Normally when you have more than 5 months of inventory, that real estate region becomes designated as a “buyers market”. That has not always been the case on Keuka Lake.
There are currently 99 homes available on Keuka Lake with only 55 homes total selling in all of 2011. There are a handful of homes on Keuka Lake, that have been listed for sale since 2009 . That really is not unusual.
Many home owners do not have to sell and have pre-determined that if they receive their price, then it is sold. Until then they either enjoy it for personal use, or enjoy the income derived from the Vacation Rental industry in the area.
Another factor affecting Keuka Lake properties, is that prices did not unrealistically appreciate like most markets. There was a subtle increase in prices on lakefront properties during the buying frenzy that will still leave some property owners that purchased around 2008, holding on for a little longer. But for most, they just wait for the right buyer. With properties on the lake being so distinctively different, that is to be expected. Because many of these homes are second properties or vacation properties, buyers take their time until the “right” one comes along.
A good example of this, is a home located on East Bluff that just entered into a contract. The home recently was relisted for $625,000 but has been for sale since July of 2009. The original price on the listing was $659,000 . In most markets 3 years is considered a long time, but not Keuka Lake.
This 3 bedroom, 2 bath home with 1750 sq ft, 106 feet of lakefront and built in 1994 has very desirable attributes and has gone under contract. If you are looking for a similar home on Keuka Lake and want to find out why this lake is such a gem to both locals and global citizens, give me a call. You can reach me at [email protected] or 315-719-8377.
This information brought to you by Mary St.George Realtor, Associate Broker, Wine Trail Properties, 315-719-8377