A recent study commissioned by the Tompkins County Council of Governments was unveiled on Thursday at a meeting at the Tompkins County Public Library. The study focused on existing infrastructure that could support immediate residential development. It was found that there is the potential, through nodal/cluster development along existing corridors, to add up to 6000 new homes in the immediate future. Three main centers stood out in the study as ideally suited for this type of development: East Hill Plaza, Cayuga Medical Center, and E. King Rd.
Other studies have identified the need for up to 4000 new homes to meet a current housing shortage in our area. It is true, in my experience as a realtor, that there is a shortage of good housing stock here in certain price ranges. The article is not intended to address the topic of affordability of any homes to be built in these areas, and it doesn't. But it will come up as one of the big topics, as the three larger areas mentioned in the study are all areas where values are not exactly "entry-level". Along E. King Rd., the least expensive homes I've seen recently are near or at $200,000 and up, and East Hill Plaza, being an adjacent neighbor to Cornell, is going to be competitive with Ellis Hollow and Snyder Hill Rd., both areas where it is much more common to see homes around and above $200,000 that below. Cluster homes in the area of Honess Ln., not too far, are usually now in the range from $165-195K. So it will be very interesting to Realtors, and our clients, to see what kind of developments take shape in these possible new hot spots. What do you think, people?
Reporting from ITHACA, NY, where it is currently 7 (?) degrees (!), and going to 40 degree with bright sun by mid-day!!!
Agent Santos
The SHORT REPORT, by Santos
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