There seems to be a lot of homes for sale in Ithaca and the surrounding area, is this normal or has a large employer left the area?

Asked by Mosarver, Ithaca, NY Sat Mar 27, 2010

Are there many Cornell students that actually purchase homes for the duration of their university stay then sell upon completion?

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8
Claudia Laga…, Agent, Ithaca, NY
Tue Jul 13, 2010
With record low mortgage rates it is an EXCELLENT idea to buy a residence for a college student in Ithaca. Ask your accountant to look at the numbers, and you may be quite surprised to find the additional tax benefits sweeten the investment. Also, keep in mind that rents in the Ithaca area are quite high for upstate NY. College students often pay $500/month for a room in a house with a shared bathroom, and very little peace & quiet.
0 votes
Elly2010, , Dryden, NY
Mon Jun 21, 2010
When we moved here in 2004, there were very few homes for sale. In the past few years, the amount for sale has risen dramatically. Emerson is closing it's facility and Cornell will or already has frozen hiring according to a friend. If you are interested in buying in the area, as always, speak to people who live here. It is nice to speak to real estate agents as they have knowledge of the area but they want you to (I am sure you are aware of this) buy so speak to homeowners and other residents as well.
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Steve, , Geneva, NY
Tue Apr 20, 2010
Prices doubled over 2000-2010 and people are trying to get out!
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Robin Silver…, Mortgage Broker Or Lender, Garden City, NY
Sun Mar 28, 2010
All I can say is that the amount that I pay in rent for my Cornell student, Ithaca should be an investor's paradise. The students do generally rent on a 10 month basis, however rents are rather high. There are houses in collegetown with 6 or 7 bedrooms that rent for around $5,000 a month. I did not buy a home, nor did any of my son's friends parents, however I am sure that there are people who do that, as they do in any college town.
There are some homes that have been on the market in Ithaca for a long time, at relatively high prices, but no different than any other area. My sister lives in Cayuga Heights, and there is a house around the corner from her that has been on the market for a few years, but some sellers just get stubborn.
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Linda Santos, Agent, Ithaca, NY
Sun Mar 28, 2010
Yes, the investor/student and their supporting families or nuclear families do make up a certain percentage of the market here - some of them continue to own and rent their homes after they move out of the area - some sell as soon as they are ready to graduate and move on. Our market has a higher than average percentage of renters than home-owners due to the large student population, but conversely, some of that small percentage of home-owners are the savvy and financially equipped investor/students.
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Linda Santos, Agent, Ithaca, NY
Sun Mar 28, 2010
You can certainly contact a local Realtor, like ME! I'd be happy to answer your questions off-line in greater detail, and sorry for being so brief but it's a busy day for many Realtors in Ithaca, Sundays are popular days for showing homes as in most busy communities. Please email me through Trulia or give me a call this week at my office: 607-277-1500 x229 - ask for AGENT SANTOS! Thanks for your question, and also, please check out my blog at Active Rain - http://activerain.com/blogs/lindasantos
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Margaret Snow, Agent, Ithaca, NY
Sun Mar 28, 2010
Ithaca benefits from a traditionally healthy real estate market. Cornell University is a major employer in the area and students and faculty are fairly transient, contributing to the stable market. The area also is in the heart of the finger lakes and we are very fortunate to live in an area with great natural beauty. The number of homes for sale is fairly consistent. Our average selling price is currently $191, 650. Feel free to contact me if you'd like additional information about Ithaca. I've lived here all of my life and enjoy helping buyers and sellers alike.
Margaret Snow
Lic. Associate Real Estate Broker
607 745-5925
msnow@IthacaAreaHomes.com
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Gerard Dunn, Agent, Chevy Chase, MD
Sun Mar 28, 2010
Many parents of college students invest in a property that their child can live in while going to school. It is sometimes cheaper than campus housing - and gives the child some independence.

Ithaca has more then just Cornell University - Ithaca College and SUNY both have students in the town.

You may just be seeing a seasonal increase in housing.

Why not contact a local Realtor to get a feel for the community?
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