Archive for the 'Keuka Lake' Category
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.
- The Finger Lakes Museum is counting on private funds to cover the costs of the museum.
- The long standing developments for the lakefront on Keuka Lake in Penn Yan may actually happen.
- Mr Genecco may see the lakefront developement in Canadaigua come to fruition.
- The Boating Museum may actually determine will they will be located
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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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.
Finger Lakes Information brought to you by Mary St George
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Keuka Lake - 10 Reasons To Buy Your Vacation Home Here
April 11th, 2009 categories: Keuka Lake
Keuka Lake is one of the 11 Finger Lakes . It is distinctive from the rest of the Finger Lakes because of its unusual Y shape. In the past it was also called or referred to as “Crooked Lake”. It is conveniently located a short drive South from the New York Thruway and a short distance North from State Route 17 (US86).
So lets get onto the reasons to purchase your vacation home on Keuka Lake.
- A great investment - properties on Keuka Lake have continued to appreciate even in the midst of the housing decline - Yates County has not seen the effects of the housing crisis
- Beautiful clean lake-water - lake is approximately 18 miles long attracting all types of water-sports from kayaks, fisherman and sailboats - in the winter you can find ice boats
- Mostly residential except for the three villages located on the three points of the lake which consist of Penn Yan, Branchport and Hammondsport
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Great restaurants located on and near the lake - see other posts for restaurants to visit
- Diverse property types - from cabins to luxury custom built homes - traditional to contemporary
- Lake Real Estate is more affordable than other areas of the country making it more desirable as an investment
- Increasing desirability as rentals - increasing income value
- Surrounded by rolling hillsides covered with vineyards that slope down towards the lake
- Wineries, wineries, wineries…if you enjoy a great wine, you can visit any number of the wineries in the area and find a great selection to suit even the most discriminating taste buds from Ice Wines to Dry Reds with many of the wineries boasting award winners
- Many local events, fairs, art shows, farm markets, antique shops, local artists, museums
For more information about Keuka Lake - feel free to contact me
Mary St George with information for you on the Finger Lakes
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Keuka Lake is Coming Alive !
April 5th, 2008 categories: Keuka Lake
Taking a drive from Branchport to Penn Yan you can see that Spring is finally here. The snow is gone and the ice has melted on Keuka Lake ending the fishing season for the ice fishermen. Gone are the little blue huts dotted in groups on the lake. Traffic in the area has picked up.
Homeowners on the lake, both year round and seasonal are visiting the stores to pick up outdoor supplies such as rakes, shovels and lawn bags to spruce up their landscapes. The seasonal owners are checking on their vacation homes to determine what work needs to be done to get their homes ready for the summer season. On a day like today with the temperature hovering around 60 degrees, it just feels great to be outdoors to work on the yard, maybe chat with your neigbors that you have not seen all winter just soak up some of that long awaited sunshine.
It is time to get the grill and outdoor furniture set up, prepare the lake edge for the dock, think about your outdoor projects for the summer and the all of the parties and get togethers you will be having with friends, family and neighbors.
Seeing all of the activity going on … I can just picture summer just around the corner. I can also see myself relaxing by the water with a nice glass of wine and just taking in the beauty of the area, boaters on the water, the smell of a barbecue going, the sounds of music coming from across the lake. What a life, to be able to take advantage of all Keuka Lake has to offer.
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