When do vacation home prices go down? (East Stroudsburg, Carbondale: crime, modular home)

[KarenRice]

Why do you say I have not answered your question? You asked if there is a time when prices "go down" and I said -No, there is not a time when that happens. Sellers are motivated by different things. Some are anxious to sell, some are not. Some are set on a certain price, some just want to get rid of their property as soon as possible. Some will price their homes according to the market, some will not.

[roxxy38]

Originally Posted by borisNY

Shorten homes. Basic home is 64k. Installation with full basement, water and sewer, site preparation, permits, and tree removal is about $35-40k. Front steps are 3k, deck is not included.

I have been to Shorten and for 64k you are getting a 900 square foot home that has vinyl floors and their kitchens and baths are very plain. I also seen homes that were 110k and you still had to put in front porch, back deck, garage, basement and foundation. And when I looked they didnt do any of that other stuff you had to get another contracter. I think they do some of the work now but I am not sure.

[KarenRice]

Don't forget that some builders are anxious to get rid of inventory and create cash flow, so you will see some incredible incentives from builders that you may not have seen two or three years ago.

Construction loans can be more difficult to get than they have been in the past, so they [builders] are being more aggressive with prices than they would have been previously. For instance, I've seen brand new homes sell for $120,000 - AND I saw the exact same model sell for $150,000 two years earlier.

Some builders are willing to take cuts/losses that private home sellers don't want to take - because they don't have to....know what I mean?

[BLUEDIAMOND64]

Originally Posted by KarenRice

Why do you say I have not answered your question? You asked if there is a time when prices "go down" and I said -No, there is not a time when that happens. Sellers are motivated by different things. Some are anxious to sell, some are not. Some are set on a certain price, some just want to get rid of their property as soon as possible. Some will price their homes according to the market, some will not.

I think you are nice enough to help out people asking for help and answered all the questions from the poster.

[tewplanman]

The bankrupcies are comming Boris, hold your water..... In 2004 I scooped up a 2200 sq foot home on 1.25 acre in tanglwood for 68K. Ive put another 50K into it but that got me everything new 2 new bathrooms, oil hotwater heat,new kitchen complete.

Your better off buying an renovating than going with a modular, permits and building committee can be murder in some of these places. BE forewarned that if your not handy -- go modular as the local trades here are absolutely terrible and have a long history of feeding off of the new commers.

[manner]

Originally Posted by borisNY

I am looking to purchase a vacation home in northern PA in one of communities such as WLE or The Hideout. The prices seem to be a bit over inflated even with slow real estate market. Is it reasonable to expect the prices to go down by 20% by fall or winter, assuming all other things stay the same? Is this summer vacation hysteria?

On another thread you were commenting about security, etc in the Hideout- now you are considering a vacation home there?
As far as summer vacation hysteria, many of the homes you see in the Hideout are not summer vacation- every year more and more people are coming here full time because of the wonderful community it is.
As far as modulars, I have known people buying the modulars you are speaking of only to find out they have additional $50K + of hidden costs just to get a Cert of Occupancy. That's the reason exisiting homes appear to be more expensive.

[borisNY]

Originally Posted by roxxy38

When you purchase an older home sometimes the home is complete. You dont have to do the landscaping, the basement is already finished, the driveway is paved. What is the square footage, the floors, the walls, the kitchen, the bathrooms. Not everything is cut and dry. You have to look at the whole picture.

Agree. The only problem with old house, for 130-150k at either community one gets a house that needs a 30k overhaul. For 160-180k one can get a great modular home with paved driveway, landscaping, deck, and finished basement.

[borisNY]

Originally Posted by roxxy38

I have been to Shorten and for 64k you are getting a 900 square foot home that has vinyl floors and their kitchens and baths are very plain. I also seen homes that were 110k and you still had to put in front porch, back deck, garage, basement and foundation. And when I looked they didnt do any of that other stuff you had to get another contracter. I think they do some of the work now but I am not sure.

For 64k one can get a 1100 sq ft model with 3 bedrooms, 2 bathrooms, nice kitchen, real wood fireplace, appliances, carpet and yes, vinil floring in the kitchen area. The rest of the money 35-40k goes towards foundation, basement and installation. According to Shorten homes they do all the work, it is a turn key deal. Having said that, I have not shopped around and have not compared their deals with some other local contractors. i have a feeling these numbers can be lowered by 10-15% if i look further.

[borisNY]

Originally Posted by KarenRice

Don't forget that some builders are anxious to get rid of inventory and create cash flow, so you will see some incredible incentives from builders that you may not have seen two or three years ago.

Construction loans can be more difficult to get than they have been in the past, so they [builders] are being more aggressive with prices than they would have been previously. For instance, I've seen brand new homes sell for $120,000 - AND I saw the exact same model sell for $150,000 two years earlier.

Some builders are willing to take cuts/losses that private home sellers don't want to take - because they don't have to....know what I mean?

Yes, you are correct. The only thing that makes no sense TO ME is why would I buy a used home and deal with someone else taste (and wood panels on the walls from 1970s ) when I can get a new modular home from a builder at his cuts/losses and get exactly what I want and pay less.

[borisNY]

Originally Posted by tewplanman

The bankrupcies are comming Boris, hold your water..... In 2004 I scooped up a 2200 sq foot home on 1.25 acre in tanglwood for 68K. Ive put another 50K into it but that got me everything new 2 new bathrooms, oil hotwater heat,new kitchen complete.

Your better off buying an renovating than going with a modular, permits and building committee can be murder in some of these places. BE forewarned that if your not handy -- go modular as the local trades here are absolutely terrible and have a long history of feeding off of the new commers.

This is exactly what I am afraid off: 1) approval process 2) local contractors.