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."

  Knowledge is power, Know your market place..

Tax credit deadline extended

Mortgage firms and real estate attorneys scrambling to beat the June 30 closing deadline for homebuyers to qualify for a federal tax credit now have three more months to get it done.
The Senate amended a bill Wednesday that extends the closing deadline until September 30 to give lenders some breathing room.
Nevada Sen. Harry Reid, who sponsored the amendment, said the extension was needed to help clear more than 180,000 home sales across the country.
Attorney Richard Klein of the Diamond Law Group in Mineola said his office prepared to close tax credit deals by June 30, but he added that a lot of things are outside of everyone's control.
"It alleviates some of the pressure," Klein said.
The attorney noted that the extra time to close may not stretch the work out too far since home sale contracts usually have self-imposed deadlines and mortgage commitments expire as well.
The amendment was tacked onto a bill that extends unemployment insurance benefits which was approved by a 60-37 vote. The House passed an earlier version of the bill in December and the Senate is currently working on resolving differences between the two bills.
The National Association of Realtors said in a statement that it supported the amendment because as many as one-third of qualified tax credit applicants were told by lenders that their loans wouldn't close before June 30 because of the backlog.
The tax credit gave up to $8,000 for a first-time homebuyer and $6,500 to repeat homebuyers in contract by April 30.

My Friend Felix at Key Bank sent me this!

BUYING A HOME IS Exciting and can be quite stressful, especially for those who have never bought a home before. 

On a small scale like having a child, big pain....... even bigger reward. 

They always need more paperwork, many times it takes longer than expected and it costs more than everyone said it would.  In the end you have a really cool house to enjoy life in.  Cheaper than rent, and you can paint the walls ANY color you wish.  I saw this article and saw it had some great tips about the hidden costs.  Good list of items, good advice.  Melissa Miller

For Consumers: Prepare for the Hidden Costs of Homeownership

 RISMEDIA, June 17, 2010--June is National Homeownership Month. The U.S. Department of Housing and Urban Development (HUD) recognizes this month as a time to celebrate the American dream of owning a home. While record low interest rates and recent tax credits for first-time homebuyers have enticed many families to turn their dream of homeownership into a reality, the hidden costs of homeownership can sometimes catch families off guard. Preparing for the hidden costs of homeownership, especially for first-time homebuyers, is a wise financial move.

The financial experts at Money Management International (MMI) understand that knowledge is the key when investing in a home. It's more than a place to live; it's a financial asset, a place to raise a family, and an investment in the community. Below are tips for buying, maintaining, and protecting your largest asset.

Home insurance - Homeowner's insurance often costs quite a bit more than renter's insurance, because it covers the home, in addition to your personal property. Depending upon where you live, you may also need to purchase supplemental insurance for hurricanes, floors, tornados, earthquakes, and other natural disasters that are not covered under your standard policy.

Maintenance and repairs - Owning a home means that you are responsible for the upkeep. These costs can add up quickly, especially in an older home with older systems and appliances. Expect to spend some money on routine maintenance every year. Keeping an emergency fund for unanticipated repairs is also a smart idea. Keeping up with routine maintenance will help your home maintain its value.

Utilities - Prepare to spend some additional money on utilities, including water, garbage collection, heat, and electricity. With more space, it's likely that even the bills you paid when you rented will be higher in your new home.

Homeowners' association fees - Find out if you will have to pay homeowners' association fees. Many communities have a homeowners' association, commonly called an HOA. An HOA is typically tasked with maintaining common areas and enforcing deed restrictions. Membership in a community HOA is often mandatory and members are charged a monthly or annual fee.

Home furnishings - You'll probably need, or at least want, to purchase furniture and decor items for your new home. Most people, when purchasing a new home, decide to paint, upgrade the decor, purchase new furniture, and buy new linens.

"When purchasing a new home, factor in these items to your total budget to make sure that you are completely financially prepared for homeownership, " said Cate Williams, vice president of financial literacy for MMI. "By doing this, you'll rest assured knowing that you are purchasing a home that you can comfortably afford."

Under Contract /pending under $300,000 (228 listings)
	Low	High	Average	Median	Total
List Price	$29,100	$299,900	$165,654	$156,250	$37,769,068
Price/SqFt ($)	$0.00	$421.88	$104.23	$102.00	--
Price/Acre ($)	$0.00	$16,900,000.00	$307,748.41	$54,683.50	--
Days on Market	9	1283	140	86.5	--

Active June 9th Ithaca MLS (766 listings)
	Low	High	Average	Median	Total
List Price	$35,000	$1,900,000	$270,313	$219,900	$207,059,755
Price/SqFt ($)	$0.00	$750.00	$135.55	$117.00	--
Price/Acre ($)	$0.00	$7,642,857.14	$234,537.45	$64,428.00	--
Days on Market	2	1556	158	79	--

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

THIS QUESTION SEEMS TO BE COMING UP QUITE A BIT RIGHT NOW IN OUR MARKET PLACE IN ITHACA NY.

??????????

What I have been able to determine from most of the seller's agents when they say their sellers are Negotiable" is "They don't want to lower their price but if a serious buyer makes a reasonable offer they will consider the offer and negotiate to acceptance.

When a buyer hears "They're Negotiable" 

some buyers - who were once seller's at one time themselves hear "They will accept less than their list price".

and other new buyers hear "They are desperate make them an offer now and start low".

and other new buyers hear "They don't have a clue what their value is".

The market statictics say that for every 10 showings and offer should surface or you are not in the proper price range.

Certainly sometimes value can be hard to determine. 

IRONICALLY....... we in Ithaca have discovered anyway, "The closer you get to your value point the more people will see your home and the LESS NEGOTIABLE you need to be.

RE/MAX In Motion

ITHACA AND THE SURROUNDING AREA IS SEEING SOME GREAT BUYS, GOOD ACTIVITY AND BUYERS ARE CHECKING OUT THE INVENTORY.

Our area is really seeing some great deals but the values are in check and our foreclosure market is not over shadowing our inventory.  There are occasional short sales and some foreclsoures, but for the most part the offerings are solid and values in check.

Check out the list of OPEN Houses at www.reinmotion.com and all are welcome to attend.

The following is what is happening nationallly from www.realtor.org.  Thank you ENJOY LIFE!  Melissa Miller

RISMEDIA, April 23, 2010-Buyers responding to the home buyer tax credit and favorable affordability conditions boosted existing-home sales in March 2010, marking the beginning of an expected spring surge, according to the National Association of Realtors.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 6.8% to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and are 16.1% above the 4.61 million-unit level in March 2009.

Lawrence Yun, NAR chief economist, said it is encouraging to see a broad home sales recovery in nearly every part of the country, with two important underlying trends. "Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running," he said. "The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices. This is preserving perhaps $1 trillion in largely middle class housing wealth that may have been wiped out without the housing stimulus measure."

Total housing inventory at the end of March rose 1.5% to 3.58 million existing homes available for sale, which represents an 8.0-month supply at the current sales pace, down from an 8.5-month supply in February. Raw unsold inventory is 1.8% below a year ago, and is 21.7% below the record of 4.58 million in July 2008.

"Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably," Yun said. "In fact, foreclosures are selling quickly, especially in the lower price ranges that are attractive to first-time home buyers."

A parallel NAR practitioner survey shows first-time buyers purchased 44% of homes in March, up from 42% in February. Investors accounted for 19% of transactions in March, unchanged from February; the remaining sales were to repeat buyers. All-cash sales remain elevated at 27% in March, the same as in February.

The national median existing-home price for all housing types was $170,700 in March, up 0.4% from March 2009. Distressed homes, typically sold at a 15% discount, accounted for 35% of sales last month - unchanged from February.

"With home values stabilizing, a revival in home buying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears," Yun said.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buying conditions are in near-perfect alignment. "Even with tougher loan standards, historically low mortgage interest rates with affordable prices and a sense that the market is turning have created optimal conditions in much of the country," she said.

"With the fast approaching April 30 deadline to get a contract in place for the tax credit, Realtors are working harder than ever to negotiate transactions, arrange services and complete paperwork," Golder said. "Because many repeat buyers need to sell their current home first, many will be purchasing later without the tax credit but now have the benefit of a more buoyant housing market."

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage dipped to 4.97% in March from 4.99% in February; the rate was 5.00% in March 2009.

Single-family home sales rose 7.3% to a seasonally adjusted annual rate of 4.68 million in March from a level of 4.36 million in February, and are 13.3% above the 4.13 million level a year ago. The median existing single-family home price was $170,700 in March, up 0.6% from March 2009.

Single-family median prices rose in 14 out of 20 metropolitan statistical areas reported in March in comparison with a year earlier. Five metro areas experienced double-digit increases, including San Diego, St. Louis and Boston.

Existing condominium and co-op sales increased 3.1% to a seasonally adjusted annual rate of 670,000 in March from 650,000 in February, and are 39.3% higher than the 481,000-unit level in March 2009. The median existing condo price was $170,600 in March, which is 0.7% below a year ago.

Northeast
Regionally, existing-home sales in the Northeast increased 6.0% to an annual level of 890,000 in March and are 25.4% higher than a year ago. The median price in the Northeast was $249,800, up 8.9% from March 2009.

Midwest
Existing-home sales in the Midwest rose 7.2% in March to a pace of 1.19 million and are 15.5% above March 2009. The median price in the Midwest was $139,300, up 0.2% from a year ago.

South
In the South, existing-home sales increased 7.1% to an annual level of 1.97 million in March and are 13.9% higher than a year ago. The median price in the South was $154,800, up 5.2% from March 2009.

West
Existing-home sales in the West rose 6.6% to an annual rate of 1.30 million in March and are 14.0% above March 2009. The median price in the West was $209,400, down 7.9% from a year ago.

For more information, visit www.realtor.org.

If you are a stats junky you will find this interesting.  If you need help to understand it please let us know.

Basically it says that Ithaca's market is moving,  the lower price ranges more than the higher ranges. 

There are many homes on the market and more coming on every day. 

Currently there are 629 properties for sale

·        40% (255 listings)of them are listed for under $200,000 with the average price at $139,777 at 101.48 per square foot.

·        24% (153 listings) are $200,001 to $300,000 with average right at $250,219 and $133.01 per SF

·        14% (92 listings) are $300,001 to $400,000 with the average at $355,247 at $158.56 per SF

·        15% (96 listings) are 400,001 and up with the average at $639,706 and $238.54 per SF (lake front are predominantly in this mix.

Currently there are 223 properties that are Under Contract and Take back ups (Keep in mind that these are using the list price as stats and not a sold price)

·        17% (39 listings)are at a list price of $100,000 and under average at $77,958 and $59.11 per SF

·        47% (104 listings)  are at a list price of $100,001 to $200,000 with the average at $150,726 and $109.00 per SF

·        24% (53 listings) are at a list price of $200,001 to $300,000 ($240,111 avg  and $123.60 per SF)

·        12% (27 listings) are at a list price of $300,000 and above ( $419,674 and $170.52 per SF)
 

 Currently 112 Properties have sold in 2010 YTD 3.29.2010 (in 2009 same time period 108 sold)

·        18% (20 listing)were listed at $100,000 and below with the Average at $71,753 price per at $55.39

·        43% (48 listings) were listed at $100,001 to $200,000 average at $148,020 ($95.26)

·        30% (33 listings) were listed at $200,001 to $300,000 average at $225,701 (118.85 )

• 9% (11 listings) were listed above $300,000 average at $432,355  (223.77)

Ask a RE/MAX In Motion agent for help today.