to the New York City on a daily basis. 

According to Miriam Ehrenberg of Valued Properties inventory is high and the opportunity is there to purchase a “great” home in our region.  “The hype is gone which creates a more realistic buy/sell environment.”

Ehrenberg says Sullivan County will continue to have good business from downstate buyers and developers who have been priced out of their local markets and simply cannot afford or are not willing to pay outrageously high prices. “As populations continue to grow, people have to live somewhere, and it seems logical that the movement is toward Sullivan County.”

Several new developments despite this market decline are in the planning stages. In all likelihood they too will entice people from the surrounding area to relocate in Sullivan County.

The Concord “Entertainment City” plan in Kiamesha will contain homes, hotels, a new clubhouse and retail outlets, besides a new Racino and racetrack.

The proposed “Rock Hill Town Center” also includes homes and retail space.

Chapin Estate our notable upscale development has already embarked on an aggressive advertising campaign with billboards throughout Route 17.

Let us not forget all the Hassidic developments that are springing up throughout Sullivan County.

Yes indeed, our economy can benefit from New York’s housing market collapse.

We just need to get the message out about what a great buy we are, and all Sullivan County has to offer.

It can be beneficial to both buyers and sellers.

Email Bill