The Belle Sherman walking neighborhood that borders Cornell on the south west, is feeling no pain this year. Residents who own homes in this neighborhood have a distinct advantage when it comes to accessing Cornell - two direct routes to the campus run right to the campus from this neighborhood: Rt. 366 (also known as Ithaca Rd.), and Cornell St., which becomes Oak Ave. when it crosses Rt. 366. The quality of homes is generally good, and the inventory consists of mostly older homes from 50-100+ years of age. The occasional mint condition Craftsman can be found here, as well as plenty of 2 story homes with finished or finishable attic spaces. There are even a few high-end town homes in Belle Sherman.
For the year past, 32 single family homes sold in the area, or 2.6 homes per month. The average list price was $203,200, and the average sold price was $193,400. The average home seller can expect about 95% of their asking price in this neighborhood. Average price per square foot was $132 for single family homes ($127 when townhomes and condos were included), and the average time on the market was just 117 days, which is a bit lower than average for our area of Tompkins county as a whole. Also, anytime I have a listing or sale in this neighborhood, I take great pride in placing my sign out in the yard, knowing that thousands of residents, students, and visitors are likely to drive or walk past it for every day that it's out there.
For the current season, we have 18 homes active in the area right now, with a low asking price of $139,900, and high of $319,000 (no, that is not a typo, just a numerical coincidence of many 3s, 9s, and 1s). We therefore have just a 6.9 month supply of homes for Belle Sherman buyers, and we are into our heavy listing time of the year. CALLING ALL SELLERS in Belle Sherman: If you want to be "sold" this year, this is the month to list! Especially when we have an incentive like the Federal Housing Tax Credit still available until April 30th. The average home seller has slightly higher expectations this year than last, with the average list price coming in at $246,500, which prices out at an average asking price per square foot of $150. This is a noticable jump from last year, due in part to a few homes at the higher price ranges approaching $300,000.
In addition to the active inventory, 15 homes are currently under contract - and the good news for home sellers is that the average price per square foot for these under contract homes is $142! This represents an almost 7% jump in price per square foot for the neighborhood. The median price is running at $239,000 for this group of homes, and 105 Brandon Place is leading the parade with a fantastic presentation and a price of $375,000 for a glorious 3 story Craftsman in mint condition. In contrast, the 2009 selling year had a much lower median list price of $203,000 and median sold price of $190,000. There were a higher than average number of sales in the sub $200,000 price range last year.
All this says that Belle Sherman is, and almost always has been, as very smart investment choice! What do you think, residents?
Reporting from 313 N. Meadow St., the offices of RE/MAX In Motion, on a sunny and bright spring day in Ithaca, NY!
THE SHORT REPORT by SANTOS!
Agent Santos reporting...