A Look at Central New York Mortgage, Housing Market Trends
One of the newer trends in the Central New York housing market is empty nesters relocating. It turns out, it’s one of the area’s hot properties.
Applecross III is putting a new twist on homeowner associations. Developer Paul Fowler says it’s, “Very critical to have the right piece of land.”
Fowler thinks he’s found it in Applecross III, nestled on a wooded setting in the heart of Dewitt, with Drumlins Golf Course in the distance. The cul-de-sac will have 14 homes when it’s done, and eight are sold already.
“Call them wow houses, makes for a real impression when you come in the front door,” he said of one of the Syracuse housing market’s hottest new developments.
Fowler says empty nesters are flocking to this development which offers the benefits of a homeowners association and a single family home instead of a townhouse.
But it doesn’t come cheap, homes at Applecross III start at about $500,000, plus add in $140 a month for the homeowner’s association and about $15,000 in taxes.
“It’s a lifestyle switch, children are grown but they have grandchildren so they still want bedrooms but they can put them on the lower level.”
Fowler says it’s a very popular cottage style, open, with rooms leading to rooms and flex space. There’s also an acre of common land which acts as a buffer between the homeowner’s association and surrounding areas.
And the homeowners don’t have to worry about the grounds. “We plow the driveway, shovel the sidewalk, mow the lawn, take care of shrubbery, fertilize, trim the shrubbery,” Fowler says.
It’s a single family feel, he says, without some of the worries. As the weather warms up, lakefront homes are becoming hot properties - despite expensive New York mortgage price tags.
Right now 31 homes are up for sale on Oneida Lake, the average asking price ranges between $200,000 and $400,000.
Nine homes are in the process of being sold. Those numbers don’t include the newest lakefront hotspot in Central New York.
Homes there are selling fast, with prices starting at $350,000. That’s a hefty New York mortgage sum, but there’s been no shortage of interest.
Take a quick look around, and you might think about the Florida housing market when seeing the new homes in Lakeport, Madison County.
Harbor Lights, with 92 townhouses, two to a building, will each have a 28 foot dock in the man-made boat basin, which connects to Oneida Lake by a 2,000 foot man-made boat canal.
Developer Tom Oot says, “I guess we’re all drawn to the water for different reasons. The recreational aspect primarily.”
Oot says one of the things most appealing about Harbor Lights is the fact that it’s on the water without being directly on Oneida Lake.
“This is a year round community where these docks remain in place, it’s protected from the wind, from the waves, from the ice you normally see on the lake.”
Homes range from $350,000-475,000 and up, plus $170 a month for homeowners fee for all exterior maintenance, and between $8,000 to $15,000 and up in taxes.
They include a full basement with the walkout feature, and another 2,300 feet on the first floor with 2-3 bedrooms. The back of the home is the focal point, open, with windows looking out over the boat basin.
Oot says most of the owners are empty nesters using Harbor Lights as a weekend or summer home, but he says the owner of this one plans to live there year round.
“I think it’s a way for people to relax, it’s a vacation that you can go home to every night.”
Oot says phase one of Harbor Lights will be 44 homes. Overall the development will be made up of 92 homes.
Not counting Harbor Lights, Oneida Lake has seen 11 homes sold in the last six months, reflecting normal mortgage loan activity.
It may seem like everywhere you look the only new homes are in developments, but people are still building their dream homes, where they want. Clay, Cicero, Manlius, and Lysander are still hot.
SOURCE: 9WSYR-TV NEWS