Housing prices in Scranton - Random or is it just me? (hardwood floors, condo)

[sheena12]

OK we have been looking for the right house in NEPA for the past year and a half. I won't lie - we are waiting to see if prices drop even lower AND we find that perfect house,
This is what I have noticed - prices especially in Scranton are very random and must be owner determined.
Consider the following: (BTW,All nice homes no dumps or fixer uppers all about the same square footage)

1. Greenridge house 6 brs. updated kitchen but small yard. Legal apt 160s
great views. finished attic

2. Large South Scranton, updated kitchen, 4 floors of living space, great
views, nice floor plan, finished attic and basement $180's

3. West Scranton, great views, wonderful floor plan, pool, unfinished attic
updated kitchen, $180's

4. West Scranton, great views, expansive porch, woodwork, sunroom,
pocket doors, decking, nice updated kitchen finished attic, 150's.

Am I missing something? Any advice?

[WatsonWest]

I don't understand it either. Some of it may be location.
I live in West Scranton & had our hous appraised for refinacing & they came up with $165K. Nice, quiet neighborhood inground pool large garage partially finished bment very large rooms / open feeling new wiring, heating system & much more

The house across the street was sold just a few years ago (3 i think) for over $129....go figure It's definitely a fixer-upper!

[scrantonluna]

You can't go off a description, or even a drive-by. Prices will vary
greatly in any market, especially one that is primarily comprised of
older homes that could be in any state of upkeep. Neighborhoods
can be very fickle as well, tranforming from charming to bombed out
in just the span of a few blocks.

Third, people can ask whatever they want for a house, and there are
all kinds of reasons for selling.

[donnahonesdale]

I think it is the same in many NEPA areas. The seller pretty much sets the cost. When we were looking at homes 2 years ago we found that the houses that were just $20K more were so primarily because of updating to the house--electrical and plumbing. A lot of houses have old plumbing in these parts! Plus well vs. city, septic vs. sewer. At least that was our experience. Hoping you find the right place in the right timing!

[weluvpa]

There is a housing surplus in this city....If the prices go lower then the city is on its way down lower as well. I think its funny that you guys think that this city is a good place to live. It comes from the fact that you have no experience with the city, except for a few trips in and you see some nice homes and BAM you think its a great city.

The same could be said for East Orange with its mansions and huge old homes, but I would never live there. Hell I hated even owning a business there and property.....Thank god for small miracles and I'm out and never have to deal with it again. That is the same direction this city is running.

I love Scranton, but its A DUMP and compared to some of the places that I lived in NJ its a trash dump....The homes are cheap by your standards, but you are getting what you pay for in this city.........

You guys have no idea.....When the time comes you can count on one thing for sure...I will say "I told you so".

[shoegal111]

Originally Posted by sheena12

OK we have been looking for the right house in NEPA for the past year and a half. I won't lie - we are waiting to see if prices drop even lower AND we find that perfect house,
This is what I have noticed - prices especially in Scranton are very random and must be owner determined.
Consider the following: (BTW,All nice homes no dumps or fixer uppers all about the same square footage)

1. Greenridge house 6 brs. updated kitchen but small yard. Legal apt 160s
great views. finished attic

2. Large South Scranton, updated kitchen, 4 floors of living space, great
views, nice floor plan, finished attic and basement $180's

3. West Scranton, great views, wonderful floor plan, pool, unfinished attic
updated kitchen, $180's

4. West Scranton, great views, expansive porch, woodwork, sunroom,
pocket doors, decking, nice updated kitchen finished attic, 150's.

Am I missing something? Any advice?

They are for the most part set by the owners and sometimes with the help of a realtor (usually underexperienced). Owners bank on future projects and not what is a reality now. There are people trying to sell fixer uppers at outrageous prices because they think the new doctors for the New Med School are going to drive home prices higher or the new rail to NYC will send the prices soaring.

I looked at a 2 bedroom condo/2 bath condo with no view and early 1990s updates and they wanted 299K for it. I laughed hysterically and told the realtor that I might pay that in a much larger metro area but not in Scranton. Here for 299K that place should have a brand new kitchen with granite, highend cabinetry and appliances, brand new bathrooms, solid hardwood floors thoughout and a fabulous view on one of the top floors.

[sheena12]

shoegal. your example illustrates what I wrote perfectly!
scrantonluna good point
You can't go off a description, or even a drive-by
but these are houses I have seen. They are all the same in that they are not mint or diamond older homes renovated by someone else. They have updates such as electric, semi modern usable kitchens.They are generally owner occupied and have been well maintained. None of them have a "bombed out" type block anywhere near.
I would think location within the city would dictate the price but as well as up-grades but the prices still seem random to me.???

[scrantonluna]

Don't forget, we haven't had a tax reassessment since 1967/68, so
these houses could be valued all over the map as well.

Generally, a home owner will get a their property appraised prior to sale.
The apprasials can be off quite a bit from co to co, especially as the value
of the home rises. Then you have seller strategy, combined with other
issues. Price low for more offers, price higher to allow for bargaining, etc.

Usually homes sold as part of an estate go for less because people just want
the money and it's costing them profit the longer it sits. Homes that are in-use
can wait longer on a higher price because it's not a problem. Then you have
people who might put a granite counter top into a home on Cedar ave and expect
to make their investment back and then some.

Bottom line, the buyer sets the price. Either they find it acceptable, or they pass
and go after another house. Also, you can offer whatever you think the house is
worth. Worst they can do is say no. It's not like you're buying a product at a
fixed retail price.

[scrantonluna]

Shoegal, could you post the addresses for the four houses you
are comparing? Maybe you're not seeing something that we
would recognize as a cost factor.

[cko720]

I bought a house in a nice, quiet part of Scranton. I paid 130,000. I'm moving soon due to a work transfer, and I spoke with the same realtor who I bought this home through. Now apparently my home is worth 165,000. I LOVE THIS CITY!!!!!!!!!!