Binghamton real estate
Named after the renowned William Bingham, who started the development of the area around 1792, the city of Binghamton is the county seat of Broome County in Southern New York. Early progress started around 1800 with a large number of settlers coming to the area. It was then known as Chenango Point. Further rapid expansion resulted in it being declared a city in 1867. By 1900 the city was attracting floods of immigrants in search of jobs in the ?Valley of Opportunity? ? as Binghamton came to be known at that time.
Even while it was growing in area and prosperity, the city still maintained its stately ambience with charming homes, tidy, clean streets and dignified structures. It came to be referred to as the ?Parlor City? because of its elegant appearance. The present Binghamton Metropolitan Area occupies major portions of Broome and Tioga Counties, and the Greater Binghamton region comprises of Binghamton, Endicott and Johnson cities.
Binghamton Real Estate
The general nationwide slump in real estate has not had much effect on the conditions in Binghamton. This is probably due to the overall wellbeing of the economy of the city. The sales performance in Broome County may not be as high in 2007 as it was in 2005-2006, when it rose by nearly 12%, but there is a steady demand for homes in the lower and middle-priced segments. Statistics for the 12 month period ending April 2007 show a drop of about 12.5% in terms of volume and a reasonable increase of about 3.5% in terms of value in comparison to the previous 12 months.Real estate agents are optimistic of good business in terms of number of units sold, even though the prices may have stabilized temporarily. The rise in interest rates has affected sales of the higher priced homes. But well maintained units priced within the range of $50,000 to $200,000 do not remain on the inventory list very long.
Localities and Agents
The largest employers in the area are the aerospace and defense industries. Institutes of higher education are abundant and generate a lot of employment. The food and recreation industries also contribute significantly to the demand for employees. The commercial areas have facilities for office, shopping, entertainment and cultural needs.
The total average sales price stands at around $170,000 to $175,000. Many of the sales are taking place at prices marginally lower than what was originally asked for. The following list indicates average prices for homes for July 2007:
1 bed - $30,000 / 2 bed - $110,000 / 3 bed $115,000 / 4 bed - $220,000.
Prices of homes vary according to size and location and the following data with approximate prices will give a general idea of the situation:
3 bed Ouaquaga Rd - $360,000 /Fernwood Lane - $375,000
4 bed Douglas Drive - $800,000 /Hance Rd - $320,000 /Riverside Drive - $450,000
5 bed Meadowwood lane - $975,000 /Vestal Ave - $475,000 /Vincent St - $325,000
6 bed East Hamton Rd - $475,000 /Evans St - $350,000
9 bed Front St - $330,000
Conclusion
Partly due to the younger generation migrating to the nearby big cities in search of specific technical employment, 2005-2006 estimates find the city is losing about 2% of its population. But this is counter balanced by the arrivals of families from areas like New York, Long Island and New Jersey, who find Binghamton less expensive and less congested. Employment opportunity is high and retired people can get good accommodation at reasonable rates.It is also a popular choice for the big city people who are looking to invest in a second home. Prospects for Binghamton real estate in the coming year are definitely positive.
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