Arnold Doren, Home Buyer in New Jersey

What is a reasonable 3 yr to 5 yr Investment outlook for a 2BR or 3BR seasonal keuka lakeview property?

Asked by Arnold Doren, New Jersey Sun Oct 12, 2008

I am considering a lakeview vacation home in the Hammondsport area of keuka lake. I am wondering what type of investment outlook should be expected over the next 3 to 5 years. Trulia still shows strong growth in this market, despite the general direction of the economy, including a 60% y-o-y avg sale price increase and inventory is still very low.

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5
David Larrimore’s answer
Arnold, a better investment might be land with a view of the lake. Building lots are getting scarce.
For returns on a house, I think you should look at 5-10 years gains should be about 5-10% per year
David Larrimore
Sunrise Realty
607-731-6414
1 vote Thank Flag Link Mon Sep 21, 2009
Arnold I still agree with David 5-10% per year, leaning closer to 5 per year. If you buy now with low prices and interest rates, you should see an appreciable return. Call me to view some lakeview properties.
0 votes Thank Flag Link Wed Feb 2, 2011
Mary, seeing as Arnold is already more than 2 years into his 3-5 year investment, I would think it is too late to make suggestions about what is going on in the area. Either he bought, or he didn't.
0 votes Thank Flag Link Wed Feb 2, 2011
Arnold, It is great to see that you are an educated buyer. 2009 was a down year for the area. 2010 moved past the 2009 numbers slightly. With the interest rates remaining low, we should see another modest increase in 2011. David is on target with his answer. I myself would look more towards a ten year outlook. This area is in a moderate growth areamainly due to the tourism business. There are great plans in place for the old Gold Seal Winery, the Finger Lakes Museum is on track with its building campaign and should attract even more visitors. There is also an arts trail planned for the area. These are all great attractions that attract the types of demographics that will feed an upward moving economy.
0 votes Thank Flag Link Wed Feb 2, 2011
go to the web site realty usa and put in 14840, or the county--yates, steuben, there is a large inventory on that web site.

kay
0 votes Thank Flag Link Sun Nov 22, 2009
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