With all the hype these days about the subprime woes and rate hikes due to ARMs resetting and the ensuing foreclosures, I was wondering how our neighborhoods are being affected by this.

Are there any homes being foreclosed on in the Forest? Do you see this as a problem that will be affecting our neck of the woods (sorry for the bad pun)? How stable are our housing prices?

Luther Forest home prices have dropped at about the same precentage as other homes in southern Saratoga County. It is important to price the home properly as the real buyers come in the first 30-60 days. Modest cosmetic repairs can work wonders in selling many of the homes. I have recently sold three townhouses that I listed in the forest in about 30 days. One recently in 3 days. Many of the somewhat distressed homes lately have sold at low prices to professionals who have nicely fixed them up and resold them quickly. As far as foreclosures, although there may be more, I know of only one that may be going to foreclosure and that home already has a cash buyer ready if the banks are willing to accept a reasonable price in turn for a quick sale.I believe its tied up in red tape at this point. That particular buyer is a professional and will do a quality job of refurbishing and place it up for resale. I know sometimes people look down on some of these contractors who flip homes, but as long as they do a quality complete job, they actully help enhance the neighborhood.