Do You Fit The Picture…of a Second Home Buyer ?
April 13th, 2008 categories: Real Estate News
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
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average age is 59 yrs old
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income of more than $71,000
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more than 85% do not rent out their homes
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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
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88% travel by automobile
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a majority have no children under 18 living at home
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these buyers tend to spend more than investment buyers
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consider purchase as a good investment
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desire a place to get away to
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nearly half of vacation homes are in resort/recreation areas
Investment Property Buyer
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median distance from primary residence is 18 miles
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usually invest less per property than a vacation home buyer
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2/3 of the buyers purchased for rental income
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50% purchased to diversify their investments
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50% are detached single homes
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median income of investment buyer is less than vacation home buyer
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median age of investment buyer is 55
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over 25% of properties are located in urban areas
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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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Open For Business On The Finger Lakes
April 13th, 2008 categories: About Me
St George Realty of the Finger Lakes is now open for your business, serving the Finger Lakes area. Our target markets include lakefront homes on Keuka, Seneca and Canandaigua Lakes, as well as unique and distinctive homes. Our buyers come from all over the country and the world, and of course our sellers come from the Finger Lakes area. If you have a property or would like to purchase a property that fits this criteria, then we welcome you as a client.
Mary St. George the licensed broker of the company is certified as a Resort & Second Home Property Specialist. This is especially important for sellers or buyers that need to work with a 1031 property exchange. Knowing how to move your equity from one property to another will save owners substantial capital gains taxes and at the same time increase equity in real estate holdings.
So what is so special about this area? Where do we begin?
- The hundreds of wineries that sit perched around the lakes - In these wineries you will find many award winners but the best part is you will undoubtedly find a wine that suits your personal taste. Many of these wineries also have unique restaurants and cafes allowing you to taste and savor some very delectable and sumptuous foods
- The landscape dotted with woods, hills, vineyards and farms
- The beautiful picturesque lakes that run north and south like a set of “fingers”
- The fishing, just ask those that frequent the area - I have had some of the best tasting perch caught by ice fisherman
- Skiing in the winter and hiking in all seasons - there are both private and state trails
- The quaintness of the villages dispersed throughout the valleys each with its own personality
- The great restaurants in and around the lakes especially during the summer months
- The festivals and farmers markets in each of the towns , and everyone in the area knows about the infamous Windmill where you can find locally made craftsand fresh produce opening this year April 26th.
- One of my favorites is the Wild Water Derby that takes place the last weekend in April - this year it will be the 26th and 27th - be sure to visit the website
Your update to the Finger Lakes by Mary St. George
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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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A Diamond in the Rough - Keuka Lake
April 5th, 2008 categories: Keuka Lake
Keuka Lake is one of the gems of the Finger Lakes. Who says? I say. I have the luxury of living by this magnificent lake, nestled among the rolling hills of vineyards and meticulously maintained farmlands. It is what you could refer to as an “out of the way” place, yet still in commuting distance to major cities such as Rochester and Syracuse NY. What makes it great? How about some of the best wineries where you can both taste and purchase award winning wines. There are vintages to support all tastes, sweet, dry, red or white. Or maybe you are into something different such as the distinctively different “Ice Wines”. 
Now that I have tickled your tastebuds with the thought of a great Chardonnay, lets move on to the food of the region. Just a short distance away, you will find the New York Wine & Culinary Center. The stars include both the guest chefs that are highly renowned in their field such as Rachel Ray, as well as the diverse menus offered to the diners. Most of the meals are prepared with the local region in mind, always using the best produce the area has to offer in new and unique ways. And if cooking is your style, you can sign up for a cooking class with the visiting chefs to the center.
OK, so this may not be the dining experience you are looking for. If elegance and refined dining is more your style, then start at the Esperanza Mansion overlooking beautiful Keuka Lake (and the views are spectacular) as shown in the attached pictures.
Or maybe your style is a secluded lakeside dining experience. The Waterfront Restaurant or Lakeside Restaurant will fill this request. Both serve daily specials and usually will have some type of live music. Come by boat or car. Either way you will enjoy the experience. You will also have the option to dine indoors or out.
How about something more fun and lively? The Switzerland Inn is the place to be. You will always find a lively crowd here with live music, friendly service and great food. http://www.theswitz.com/index.html
Enough about food…how about the fact this lake is just great for sitting back and relaxing. Unwind at the end of the day in your favorite chair, look out over the lake watching boats touring around, or maybe a fisherman hoping to take in a great catch of perch or trout, or just take in the spectacular beauty of it all. It is all here for your enjoyment, be it serenity or adventure.
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Whoa ! Blow Me Away!
March 23rd, 2008 categories: Community Issues
The Wind Turbine That Could Have Blown Me Over ….Or Not ! Talk about topics full of hot air. With the introduction of wind turbines in Upstate NY,especially the Finger Lakes area, the division has started with those for and of course those against. In the past I have taken a back seat to these discussions, not clearly understanding the controversy. As I receive more information from different sides of the coin, I get a better understanding of of the issue at hand.
The Cohocton Wind Watch Group closely monitors the situation in Cohocton as well as in neighboring communities. If you visit their website you can see video of the installation of a wind turbine at various stages. This watch group has their own website and legal action campaign and are against the installation of any turbines in the area. Their concerns are:
- decrease in property value
- excessive noise
- unusable property
- damaged views of the landscape
There is also a group in Penn Yan, NY called the Progressives that contains members that are definitely against the installation of these wind catchers. Some of the members are afraid that the area will no longer maintain its natural beauty.
I always associated wind turbines with ecological groups, so it was very confusing to me to find out that it was these exact groups of people that are actually against the turbines.
During a visit to Costa Rica a few years ago, I took many pictures of the wind turbines especially when the sun was setting. I found a certain beauty in them rising from the hill tops against a rainbow of colors in the sky. Talking to many of the locals, I found they were proud of the way their country supplied energy. Along with the wind turbines, Costa Rica also harnesses hydro electric power.
So using wind turbines made sense to me, but I realized I had never seen any in the United States. It was only three years ago that I had never seen a turbine and now throughout the Finger Lakes I either hear controversy about them or can actually see them on the hills in Steuben County. On my way to a Resort Property business trip in Albany last month, I also noticed some of the turbines in the distance from the New York Thruway.
Mary St George keeping you informed about the Finger Lakes
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Resort Properties Going Green - You Bet !
March 23rd, 2008 categories: Real Estate News
With all the hype about global warming, everything seems to be going green, including travel resorts and homes being built in resort destinations. Ecotourism has become the new buzzword in the global world of tourism. Many luxury resorts are staying on top of this trend by building sites that utilize less energy through the means of solar panels and wind, putting a greater emphasis on recycling and using materials native to the area.
Restaurants in these areas try to maintain their menus on the local foods from the area. It may mean buying organic goods grown locally, purchasing meats locally that do not use additives in the feed and are free range. These animals are allowed to feed in the pastures instead of being on a controlled regiment of diet and nutrition to maximize size as most farms are currently run. Vegetables are picked fresh without pesticides and dishes are developed to emphasize the local crops.
There are many ways to be “green” and the same applies to Eco-tourism. There are many sites to view all offering different amenities.
www.nal.usda.gov/ric/ricpubs/tourism. Read the rest of this entry »
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Information and Links for Other Areas
March 12th, 2008 categories: Information - Other Areas
Luxury home and resort purchases can take you all over the country and even the world. I have added this post to address my friends in other areas interested in promoting their areas of interest and expertise.
When thinking about choosing a property in an area you like, you should always do your homework to check out pricing, evaluations, market conditions and trends. The best way to do this is to contact a specialist in the area of your choice. When looking for a broker to consult with, contact your local broker for a referral. Like myself, we are usually connected to networks within our own specialities. For instance I specialize in resort/second home properties and am in contact with other specialists all over the country and Internationally. Many of these great agents I know on a first name basis. Would I recommend most? Definitely…All of them? …No.
If you would like information about other areas to relocate to or purchase a vacation home, give me a call and I can set up an appointment with the perfect person for your needs. And of course if you need information in the Finger Lakes area, I am here to assist your buying and selling needs in this area.
Of course you can always visit any of the other Tomato Vine Nation Bloggers. Find out where and who they are by visiting the attached map.
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