How the Finger Lakes Benefit from Vacation Rentals

Vacation rentals may feel like a new trend, but the short-term rental industry has been around for decades in destinations worldwide, including the Finger Lakes. With third party booking sites, like VRBO and AirBnb making vacation rentals more popular and plentiful than ever before, its important to explore what responsible renting looks like and how short-term rentals can continue to add value to our region.

Here are just a few of the ways that the Finger Lakes benefit from vacation rentals:

Vacation rentals uphold the lake culture of our communities.

The Finger Lakes are a traditional summer vacation destination. Our shorelines are lined with seasonal homes and cottages, where families have experienced lake life together for generations. Short-term rentals support the culture of our lake communities, extended stays in the region, and the need for more property tax revenue.

Vacation rentals supplement hotel room supply.

Local hotels book up fast for peak season. Short-term rentals not only supplement hotel room supply, but can better accommodate larger groups and niche travelers. Finger Lakes Premier Properties has hosted over 80,000 guests since 2015. The more tourists our region can lodge, the more we encourage economic growth for local businesses and communities.

Booking and packing for a vacation

Vacation rentals keep family homes in the family.

Short-term rental income makes it possible for families to afford the increasing costs associated with owning a lake house. This allows the tradition of gathering at the lake to continue for years to come.

Vacation rentals support property values.

In 2018, 32% of investment property owners planned on renting their home as a short-term rental, up 24% from 2017. The demand for lakefront homes is growing because of increased demand for short-term rentals.

keys to a house

Vacation rentals create opportunity.

Short-term rentals make the lakefront experience affordable and accessible to everyone. Families have private, recreational access to the water, regardless of whether they have the means to live on the lake. In addition, the vacation rental industry creates a variety of skilled and unskilled jobs throughout the region.

Family by the lake at a vacation rental

What does Responsible Renting look like?

Vacation rentals managed by professional property managers add significant value to the community by expanding the tax base and attracting direct and indirect spending in our area. Unfortunately, popular listing sites have portrayed the ease of owning a vacation rental without highlighting the importance of managing the experience for the guest, owner, and local community. Read more about what responsible renting looks like here.

To learn more about professional property management services for your short-term rental, visit our website.

Lack of Inventory Pushing Listing Prices Higher, Says CoreLogic’s Chief Economist

Great news sellers.

As indicated by CoreLogic’s Chief Economist, Dr. Frank Nothaft, home prices have appreciated by nearly 7% year-over-year from December 2016 to December 2017. (CoreLogic Home Price Index).

This marks the fifth month in a row with at least a 6.9% upsurge, says Nothaft, who provides insight to the substantial increase:

“The number of homes for sale has remained very low. Job growth lowered the unemployment rate to 4.1 percent by year’s end, the lowest level in 17 years. Rising income and consumer confidence has increased the number of prospective homebuyers. The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices.”

This is a thrilling update for owners who have gained nearly $15,000 in equity, on average, for their homes over the last year (CoreLogic equity statistics). Owners on the fence whether or not to sell will be delighted to see that they will have loftier profit margins to support a down payment on their dream home.

On the flip side, as we near the busy spring season for Finger Lakes real estate, there is still confidence for buyers as mortgage rates remain low compared to recent periods. The study also predicts that home price appreciation will slow slightly, rising by 4.3% by this time next year.

So the bottom line: If you are looking to enter the housing market, as either a buyer or a seller, schedule a meeting with a local real estate agency like Finger Lakes Premier Properties who can explain exactly what’s going on in your neighborhood and discuss your options… today!

Finger Lakes Premier Properties (FLPP) has the largest selection of Finger Lakes vacation rentals and lakefront homes for sale in the region. Our properties are all waterfront homes and range from cozy cottages and cabins to luxury vacation homes for sale and rent.

In 2017, FLPP flattened the industry average of days listed on market by 80%. To make ensure all our client’s needs are consistently met in this fashion, FLPP has recently brought on a Marketing Real Estate Coordinator. The resource will help the real estate team capture new homes with aerial footage and apply 3D virtual technology, getting more people to tour homes and sell faster.

The resources are here, the market is your oyster. What are you waiting for?

 

Finger Lakes Real Estate Team Flattens Average Days on Market by 80% in 2017

The 2017 Finger Lakes Yearly Real Estate report has shown great promise for the clients of Finger Lakes Premier Properties.

Just look at the industry average listing days on market versus FLPP’s:

Average: 86 days — FLPP: 18 days — That’s 80% quicker than the market average!

“It looks like 2017 was quite a year. While many of the lakefronts saw a decrease in the number of homes sold, looking at days on the market can tell us the complete story.”

– Cynthia Emerling, Real Estate Sales Manager at Finger Lakes Premier Properties

2017 YOY Real Estate Report across the FLX

 

Indeed, while the overall lakefront homes sold has decreased across the FLX, FLPP’s service and efficiency for its clients, has not.

 

To Emerling, this is much more important than the overall amount of homes sold:

“The client is our first priority. The listings will come as the market shifts, but without satisfied clients, we won’t acquire new ones when that hot time hits.”

Coupled with 100% Customer Satisfaction recorded the previous year, the FLPP team is quite pleased with how their customer relations efforts have aligned with the industries emphasis on client satisfaction.

 

Emerling also explains the ostensibly negative sales statistics as instead, missed opportunity:

“The market is not down because of disinterested buyers, it is down because there are not enough homeowners wanting to sell this year. In the process, owners are seeing the full price or more on offers coming in on their homes,” Emerling Concludes.

 

So while the smaller market may be a potential downside to real estate companies in terms of overall listings, it is a huge advantage for owners that do decide to sell.

For more data on why you should list your home now, visit our listings blog here

 

In addition, to make sure all client’s needs are met, FLPP has recently brought on a Marketing Real Estate Coordinator. The resource will help the real estate team capture new homes with aerial footage and apply 3D virtual technology, getting more people to tour homes and sell faster.

The resources are here, the market is your oyster. What are you waiting for?

To speak with our real estate department today, call now at   (877) 934-2845
Or click here
 to visit our real estate page!

 

 

Best 2017 Guest Photos

Throughout the year we share some of the best photos taken by our guests. Below are some of the favorite memories our guests created and shared while staying at one of our Finger Lakes vacation rentals in 2017!

 

“The property was lovely. It was up to date and well taken care of. The extras were a nice touch including the doggy bag for our Lucy.”

– Taken by Sandra B. from Attica, NY, who stayed at My Kind of Paradise on Conesus Lake.

 

 

 

 

 “Thank you Timber Ridge and Finger Lakes Premier Properties! This was the perfect location for my sisters and girlfriends to spend the weekend together! We are all from different areas including Utica, Rochester, Buffalo, Jamestown and Fredonia. The accommodations and comforts were better than we imagined – not to mention the beautiful aesthetics of the home and the view!! We will be back!”

– Taken by Rebekah B from Jamestown, NY, who stayed at Timber Ridge on Keuka Lake.

 

“What a great stay at a beautiful location! The dock area is amazing. Definitely the highlight of our trip.”

– Taken by Jeffery W. from Bel Air, LA, who stayed at The Good Life on Canandaigua Lake.

 

 

 

“Best property in our 6 years of renting. Plenty of room for a large group (13) and all kinds of nice amenities. Enjoyed the fire pit on the cliff and the large deck. Ping pong table was utilized often as well as the hammock. Bathroom for every bedroom was very nice.”

– Taken by David M. from Robesonia, PA, who stayed at Seneca Lake Effect on Seneca Lake.

 

“We had an amazing time at Five Gates. The house is beautiful and comfortably fit our family of thirteen. Everything was impeccable and incredibly well appointed with everything you’ll ever need on vacation. Our only regret is not staying for a few more days. We loved it!”

– Taken by Alessandra L from Jersey City, NJ, who stayed at Five Gates on Seneca Lake.

 

      “Had a great vacation. Loved the docks and large deck. The house was very comfortable and well stocked. A little dated but great for our family and dog. Nice yard with 2 large trees to hang out under on a hot day. Surprisingly quiet for being right off the road and near the marina. Very safe area for dogs and children well away from the main road. Great view of the bluff. Nice thunderstorms in the evening. Beautiful lake, clean and warm. We were there in early August. We would definitely love to come back!”

– Taken by Fiona A. from Pepperell, MA, who stayed at Loon Landing on Keuka Lake.

 

“This house was perfect for our family! It is so beautiful inside. Everything was very clean and well kept. It felt like home. The mattresses were very comfortable, unlike some homes we have stayed at in the past. The kitchen was well stocked and had everything I needed to cook all the meals for the week. There is plenty of outside seating to accommodate all guests. We caught pike, large and smallmouth bass, and a catfish right off the dock. There were 2 kayaks that came with the property. We enjoyed the house so much we are going to book it for the same week next year. This home exceeded our expectations!”

– Taken by Julie G. from Thompsontown, PA, who stayed at Eastern Beauty on Keuka Lake.

 

Thank you to all of our guests who shared their wonderful photos throughout the year. We always look forward to seeing the smiling faces, sleeping babies, adorable puppies, and unforgettable moments of your vacation in the Finger Lakes!

If you stayed at one of our Finger Lakes vacation rentals in 2017 and have a photo you’d like to enter into our photo contest, click here to join the photo contest by December 31, 2017!

 

TOURISM BUSINESSES SUPPORT LOCAL CHILDREN’S PROGRAM

By: Zakary Klick

 

Penn Yan, NY – Employees of local hospitality businesses, Finger Lakes Premier Properties (FLPP) and the Best Western PLUS Vineyard Inn & Suites, helped raise money for Milly’s Pantry Backpack Program this past weekend at Star Shine, the winter holiday event in Penn Yan.

To demonstrate their commitment to community outreach programs, employees offered their time to promote Milly’s Backpack Program with a winter raffle for a free Pool & Pizza Party at the Best Western PLUS Vineyard Inn & Suites. Their table at Star Shine provided an ornament decorating station for kids, with Rice Krispy treats provided by FLPP employees.

In the process, not only were the two able to amplify Milly’s communal recognition, but they also raised $135 during the Star Shine event.

Milly’s Pantry Backpack Program is a partnership between Milly’s Pantry, Inc. and the Penn Yan Central School District. The Backpack Program provides a bag of non-perishable food to students every Friday afternoon to supplement weekend meals.

Located in Penn Yan in upstate New York, the Vineyard Inn & Suites is centrally located just a short drive from Geneva, Rochester, Syracuse, Ithaca, and Corning. A wide range of activities await you in the Finger Lakes, including winery tours and wine tasting, shopping, golfing, skiing, water sports, museums, historic attractions, theaters and quaint villages and towns.

Finger Lakes Premier Properties is the leading vacation rental and lakefront real estate company in the region. This is the second year a donation has been allocated specifically to Milly’s Pantry in recognition of those less fortunate during the holiday season, a tradition the company plans to uphold in 2018 and years to come.

To make a direct donation, or to find other ways to support Milly’s Pantry, visit their website at http://www.millyspantry.org/

For more information about Finger Lakes Premier Properties, visit their website at www.FLPPlake.com or call toll free 1-888-414-5253.

TOURISM BUSINESS SUPPORTS LOCAL VETERAN ORGANIZATION

By: Zakary Klick

 

Travelers visiting to the Finger Lakes this year will contribute to a local veteran organization with their next stay with Finger Lakes Premier Properties.

 

To demonstrate their commitment to local military personnel, both active and retired, Finger Lakes Premier Properties followed through with a pledge to donate $20 for every booking made within the 10 days leading up to Veteran’s Day to the Canandaigua Veterans Affairs Medical Center.

 

A total of 71 reservations were confirmed, totaling $1,420 that will be sent to the non-profit organization which strives to fulfill President Lincoln’s promise “to care for him who shall have borne the battle” by serving and honoring the men and women who are America’s veterans.

 

Finger Lakes Premier Properties is the leading vacation rental and lakefront real estate company in the region. This is the third year a donation has been allocated specifically to a Veteran organization in recognition of Veteran’s Day, a tradition the company plans to uphold in 2018 and years to come.

 

To make a direct donation, or to find other ways to support the Canandaigua VA Medical Center, click here  

 

Top 6 Outdoor Spaces in the Finger Lakes

The best way to vacation in the Finger Lakes is to stay on the shores of one of six lakes! Our variety of lakeside vacation homes offers an array of features to upgrade your getaway. From outdoor kitchens to sunken hot tubs, this summer will be the best yet! See our top 6 outdoor living spaces below that could be yours this summer!

#6 SailWinds on Seneca Lake

Entertain family or friends at beautiful SailWinds featuring a 6-person sunken hot tub and a high-end outdoor kitchen with granite counter tops. You and your guests can take advantage of the Foosball table, canoe, and kayak for additional enjoyment during your lake getaway. Book now! 

#5 The Goodlife on Canandaigua Lake

Large screened windows line two sides of the four seasons room at this lakeside oasis, great for cool summer nights by the stone fire place lit. Relax and sunbathe on the upper deck featuring stunning views. Or take the tram down to the beach to fully experience the enjoyment of lakefront living. Book now!

#4 Cedar Lodge on Keuka Lake

Cedar Lodge offers a warm and rustic style throughout the inside and outside living spaces. Enjoy the upper screened porch on hot days, or the lower sofa and chaise lounges for relaxing lakeside in the sun. The meticulous landscaping surrounding the home provides a picturesque and relaxing atmosphere, making this home a place you’ll be longing to return to throughout the year. Book now!

#3 Oak Leaf Shores on Keuka Lake

If views are what put you at ease, choose from the multiple expansive decks and outdoor porches available at Oak Leaf Shores. Offering plenty of comfortable lakeside seating for everyone to relax, while others enjoy the provided paddle boat and canoe. Book now!

#2 Amazing Views on Canandaigua Lake

The multiple outdoor spaces at Amazing Views makes this one of the top summer homes in the Finger Lakes. The timber frame covered upper deck provides the ideal location for summer dining. Then retreat to the lower stone patio for serving drinks from the wet bar and relaxing in the hot tub. Take advantage of the many outdoor seating areas featuring plush chaise lounges, outdoor love seats, and Adirondack chairs by the large slate stone fire pit. If staying lakeside all day is what you prefer, the mini kitchen down by the beach offers additional convenience. Book now!

#1 Peaceful Sanctuary on Canandaigua Lake

Experience Peaceful Sanctuary, one of our most luxurious homes, by taking a virtual tour! Unwind in the hot tub while listening to the waves lap against the shore. Relax in the screened-in porch by day, then light the stone fireplace for heat and ambiance in the evenings. Book now!

 

Find the ideal home to host your Finger Lakes vacation by searching our complete inventory of 250+ lakefront and lake view vacation rentals by clicking here now!