Estate and mortgageHot Market: Binghamton, NY – Renewing the City for a Buck
The state of New York is weathering the latest real estate downturn. While sales prices have dropped overall from last year at this time, they have stopped sliding and may be on an upward trend. The city of Binghamton, in Broome County, for instance, is one of only 11 counties in the Empire State that has maintained price growth over the last 2 years.
Prices for the third quarter are up 11 percent compared to the same period last year for the Revolutionary War town and the town fathers are planning for the trend to continue.
With a city motto of "Restoring the Pride," the river city is undergoing several restoration projects for urban renewal. Mayor Matt Ryan cited in the year-end report at CityOfBinghamton.com the initiatives, such as demolition of blighted properties and selling vacant lots for as low as one-dollar to infuse the region with development moneys. It seems to be working.
Residential sales prices have responded with increases outpacing the state-wide downturn. The New York State Association of Realtors reports the average price of a home in the county is $109,000 -- nearly half the average price of a home statewide. And that"s up from last November by 4 percent. From 2005 to the end of 2007, prices are up more than 15 percent.