Tragedy, terrorism threats still spark regional economy

By CHARLIE ANZMAN, DAVID HULSE & TOM KANE

A year and a half after September 11 and the irony continues.

The greatest tragedy in modern American history has become the basis for unparalleled growth in the Upper Delaware Valley.

The statistics show that while their neighbors are looking for duct tape and gas masks, many of those who can afford to, are moving their families out of the metropolitan area.

One of the region’s senior realtors, Gibson McKean, said he’s never seen a market like it.

“It’s the best I’ve seen it in 36 years,” he said.

Eileen Reber of Reber Realty agreed, saying the market has been steadily growing since September of 2001.

“It’s growing and they’re looking for more expensive properties,” she said, “properties up to $450,000.”

Sullivan County Clerk, George Cooke said the activity in deed filings at his office is unprecedented. After September 11, the number of deeds filed in Sullivan nearly doubled in 2001, jumping from some 23,000 in 2000 to nearly 45,000.

And it didn’t stop there. The filing rate grew another 28 percent last year to more than 57,000 and the rate for January of this year is 30 percent above January of 2002.

“Remember, those are just transactions that have been filed. For a variety of reasons, many people don’t file their deeds,” Cooke said.

The number of businesses registering doing-business-as (DBA) certificates never varied more than seven filings between 1999 and 2001. In 2002, it jumped to 846, Cooke said.

Combined with a slump in the stock market and low interest rates, people are seeing real estate as an investment of choice, McKean said.

“But they want it to be west of the city where the prevailing winds are from west to east,” he said.

Cooke said other statistics confirm public uneasiness. Along with the increase in deed filings, there has been a “dramatic” increase in the number of passports his office has processed, as well as an increase in the number of pistol permit applications.

Real estate sales still booming in Wayne

Last year was also a banner year for sales of homes in Wayne County. And the trend seems to be continuing in 2003.

“We saw a 20 percent to 30 percent increase in sales over 2001,” said Honesdale Century 21 Gold C broker Robert Carmody, Jr.

“It shows no signs of slowing down this year,” he said.

Last Christmas, as in all Christmases, things slowed down, but after the turn of the new year, it picked up again, he said.

The demand for homes is quickly exceeding the supply.

“There’s not a lot of products on the market and the competition for what’s there is brisk,” said Jennifer Canfield, owner and broker of the Calbert Real Estate Agency on River Road in Damascus, PA.

Canfield finds that buyers are less likely to quibble over price.

Most of the activity is in the second home market, but the trend to living full-time in the county is growing.

“People can work at home on the Internet and be freelancers,” Canfield said. “Some of them are doing both—keeping a foot in both worlds.”

“The tragedy of September 11 is definitely a major factor,” said Lent Schwartz of Re/Max of Wayne County in Honesdale, PA, “but it’s not the only factor.”

Another big factor influencing the market is the low interest rates on homes.

“It’s both a sellers’ and a buyers’ market,” said Janet O’Brien, executive of Pike-Wayne Association of Realtors in Hawley, PA.

Interest rates are five and one-half to five and three-quarters percent, she said.

Carmody said that a lot of people are coming to Wayne County to retire and to live here permanently.

“It’s hard to say how many, but it’s definitely happening,” he said.

Carmody sees a third reason for the growth trend.

“The stock market,” he said. “I think many people are taking their money out of the stock market and putting it into business and commerce.”

Pike sets new records post 9/11

Already the fastest growing county in Pennsylvania, Pike County has been logging some unprecedented numbers since the events of September 11, 2001.

Lynn Murcko has been monitoring these trends since she was first elected as Recorder of Deeds in 1987.

“The numbers are unprecedented and did climb significantly in the past 18 months. Building lots that have been on the market for years are now sold and many have been or are currently being built on. The activity is so high, the commissioners agreed to add an additional full-time employee to my staff,” she said.

In comparing the period from September 11 to December 31, 2001 and the same period in 2002, the increase in deed transfers increased 24.7 percent.

Pocono educational conference centers and tourism agencies have also seen an increase in numbers.

“Advance bookings are phenomenal. We are 60 percent ahead of last year for March,” Rick Porvaznick, director of marketing and development at the Pocono Environmental Education Center (PEEC) in Dingmans Ferry, PA said. “The events of September 11 are part of the increase in activity we have been seeing since that time.”

Joe Dinan, an employee of the Pennsylvania Visitors Center in Matamoras said that more people are visiting the area.

“There is no doubt the events of the time had an impact. Numerous people changed their vacation plans to include purchasing a new car earlier than they were planning to. Others purchased RVs for travel. They wanted to be in control.”

School enrollment in Pike County’s largest district at Delaware Valley rose from 5,064 in September 2001, to 5,127 in May 2002, and currently stands at 5,251.