Mary St George

Owning a vacation home is a wonderful asset, both financially and emotionally.

On the financial side a statement is made that says "Hey, I am doing well and can afford a vacation home." You have worked hard, earned a great living and decided to invest in something concrete that could be shared with family and friends.

The emotional side, what can I say. A lakefront home is something that you will be talking about. Your children, your grandchildren, all of your relatives, your friends, your guests for special events and of course, the chosen ones from your work environment will all be talking about this special place. Memories will be made here that will be cherished forever. The swimming lessons, the canoe tipping over, the first fish caught by your grandson, your puppy barking at the waves,these are just a few of the examples of special moments.

So now you decide to sell your lakefront home in the Finger Lakes. You start looking at different companies and their approaches to marketing your property. A couple of companies will talk to you about the advantages of listing with them, they will also put your home in a property management program and rent your home out for you. This will give you cash flow until the right buyer comes along.

Whoa, stop right there...consider the disadvantages as well. For instance, it is quite difficult to sell your property when it can not be shown. This is what happens if your property becomes popular with the renters and it is continually booked up. It is very difficult to reach the renters when they are vacationing, the property management staff do not like contacting the renters to let them know someone would like to go through the property while they are there and the agents have a hard time receiving keys for the property. So when the client asks" Is my property not selling because of the market? " You will respond, possibly, but more so because people will not buy a property unless they can see it.

The other issue comes up with maintenance. When you the owner and your family are the only ones to utilize, there is a tendency to keep it maintained and updated. On the other hand if it is in a rental program, you never see it but once or twice a year and all of those little things go unnoticed one day you realize there are numerous little things to correct. And that usually comes up with a home inspection by a prospective buyer.

Information about the Finger Lakes brought to you by Mary St George a Lakefront Property Specialist

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

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
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Your update to the Finger Lakes by Mary St. George