The Change In Canadian Spending

DAYTONA NILES/NNY BUSINESS
Melissa and Mathew Hardy stand in front of their cafe Bella’s located in Clayton.

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Shifting Real Estate

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A new venture: Zenda Farms Preserve

WATERTOWN DAILY TIMES FILE PHOTO
Thousand Islands Land Trust’s Zenda Farm Preserve.

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Third Quarter Sales: Tri-county home sales drop to lowest price point

BY: Marcus Wolf
Realtors sold more homes in Jefferson and St. Lawrence counties during the third quarter last year than any third quarter in the past four years, with prospective homebuyers securing stable employment cited as the reason.

    Third quarter median home prices for both counties, however, fell to their lowest during that time as homes, particularly foreclosures, were sold at lower prices.

    “We’ve seen economic recovery in Jefferson, Lewis and St. Lawrence counties,” said Lance M. Evans, executive officer of both the Jefferson-Lewis Board of Realtors and St. Lawrence Board of Realtors. “From the big downturn, unfortunately, we also had some foreclosures.”

    The number of houses sold in Jefferson County during the third quarter increased from the same time in 2016 by 34 units, or 10.3 percent, from 330 units to 364, according to the Jefferson-Lewis Board of Realtors.

    At the same time, the third quarter median home price in Jefferson County fell from the same quarter 2016 by $16,750, or about 11 percent, from $152,000 to $135,250.

    Vickie L. Staie, president of the Jefferson-Lewis Board of Realtors, said the U.S. Department of Defense has been stationing more soldiers and federal employees at Fort Drum and providing more long-term work to some current Fort Drum workers, which has led to more home purchases.

    Investors have also driven up homes sales during the third quarter by continuing to purchase foreclosed homes on the cheap and refurbishing them to later sell at a higher value, which has also lowered the median price.

     “I think it’ll have a great effect. We’re eliminating many zombie homes in our area,” Mrs. Staie said.

    Zombie properties are homes that owners abandoned after they stopped paying the mortgage and before banks began the foreclosure process.

    Homes sales during the third quarter in St. Lawrence County were up from the same time in 2016 by 23 units, or 11.3 percent, from 204 units to 227, according to St. Lawrence Board of Realtors.

    The third quarter median home price in the county fell from the same quarter in 2016 by $7,250, or 7.2 percent, from $101,250 to $94000.

    Richard J. Wood, president of the St. Lawrence Board of Realtors, said the Canton-Potsdam Hospital expansion continued to bring more homebuyers to the county. Several people also moved from a different home within the county to expand or downsize, which also drove up homes sales.

    “I think it has a lot to do with the length of time on the market,” Mr. Wood. “People want to wrap stuff up before it gets to the cold weather.”

    Prospective buyers also bought several foreclosed properties in the county, which Mr. Wood, who owns RJ Wood Real Estate LLC in Gouverneur, said brought down the median price.

“I’ve seen homes go right now that have sold for $10,000,” he said.

    Unlike Jefferson and St. Lawrence counties, home sales in Lewis County remained relatively flat in the third quarter compared to the same time in 2016.

    The number of houses sold in Lewis County decreased slightly from the same time in 2016 by two units, or about 3.3 percent, from 61 to 59.

    The median home price for the third quarter in Lewis County, however, decreased from the same quarter in 2016 by $20,000, or 17.4 percent, from $115,000 to $95,000.

    Mrs. Staie, who also owns Staie on the Seaway Real Estate Services LLC and Appraisals USA in Alexandria Bay, said several sellers’ asking prices were too much when compared to their market value, which keeps them on the market for a while. Many homes that sold during the third quarter were winter camps and cottages.

    “That brought (the median price) down a bit,” she said.

    Home sales from January to September last year increased from the same time in 2016 in all three counties. 

    The number of houses sold during the first three quarters increased in Jefferson County by 130 homes, or 18.3 percent, from 711 to 841; in Lewis County by 13 homes, or 8.9 percent, from 146 to 159, and in St. Lawrence County by 63 homes, or 12.7 percent, from 496 homes to 559.

    Foreclosure and waterfront home sales drove up the number of units sold last year in Jefferson County, Mrs. Staie said. The Kraft-Heinz plant expansion in Lowville led more people to buy homes in Lewis County, she said.

    “I think people are seeing the advantage of buying over renting,” Mr. Evans said. “It looks like we’re going to have a lot higher number for units sold than we had in previous years.”

    The median price for homes during the first three quarters of 2017 in Jefferson and Lewis counties, however, fell compared to the same time last year.

    The median home price for the first three quarters this year decreased in Jefferson County by $3,500, or 2.5 percent, from $138,500 to $135,000, and in Lewis County by $15,500, or 14.7 percent, from $90,000 to $105,500. Both price drops were driven by foreclosure sales, Mr. Evans said.

    “There are always foreclosures. There will always be foreclosures,” Mr.  Evans said.

    The median price in St. Lawrence County for the first three quarters of 2017, however, has remained relatively flat for the past four years.

    The price for the first three quarters of 2017 only increased by $1,000, or 1.3 percent, from $88,000 to $89,000.

    “We don’t have huge jumps,” in price, Mr. Wood said.

    Statewide, home sales in the third quarter decreased from the same quarter in 2016 by 1,248 units, or 3.1 percent, from 39,693 units to 38,445 units, according to the New York State Association of Realtors. The statewide third-quarter median home price, however, was up this year by $12,500, or five percent, from $249,000 in 2015 to $261,500.

 

Quarter One Homes Sales Higher than Last

AMANDA MORRISON / NNY BUSINESS

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Costlier home sales fuel Q3 prices

STEPHEN SWOFFORD n WATERTOWN DAILY TIMES The house at 207 Elm Street sold above median price for the area. Incentives driven by economic development and home buyers purchasing more expensive homes increased the number of homes sold in Jefferson County and the median price in both Jefferson and St. Lawrence County last quarter.(Wolf story)

STEPHEN SWOFFORD n WATERTOWN DAILY TIMES
The house at 207 Elm Street sold above median price for the area. Incentives driven by economic development and home buyers purchasing more expensive homes increased the number of homes sold in Jefferson County and the median price in both Jefferson and St. Lawrence County last quarter.(Wolf story)

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August 2016 Feature Story: Real Estate

Mixed bag in Q2 real estate report

Jefferson up, Lewis down, St. Lawrence flat

By Marcus Wolf, NNY Business

Second quarter home sales in Jefferson County are up from the same quarter last year, but are down in Lewis County and relatively the same in St. Lawrence County. [Read more…]

Orleans, Lowville, other communities to receive funds needed for water projects

Road salt contamination has caused extensive corrosion at Andy Greene’s home in Fishers Landing, as seen here in his basement where he sits behind a corroded pipe on a hot water heater ruined by salt, holding a kitchen faucet he replaces every few years. Photo by Justin Sorensen, Watertown Daily Times.

Road salt contamination has caused extensive corrosion at Andy Greene’s home in Fishers Landing, as seen here in his basement where he sits behind a corroded pipe on a hot water heater ruined by salt, holding a kitchen faucet he replaces every few years. Photo by Justin Sorensen, Watertown Daily Times.

Several north country municipalities, including the town of Orleans, are getting millions of dollars in state funding for various water infrastructure projects. [Read more…]

Local Realtor ‘un-franchises’ industry with new business

Jason Smith, right, has opened a new realty North Country Specialists, 24685 St Route 37, Watertown, with co-workers Michael Ablan, left, and Jeff Powell. The team sells commercial and residential real estate throughout the north country. By Amanda Morrison, Watertown Daily Times.

Jason Smith, right, has opened a new realty North Country Specialists, 24685 St Route 37, Watertown, with co-workers Michael Ablan, left, and Jeff Powell. The team sells commercial and residential real estate throughout the north country. By Amanda Morrison, Watertown Daily Times.

Realtor Jason G. Smith will celebrate the grand opening of his new business, Cooperative Real Estate North Country Specialists, 24685 State Route 37, on Sept. 1. [Read more…]

July 2016 Feature Story: Agbotics

Automated Agriculture

Left, Cody Morse, left, automatics engineer, and Sean Hanson, head grower, are the men behind the machine at Agbotic.  Opposite page, a robotic tiller tills soil between rows of leaf lettuce. The metal spades make contact with soil to dislodge weeds. Photo by Stephen Swofford, NNY Business.

Left, Cody Morse, left, automatics engineer, and Sean Hanson, head grower, are the men behind the machine at Agbotic. Photo by Stephen Swofford, NNY Business.

Agbotic digs new ground for organic farming

By Marcus Wolf, NNY Business

John P. Gaus’s vision for his automated and organic farming company, Agbotic Inc., took one of its first major steps with a 1,200-square-foot prototype greenhouse built in 2014. [Read more…]