lakefront sales Archives - Finger Lakes Premier Properties Blog

Lakefront Real Estate Report: Q3 Highlights

How did the lakefront real estate market perform in the third quarter of 2019? Our team of highly knowledgeable lakefront sales specialists have compiled a complimentary analysis of market trends for the Finger Lakes to explain.

Lakefront Real Estate Report for Q3 2019 — Analysis of lakefront homes sold on 7 of the Finger Lakes in Q3 2019.
Statistics aggregated from MLS.

Average days on market continue to drop on all lakes as the region transitions into a strong buyers market.

Lakefront inventory is still low, leading to a decrease in homes sold and total sales volume overall.

Low interest rates are feeding more buyers into the lakefront market.

Interest in short-term renting and investment homes is fueling demand for lakefront property.

What Our Agents See in the Lakefront Market

“We’ve seen an increase in out-of-state clients looking for lakefront homes in the area, many from PA. This is a great time of year to buy, especially for investors. Close on your home by 2020 and make updates to see a higher ROI in time to open your calendar for peak season.”
Dave Lucchesi, Buyer Specialist

“It’s a good time to list because of the number of buyers in the lakefront market. With interest rates continuing to drop, more buyers are comfortable with investing in a second or third home, staying in the market longer.”
Cynthia Emerling, Director of Listing Services

Top Performing Lakefront Markets

Canandaigua Lake

Total sales volume on Canandaigua Lake jumped almost 50% year over year. Lakefront property is in demand, with average sale price up 11% and homes spending an average of 10 days less on market. Our agents note that appropriately priced Canandaigua Lake homes have moved quickly this quarter.

Seneca Lake

We continue to see opportunity in the Seneca Lakefront market! With a near 50% increase in total sales volume, led by the FLPP team, and consistent growth in the number of homes for sale and average sales price, the largest Finger Lake shows no signs of slowing down going into Q4.

Download your copy of the full Q3 Lakefront Real Estate Report here.

Lakefront Real Estate Report – Q3 2019 Download

See our current lakefront listings and sales activity >

For more information about buying or selling lakefront property in the Finger Lakes, call our real estate team today! 833-915-1259

How to Buy a Lake House

Maybe you’ve had the dream to buy a lake house for a long time. Maybe you’ve heard success stories about owning a vacation rental. Regardless, you’re ready to own your very own slice of lake life, but where do you start?

We caught up with our buyer specialist, Dave Lucchesi, to answer this question and to learn more about the steps his clients take to buy their lakefront home in the Finger Lakes. He broke it down for us in 5 easy steps:

Q1 Lakefront Real Estate Report

Advise for lakefront buying and selling in the Finger Lakes

It’s here! Download our full report to see how the lakefront real estate market performed during the first quarter of 2019.

Lakefront Real Estate Report – April 2019 Download

What you need to know

It continues to be a seller’s market. A decrease in the number of homes sold and an increase overall in average sale price means that supply is not meeting lakefront buyer demand. Lakefront homes on average are also spending less time on the market – our average is only 8.6 days!

If you’re on the fence about listing your lakefront home, spring is the perfect time to test the waters. Contact our Real Estate Team today for a free assessment of your home! (844) 464-0949

First Quarter 2019 Lakefront Real Estate Report | Finger Lakes

Our Real Estate Experts explain:

“Every lake that we work is down in overall volume of sales, many of the lakes by very large volumes. Less homes are selling on the lake, because less homes are on the market. The average sale price on the majority of the lakes is way up as well, while the days on market continue to go down. Very strong seller’s market right now.”
Cynthia Emerling, Director of Listing Services

“It’s all about being prepared. First, make sure you have your pre-approval letter ready. Then, get on our buyers list, receive our emails, and make sure you’re ready to move quickly on new listings. When we know exactly what you’re looking for, we can be agile – even preview houses before they hit the market. There’s a lot we can do to get you into your lake house for summer!”
Dave Lucchesi, Buyer Specialist

Exciting Announcement!

After tabulating the first quarter lakefront real estate sales on the Finger Lakes, it looks like Finger Lakes Premier Properties ranks #1 in total sales volume! Not only were our sales 5.4% higher than our second place competitor, but we earned the first place spot for lakefront purchasing sales on both Canandaigua and Cayuga Lake.

6 Reasons to Sell your Lake House this Spring

Spring signals the awakening of the housing market, especially for buyers looking for lakefront property. If you’re considering selling your lake house, now is the time to list! Here’s why:

1. The Cabin Fever is real. We are just now starting to see the first signs of spring and for many, the only thing that got them through the long, snowy months was the dream of spending sunny days on the lake. Those who spent the winter browsing lakefront listings for inspiration now have the opportunity to get out and see what’s really on the market, especially if they’re coming from out of state. Make sure your home is one of the first ones they see!

2. Average sales prices are up 23%. According to our 2018 Lake Front Real Estate Report, the average sales price for all Finger Lakes increased 23%, with the largest gains occurring on Keuka and Seneca Lakes. It should also be noted that total days on the market are down 10%, meaning lakefront property in the Finger Lakes is selling for more and in less time.

3. It’s a seller’s market. There are far more buyers looking for the lake life than homes on the market, giving an upper hand to the seller in negotiations. It may seem that lakefront property is shielded from fluctuations in the housing market because of affluent buyers, but a recent study found that 55% of prospective vacation rental buyers make under $150k a year. Our advice: sell while the market is strong.

4. Buyers are eager to use their home THIS summer. Listing your lakefront home in the spring gives buyers the appropriate amount of time to tour what’s on the market, make an offer, negotiate, and close with enough time to actually enjoy their new lake house. Summers are so short in upstate New York and buyers want to make good use of their investment. And the sooner you list, the sooner your home will be seen by the thousands of visitors to the Finger Lakes that start pouring in once the weather get warmer.

5. Vacation Rental Potential. Buyers who are looking to purchase your home and make it a vacation rental will want to secure bookings for the summer in order to earn as much income as possible for 2019. Our real estate team provides rental projections for all of our listings, so you might even consider joining our rental program in the future!

6. Spring Cleaning. Chances are you’re going to be cleaning debris from the beach, considering upgrades to the décor, and doing minor repairs around the house this spring. With a minimal extra effort and suggestions from our lakefront real estate specialists, it will be easy to get your home in the ideal condition to sell.

Our real estate team specializes in lakefront home sales, providing you with the top advice, up-to-date market research and years of experience necessary to sell your home to the right buyers and for the right price. Call us today! 844-248-3917

Q3 Lakefront Real Estate Report

Finger Lakes Premier Properties is the region’s lakefront specialists for sales across the region. Our team of highly knowledgeable, experienced, and successful Buyer and Seller Specialists provide a complimentary analysis of lakefront market trends each quarter.

The real estate market continues to be strong in the Finger Lakes Region. Lakes such as Cayuga and Seneca, where homes are selling faster and at a higher average price.

Here at Finger Lakes Premier Properties we have seen an increase in quick sales this year. For example, two listings on the west side of Seneca Lake, Anthony Beach Road and Arrowhead Beach Road, sold in less than 2 weeks. The reason? It is because the number of homes available on these lakes is down, while the interest is up. While Keuka Lake has had very little change over the last year, it remains to be a strong seller’s market, especially in the price range between $300,000 and $600,000. We have also had homes on both East and West Lake Roads sell in under the 2 weeks.

Canandaigua Lake remains steady year-over-year, maintaining its position as one of the highest priced lakes to purchase a new home. Whereas Honeoye and Conesus Lakes, even though they are located right next to Canandaigua Lake, offer buyers the best pricing with average sale prices between $230,000 and $275,000. These Lakes offer first time lake buyers and those looking for a bargain, great buying opportunities.

Overall, each of the lakes have their own character and offer buyers different specifities, which makes using a lakefront specialist even more vital for your purchase. Interest rates will not stay this low forever! Take advantage of the unique buying opportunities and low interest rates and find the right lakefront home for your family.

Check out our latest real estate blog post: Buying and Selling in the Finger Lakes this Fall, for real estate tips from our team of lakefront experts.

For more information about buying and selling lakefront property in the Finger Lakes, contact our Real Estate team today by calling (888) 465-5175.

Lakefront Real Estate Sales Report: Quarter 2 Highlights

As we enter the second half of 2017, the real estate market stays strong. Annually, the Finger Lakes has generated over $30 million, with FLPP accounting for 23% of these total sales. Below is the Quarter 2 Lakefront Sales Report. If you have more questions, contact our sales team today by calling 888-599-4810.

Analysis of lakefront homes sold on seven of the Finger Lakes, statics aggregated from MLS.

As shown in the chart above, the number of sales decreased 26% as compared to last year, increasing buyer competition. Homes are in high demand on Seneca and Keuka Lake, with multiple offers coming in on homes in the mid-price range of $300,000 to $600,000.

The decrease in average sale price along most lakes indicates that this year’s buyers are looking at the affordability of lakefront homes. Buyers are aware of the current market and are quick to make an offer on homes priced fairly. This could be attributed to the ADM on Conesus and Honeoye Lakes dropping by at least 40% this year. On the other hand, homes priced at $600,000 and above, tend to sit a bit longer.

The increased advertising and media attention on vacation rentals, along with the addition of Uber and Lyft to the Finger Lakes, is creating more demand for both vacation experiences in these homes as well as ownership of these lakefront residences. Listing your home as early as mid-August will put you ahead of the game but still allow you to enjoy the lake through the end of this summer. With the market strong and interest rates low, this is prime time for buying and selling lakefront homes.

For more information about buying or selling lakefront property in the Finger Lakes, contact our Buyer Specialists, Justin Hausner, or our Sales Manager, Cynthia Emerling by calling 888-599-4810 or email Sales@FLPPlake.com.