With only 8 sales posted in the Warren County MLS for lakefront homes so far in 2010, the story is mixed (remember, this county includes Lake George). The properties priced under $1M are the ones getting attention and selling closer to list price, while the ones priced over $1M are being pulled down below $1M. The average sale in relationship to the original list price is 22% lower with 2 sales occurring at 54% and 57% under original list. In December of 2009, this indicator was 19%, and six months later it’s 22%. Does this mean that we will see 30% by the end of 2010?
The bottom must be reached to stimulate sales and reverse this trend.
In closer Saratoga Springs, the properties over $1M are also stalled, while primary residences between $300K and $900K are making a move.
The good news is that interest rates are at their lowest point ever and it is still a buyer’s market, in fact a strong buyer’s market in the luxury space.The buyers can be very picky since there is so much inventory for them to choose from. To sell in todays market and entice these buyers, it is important that sellers stay in close contact with the competitive pricing in the marketplace.