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Real Estate

North Salem Real Estate Broker: A Buyer's Market

NORTH SALEM, N.Y. – North Salem’s housing market is an active one, according to  associate broker Carol Goldberg of Vincent & Whittemore. “Personally, I’m very busy,” she said. “I think there’s been an uptick in selling because prices have been reduced.

“It’s hard for sellers to swallow the fact that prices are coming down. I feel bad for them. But if you don’t price it right, it won’t sell, it will just marinate.”

Goldberg offered an example: “In 2009, I had a property listed at $4,750,000. It went to $3,875,000, then $3,450,000 and so on. It sold this year for $2,600,000. It was the highest sale so far this year. Every time a house has a drastic reduction, I put it in my file. Some of my files are so fat, they don’t even fit in my file box.”

“On the other hand, buyers are shocked to find out there’s competition,” she continued. “They say, ‘I can’t believe there’s a bidding war.’ But if a price is competitive, there will be action on a property. I say, ‘Look where the price was last year, and look where it is now.’ People can’t resist. Plus, mortgage rates are good.”

Where are the buyers coming from? “Everywhere,” she said. “Some are down-sizing, some are up-sizing. Some are staying in town, others are leaving. There’s no particular trend.”

Generally, roughly 50 houses are sold in North Salem every year. So far this year, 30 houses have been sold and another five are in contract, Goldberg said. The lowest selling price was $215,000, originally listed at $235,000.

Right now there are 79 single family houses on the market. There are another dozen or so that are for sale, but not officially listed, according to Goldberg. “The lowest is priced at $79,000. It’s at Peach Lake. The highest is on Dingle Ridge Road, it’s listed at $24,900,000,” she said.

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