When a seller decides to put their property up for sale, they usually have an idea of what they would like it listed for.  Sometimes the offering price is dictated by what neighboring properties are listed for or have sold for (comparative analysis) and this price may actually have originated from an agent.  Or the price may have come from what they feel “inside” the value should be.  Remember it is the owners “castle”, except for when it is being assessed for tax purposes.

Most buyers expect the property to be in broom clean condition, a master suite, numerous baths, an updated kitchen with modern appliances and granite counter top.  They also want newer windows and a garage as well as having the other homes fit into their expectations.  You can have all of the “wants”, but if the property is nestled amongst properties that are just fishing shacks or small seasonal cottages that do not have the up-scaled landscaping, you most likely do not have a million dollar home. Buyers want to feel they fit into their environment. They want to know that the other owners share their lifestyle values. 

Currently there are quite a few properties  in the Finger Lakes area that are being marketed in the million dollar and up price range.  Many of them fit the price and then there are some that leave you wondering how that price was derived. These owners may justify their price based on their “million dollar view”, but in the Finger Lakes there are many properties with a “million dollar view” and would never command a million dollar price.

Of course if you put together privacy, ammenities, beachfront, and distictiveness  in area with similar properties, you will command a million or more for your property in the Finger Lakes.

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Farther South in Schuyler County you can find this secluded gem on 37 acres and can only be seen from the water. Talk about seclusion and privacy, this property also boast over 2000 ft of frontage on Seneca Lake.  What a perfect setting to host a wine tasting with your closest friends.  Eden Glen of Glenora can be yours for  a cool 2.5 million!

 This estate is located in the prestigious, close knit and secluded area of South Glenora.

There are currently 12 opulent estates located within Stueben, Schuyler, Ontario and Yates Counties of Upstate New York.

 If you desire the best in a fine home, you can view any of the following 12 properties by calling me at 315-719-8377 for a private viewing.  Only qualified offerings accepted for viewing.  Transportation and lodging can also be arranged.

The twelve estates are:

• 3817 West Lake Rd - Canandaigua
• 5029 Reeds point - Geneva
• 5132 East Lake Rd - Gorham
• 850 East Bluff Dr - Jerusalem
• 312 West Lake Rd - Jerusalem
• 2330 Cortland Rd - Milo
• 5543 Cliffside Dr - South Bristol
• 5400 & 5910 Seneca Point Rd - South Bristol
• 5860 Willis Point Rd - Starkey
• 10434 East Lake Rd - Urbana
• 9 Somerset Glen - Victor

Most of these estates are located on one of the Finger Lakes and most are secluded offering maximum privacy. 

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• 1031 tax exchange professional
• travel - both local and long distance
• interpreters
• temporary lodging
• personal services
• shopping
• restaurants
• legal professionals

By utilizing an agent with Unique Global Estates, you know you will be receiving the service you expect and deserve when it comes to buying luxury real estate.

The Finger Lakes areas offer a great choice in luxury real estate. This could include a private residence on one of the lakes, or even something palatial just outside one of the major cities. If you are interested in purchasing a wonderful lake-view setting, there are many builders to choose from the will meet or exceed your standards to building a new residence custom built to your needs.  The two that I would recommend  are  Hough Builders and Ketmar Builders.

To view some of these homes, please visit their websites.  And if you are interested in the area, please give me a call.  I look forward to working with you.

Information brought to you by Mary St. George

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There are so many terms out there when describing design; contemporary, traditional, English garden, cottage, modern, art deco etc. etc. etc.  You can visit sites like HGTV to  get a better understanding of design elements, see samples and even take a quiz.

It is not a big deal if you don’t have the slightest clue, in fact even if you do know your design style, I have a simple tip.  Always carry a camera or use the camera on your cell phone to develop an album of the styles that “you” like.   Your style may be a combination of a few styles, and that is just fine.  This little bit of individualism will let you stand out against the “cookie cutters” Nothing can be more boring than seeing  every one’s homes all appearing to have been put together by one person.

Add this album to a collection of pictures cut out from various magazines, along with notes referencing textures, colors and materials

Now when you decide to have the front of your home landscaped, you know what you want and more importantly, so does your landscaper.  Yes, you may still have to modify your your plans a bit, but it will be done with minimum stress and you will end up with a completed project that will let you say “WOW”.

Go ahead and Feng Shui your lakefront home with a little bit of traditional modernism, dusted with a nautical waterfront theme, planted in the middle of flowery garden cottage lot.

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Here are some reasons why there should be a plenitude of buyers for traditional homes

• Currently interest rates are still low
• Prices on homes have fallen between 15 an 20 percent, some areas a little more or less
• Buyers have more tools and resources to work with
• Mortgage lenders are still issuing loans
• Real estate is still an equity builder

Some reasons buyers are still sitting on the fence:

• They are waiting for prices to fall further
• Some are waiting for the perfect foreclosure to come their way
• Too much inventory, making it difficult to make a decision
• Afraid they will not qualify under stricter standards
• Selling their current home will not bring them the market value they expect

Whatever the reasons are that you are encountering, we need to educate the buyers and encourage them to visit with a couple of lenders.  Most will be pleasantly surprised at the rates they can still obtain, and what there monthly costs will be.

Once the market gets back on track, we will likely see the interest rates begin to climb back up.  This indeed is the best time to buy a home,  especially for the first time home buyers - since they do no have a home to sell.

Information for you to use in the Finger Lakes area of Real Estate, brought to you by Mary St.George

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Jumbo Loan

A mortgage with a loanamount exceeding the conforming loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO), and therefore, not eligible to be purchased, guaranteed or securitized by Fannie Mae or Freddie Mac. OFHEO sets the conforming loan limit size on an annual basis.Also referred to as “Jumbo Mortgage“.   Jumbo loansare often securitized by institutions other than Fannie Mae or Freddie Mac. These securities carry more credit risk than those issued by Fannie Mae or Freddie Mac, and therefore, trade at a yield premium which translates into slightly higher interest rates. However, in recent years the spread in interest rates between jumbo and conventional mortgages has been reduced.

There are ways around setting the entire loan up under the Jumbo category.  First, if you have another investment property, you can sell it and transfer the capital gains into the new property utilizing the 1031 tax exchange.  This will minimize the amount of monies being borrowed against the property.  Second, you can procure a loan up to the jumbo loan limit and then secure an additional loan for the difference.  These are options that can be better explained by your loan officer.

Currently lake front properties are still appreciating and with loan rates being as low as they are, it is the perfect time to purchase your favorite spot in the Finger Lakes.

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After a long drought of “no” Wild Water Derbys, the Shortsville Manchester Area Chamber of Commerce is hosting the “comeback” for a third year.  The first two years of the comeback favored the crowd with great weather and entertainment via the registrants (kayakers, canoeist and of course the crowd favorite - the homemade rafts).  This year the event boast two days of activities including craft vendors, a Saturday night barbecue, and a “duathlon”. 

So if you would like to see some face paced action, visit with friends or meet new ones, come down to Shortsville/Manchester and enjoy a great day watching the races, snacking on some food, visiting with vendors and if you are really hungry, grab a bite to eat at the barbecue.  The Depot and Buffalo Bill’s will also be serving meals to the hungry and have libations for the thirsty.There are three different types of events, kayaks, canoes and home made raft divisions.  It is always fun and interesting to see what the creative water craft builders have put together and to see if they actually stay together.

Reminder, this is a family event, so no alcohol allowed on grounds and please be pet friendly and leave Fido home out of the crowds and weather.

If you would like to participate, there is still time - all you have to do is go to the Wild Water Derby website an enroll.

See you there !!!

Another fun time event in the Finger Lakes brought to you by Mary St. George

Some of the pictures courtesy of Dave Spier

Wild water derby 2008 Click here to see a home made video of the event

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• Do our clients choose us because we supply a photo?
• Maybe they choose us because they like the way we look.
• Does it make us more important?
• Did we get the contract from the photo?
• Does it make us more knowledgeable ?
• Does it guarantee a sale or closing?

There are times when I am glad I have a photo to refer to, but it is less times than more.

What if everything we purchased came with a persons photo on it?  A can of corn that included the machinist best photo or a sofa with the upholsterer’s best candid shot, where will it stop?  Or how about the agents that use photos from twenty years ago and then you get to meet them in person?  You look at them and think, you set the meeting up with the wrong person.

Yes, there is a place for our ugly mugs, but it does not include “everywhere”.  How about a nice shot of your local area? or maybe an interesting graphic or logo to pique the interest of the viewer.  This maybe just my personal preference, but I don’t feel comfortable with my photo on everything and I really get tired of seeing the same pictures over and over. 

There are many Realtors out there that are quite successful, that do not use their personal pictures on all the media they create.  Here in the Finger Lakes, lets promote the area views and not ourselves.  I welcome all agents comments and I am posting this for that purpose since I see humor in the subject.

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With the depressed real estate market, new opportunities have opened up for the professional “scammers”.  I read it in the newspaper, I hear the chatter on the radio and see the busy ads on TV.  “Foreclosures are higher than ever, get in on your chance to buy these homes at ridiculously low prices - Call now for your free directory”

Even here in the Finger Lakes area, I receive calls and emails from potential clients that only want me to look for REO’s  ( real estate owned by the lender through foreclosure) for them.  I do not have a problem with that, because why not.  If an investor is willing to roll up their sleeves and put some physical equity into a home, in a good market, they can make a decent return on their investment.  The problem is when buyers that would normally look around for a home their fits their needs decides they only want to look for foreclosures.  Yes, there has been an increase in foreclosures in our area, but not to the extent that the MLS (multiple listing service) is full of them.  The other issue is that the foreclosures that are on the market are not suitable or desirable to the average home buyer.  These homes are usually in the lower end of the market and in bad areas, definitely not your typical three bedroom 2 bath home.

There are also different ways to buy a foreclosed home.

• You can buy them at auction on the courthouse stairs - but I warn you against that unless you have a good title search attorney or you are knowledgeable yourself to research the property.  When you buy a house on the courthouse steps you get the title and also any liens that may be attached to it.
• You can work with a Realtor to find REO’s - these homes have been taken back by the lender and the titles have been cleared.  The lender will try to get the market value on the home, but depending how long it is listed, you will increase your negotiating power.

There are other areas of the country where foreclosures do dominate the market, but fortunately not in the Finger Lakes area.   There are still many people with good paying jobs looking for decent homes and able to obtain conventional mortgages.

So if you really want to look for foreclosures, be prepared for what most of them are and work with a Realtor that is familiar with REO’s. Patience in finding a place and being financially prepared to place an offer are also key components.

Information for the Finger Lakes brought to you by Mary St.George

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According to the National Association of Realtors, the second home buyer falls into two categories - purchasers of investment properties and purchasers of vacation homes.

Second Home Buyer Characteristics

Vacation Home Buyer

• average age is 59 yrs old

• income of more than $71,000

• more than 85% do not rent out their homes

• 1/3 of the buyers wanted to be close to their job and approximately 1/4 wanted to be near their primary residence - less than 220 miles

• 88% travel by automobile

• a majority have no children under 18 living at home

• these buyers tend to spend more than investment buyers

• consider purchase as a good investment

• desire a place to get away to

• nearly half of vacation homes are in  resort/recreation areas

Investment Property Buyer

• median distance from primary residence is 18 miles

• usually invest less per property than a vacation home buyer

• 2/3 of the buyers purchased for rental income

• 50% purchased to diversify their investments

• 50% are detached single homes

• median income of investment buyer is less than vacation home buyer

• median age of investment buyer is 55

• over 25% of properties are located in urban areas

• typically younger and more affluent than vacation home buyers

Both types of buyers consider their purchases as a good investment and almost half of both categories used their savings for a down-payment.

Good news for Real Estate Agents…More than 90 percent of second-home buyers felt it was important to use a real estate professional,  and most would use the same agent again.

Real Estate information brought to you by Mary St. George

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