Prudential Fox Properties moves to Route 28
By Joe Moskowitz
Real estate broker Jean Orr decided it was time to get out of town. Orr, who owns the local Prudential Fox Properties, has moved to Route 28 in Arkville, just a few buildings east of the Margaretville village line. The building she bought used to house three businesses. One of them, The Village Homemaker, has moved back into Margaretville.
Orr says that most of her sales come from the Internet, but moving to Route 28 would give her business greater visibility so she can attract more walk-in, or drive-up customers. And she says, her old location on Main Street in Margaretville was damaged by Hurricane Irene and she would rather not stay in the floodway.
Orr has had a considerable amount of renovation work done to the building in order to convert it into a one-business facility. That means spending money in an industry that was sent reeling from the economic collapse in 2008 and Hurricane Irene. Orr thinks it’s a gamble worth taking as she says local real estate is slowly turning around. She says sales are up five percent over the past year in the eastern part of Delaware County. But she acknowledges it has a long way to go.
Under ideal circumstances, Orr says, there is a seven-month inventory of listings. That means if there are no new ones added, that’s how many listings will sell within seven months. But right now it’s more like a 24-month inventory.
She predicts there will be an increase in sales and a slight increase in selling price this year. Orr also predicts 2014 will be a transitional year with sales taking off in 2015. Her predictions are based in part on the downstate real estate market.
In portions of Brooklyn, there are bidding wars where properties are selling for as much as 20 percent above asking price. Orr says when New York City real estate prices rise, eventually the trend reaches here.
In the meantime, she is working on her new business home and is looking for people who want to help her sell Prudential Fox properties.