08/16/2022
by Richard Testa, Licensed Associate Real Estate Broker, Howard Hanna Real Estate Services
Have you wondered what’s going on with the current real estate market, with multiple offers for properties, specifically in the Finger Lakes? Locals have long known that the Finger Lakes Region is a very special place. Many who were once visitors are now buyers, having discovered the beautiful lakes, hills, hiking trails, parks and vineyards, great restaurants and shops and, of course, friendly local people – all within hours of major cities such as New York, Boston, Philadelphia, Cleveland and Pittsburgh. People have even come to the area from the Midwest, South and the West Coast.
So why are there significant value increases in real estate? First, while prices have increased because of demand, the cost of Finger Lakes real estate is basically a bargain compared to big cities. Second, because of the shift to remote work brought about by the pandemic, potential buyers can work from anywhere. Third, retirees are looking to downsize. Fourth, real estate investors look at Finger Lakes properties as a hedge against inflation – after all, the old adage “location, location, location” is so important in real estate.
Let’s look at some examples of what properties are going for.
Another Canandaigua Lake view property, 4960 Hillcrest Drive, has an exceptional Southern country style architecture. It sold for $999,999.
This very private Canandaigua Lake dream home at 164 East Lake Road has approximately 300’ of waterfront and five acres of land. It sold for $1,850,000.
Properties in the City of Canandaigua have also seen a dramatic rise in real estate value. For example, 75 Gorham Street was listed at $499,900. It sold for $610,000 – a 22% increase over asking price.
The other Finger Lakes are no different. This two bedroom, two bath home at 5902 East Lake Road on Seneca Lake in Romulus, with approximately 195’ lake front, sold for $1,050,000 – a 50% increase over the asking price of $699,900!
Another Seneca Lake property, at 3827 Severne-on-Seneca, sold for $896,000 – nearly $100,000 over asking.
A Cayuga Lake property, 6011 Lower Lake Rd. sold for more than $72,000 over the asking price of $439,900.
A property at 3604 Shoreline Drive on Conesus Lake sold for $767,000, a 15% increase over the asking price of $699,900.
On the average, lake properties have increased more than 25% in the last year, a trend that is continuing this year as well. Finger Lakes buyers are increasing in numbers, so properties are in demand, but it’s still important for sellers to make their property look as great as possible. The key is to have an excellent strategic marketing plan, objectives and strategies including great photography, video, print and digital advertising to reach both local and out-of-town buyers.
The forecast for the real estate market of the Finger Lakes Region continues to look hot. Whether drawn here by economic opportunity, retirement goals or the convenience of remote work, one thing is for certain: Once people experience the beauty and bounty of the area, they want to call it home.
You can contact Richard Testa, Howard Hanna Real Estate Services, at richtesta@gmail.com or 585 739-3521. Look at many properties sold at SoldByRichTesta.com.
