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Old 11-06-2007, 06:05 PM
 
2 posts, read 5,474 times
Reputation: 12

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I have been looking to invest in the Northern Catskills area around Belleayre Mountain area for some time. An article about a year or so ago was calling it the next Hamptons for the wealthy NYC second home market. After 9/11/01 the prices there went through the roof! Wealthy NYC people were spooked after the 9/11 attacks and wanted a refuge there. Now things seem to be cooling off big time. Is it a good time to buy in there now? A big new development called the Belleayre Resort was just approved and seems to be moving forward.
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Old 11-06-2007, 09:23 PM
 
Location: Eastern NY
136 posts, read 778,810 times
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I recently looked at quite a few houses in the area west and north of Belleayre (Andes, Bovina, Roxbury, Margaretville, etc.) and I didn't see any evidence of a hot market. Of the 12 places I actually saw the indide of (showings), I don't think any of them sold or went under contract during the few weeks I was looking around, or the few weeks afterward before the closing. I did notice that a couple of cheaper places ($150K or so) did sell during that period.
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Old 11-07-2007, 12:38 PM
 
Location: North of the Cow Pasture and South of the Wind Turbines
856 posts, read 2,923,472 times
Reputation: 2280
People have said things are slowing down, but people don't budge on price much either. I see homes sit for a year or more generally like most homes here. So you never have a problem "losing" a hot deal, homes sit and sit. It is common for 3 or more real estate agency's to have the listing over a period of time.

I think in general buyers are in a good position depending on how motivated the seller is to negotiate on price. There is certainly good inventory in the areas both of you are considering so finding the right combination is in your favor I believe. I wouldn't look to get too close to that resort, just the noise alone for the years it will take to build would be not too peaceful IMO. Many people are against it as well for a lot of reasons. In the areas ss58yy looked at you are still only 15-30 minutes from Belleayre.

gl!

Last edited by BovinaCowHateWindTurbines; 11-07-2007 at 01:03 PM..
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