Skip to comments.Mid-Hudson's high-priced homes tough to sell
Posted on 09/04/2012 12:11:07 PM PDT by Impala64ssa
$500,000-and-up segment 'very weak'
Don and Karen Walton sit in their classic Georgian center-hall colonial, in the slowest-moving segment of a slow real estate market. Their million-dollar Goshen home, set amid expansive lawns and English-style gardens, drew three prospective buyers in 2011.
"In six months, three people," Karen Walton said one morning in her kitchen. "This year, so far, we've had seven."
Don Walton, 70, a retired engineer, said: "There was a flurry of interest in July, when we had four people. There's been nothing in August."
"No offers, no second looks," Don Walton said. "They said it was a beautiful house, but some said the price was too high when they shouldn't have been looking in the first place. Some people do it for entertainment. They don't have anything else to do, so they look at houses. Out of all the people who looked, I'd say three were qualified buyers."
Few million-dollar homes sell
The lack of action isn't unusual in the million-dollar home market.
In late July, there were 64 single-family homes for sale in Orange County priced at $1 million or more, according to the Hudson Gateway Multiple Listing Service. During the first seven months of the year, only three such homes sold.
The malaise extends to houses priced at $500,000 or more.
(Excerpt) Read more at recordonline.com ...
Obviously these are one percenters and need to have these homes taken away from them and converted to Section 8 housing for those in need.
Are these folks 0bama supporters??
It's a tough sell because $500,000 is WAY above the tolerated level of affordability for anyone as 0bama has "dictated".
million-dollar says who?
Maybe they paid a million for it (or otherwise have a $1M+ tax basis, e.g. from purchase price + added fixtures). But you are right in implying, “So what,” because obviously $1M is WAY over the true market value here, inasmuch as these sellers aren’t even getting low-ball offers.
Get realistic on the price, and it will quickly sell.
An item is only worth what someone will pay, it matters not what the seller thinks it is worth.
The solution is to lower the asking price. That is ALWAYS the answer but no seller want’s to hear that.
want’s = wants. I just can’t help it.
Does the place have enough land to be largely sustainable (crops plus woodlot) (plus its own well and sewage)?
I am surprised houses sold for that much to begin with
Orange County is probably the worst county in NY state to live in.
Orange County is too far from NYC to commute practically.
It’s also flat, open & ugly, so if you want the woods you move to the Catskills or Adirondacks not Orange County.
Also, they’ve been putting lots of welfare housing there and crime is going up. Middletown has always been a slum and Goshen is heading downhill fast.
If that wasn’t enough, the State police there are jack booted thug Nazis who pull everyone over.
And we have a winner!!!!!
And we have a winner!!!!!
My Dad used to say, "How much is a sick chicken worth?" to make that point.
I’ll bet the annual property taxes on this puppy are north of $25K. Of course, these would be sellers have been voting to keep their local incumbents in office since the Jurassic era, too.
Silly people...just need to move the house to the neighborhoods of the Lords and Masters...and their Court..
I have my eye on a nice vacation house, directly on the ocean that has been for sale for 3 years...price has been cut 11 times so far and has dropped from $600K to now under $300K. I am taking a trip up later this month to look at it, and will probably offer around $220K...better to be a buyer than a seller in this market.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.