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Wednesday, September 16, 2020

Catskill Farms Resales flying off the Rack

 Few things prove your legitimacy in my business like the value of your homes when they resell.  And based on what I'm seeing over the last 3 months across 3 counties, not only do our homes hold their value, they are the most sought after product on the market.  The quickness they are being snapped off the market, and the prices that are being paid are hard for me to intellectually accept, having priced homes for 20 years. 

In Rhinebeck, a house we sold for $650k, went full price, within a month, for $950k.

In Woodstock, a 1500 sq ft home we sold 5 years ago new for $385k, is in contract for close to $700k.  Another in Olivebridge, went for $715k, and one I sold for $400k a few years back is now trading in the $700's.

In Sullivan County, on Mail Road, the location of my first 9 house project back in 2004, 3 houses just traded in or near the mid $500's, prices that could never be imagined even 3 months ago. Sullivan is always a treacherous market, illiquid, inelastic pricing, hard to make a buck.  Not now.

Few new homes going up in Callicoon NY.

As a student of economics, I don't think these people are 'overpaying'.  The demand over supply is so lopsided that pricing is on a real upward trajectory.  

As a guy who prices homes 8 months before I monetize them, this has been tricky, so see homes half the size selling for $200k more than my new stuff.  While our April - June stuff might have gotten mispriced a bit, our new stuff we are bringing to the market will be closer to what the market will bear, but to be honest, I don't think I'll shoot the moon like some of these realtors with my resales - I like to leave some $$ on the table for my clients.

Adapting to the new pricing reality is a big bridge for me to cross - I've been pricing homes for 20 years, moving them off the inventory shelves with a bunch of effort.  To see it get this easy is hard to fathom, and gives me nostalgia for the old days when only the best could navigate the Catskills' real estate market of new builds and flips.

I'd post some photos of the above-mentioned homes, but my old website doesn't work.   8 weeks and counting.  Ready to launch the new one - tons of effort but turning out nicely.

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