When you see a luxury home in a magazine or on the news, you would not believe that some of these homes may actually be in the Finger Lakes...but they are !  The picture above is a breathtaking estate located in Victor NY.  This 5000 sq ft + home on 1.5 acres has it all for the person or family that commands the best.

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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Are all the buyers on vacation? Did the buyers all move to Antigua?   With it being a buyers market, there sure seems to be a shortage of them.  Market conditions are showing that high end and resort buyers are out there, but the buyers of traditional family homes are lying in wait.

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

To read more of this article log onto my website

www.thechaironthelake.com

April 20th, 2008 categories: Information - Other Areas

As Real Estate Agents, we became used to everyone handing you a business card with their picture on it, but did we really need to see all of the faces on those cards?  Well, maybe...just to remember who it was we networked with or worked on a deal with.  But come on now,  we see agents faces on "everything".  They are on sign riders, blogs and everything in between. Quite the overkill I would say.  Could it just be the sign of the times, where we all just become so vain, that it is us, the individuals that want to see our face out there? 

• 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.

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

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

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

 

January 16, 2008 on 4:31 pm | In Introduction, Real Estate News | 2 Comments

Wait till you see the unveiling of this site! www.thechaironthelake.com Hold onto your shorts or pants or whatever it is you want to hold onto. 

The creative and masterful team at the Real Estate Tomato did a funtabulous job on this site (how do you like that word? let me check the Wikipedia . )  I am still in the process of both working with the team and learning from them.  It has been many years since I have been so excited about a learning project. 

This site is going to be "the site to go to" when it comes to anything about the Finger Lakes area. 

1. Canandaigua Lake
2. Keuka Lake
3. Seneca Lake
4. Honeoye Lake
5. Shopping
6. Restaurants
7. See great photos of the area
8. Regional trivia and history
9. Buy and sell Real Estate
10. Information about the 1031 tax exchange program
11. Links to other great sites
12. Hear about local issues

  Take a seat in your favorite chair, relax and enjoy the information. This site will be for your viewing pleasure and enjoyment. 

So for now it is time to move onto another task in the learning curve, but I look forward to your visits and of course as always your comments. More great info about the Finger Lakes coming soon!