HomeHome Buyers InfoNeeds vs. Wants & Cheap Houses in Pike and Wayne County

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Needs vs. Wants & Cheap Houses in Pike and Wayne County — 3 Comments

  1. Truth be told, nothing is happening at Lake Wallenpaupack and the reality of real estate is most of it is valueless and will get worse. Commercial Property has bottomed out and it’s only direction is lower than the dirt it rests on.

    Most agents are not doing anything at all except compiling listings. The banks are now denying lending to good people with good credit and good jobs because they are busy selling their foreclosures at a severe loss.

    My husband and I have 9.2 commercial acres and a farm house on route 590 in Lakeville for sale. The property sits next door to the Bakker Marina. I can tell you that nothing is happening in the market.

    According to a local business owner, all of the commercial businesses are barely hanging on from the bars, to the overpriced restaurants. New York and New Jersey are in the same boat, no pun intended. They come up and shop in Scranton, or in Honesdale. No one can afford the Poconos anymore, no one.

    New York and New Jersey can’t afford their 2nd homes or cottages as they say it. That’s why there are a ton of homes for sale at Lake Wallenpaupack (look at the whole picture not just lake front). I can’t even get my agent to fix a sign on our property that has been down for 2 years. Every time we lowered the price, I found it incorrect on the website. They really don’t care becasue they really can’t sell it.

    Bottom line is sell it yourself at a lower cost, because an agent can not help you. You are better off on your own with an attorney. Just my opinion—–

    Less than impressed with Lake Wallenpaupack—

  2. It is no secret that commercial property in certain locations is difficult to sell right now. Many do not have the capital needed to invest in a new business, especially with the economy the way it is. Banks are reluctant to give out loans like they did in times past. Financing is much more challenging to obtain.

    Real estate is not valueless. Unfortunately many people have used their property as some sort of ATM machine & taken all of their equity out of the property… and now they owe more on it than current market value. That does not mean the real estate has no value. Yes, property values have dropped – and in this area they have not dropped anywhere near as much as in other areas. This is normal.

    Real estate always has peaks and valleys. It is really difficult when someone purchases during a peak time and then wants to sell during a valley time. I always advise my clients to be prepared to up to 10 years at least before expecting to sell at a profit. The days of “flipping” are long past. Nobody has a crystal ball to predict the future – we have no idea what Cap and Trade and other things in the works right now may do to our economy and real estate market.

    That said I am still selling property to people looking to relocate and retire here because they can not afford to pay $13,000 a year property taxes in New Jersey. The economy is difficult everywhere, but some places are more difficult than others. Is there a Utopia? I doubt it. I still stand behind my statement that there is a lot to love about this area. Is it perfect? Of course not. Could it be worse? You bet it could.

    On the residential aspect, I do have customers looking for properties with acreage – but they do not want to be on a busy, noisy road like Rt 590. The mantra of real estate has always been location, location, location.

    I work hard for my clients. Is it fair to paint all agents with the same brush? I don’t think so. All agents are independent contractors. We all work differently.

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