finger+lakes

The Finger Lakes Become a Golden Egg

July 19th, 2010 categories: Community Issues, Keuka Lake, Real Estate News

When a nationally syndicated newspaper such as the USA Today does a story on your little slice of heaven, everyone starts talking both locally and nationally.      They have just laid a golden egg for you.  It is what you do with that article, that determines how gold that egg stays.     

Locally, everyone can claim bragging rights to the area, we all know it is wonderful, even though we sometimes forget that important fact.

Nationally, everyone wants to know why they don’t know about the area already.  So they start making phone calls about real estate availability, about business in the area, tourism numbers and “is it true that John Travolta bought a house there?”  ( I will get to that question in a minute or just click on the link )

When it comes to real estate, it is important to sellers, to not hike up the selling price for the potential of speculating in the area.  As Realtors we want to make sure that we maintain our professionalism with all contacts to these inquiring minds.  We do want to expound on the benefits and attributes of the area, but we do not want to make speculative promises to those blinded by the light.  We do not want to promise housing prices with cash flows that do not exist.

One of the listing examples in the article was about a house on Honeoye Lake.  It was listed for under $165,000 and actually the listing price is $149,000.  It is currently in a rental management program but does not produce cash flow that is going to make someone wealthy.  The income will most likely cover the taxes and some maintenance. And the owner does not own the lakefront.  They own rights to use the lake front.                                                               

I have already received  several calls from folks looking for properties like this as if they were all over the place.  Well if you are from the area, you know that not to be true already.

However, if the right type of investors see and understand the beauty of the Finger Lakes, it can benefit all of us. 

So lets keep an eye on articles relating to our area and hope that folks come here with good intentions.

For more news about the Finger Lakes and where to find it, contact Mary St. George RSPS - Finger Lakes Premier Properties - 315-719-8377

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Sellers Beware ! It Is Still A Buyers Market…

June 25th, 2010 categories: Keuka Lake, Real Estate News

Has the market stabilized?  Well, that question in itself is open to interpretation. If we are talking about the Finger Lakes, it is a whole different ballgame. There is an available inventory, but sales have fallen. So why are the sellers still commanding overpriced listings?    Trying to talk the sellers into being more realistic is a separate blog topic in itself.  I will tackle that one later.

Other agents have told me in the past ” Keuka Lake sells itself” .  Well a few years ago that my have been the truth.  With information so readily available to buyers, that statement is becoming less true.  And just like any other business, at some point, you meet your selling point head on.

Buyers can sort out information by property size, the square feet in the home, the amount of lakefront, sloping or flat, the age of the property, septic, public water, and the big one lately,  the taxes.  After all , we do live in New York State, the land of apples, wine and taxes.  The other old statement ” well you know there will always be so much lakefront” only carries so much weight. ( Oops, another old statement )

Add to the  mixture banks and appraisal companies.  The banks are dependant on appraisals and the appraisal companies are dependant on the banks.  One hand washed the other.  We all know what happened when the banks wanted the appraisals inflated, now we see them moving in the other direction.  Now they want the appraisal values kept down.

Everyone knows that the assessment rates should be based on real market value.  In New York State, the towns are and should be compliant with assessment rates being at 100% of market value.   Most towns have complied with this request, but you will still find a few hold outs here and there.  The States way to combat non-compliance is to cut the amount of funding they receive.  This has moved the process forward. 

So now you have seller John Smith that tells you he was offered $725,000 for his property in 2007.  You have run the com-parables for recent sales and his property comes falls into the $525,00 - $550,000 bracket.  In your mind you know once you verbally release these numbers from your lips, your listing presentation is done.  Well maybe not.  Yes, he will be disturbed by those numbers, but being the professional, you can reel him into reality.  Throw it back into his court.  He will be moving.  What is he expecting to pay for his new property?   Does he plan to pay what he would have three years ago?  Of course not, as you hear him give you all of the reasons he can purchase at a really “good” price.

Back to basics: If you are really serious about selling your property, your expectations on price must be what the market will bear and not want you want.  When you look at the properties that move quickly from being available to sold, it is not some super agent that was able to talk the buyer into the purchase, the property was priced right when the seller listed it.  In fact the agents I know, that I would call the fast talking car salesmen type, are having issues now.  Why?  The banks and the appraisals are not supporting the prices and so the deals are falling through. 

Before you sign the dotted line with the Realtor that is giving you the number you want to hear, think about this.  How long do you want your property on the market? How many people do you want to see being dragged through your home?

Instead go with the agent that has the lower more realistic number.  Then ask the agent to supply you with the supporting documentation.  You will sleep better and your home will sell quicker.

Article by Mary St. George

 

We believe that excellent lakefront real estate transactions are the result of careful planning, insightful strategy and professional marketing techniques.

 

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7 Tips to Boost Your Home’s Value NOW!

May 2nd, 2010 categories: Community Issues, Information - Other Areas, Real Estate News

A valuable report,

Presented by Mary St George Lakefront Property Specialist in the Finger Lakes Remodeling projects can be fun if you like fixing and building things, and this do-it-yourself inclination can prove invaluable when you’re planning on selling it. Whether or not you are leaving your home, it makes financial sense to renovate it. The value of your home will rise after improving visual appeal and energy efficiency. In previous real estate markets, investing thousands of dollars on renovation paid back. In 2006, the return on your investment was about 76 percent. Today, it is closer to 67 percent. This doesn’t mean, however, that you should consider renovation a thing of the past. It simply means that you have to either spend more sweat equity or find help at a discount.  Here, then, are seven steps you can take to boost your home’s value before you put it out on the market.  Step One: Improve Your Kitchen’s Efficiency Still using boring white or bisque colored appliances from the 80’s? Replace them with something more modern, especially Energy Star rated appliances. Their stainless steel look and electric bill savings make them appealing to home buyers. Using compact fluorescent light (CFL) bulbs instead of standard incandescent light bulbs, you’ll only use 25 percent of the electricity. CFL light bulbs use less wattage to produce the same glow and they can last 7 years or more. Add granite tiles to your counter tops. They are relatively cheap to install and give an attractive look to your kitchen. Change panels to raised-wood cabinet doors and drawers. Install a new faucet and sink. Improve flooring. Replace wall coverings. Research shows kitchen renovation costs are recovered by more than 75 percent, sometimes up to 100 percent.

 Step Two: Rip Out Your Old Carpets  Often when buyers walk into a home that they’re thinking of buying, they find fault with the carpet. Besides the popular appeal of hardwood floors, carpets are notorious for displaying stains left by coffee spills and odors left by pets. In addition, dirt embedded in carpets can agitate asthma and allergies. A hardwood floor not only looks appealing but it does away with all the musty problems of old carpeting.  If you’ve got hardwood floors underneath your carpets, by ripping out the old carpet and buffing the floor, you can do this in a short time and with less expense. Adding an area rug can add even more aesthetic appeal, adding to the look and feel of your home. Step Three: Paint Your Walls New paint in a house immediately radiates a new ambiance. Depending on the house, colors can be bold: for example, a bright red for the dining room and a pleasant yellow in the kitchen can give your house a cheerful look. Alternatively, if you’re not sure about the best colors for your rooms or are uncertain about your home décor savvy, use neutral colors.   Step Four: Embellish Your Bathrooms Besides kitchens, buyers closely examine bathrooms. Sometimes homes are sold just because the bathrooms have an aesthetic look. Changing faucets, retiling the walls and floors, installing new toilets, and replacing a vanity sink for a double sink model can dramatically increase the visual appeal of your bathrooms. Again, like kitchens, you can recuperate from 75 to 100 percent of your costs.  Step Five: Improve Your Outdoor “Look And Feel” You can do a number of things to improve the outward look of your house, including pressure washing dusty, blackened walls, decks and docks, adding colorful flowers and attractive bushes to your yard, trimming the lawn, and pulling up those weeds. With lakefront homes, all sides of the home lend themselves to first impressions.  How does your property look from the lake?  Are seating areas well defined?  How does the beach area look, is it full of weeds and debris?  A cute little shed would be ideal to store all of those boating items and keep them out of site. Well thought out landscaping will undoubtedly boost the perceived value of your home. The right plants in the right places, the right mature trees blowing in the wind, all go to create a pleasing appearance, a rustic appeal for urban dwellers. It’s estimated that a wonderful garden can increase a home’s value by as much as ten percent.      Step Six: Complete All Your Minor Repairs Remember all those things that you intended to do around the house but never found the time to do them? Well, now is the time. What bothers you about the house will also bother the discerning buyer. A few simple repairs can make the difference between changing the impression of a neglected home to the impression of a well-loved and carefully-maintained home. If you have a great dock, make sure it still looks great. Here are a few suggestions: 1. Replace siding using popular materials like fiber, cement, foam, and vinyl. 2. Windows and doors. If your windows and doors look weather beaten, consider refreshing outmoded styles with something modern. In addition, you’ll improve the energy rating of your home once you get rid of warped windows and doors that let the cold in.  3. Make your home eco-friendly. There are many ways to do it: insulation, weather-stripping, caulking, and adding energy efficient appliances as mentioned above, to name a few. Savvy buyers appreciate “green friendly” homes.  4. Miscellaneous stuff. Make a list of all the things in your home that need repainting, dressing up, repairing, installing, upgrading, updating, and modernizing. Look over your walls, decks, fixtures, appliances, hardware, mantels, and wall coverings for what needs repairing.  Step Seven: Add A New Room (optional) While the first six steps will impressively renovate your home–you may not even want to leave after you’re done!–here is the seventh step you can take that will complete your quest for excellence. This, of course, is an optional step, not necessary at all, but if you do it– it will make a huge difference. Consider adding an extra room, something that adds an extra functionality to your home, like dens, playrooms, and guest rooms. You don’t need to extend an existing space in the house to add a room!  You can simply divide a large room with some creative dry walling and framing. Dry walling can be done for as little as $250 a room.    In Closing: Here’s something to bear in mind: in any real estate market, whether the economy is booming or busting, some people do well. What makes the difference? Why do some people find that they simply can’t sell their homes? Why do others compromise and sell well below market value? And why do some sell at a great price, regardless of the state of the economy? The reason is simple–those who sell their homes at a great price aren’t waiting for things to get better. Instead, they are making everything in their homes better. When buyers walk in, they are blown away and can’t wait to sign the papers. Ultimately, renovating a home, like building a great life, has to do with your commitment to do more than the average person! 

Mary St George has been a Realtor® in the Finger Lakes Area since 2005. She takes pride in delivering valuable information to great neighbors like you.  If there is a topic you would like to see discussed in a future report, or if you have any questions about lake front real estate, please contact Mary at 315-694-1761 or mstgeorge@flpplake.com.  You can also visit www.thechaironthelake.com for more great information!

Some Information supplied by Coach Jig  

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Lakefront Changes on Keuka Lake

February 6th, 2010 categories: Community Issues, Information - Other Areas, Keuka Lake, Restaurants

As in most areas, there are usually landmarks that just seem to have been there forever.  The same holds true for Keuka Lake  in the Finger Lakes.  There was once a little (and I mean little) store on the East side of Keuka Lake called “Froggys“.  You knew you were there because it had a huge green frog outside of the store. Everyone knew what you were talking about when you said Froggys, and just as important, they knew what area of the lake you were referring to.  The place was sold and the frog became history.  Towards the end of its existence,  the old store had become one of those places that made you question whether it was even open. You know, something you would see in the movies.

Along came a young forward thinking man that decided to tear the old place down, build a new, larger, cleaner and more updated facility, and offer a deli. Since this stretch of road covers around 20 miles from Penn Yan to Hammondsport without any other stores, I see this as a wise decision to rebuild.  The name of the new facility is “The Olney Place” on Keuka, Market and Deli. The best part about it for the owner, is that it is opened seasonally allowing him to pursue other interests during the winter months when most lakefront properties sit empty.

Once Spring arrives, so do the lakefront owners.  I am sure they will all be meeting at Olneys, grabbing a fresh cup of coffee or maybe even the sandwich “Special of the Day”, and then discussing everything they missed during the winter. The area will be bustling.

As someone that has brought clients there for a quick lunch and a nice cold drink between home viewings, I can tell you first hand, they do have great food there.  The selection of sandwiches will make you hungry, even if you thought you were not.  The store is clean and has a great selection of items for your lakeside needs.

So when you are driving around the lake this summer, or you are stopping by your lakefront home, stop into Olneys, pick up something cold to drink, grab a sandwich and then tell Seth that Mary sent you.The New Olneys

Finger Lakes Information brought to you by Mary St George

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January News You Can Use

January 7th, 2010 categories: Real Estate News

Visit houselogic.com for more articles like this.

© Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®

Brought to you by Mary St. George, Lakefront Property Specialist

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