There is an endless number of reasons why properties in the Finger Lakes region of New York are considered valuable—adjoining hunting lands, abundant fishing, the serenity of clear waters, and the agriculturally rich soil, just to name a few. These features make it such a unique and sought-after lake area. In today’s world, the Finger Lakes continues to be the number one choice for discreet buyers.
Being situated near Rochester, Buffalo, and Syracuse, the Finger Lakes offers water activities, gorgeous views of surrounding hills, wineries, tennis courts, golf courses, fine-dining restaurants, shopping centers, and more. These are just a few things that draw more people to this region, and as the population continues to rise, the demands to make the Finger Lakes more convenient is also increasing.
In addition, there’s no need for families to organize a vacation that’s hours away from their homes, offices, friends, and social activities. For those looking to invest, owning a lakefront home on the Finger Lakes is a great opportunity with fantastic returns since each private property in the area is a prime location for retirement.
Investing in the Finger Lakes
As with any other investment in limited edition areas, lake property is and always will be a great investment, and only gets better when held for longer. While owners can’t expect to purchase their property today and sell in a year’s time to make huge profits, this option is likely in their future. Many who already own property in the Finger Lake are selling at handsome profits in today’s market, depending on when their homes were purchased.
Also, secondary homes are still being used as a safe tax shelter as real estate taxes and mortgage interests are still deductible for many owners. Unlike the usual residential property, lake properties have intangible returns that buyers need to consider when thinking about investing in one.
The Advantages of a Lakeside Property
Many people consider lake properties to be a strategic yet fun investment that comes with many rewards. Buyers can enjoy their lake investment immediately. In current real estate trends, families with married or grown children carefully acquire lakefront properties because of the resort-like atmosphere that the unity of a multi-generational family can add. Ultimately, lake living provides us with a lifestyle that just can’t be beaten by having a traditional residential house in the city.
Diversify today and reap the benefits for you and your family—now is a perfect time! The Baby Boom generation is now planning for retirement, and the best choice is a summer lake house in the Finger Lakes. This lifestyle not only takes you away from the fast lane, but it also helps to take the stress away, possibly adding years to your life. Those who live on the lake understand the quality of life it gives them, along with the true value of their investment. This realization also adds to the increasing demand for lake properties as an alternative to “high return, low risk” investments.
Best Places to Invest In
Because the Finger Lakes is such a huge area, it’s not surprising that only some parts of it are used for residential housing. Many areas of it are focused on entertainment, such as festivals, while others feature beautiful wineries, and some offer high-end dining experiences. But don’t worry, we’ve done the work for you and tracked down the top places to invest in the Finger Lakes.
If you’re looking for your next home without having to spend millions on a house, Seneca Lake is your best bet. Coming in at about 38 miles long, Seneca Lake has plenty of places to choose from. As you get further into this part of the lake, it gets more and more rural, so you can get a better deal for the perfect home. A house recently closed at $535,000 in Seneca Lake–it comes with three-bedrooms, along with a dock and lake frontage.
Furthermore, Seneca Lake is also the best place to go to when you need an escape from the hustle and bustle of the city. It is a known retreat spot with affordable homes and tasty wineries, making it popular for both owners and visitors who are looking to just kick back and relax. In fact, people from all over the world visit the Watkins Glen International race track.
On the market for the most gorgeous real estate? Then head east until you reach Skaneateles Lake. Fans of luxury homes are sure to be thrilled with the display that this area offers since it is the best place to see the largest, most stunning homes in the whole Finger Lakes region. Because it’s such a small lake, the most expensive properties will be in the upper two to three miles of Skaneateles Lake.
As reported by LakeHomes.com, there may be as many as 20 homes for sale at any given time in Skaneateles Lake. These houses will have an average listing price of $1,100,000, so this is something for investors to consider. But those looking to make huge investments will be happy to know that there are properties in the area with an asking price of almost $10 million, boasting more than 20 acres.
A close second to Skaneateles Lake for the area with the most beautiful homes, Canandaigua Lake also features stunning properties. Heading over to the north shore will shower you with lakefront homes and summer cottages. It’s not unusual for houses to have a list price of over $1 million on the market in this area.
Now that you’ve seen what Finger Lakes has to offer, it’s time to make your move. Properties are getting fewer by the minute and there simply won’t be any left in the future. Think about it–the population is growing ever so quickly and the huge number of retirees from the Baby Boomer generation is eager to get their share of land. And what’s worse, the Finger Lakes aren’t like other areas where waterfront can be developed through the use of canals. So don’t miss out and get a piece of the Finger Lakes today, where you can also enjoy the next few years with your family before you decide to cash in on your profits from this wise investment.