BAILEY HOMES

The Bailey Park Advantage
  • High speed internet available through Time Warner (Spectrum)
  • Conveniently located on the TCAT bus route!  
  • Current listings have: Updated Energy Star windows, insulation, LED light fixtures, Maintenance free exteriors
  • Water, sewer, garbage removal, recycling services, snow removal & land taxes included in land lease.



Financing available through
First Credit Corporation of New York, Inc..

Click here for credit application.
Bailey Park provides inexpensive living less than 4 miles from downtown Ithaca.  A QUIET community, a great place to live!
Bailey Park FAQ's:
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Below are frequently asked questions of Bailey Park followed by the facts:
 
 1.  Do homes in Bailey Park lose their value?’  The facts prove:
  • Appraisals are used to establish true value the same method of ‘comparable sales’ used in Real Estate.  Bailey Park is a nationally registered community only 4 miles from Ithaca.
  • Here are several examples of real values in Bailey Park:
    • The Virginia Home at 6 Della Street originally sold new for $38,000 in 1989; it was appraised by a 3rd party licensed appraiser for $129,500 using comparable sales.  It sold for $135,000 in 2016.
    • 4 Della Street originally sold for $35,000 in 1990 and re-sold for $118,000 in 2016 (it was appraised by a 3rd party appraiser for $120,000).  The 2018 appraised value is $135,000.
    • 7 Benny Lane originally sold for $36,000 in 1990; after renovation it re-sold for $89,000 in 2014.  The Owner made more improvements and it is now appraised for $130,500.
    • The home at 13 Benny Lane sold new for $48,000 in 1996. It was renovated and appraised for $135,000 and was sold for $139,000 in 2018.
  •  When Bailey Park homes are kept in good condition, they flow with the real estate market.  These homes noted above have appreciated much more than most stand-alone homes in the area over the same period; ‘up to a 300% increase’!  The average homeowner in Bailey Park stays for 22-years.

 2. How can I get financing and what are the interest rates?’  The facts prove;
  • There are NYS finance companies who will finance a worthy buyer using the same formulas & criteria as for any real estate purchase.  The interest rates are competitive to conventional mortgages.  The dollar amount necessary to finance is much less (at least 1/3 smaller) because there is no land, septic, well, driveway, basement, etc. to mortgage.  This could save over $28,000 interest costs for the term of the loan. Overall you will end up paying less interest and there are no closing costs!

 3. Isn’t It better to own my land than lease?’  The facts prove:
  • Land ownership is not for everyone.  No one really ‘owns’ their land.  Taxes in Tompkins County on a home valued at $180,000 will be about $6,300 per year or $525 per month.  Nothing you can do about it and it is guaranteed to go up.  This is money you can never recoup.
  • Bailey Park homeowner’s land lease (HLL) is currently net $452 per month (after discounts & NYS STAR credit).  Granted, it is money you can never recoup.  What is the difference?  If the septic fails, you don’t have to spend thousands to repair; if the well goes bad…no extra cost to you.  There are no condo fees or unexpected assessments imposed.  There are no real estate taxes, garbage tags, water or sewer bills as the HLL covers these.

 4.  ‘Can’t I lose my home if it is on leased land?’  The facts prove:
  • Bailey Park is a registered community with NYS DHCR (#1829).  It is impossible to close a community without legal due process.  Bailey Park has had one owner since.
  • The only way one can lose their home is if one does not pay the debt associated with home ownership the same as any home ownership
  • Homes in Bailey Park qualify for the NYS STAR tax credit receiving a check each year from NYS.
 
 To highlight the many advantages of owning a newly renovated home in Bailey Park:

  • Only 4 miles from downtown Ithaca; Located on the TCAT bus route; Short travel to services & recreation;
  • Inexpensive living by using natural gas heat & cooking.  All renovated homes have LED light fixtures, updated Energy Star features.
  • High Speed Internet available through Time Warner;
  • Taxes, Water, Sewer, Garbage removal and recycling provided at no additional costs;
  • Maintenance free exterior components.
 
   So…why delay?  Own a home in Bailey Park while available!