Lakefront Property Declining? No Way !

 Lakefront property has somehow been shielded from the effects of the economy.  The major reason of course, is that there will only be so much lakefront.   Another reason is that vacation properties are used as investments.  What other investment can you enjoy and use while building equity?  If the stock market takes a nightly nosedive, your lake house will still be standing and will still maintain it’s value.    

 As you can see from this chart sales on these six lakes did the best overall in 2007.  Cayuga  Lake showed the only increase in sales through the third quarter.  Sales spiked in 2007 on the lakes just like they did across the board in all types of sales which would include residential.  Because we are dealing with investment property, lakefront is still a viable option as shown.  The following chart will show the sales dollars comparisons through quarter three. 

  

   

Even though the number of sales went down on Canandaigua and Seneca  Lakes, the dollar values increased.  The two lakes would be considered in the sellers market.  Now looking at Cayuga Lake; sales have increased but dollar values have decreased, making this a buyers market. 

Buyers in the $300,000 and less market are purchasing properties on Cayuga, Conesus and Honeoye Lakes.  The upper dollar sales are being purchased on Keuka and Canandaigua with Seneca Lake showing sales across the board.

If you are seriously considering purchasing properties on the Finger Lakes between Conesus and Cayuga Lakes, call me and we can discuss the best strategy for you.

Information update brought to you by Finger Lakes Lakefront Specialist Mary St. George

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Mary St. George