Why are homes over 500k not moving in this area?

Asked by Gary.huchko, 12518 Wed Jul 1, 2009

Help the community by answering this question:

+ web reference
Web reference:


Michaelsmrfld’s answer
Michaelsmrfld, Home Owner, Cornwall, NY
Tue Jul 2, 2013
Because local realtors don't know how to sell homes over $500k. They won't find their buyers in Cornwall itself. They need to market outside of the community. The Chamber of Commerce and the Town itself do nothing to raise the profile of the town nor to add improvements that would make Cornwall, the hidden jewel of Orange County, the outstanding town it deserves to be.
0 votes
Michelle Rey…, Home Buyer, Brooklyn, NY
Sun Apr 7, 2013
Anyone know if Cornwall is close to the metro north? If one needs to get into Manhattan for work what would be the easiest and fastest way besides driving?
0 votes
The Salisbury Mills/Cornwall train station is located about 10 minutes west of downtown Cornwall. Trains run regularly making commuting easy* with several express trains that deposit you in Secaucus Junction in 55 minutes to transfer to another train to NY Penn Station - or you can continue another 10-15 minutes to Hoboken to catch the Path to mid-lower Manhattan, a ferry to WFC or Water Street or a light rail to Jersey City. Monthly train pass just went up from $275 to $295 and includes free light rail travel. I commute daily and use my laptop, data card and cell phone to turn my train ride into productive office time. I have the option to spend less face time as needed in the office. Uptown Manhattan is not desirable commute from Cornwall. Midtown/Downtown not so bad. Hoboken and JC are very easy if you don't mind the time spent en route [applies to all]. The train cars are much nicer than Metro North east of the Hudson!
Flag Tue Jul 2, 2013
Barbara Q., , Bergen County, NJ
Wed Jul 1, 2009
Gary- Money is tight. Banks are not cooperating with the housing crisis.

FHA seems to be the only game in town...especially for first time homebuyers who are looking to score the $8,000 tax credit. FHA requires a 3.5% down payment...other conventional lenders require 10-20% down payment. FHA has less strict guidelines regarding credit scores and credit history as compared with conventional lenders.

Max Loan amount in Orange County for FHA Loans on Single family homes is: $443,750.
This means that maximum purchase price in Orange County is $459,000 for Buyers who are looking to put down 3.5% and are pre-approved for FHA financing.

that's just my personal observation...makes sense?

We recommend that Sellers who are slightly above the "cut-off" offer unique incentives as a catalyst to drive traffic to your home.
Web Reference:  http://www.321advantage.com
0 votes
Bill Smith, Agent, Monroe, LA
Wed Jul 1, 2009
Hi Gary,
Mortgages are alot harder to get these days, most of the homes I'm selling right now in that part of the county are priced fro $250k-$350k, it's alot of first time home owners, police, fireman, people that aren't worried about losing their job. I just bought a condo in New Windsor off of rt 300 that I'm renovating, that was a foreclosure that I picked up for $120k, my first home, I gutted it and I'm renovating it right now, still haven't moved in. Anyway, I'm friends with your agent Mary and you are in excellent hands, it's just a really tough market for a home in any price range.
Thank you,
Bill Smith
Keller Williams Realty
0 votes
Curious, Home Buyer, Middletown, NY
Wed Jul 1, 2009
Homes that are under 300 are not even selling...all because of the banks and their greed! Good luck
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more