CHENANGO COUNTY – According to the legal notices published in The Evening Sun everyday, the number of foreclosure and tax sale properties in Chenango County is on the rise, but local real estate agents and county officials say there has been relatively little change.
A representative at the Chenango County Tax Sale office said the number of properties sold at tax sale on average is the same from year to year.
Area real estate agents had a similar story to tell. “We haven’t really seen an increase in the number of foreclosures,” said Irmin Mody of Irmin Mody Realty. “Things have stabilized somewhat,” he said.
Mody and other real estate agents have handled foreclosure sales, but currently, the agent said he does not have any listings that are being sold as foreclosures. “I’m surprised,” Mody said. “Things aren’t as good as we would like or as they used to be, but things are still pretty quiet,” he said.
While real estate agents said the numbers remain relatively unchanged, those in the area who keep an eye on foreclosures say they have noticed an increase.
James and Libby McNeil have purchased foreclosed homes in the past to renovate and resell. The couple said they have seen an increase in the number available in the City of Norwich.
“We used to focus on tax sales and pick up homes that way, but now there are more foreclosures,” Libby said.
Recently, two homes located next door to one another were sold at tax sales in the City of Norwich, Jim pointed out. “I’ve seen an increase in the number available in the city, and also it seems like there are two to three in the legal notices in the paper, throughout the county,” he said.
A comparison of the number of legal notices for foreclosures and tax sales published in May of 2009 and May of 2008 showed an increase from 29 to 45.
“It’s like a cancer,” Jim said. “Property values start to decline, the properties are in a state of disrepair, and an individual buys it because they can afford it, but they aren’t able to fix it up. It’s a cycle that leads to more deterioration.”
While some see the foreclosure situation as a sign of the economic times, the McNeils are using the opportunity to provide a service to the community. Recently, they purchased a home located at 23 Beebe Ave., and they have begun to restore the house to a better condition. “This isn’t a remodel, it’s a full resurrection,” Libby said of the Beebe Ave. project.
The McNeils purchased the house with the intent to restore it to a nice condition and put it back on the market. While they say they make little profit from the homes once sold, the couple sees the work as something they can do to give back to the community.
“Homes are a continual investment for a return on the other end for a payoff,” Libby said. The couple explained that due to finances, a lack of knowledge, or simply becoming comfortable in their surroundings, many people don’t take the little steps that could prevent major problems from forming.
In the home they are currently renovating on Beebe Ave., the McNeils have replaced plumbing and electrical components, gutted the kitchen and bathrooms, torn down paneling and drop ceilings that covered problem areas and are working to bring the house back to life.
As far as the issue of foreclosures is concerned, Jim said it is not a new problem. “The foreclosure market has always been there, and it is always going to be there,” he said. While the couple said they have seen the numbers increase, Libby said she doesn’t think the local numbers have increased as much as those nationwide. “This is still a great place to live,” Libby said.