by MarkJ » Sat 04 Apr 2009, 15:47:56
$this->bbcode_second_pass_quote('ReverseEngineer', '')$this->bbcode_second_pass_quote('MarkJ', 'W')e have no problem selling high end homes due to the wealth, growth, waterfront, tourism, vacation homes and four seasons recreation in The Saratoga - Lake George - Adirondack region. Plenty of local, downstate, out-of-state and out-of-country money flows into the region.
I see. With every other tourist region from the Wisconson Dells to Hawaii suffering massive unemployment, Disney laying off workers in FL and CA, New York State in complete fiscal mess and a shooter right down the road in Binghamton, Saratoga-Lake George is selling vacation homes at a mile a minute and the real estate is all holding its value just fine.
Mark, you are either lying through your teeth or you are in a serious state of denial. Every last place on the GLOBE is sinking into a depression, and you are contending plenty of rich folks are snapping up properties in the Adirondacks? Whatever.
Reverse Engineer
Depression LOL. Saratoga is being called Condo City due to the all the major luxury condo projects.
Besides horse racing, the lakes, mountains, rivers and four seasons tourism have always attracted the wealthy tourists and vacation home buyers. Second homes, vacation homes, camps, ski homes etc have always been a large part of our housing market.
The growth of the industrial parks, nanotech parks etc has attracted many developers, investors, builders and homebuyers that want a piece of the action.
Shortly after AMD announced plans bulid a new 4.2 billion dollar fab on Luther Forest Technology Campus, developers and investors went crazy.
They're gambling that the industrial parks, technology parks, low taxes and growth in the area will flood the area with high wage technology workers, and supporting infrastructure.
$this->bbcode_second_pass_quote('', '[')b]Report: Homes Harder To Find
Affordability of housing shrinking as prices accelerate
CAPITAL REGION — Finding affordable housing is becoming harder as real estate prices rise in the Capital Region, according to a new state report.
Second-home purchases in the rural counties north and south of the Schenectady-Albany-Troy area are among reasons prices are higher, even as inner cities continue to struggle with difficult housing issues, the report found.
“Housing affordability was the common issue raised at each of the region’s focus group meetings,” states the Capital District Regional Report prepared by the state Division of Housing and Community Renewal.
The report is part of an unprecedented series of nine reports being written by the housing agency on regional trends around the state, to be used in developing future state housing policies.
The report looks at housing trends in Albany, Schenectady, Saratoga, Rensselaer, Warren, Washington, Greene and Columbia counties.
Focus groups met in each county last spring. That was recent enough that participants were aware of impacts on housing prices from the national mortgage crisis, VanAmerongen said.
Based on comments, there’s a concern that high-tech jobs brought in by the Tech Valley economic development initiatives will push housing prices higher, to the detriment of people needing low- and moderate-income housing.
“The influx of people with higher income levels is going to push up housing prices and rentals,” VanAmerongen said.
Particularly in Saratoga and Warren counties, people from outside the region are also buying second or seasonal homes, paying prices that make housing less affordable for year-round residents.
Since the 2001 terrorist attacks, “people from New York City are interested in buying houses in the Hudson Valley, and even up into the northern part of the valley,” VanAmerongen said.
Figures compiled by the Capital District Regional Planning Commission show the leading areas for in-migration to the Capital Region are New York City and Suffolk County.
The split between high-income seasonal residents driving up prices in areas where year-round residents have lower wages was even more pronounced in an earlier report that focused on the Adirondacks and North Country, VanAmerongen said
Jason Kemper, the Saratoga County planning director, said affordable housing is an issue in some parts of the county, but second-home purchases and speculation associated with Tech Valley and the Luther Forest Technology Campus aren’t the only reasons.
Low taxes and good schools also attract people to communities in Saratoga County, and that pressures housing prices higher, he noted.
“This isn’t something that started in the last two years,” Kemper said. “Other counties are losing population and Saratoga County is gaining population.”
While there’s upward price pressure in Saratoga and other rural areas, the state report notes the struggles of Schenectady, Albany and Troy.
“Each of the Tri-Cities has much lower home ownership rates and higher poverty levels than found in the balance of their respective counties,” the report states. “The Tri-Cities have higher vacancy rates, an abundance of abandoned buildings and impoverished neighborhoods.”
BTW, Binghamton is nowhere near Saratoga Springs or Lake George.