The original date of this post was 4/8/13.
What’s been the most challenging aspect of being a broker who focuses primarily on the second home market in this area of The Catskills over the last few years? Not a shortage of buyers, but a shortage of quality inventory. However I think that’s going to substantially change this summer, and the increase in quality listings will serve to attract more buyers (mostly from the city) to the area, and create some real competition for the well-priced, already renovated charmers out there.
When there are not sufficient listings to provide buyers with their dream home, unlike year-rounders who NEED a place within a certain timeframe and in a specific location, second home buyers will simply postpone a purchase, or will buy elsewhere. Sullivan County has been short on listings for this market for at least the last couple of years, so a turn of events could lead to a substantial influx of buyers, in my opinion.
We’ve already seen a six-way bidding war on a delightful refurbished 3 BR property in Fremont Center, set on 25 acres with stone walls, stream and barn, listed at $279,000. It had multiple offers within a matter of a few short weeks, and is set to sell above the listing price. (You can view the photo on our Other Listings page, on which we run other agents’ listings that we think are terrific, including the property shown at the top of this page.) So there is a savvy buying market, some of whom have been waiting in the wings, that is ready to pounce on new listings that meet the criteria that many second home buyers share. The lesson being, if you find a property that looks like it’s the one for you, don’t wait.