“How much work does it need?”
That’s one of the first questions asked when considering homes for sale. Some are surprised at the home prices – even fixer-uppers- in the Lake Wallenpaupack region of Pike and Wayne County.
Why home values are the way they are:
- Pike County is the fastest growing county in the Northeast U.S. (not just PA.) Supply & demand at work.
- Lake Wallenpaupack is a major attraction & is the largest powerboat lake in Northeast PA. It is the 3rd
Homes Sold in Pike & Wayne County 2008
largest man made lake in the state (maybe the 2nd largest – more about the controversy here.)
- The Poconos offers year round recreation.
- Something for everyone: golfing, skiing, boating, hunting, hiking, fishing, camping, museums, great restaurants, waterfront homes, rivers, lakes, woods, waterfalls…you get the idea.
- Close to major metro areas; convenient location for commuters.
- Lower real estate taxes than New York & New Jersey.
- Good school districts (list of schools.)
In a nutshell, there’s a lot to love. Even though we’re in the mountains and many areas are rural, you’ll find the expected modern conveniences: indoor plumbing, electricity (okay, ignore my sarcasm! 
) High speed internet and cable TV is available in most areas. Ample health care and shopping is within a 20 to 45 minute radius of Lake Wallenpaupack.
Folks looking for a 2nd home in Pike or Wayne County don’t want to spend “too much.” They want
Cheep! Cheep!
something “cheap.” Doesn’t everyone?
“Cheap” is subjective; what’s cheap to you may not be cheap to someone else. I define a cheap home as “low priced compared to similar or neighboring homes.“
“How much work does it need?” is also quite subjective.
To some, “a little fixing up” means applying a fresh coat of paint. To others, it means new carpets, new fixtures, and replacing paneling with drywall.
Everyone has a different perspective.
My husband and I bought a doozy of a fixer-upper 13 years ago, for one reason and one reason only: it was the cheapest home available in an area we wanted.
It had a working roof, furnace, and bathroom. The windows kept out drafts and let in the sun. The house was cheap.
We looked beyond the ugly burnt orange carpeting. The house was cheap. We looked beyond the hideous purple & black 1950′s bathroom tiles. The house was cheap. We ignored the paneled walls and ceilings. The house was cheap.
You may have to decide what you want vs. what you need. Everyone wants a cheap house – but homes are priced according to market value.
Homes that need work are priced at the lower end of the market; those needing less work are priced higher. Typically, the lower the price, the more work is needed.
Either you want a cheap home, or you want a home that doesn’t need much work. It’s rare to get both in one fell swoop.
Unfortunately, watching HGTV for insights into real estate is like reading Harlequin romances for insights into love & marriage. The two have very little connection to the real world.
Filed under: Home Buyers, Random Real Estate Question, Wayne & Pike County Local Info | Tagged: northeast PA real estate, pike county homes, wayne county homes, average price of sold homes, poconos real estate, wallenpaupack
Truth be told, nothing is happening at Lake Wallenpaupack and the reality of real estate is most of it is valueless and will get worse. Commercial Property has bottomed out and it’s only direction is lower than the dirt it rests on.
Most agents are not doing anything at all except compiling listings. The banks are now denying lending to good people with good credit and good jobs because they are busy selling their foreclosures at a severe loss.
My husband and I have 9.2 commercial acres and a farm house on route 590 in Lakeville for sale. The property sits next door to the Bakker Marina. I can tell you that nothing is happening in the market.
According to a local business owner, all of the commercial businesses are barely hanging on from the bars, to the overpriced restaurants. New York and New Jersey are in the same boat, no pun intended. They come up and shop in Scranton, or in Honesdale. No one can afford the Poconos anymore, no one.
New York and New Jersey can’t afford their 2nd homes or cottages as they say it. That’s why there are a ton of homes for sale at Lake Wallenpaupack (look at the whole picture not just lake front). I can’t even get my agent to fix a sign on our property that has been down for 2 years. Every time we lowered the price, I found it incorrect on the website. They really don’t care becasue they really can’t sell it.
Bottom line is sell it yourself at a lower cost, because an agent can not help you. You are better off on your own with an attorney. Just my opinion—–
Less than impressed with Lake Wallenpaupack—
It is no secret that commercial property in certain locations is difficult to sell right now. Many do not have the capital needed to invest in a new business, especially with the economy the way it is. Banks are reluctant to give out loans like they did in times past. Financing is much more challenging to obtain.
Real estate is not valueless. Unfortunately many people have used their property as some sort of ATM machine & taken all of their equity out of the property… and now they owe more on it than current market value. That does not mean the real estate has no value. Yes, property values have dropped – and in this area they have not dropped anywhere near as much as in other areas. This is normal.
Real estate always has peaks and valleys. It is really difficult when someone purchases during a peak time and then wants to sell during a valley time. I always advise my clients to be prepared to up to 10 years at least before expecting to sell at a profit. The days of “flipping” are long past. Nobody has a crystal ball to predict the future – we have no idea what Cap and Trade and other things in the works right now may do to our economy and real estate market.
That said I am still selling property to people looking to relocate and retire here because they can not afford to pay $13,000 a year property taxes in New Jersey. The economy is difficult everywhere, but some places are more difficult than others. Is there a Utopia? I doubt it. I still stand behind my statement that there is a lot to love about this area. Is it perfect? Of course not. Could it be worse? You bet it could.
On the residential aspect, I do have customers looking for properties with acreage – but they do not want to be on a busy, noisy road like Rt 590. The mantra of real estate has always been location, location, location.
I work hard for my clients. Is it fair to paint all agents with the same brush? I don’t think so. All agents are independent contractors. We all work differently.
And please note that this original article was written over a year and a half ago. A lot has happened since October 2008.