First off the house I wrote about in my previous post sold for $450,000. Not bad I was guessing less. I am sure the new owners are going to love it. It really is a special property.
I think in this down market, where every buyer seems fixated on value, and finding that elusive bargain we have lost sight a little bit on why people buy second homes in this county. I think this concept has been touched on in other blogs, but at the risk of sounding like the department of the redundancy department, I would like to put my own spin on it.
People buy here for a lifestyle--a getaway--for rest and peace of mind. That is why the real estate department varies so tremendously here. A suburban ranch in Monticello will be priced very differently than a small quaint farmhouse on a quiet road, although both may have similar square footage, and be only a few miles from each other.
With that being said, I have a new listing in Black Forest Colony, which is a private preserve/development in Lumberland. There is over 1,100 acres set aside for the residents to use--hike, hunt fish atv, whatever. This particular property is five acres with a great year round stream, a private wooden bridge is the only way to get to it. It is deep in the woods. The house itself is more of a cabin. I attached pictures below. It was built in the fifties, and as a lot of charm. All original woodwork, etc.
You can see more pictures on my website. Now you may think I am pumping this property because it is my listing, and that is true, but I think it also brings up an important issue on value. We decided to list this property at $245,000. It has less than 1,000 square feet. Some will probably look at this listing at shake their heads, and murmur something about overpriced in a market such as this.
But there is no other listing in Sullivan County that is similar. It has what very few properties have. Complete seclusion, access to land for recreation, and some real authenticity.
In my opinion it is a simple case of supply and demand. That is why we decided to price it the way we did. Special properties will carry inherit value despite fluctuations in the market, because the appeal will always be there.
At rate shoot me an e-mail if you agree, or if you think I am way off base.