Fracking plans stifle upstate home sales

TRD New York /
Sep.September 28, 2012 03:30 PM

The Catskills region will probably need more than a new slogan to boost its struggling real estate market. It could need the state to ban hydraulic fracturing.

According to the New York Times, the region’s home sales market has been stymied by fears over the proposal to drill for gas on Marcellus Shale, a natural-gas field that runs through about 25 counties in New York. Whereas home sales were up 6.7 percent statewide in the second quarter, according to the New York State Association of Realtors, they were down 4 percent in Sullivan County, which sits on the Marcellus Shale.

Prospective buyers, sellers and real estate agents told the Times that transactions have stalled because of uncertainty over the fracking, which involves chemical injections that force out natural gas deposits. Gas companies have paid property owners to lease land all over the region but that comes at the expense of the serenity second-home buyers seek in the region. They fear their peaceful vacation home will eventually be situated on an industrial site.

State regulators have been studying the environmental effect of the process for four years and Governor Andrew Cuomo is taking his time making a decision, the Times said. [NYT] — Adam Fusfeld


Related Articles

arrow_forward_ios
An acute demand for homes is driving building prices up (iStock, Pixabay)

Builders make hay as millennials hunt for homes

Builders make hay as millennials hunt for homes
(iStock)

Suburban housing market surged in August while Manhattan trailed

Suburban housing market surged in August while Manhattan trailed
Home sales plunged across South Florida in Q2

Home sales plunged across South Florida in Q2

Home sales plunged across South Florida in Q2
(iStock)

Here’s where resi prices fell the most in Miami in Q2

Here’s where resi prices fell the most in Miami in Q2
Homeowners in redlined areas gained less equity over the past 40 years, exacerbating the wealth gap for blacks (iStock)

Homeowners gained far less equity in formerly redlined areas: study

Homeowners gained far less equity in formerly redlined areas: study
With home sellers also staying on the sidelines amid the public-health crisis, the market is now giving rise to bidding wars. (iStock)

The return of the bidding war

The return of the bidding war
220 Central Park South and a view of Queens (Credit: Jim.henderson and Dquai via Wikipedia)

TRD Insights: Every resi deal in NYC last week

TRD Insights: Every resi deal in NYC last week
NAR predicts home sales to drop 10% in 2020

NAR predicts home sales to drop 10% in 2020

NAR predicts home sales to drop 10% in 2020
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...