Lake Chemung Lake Front Property

Lake Chemung Community Update

Does lake front property hold its value in a volatile real estate market? I am asked this many times and must confess, that even though I live on Lake Chemung, I hate to believe that prices have dropped.....but they have. Lake front property has not had as drastic of a drop in value nor as quickly as other areas in Livingston County, but none the less— home prices have dropped!

According the the MLS (multi listing service used by realtors), from 6/1/10 to 9/9/10 there were 10 on-market listings priced from $149,900 up to $425,000. Square footage ranged from 1,011 up to 2,400. Average list price of these homes $288,360. All of these properties are year round homes. SOLD homes within the same time period numbered 1. Sold price on this lakefront home was $137,500 (1,100 sq ft) and currently one pending at $349,900 (this home has been on the market for 612 days.

Do you want lake living without the lakefront prices? You can always purchase a home with lake access. Meaning that you will pay typically a yearly fee for a lake park front maintenance including the use of a boat dock. You usually will have to drop and pull out your boat each time you use it. The park is for member use only. Each lake association has different rules so it is important that you understand that YES you do have lake access! There are homes from $49,000 (700 sq ft) up to $200,000 with Lake Chemung lake access.

So the market is as I call it “seller soft.” BUT what a phenomenal market!

To learn more about Lake Chemung visit www.lake-chemung.com This is the Lake Chemung Riparian Association web site. You will find plenty of valuable information and events for Lake Chemung.
To view lake front or lake access properties, register on my web site where you can view any listing for FREE at www.MarvelousMary.com