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Harrisburg area Cumberland, Dauphin, and Perry Counties
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Old 07-26-2020, 05:05 PM
 
Location: Charleston, SC
6 posts, read 1,627 times
Reputation: 15

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Sounds like Lancaster is doing well and I'm glad to hear it. It is such beautiful countryside around there.

Here we have investors snapping up everything cheap that needs a lot of work and lots of folks moving to Charleston to work, retire or just get out of cold weather. Similar story in that our MLS has less properties available than I've ever seen before.
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Old 07-26-2020, 08:15 PM
 
1,047 posts, read 825,206 times
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The Lancaster area is booming. Real Estate is red hot and there is a total lack of home inventory around the city and the suburbs. We recently moved to nearby Manheim Township which is like 5 to 10 miles north of downtown Lancaster city, and we're having a very difficult time finding a home. We probably going to continue to rent until the winter as the market is just too hot and we might have a change soon in real estate due to the economy and current virus situation.
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Old 07-28-2020, 06:02 AM
 
584 posts, read 251,986 times
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Jake, I believe that you are doing the right thing by waiting. It was actually sad to see all the people trying to get in under the bid opening deadline, to have the "opportunity" to spend nearly a quarter of a million for a barely habitable tear down in my neighborhood. Although I think the market will cool and prices will decline, if it's like the great recession, it might be disappointing. I was building new homes in the Poconos at the time, and watched the market there absolutely collapse. At the bottom, I was having trouble booking a few subcontractors who were busy "out of town". This always meant that they were doing work somewhere in the Harrisburg or Lancaster region. I have since then talked to subcontractors from here in Lancaster county who told me they never lost a day of work in the recession. Many where I was working simply quit the trades, since there was no work at all. From what I later learned, as most of the state fell hard, this region took a mild dip. Several young couples in my neighborhood managed to move in, during the bottom of the 2011 to 2013 market, but in reality, they only paid 10-15% less than I did, 4-5 years later.

My bet is that spring will see a 10-20% dip, and a lot more inventory available. It will be interesting to see how long sellers and agents will be able to keep the market propped up. Good luck, and enjoy your new location.
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Old 07-28-2020, 09:12 AM
 
1,047 posts, read 825,206 times
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Quote:
Originally Posted by wharton View Post
Jake, I believe that you are doing the right thing by waiting. It was actually sad to see all the people trying to get in under the bid opening deadline, to have the "opportunity" to spend nearly a quarter of a million for a barely habitable tear down in my neighborhood. Although I think the market will cool and prices will decline, if it's like the great recession, it might be disappointing. I was building new homes in the Poconos at the time, and watched the market there absolutely collapse. At the bottom, I was having trouble booking a few subcontractors who were busy "out of town". This always meant that they were doing work somewhere in the Harrisburg or Lancaster region. I have since then talked to subcontractors from here in Lancaster county who told me they never lost a day of work in the recession. Many where I was working simply quit the trades, since there was no work at all. From what I later learned, as most of the state fell hard, this region took a mild dip. Several young couples in my neighborhood managed to move in, during the bottom of the 2011 to 2013 market, but in reality, they only paid 10-15% less than I did, 4-5 years later.

My bet is that spring will see a 10-20% dip, and a lot more inventory available. It will be interesting to see how long sellers and agents will be able to keep the market propped up. Good luck, and enjoy your new location.
Funny, the RE agent I was working with earlier said the same thing. Back in 2010-12 when housing had declined in much of the state as well as the country, the Lancaster area kept on growing. Housing he said took a small hit on pricing back then, but bounced back. The growth in the area is impressive. You have every convenience possible with great retailers and grocery stores like Wegman's, Whole Foods, IMax movie theater, Costco, Ethan Allen Furniture and all this came to the area within the last 5 to 7 years.

I did read about how hard hit the Poconos area suffered after the great recession. I know back in the day many NY/NY'rs vacationed and rented homes out there, esp Jewish families. I did hear it's picking back up again with many people now moving out of the city and not wanting to live in suburbs so close to the city.

We'll see what happens to the RE market in the next 6 months. I think things will cool off and we'll see a slip reduction in prices, but I don't think it will be a big drop.
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Old 08-01-2020, 11:58 AM
 
Location: Charleston, SC
6 posts, read 1,627 times
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I'm a Realtor in Charleston SC and I feel about the same regarding the future of real estate in this area. It's booming right now but especially with covid and an election, I wouldn't bet on buying right now unless it's a "just can't pass this up" kind of deal. In fact I chose to list one of my rental properties the other day instead of renovating it and listing in the spring. The market is strong now and who knows what might happen between now and then. I listed on Monday and it has multiple offers.

I'm looking forward to getting up there. I'd like to see Lancaster again after so many years and I keep hearing about Wegmans and want to see what all of the fuss is about.
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Old 08-01-2020, 01:25 PM
 
205 posts, read 116,516 times
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Quote:
Originally Posted by jag12 View Post
I saw this map of Lancaster city...and so far have found it to be accurate.

http://i.imgur.com/H7YxHdE.jpg
We just bought a house in Here Be Dragons. That map is much too general. Wide swaths of south Lancaster, Prospect Heights for example, are just boring middle/working class type duplexes with tacky fountains and plaster leprechauns in the front yard, some areas have a lot of the typical local upscale renovation of old brick townhouses, some are your standard urban blight, sometimes even one block will be a mix of those things.

I will say, I have found my neighbor dragons to be incredibly nice and welcoming. Some Cabbage Hill old-timers, lots of millenial DIY types, Latinx families. Seems like a lively and diverse neighborhood, gentrifying for sure, but not yet a sea of just one demographic -->the one that looks for exposed brick, granite counters and ginchy lighting fixtures.
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Old 08-01-2020, 09:12 PM
 
1,047 posts, read 825,206 times
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Quote:
Originally Posted by Jessie Mitchell View Post
We just bought a house in Here Be Dragons. That map is much too general. Wide swaths of south Lancaster, Prospect Heights for example, are just boring middle/working class type duplexes with tacky fountains and plaster leprechauns in the front yard, some areas have a lot of the typical local upscale renovation of old brick townhouses, some are your standard urban blight, sometimes even one block will be a mix of those things.

I will say, I have found my neighbor dragons to be incredibly nice and welcoming. Some Cabbage Hill old-timers, lots of millenial DIY types, Latinx families. Seems like a lively and diverse neighborhood, gentrifying for sure, but not yet a sea of just one demographic -->the one that looks for exposed brick, granite counters and ginchy lighting fixtures.
What streets did you buy your new house on?

"Lively and diverse" sounds great when your 25, but maybe not so much when your older or have a family. Congrats on the new home and I think over time Lancaster city will only get better IMO.

BTW - Wegman's is pretty good actually. lol
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Old 08-01-2020, 10:31 PM
 
205 posts, read 116,516 times
Reputation: 1097
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Originally Posted by JakeinChina View Post
"Lively and diverse" sounds great when your 25, but maybe not so much when your older or have a family. Congrats on the new home and I think over time Lancaster city will only get better IMO.
I'm over 60 and very much all in for lively and diverse.
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