For a number of reasons, the property along the Finger Lakes will always be valuable. The same factors that attracted Native Americans to the Finger Lakes, specifically the abundant fishing, adjoining hunting lands, agriculturally rich soil and serenity of being near their clear waters, foreshadowed the upward demand for this unique lake area. Centuries later, it remains the choice of discreet buyers. The proximity of the Finger Lakes to Buffalo, Rochester, and Syracuse, views of the surrounding hills, great fishing, water activities, wineries, golf courses, tennis, fine restaurants, shopping, and festivals are just a few of the things drawing more people to the Finger Lakes Region. As our population continues to be busier, the demand for the convenience the Finger Lakes Region affords also increases. Families do not have to make a “commitment” to vacation hours and hours away from their primary homes, friends, offices and social activities. From a financial perspective, owning lakefront property on the Finger Lakes has been an extremely positive experience for most since each of its private properties is a limited edition item for retirement.
Will Rogers’ words about property still hold true today, to paraphrase– “they aren’t making any more of it!” Think about it: the population is growing, the number of retiring Baby Boomers is increasing and the value of leisure time for those working longer and harder hours is ever-increasing, yet the shoreline remains the same! The Finger Lakes are not like Florida where additional waterfront can be created by building new canals. In contrast, level lakefront vacant lots in choice locations on many of the Finger Lakes, can only be made by demolishing existing structures.
Lake property, as with other sound investments in limited editions, will always be a good investment—especially if held in the long run. Owners cannot always expect to buy today, sell a year from now and make a big profit. However, many owners are today selling at a handsome profit, depending on when they purchased. Furthermore, secondary homes continue to be used as one of the safest tax shelters. Mortgage interest and real estate taxes for many owners are still deductible. When April 15 rolls around buyers will find a substantial reduction in their income taxes. Unlike standard residential property, there are intangible returns that buyers should take into consideration when contemplating investing in lake property.
We have always considered lake property a “fun investment with a dividend of pleasure.” Buyers can immediately enjoy their lake investments. Today, families with grown and/or married children procure lakefront properties because the resort atmosphere and nature of the property adds to the cohesion of multi-generational families. In the end, lake living offers a life style that is unique from traditional residential real estate ownership.
As the Baby Boom generation, with and without families, plans for retirement, many are opting for a summer lake house here and a winter retreat in Florida or elsewhere. The lake lifestyle takes people out of the fast lane, perhaps adding years to their lifetimes. Those living on the lake understand the true value of their “fun investment” and the quality of life it daily affords for themselves and their families. This realization is adding to the burgeoning demand for lake property as an alternative “high return, low risk” investment. Why not diversify today and start reaping the benefits you and your family deserve!
by Nick Mendola & Marty Mendola
Nicholas L. Mendola, is a full-time Licensed Real Estate Agent since 1967 and a Canandaigua Lake property homeowner with his family since 1979. Nick is the founder and owner of Edelweiss Properties specializing in Real Estate Sales on Canandaigua Lake and the surrounding area for the past 22 years. For more information, call 716-586-3771 or visit www.lakepros.com
Martin Mendola is a full-time Licensed Real Estate Agent since 1988.