I would like to have a research about the real estate property values
in Pocono, PA.
Property type: Single family vacation or all year residence homes.
In particular I'm very interested in "Wild Acres" community near
Milford, PA.
What is (was) the trend with the real estate prices? What are the
factors?
Any specific areas within a community that are good/bad spots to have
a house, from investment point of view.


 Thank you.

<It is currently a buyer’s market in Pocono with a constant stream of
foreclosures. Monroe County is the worst affected and Pike County to a
lesser extent.

Hundreds of residents have found that they were sold properties at
inflated prices. The case of the Robinson family is highlighted in an
article by Matt Birbeck. Robinson bought a house for $183,750. He
wanted to sell the property a  year later after losing his job,
however he found that the house was only worth $80,000.

Poconos home owners claim that property appraisals were inflated by
35-45%. An article by John Hechinger tells how the Ruiz family bought
a houses for $171,000 in 1999. When they tried to refinance two years
later, the property was valued at just $125,000.
http://homes.wsj.com/buysell/mortgages/20030115-hechinger.html

Foreclosures in Monroe county have been on the rise. There  were 120
in 1990 and 569 in 1999. The number of foreclosures have resulted in a
depressed housing market. 
http://www.pnpa.com/keystone/2002/birkbeck.htm

Approximately 5000 Monroe County homes have been sold in foreclosure
sales since 1995.
http://www.tristatenews.com/cgi-bin/articles/exec/view.pl?archive=5&num=1258

If you are intending to buy property it appears to be more cost
effective to invest in an older property as the resale value of new
property is not good. For example a Pocono resident complains that
he/she paid $123,000 for a newly built house that is now worth just
$100,000. http://www.poconocommuter.com/commuter/part_1.html


From a buyer’s perspective, there are some bargains to be had. The
following site lists foreclosures in Monroe County with prices from
$39,750 for a 3 bedrooms and 2 bathrooms property. There are currently
45 foreclosures listed.
http://www.ffs.cc/index.cfm?fuseaction=search&state=PA&countyno=089&rsp=2235

There are 14 foreclosure properties listed for Pike County with prices
from $52,400
http://www.foreclosurefreesearch.com/county?state=PA&countyNo=103

This site lists 6 foreclosure properties for Pike County with prices
from $43,900
http://www.foreclosurenet.net/search_results.asp?state=PA&county=Pike

This site lists 19 foreclosures. It charges a fee of $19.95 for full
details. http://www.brucebates.com/report/pamonroe.htm

Pocono commuter has a forum with postings from people living in the
Pocono area. The comments about the area are generally good. The main
gripe seems to be about commuting. One person complains that
Stroudsburg is crowded in October.

The following places are recommended by residents:
Brodheadsville.
Reeders near Tannersville.
Penn estates.
McMichaels.
Wild Acres.

A message posted on the Pocono Commuter site complains about the
Conashaugh Lakes Community. Security in not provided 24/7 and the
security gates are often out of commission. It also mentions that Wild
Acres has better security with its security gates being manned 24/7.
http://216.239.51.100/search?q=cache:b9GyPTt-5bgJ:www.poconocommuter.com/++%22wild+acres%22+property+pocono&hl=en&start=6&ie=UTF-8

One contributor says that there are some bargains to be had from
people trying to escape the commute and who are willing to pay the
closing costs.
http://www.poconocommuter.com/commuter/part_13.shtml


The following properties are currently on the market and give an
indication of what can be bought at various price ranges.

Gold Key Lake
Chalet
$89,000
2 bedrooms.
http://216.239.51.100/search?q=cache:lMoXzulYIVkJ:www.chantre.com/lake.php%3Fstart_page%3D7++%22wild+acres%22+property+pocono&hl=en&start=3&ie=UTF-8

Gold Key Lake
Dingman
Chalet
1967
$89,000
4 bedrooms
http://www.pare.org/cgi-bin/pub/pub_pike.pl?action=display&listid=17019&proptype=1

Gold Key Lake
$99,900
4 bedrooms
http://www.pare.org/cgi-bin/pub/pub_pike.pl?action=display&listid=16909&proptype=1

Wild Acres
$96,000
3 bedrooms, 1.5 bathrooms
http://216.239.51.100/search?q=cache:lMoXzulYIVkJ:www.chantre.com/lake.php%3Fstart_page%3D7++%22wild+acres%22+property+pocono&hl=en&start=3&ie=UTF-8

Gold Key Lake
2 bedrooms, 2 bathrooms
$143,000
http://www.pare.org/cgi-bin/pub/pub_pike.pl?action=display&listid=2RE2812&proptype=1

Milford
$160,500
3 bedrooms, 1 bathroom
Built 1987
http://www.pare.org/cgi-bin/pub/pub_pike.pl?action=display&listid=PW4338&proptype=1

Milford
$210,000
3 bedrooms, 2 bathrooms
http://www.pare.org/cgi-bin/pub/pub_pike.pl?action=display&listid=17593&proptype=1

Milford
New home
4 bedrooms, 3 bathrooms
http://www.pare.org/cgi-bin/pub/pub_pike.pl?action=display&listid=17727&proptype=1

Dingmans Ferry, Wild Acres
Lake front properties $249,000
Spacious contemporary home.
4 bedrooms, 3 bathrooms
Built 1987
Photo available.
http://www.pikepa.info/cgi-bin/classifieds/classifieds.cgi?db=realestate&website=PoconoLakeFronts&language=&session_key=&search_and_display_db_button=on&results_format=long&db_id=4&query=retrieval

More properties
http://www.pare.org/cgi-bin/pub/pub_pike.pl?proptype=1&reqpage=1&availability=1&estsqft=all&city=milford&township=&county=pike&region=all&schooldistrict=all&development=all&style=all&totalbedrooms=all&acres=all&listprice=all&action=Search

http://www.pare.org/cgi-bin/pub/pub_pike.pl?&reqpage=2&pagesize=20&proptype=1&action=Search&township=milford&county=pike&development=all&region=all&style=all&schooldistrict=all&type=&availability=1&totalbedrooms=all&acres=all&listprice=all&estsqft=all


Links to real estate companies.
http://www.housereal.net/USA/Pennsylvania/Monroe-County/

Falcon Crest, a local house builder is currently advertising new homes
from $69,000 and $94,900 including land.
http://www1.falcon-crest.com/welcome/

Trends.
Median home values in the Monroe County area are predicted to rise to
2006.
http://www.pocono.gr/market.html
Median home values are currently $146,971. They have risen 28.9% in
the period 1990-2002 and are predicted to rise an estimated 10% in the
period 2002-2007.
http://216.239.51.100/search?q=cache:Xg4RkokuEP0J:verizon.superpages.com/prodserv/demo/064002.pdf+pocono+market&hl=en&start=28&ie=UTF-8>


<Additional links:>

<Appraisel prices inflated.>
<http://216.239.51.100/search?q=cache:jUew0DHl45gJ:www.paappraisalcouncil.org/reports/august02.htm+pocono+%22property+values%22&hl=en&start=11&ie=UTF-8>

<Inflated prices.>
<http://www.dissco.com/FraudFlash.asp>

<Housing in Morris County/Pocono.>
<http://www.dailyrecord.com/news/wherewelive/series2/062402_h2pricecreep.htm>

<Freddie Mac warns of Poconos loans>
<http://www.poconorecord.com/report/price2high/26.htm>

<Wild Acres deed restrictions.>
<http://pikeproperties.com/cgi-bin/search/ilink.cgi?Category=Deed%20Restrictions%20Wild%20Acres%20Restrictions>

<Realtors.>
<http://www.chantre.com/location.html#milford>

<Pike properties.>
<http://www.pikeproperties.com/lakeforest.htm>


<Pocono Builder’s Association.>
<http://www.poconobuilders.org/>


<Search strategy:>

<pocono "property market">
<://www.google.com/search?q=pocono+%22property+market%22&hl=en&lr=&ie=UTF-8&start=10&sa=N>

<poconos foreclosures>
<://www.google.com/search?q=poconos+foreclosures&hl=en&lr=&ie=ISO-8859-1>

<"wild acres" property pocono>
<://www.google.com/search?sourceid=navclient&q=%22wild+acres%22+property+pocono>


<Hope this helps.>

---

Request for Answer Clarification by ig-ga on 03 Jun 2003 07:39 PDT

Thank you for your time, but this information covers only the first
part of my question. The key question is about "Wild Acres" community.
I could not find anything about this community on the Internet myself.
That is why I asked for help.


>> In particular I'm very interested in "Wild Acres" community near 
>> Milford, PA.
>> What is (was) the trend with the real estate prices? (in "Wild
Acres")
>> What are the factors? (in "Wild Acres")
>> Any specific areas within a community ("Wild Acres") that are
good/bad spots >> to have a house, from investment point of view.

Thank you

---

Clarification of Answer by belindalevez-ga on 05 Jun 2003 05:53 PDT

< Wild Acres has a number of legal problems:
There are investigations into missing escrow funds totalling $135,000.
There is a building ban in force for over 700 lots in sections 19-22
because they must have a central sewage system built before building
can go ahead.
The lots in sections 19-22 are owned by PNC bank and Wild Acres is
currently engaged in legal action to get back the lots.
A group of sportsmen from Lehman township filed a lawsuit claiming
that effluent from a creek running through Wild Acres was killing
algae and reducing the fish population in Lake Maskenozha.
http://www.poconorecord.com/1999/local/exd29072.htm

Current property prices.
Current property prices in Wild Acres are from $104,500 - $219,000.
Lake front properties are the most expensive with prices from around
$160,000. Properties with lake views are priced from $145,000. Whilst
those without lake views are priced from around $105,000. The prices
are comparable to other properties in the area around Wild Acres.
Those commanding the highest prices are lake front properties.

Historical property prices.
The median value of owner occupied housing in Pike County in 1990 was
$117, 800.
The median value of owner occupied housing in Pike County in 2000 was
$118,300

Factors affecting future prices.
The 1990 population of Pike County was 27,966. By 2000 it had reached
over 50,000. It is predicted to rise to 79,170 by 2020 which will
result in increased demand for housing.

Local factors that affect house prices are commuting times. The closer
a property is to Interstate 80, the higher the price. To reach
interstate 80 from Wild Acres, it is necessary to travel along route
209 which is very congested.
http://www.poconorecord.com/2003/local/tjd31198.htm


The website of Katherine Baier and Marianna Madden has listings for 8
properties for sale in Wild Acres.
From the link below, go to search homes
At location/development, scroll down to Wild Acres and highlight Wild
Acres.
At the bottom of the page click on next.
If you click on the property number a summary will come up.
Click on full information for detailed information about the property.
http://forward.flexmls.com/servlets/SiteRedirect/18624?source=homegain>


<Additional links:>

<Pike county fact sheets.>
<http://www.fedstats.gov/qf/states/42/42103.html>

<Pike county fact sheet.>
<http://www.phfa.org/housingstudy/factsheet/CS_103.PDF>

<Pike county population>
<http://pasdc.hbg.psu.edu/pasdc/Data_&_Information/Data/231a.html>

<New building code>
<http://www.pikecountypa.com/>

<Wild Acres is well situated for tourism.>
<http://www.poconorecord.com/2001/local/bhk63572.htm>

<House prices decline the further you are from I-80.>
<http://www.epcommunitynews.com/archives/082401/yourpage.htm>

<High prices in Pike County.>
<http://www.cdetraining.com/syetp/news5/page4.html>

<Detailed map>
<http://www2.census.gov/geo/maps/blk2000/st42_Pennsylvania/County/42103_Pike/CBC42103_026.pdf>

<Pike county is number 36 in the top 50 fastest growing counties.>
<http://www.homestore.com/Finance/Census/Top50Counties.asp>

<Hope this helps.>

Thank you for your time belindalevez.

I still did not get what I wanted, but that info is probable not on the Net.