RE/MAX In Motion

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Second homes: New York's Finger Lakes have shoreline to spare - USATODAY.com

The Finger Lakes region of central New York is huge. Depending on who defines the borders, it spans 6,000 to 9,000 square miles - an area the size of New Jersey.

The region includes 11 namesake lakes, spread like the fingers on two hands. The lakes are a roughly parallel band from Conesus Lake, south of Rochester in the west, to Otisco Lake, near Syracuse in the east. Formed by retreating glaciers, the lakes are narrow, deep and up to 40 miles long, running north to south.

"It's four hours from New York City but a world away in style, with local cops who might put money in your meter rather than a ticket on the windshield," says Katharine Dyson, an area journalist now completing her fourth edition of The Finger Lakes Book, A Complete Guide. "It's a place that has a firm grasp on what's important, like fresh air, farmers markets, little traffic, outdoor concerts and lake water so clear you can see right to the bottom."

The region has more than 100 wineries, a Thoroughbred racetrack and the famed Watkins Glen auto track. It has state and local parks, golf courses, ski resorts and more than 1,000 waterfalls. There are a half-dozen colleges and universities and several towns that are second-home locales, such as Ithaca, home to Cornell University and Ithaca College. But most second-home buyers come for the lakes.

"We've got the waterfalls, wine trails, a new cheese trail, the gorges, hiking and Watkins Glen, but the biggest appeal for homeowners and tourists is the water," says real estate agent Brian Zerges, president of Finger Lakes Premier Properties. "The real focus is on lakefront homes and properties off the lake but accessible. Ninety percent of our business is second homes, but there is no 'typical.' Some people use their place two weeks and rent it the rest of the time. Others come for six months and go out West or down South in the colder season, and everything in between.

"The majority of our buyers are within a three-hour drive market, Syracuse and Rochester. But we get them from New York City, the West Coast, even international."

Vast shoreline and a range of prices are appealing, as is a large selection of cottages and summer-only homes for bargain shoppers.

"The entry price for a waterfront home is just $150,000, but for that you probably get a seasonal cottage," Zerges says. "To get into a year-round home on the water, you're starting around $400,000 to $500,000. But you take a home that would be $300,000 on the water and move up into the hills overlooking the lake, and it would probably be less than $100,000. Prices drop drastically off the water, and you don't have to go far. There really is something for everyone."

Each lake has its own culture and character, despite being close to one another. Some have enclaves known for old money, some for blue-collar buyers. Some are heavily developed, and others have been preserved with larger, expensive lots. Proximity to Rochester and Syracuse drives up prices, but each lake generally has a wide price spectrum. In the past year, most had waterfront home sales below $200,000 and above $500,000.

A look at three Finger Lakes areas

• Canandaigua and Skaneateles lakes: Canandaigua, near Rochester to the west, and Skaneateles, near Syracuse to the east, are the two priciest areas because of their proximity to the region's biggest cities. "Canandaigua is very popular, with some of the highest property prices, absolutely beautiful, sloping land down to the lake," says real estate broker Brian Zerges. "Likewise, Skaneateles is very affluent, and while some of the smaller lakes have very high density and smaller lots, there are homes here with 200 to 400 feet of frontage." Over the past year, he says, the average list price of waterfront houses was $846,000 on Skaneateles and $710,000 on Canandaigua. The average for all lakes was $547,000.

• Cayuga and Seneca lakes: The two largest, Cayuga, which runs 40 miles north from Ithaca, and Seneca, which is slightly shorter, sit side by side in the center of the region. They're linked by a boat canal. Seneca is more than 600 feet deep. Both are popular for boating and fishing. And they're less expensive than Canandaigua and Skaneateles partly because of their enormous shorelines. Both have single-family houses, condos and marina complexes. One of the biggest attractions is the bulk of the region's wineries are here, and the region's wine trail wraps around the lakes.

• Keuka Lake: It's the only Y-shaped lake and draws comparisons to Italy's famed Lake Como. It's centrally located and the southernmost, near Elmira and Corning. "It's a bit of a jewel," Zerges says. "It's got a booming wine business, high hills with great lake views, lots of restaurants, which not all the lakes have, and Penn Yan at the north end is home to a large Mennonite community." It has the state's largest farm market every weekend. "The town of Hammondsport is very charming and quaint, no McDonald's or Walmart," he says. "And the small town of Branchport was just selected for the new $50 million Finger Lakes Cultural Museum."

As real estate professionals many times we are asked about our confidence in the market place. Many factors are taken into consideration to find out if there is confidence. Any good real estate agent can determine this, infact they should drive it.

Why are most people selling their homes? What is driving the buyers to make decisions. What are the average sales, median sale and absorption rate? What are the interest rates and how accessible is financing? People need to live somewhere. What is the ownership verses rental percentages.

These are are factors that go into determining a market confidence.

RE/MAX IN MOTION MARKET REPORT

There is confidence in our Market place! There are more sales YTD 6.8.2010 than in 2009. We are seeing a slightly higher average and median sale price. The price per square foot went from $107 in 2009 to $110 in 2010. There is a slight difference in the Days on the Market in 2010 (DOM).

Ithaca is on track for a better year in terms of number of transactions, less time on the market and a higher average sale price, as of June 2010.

There are 766 active properties in competition with each other for the buyers. This will determine how the second half of the market performs. June and July are typically the months where most properties go into contract. The Federal tax program did bring many buyers to the table earlier this year than in other years. This will be an important fact to remember for future predictions.

The high end market is showing signs of active and confidence. For properties listed above $300,000, the 2010 market is currently at 75% of what the 2009 market did for the entire year. This market activity is most active statistically in the months of June and July, the very near future.

Most people are selling in our market place for normal life changing decisions like new opportunities, and life style changes. We are not seeing a huge foreclosure market or a turbulent value change that has driven sales in other markets. Buyer’s are seeing great interest rates locally and good conservative lending. There is a large range of properties available in all price ranges. The lower priced homes are absorbing at a quicker rate than anything above $164,000.

The rental market is seeing some slowing as in many cases the cost for a mortgage is about the same as it is to pay rent. Many people are exploring home ownership opportunities. There is simple no better time to buy real estate in the Finger lakes region of New York than right now.

Get ready ladies and gentlemen, our market is before us.

-Melissa Miller RE/MAX In Motion

Reminder: Armed service members have extra year to claim homebuyer tax credit
While the contract deadline for the homebuyer tax credit for most Americans has come and gone, please remember, that members of the armed services and certain other federal employees still have time to take advantage of the incentive.

For those that served outside of the U.S. for at least 90 days during the period beginning after December 31, 2008, and ending before May 1, 2010, the deadline is extended to April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Both the $8,000 first-time and the $6,500 repeat homebuyer tax credits are included in the extension. THIS BLOG POST IS PER NYSAR NEWS.

CALL A RE/MAX IN MOTION AGENT TODAY AND GET YOUR PLANS IN MOTION. 607-277-1500 OR VISIT WWW.REINMOTION.COM

MELISSA MILLER