1) A Multi Million Dollar home construction contractor has built HUNDREDS of homes (in this depressed market.) How did he do it? HE financed the construction and holds the mortgage on all the homes built. Most of the construction occurred in APCP. Why APCP? Because a huge amount of lots in APCP went for PEANUTS at the Monroe County Tax Claim Bureau tax auction.
2) Who is buying these homes? Former Project Dwellers from New York City and New Jersey.
3) These factors coupled with HIGH school taxes, HIGH property taxes and an increase in annual of over %55 charged by the APCPPOA since 2001 have DRIVEN OUT many residents and forced dozens of others into FORECLOSURE!
Those who did not foreclose chose to RENT TO SECTION 8 TENANTS.
The BUILDER has created an environment were in those people who had homes saw the value of the home drop BELOW even the depressed market value.
The APCPPOA Board of Directors saw this happening. What did they do to stop it? Who knows?
The REAL PERSON TO ASK AS TO WHY THIS HAPPENED? State Rep. for the 176th district...MARIO SCAVELLO!
The real reason properties are so cheap in Tobyhanna has to do with the rate of default and or abandonment. Many people move up from NY and NJ to escape the rat race and tremendous cost of living in those areas. They are looking for their Utopia where they can raise their families and still retain their higher paying jobs in NJ & NY. They don't count on the long commutes and sometimes extreme winter weather and soon loose their ambition and drive which lead them to the Pocono region in the first place.
Alot of these people had currently been renting in these higher cost areas and see an opportunity to own their own home. After a year or two the Utopia wears off and becomes reality. That is the point when the desire to leave outways to reasons for moving in the first place. People walk away, homes go into foreclosure and the cycle erodes at the entire area.
I must tell you that this is an excellent area with all new schools and realatively low taxes when compared to most other areas in the Pocono region. Right now is the time to buy with low interest rates and historically low prices. You will not be sorry in a few years.
For me 175K is not cheap. Besides the community dues in Pocono Farms Country Club is more than a thousand dollars per year - thats not cheap either.