Scranton real estate market strong

Featured — By on March 13, 2008 at 9:13 pm

Bucking national trends, the real estate market in the Greater Scranton area remains steady with plenty of outstanding properties for residential and commercial buyers. Why not Rediscover Scranton for yourself and see what the buzz is about?

According to George Semian of Semian Gress Real Estate, though buying and selling have slowed slightly heading into the winter months, “prices remain pretty stable.”

Semian pointed out that most of the country is facing a difficult real estate market but said the Greater Scranton area has not experienced much of a hit.

In both the residential and commercial markets, Semian said, the outlook around the region is very good. “There are plenty of properties and motivated sellers.”

In the Scranton Area $150,000 could buy you a 2,400 square foot, two-story home with four bedrooms and two bathrooms. In the Philadelphia area, the same amount of money would get you 828 square feet with two bedrooms and two bathrooms and in the New York City area, it would buy just 650 square feet with one bedroom and one bathroom. In fact, a recent article in the Times-Tribune “Region Fourth in Affordability,” showed that the Scranton/Wilkes-Barre area ranked as one of the most affordable housing markets in the nation, according to a study by Wells Fargo and the National Association of Home Builders.

The Scranton Plan, the industrial marketing arm of The Greater Scranton Chamber of Commerce and community leaders launched Rediscover Scranton to promote and strengthen greater Scranton’s quality of life and business assets. Through Rediscover Scranton, volunteers are identifying and contacting accomplished people with ties to greater Scranton, informing them about economic, quality of living, and growth opportunities, and encouraging them to relocate their businesses and families to the area. For more information visit www.rediscoverscranton.com.

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    3 Comments

  • ecar says:

    Let’s be honest here. True, the City of Scranton hasn’t been affected significantly by the recent real estate cycle. But why!? It’s because, for the most part, the condition of many of the City’s neighborhoods are fair at best and showing all the tell tale signs of neglect. Therefore, these neighborhoods weren’t considered attactive investment options for home buyers, even with relatively low list prices and the lax loan underwritng standards of the past few years. If the market were “strong” as you suggest, you wouldn’t have a glut of properties for sale and the motivated sellers you mention are those who are trying to sell homes within distressed neighborhoods and finding little interest. The market is, however, attrative to the absentee landlord and speculator who continue to take advantage of the low-income population of the area. This has been the case for decades and the blighted condition of many neighborhoods reflect the lack of civic responsibility by both the landlords AND renters. Until the City develops a comprehensive strategy for neighborhood reviatlization, we can continue to take comfort in the fact that our real estate market is “affordable”.

  • ecar says:

    Apologies for the “ranting” in my last comment. It’s a lot more critical than I had intended and not at all reflective of current momentum. The City has been proactive in addressing those few neighborhoods most in need and Great efforts ARE being made, via public and private partnerships, to revitalize these neighborhoods. After reading the initial post, my thoughts focused upon a certain area but my comments inappropriately broadbrushed several City neighborhoods. Note to self; read twice, submit once.

  • That would be nice to have $150,000 buy 2400 sq ft. In the St. George, UT market we have seen an increase in people thus inflating the prices. I have noticed wherever people go, the prices go up as well.

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