Investor · Ithaca, NY · Member since 2015 · 49 posts · 34 votes
4y
Hi Warren,
I've personally dabbled off and on in the airbnb niche (even back before it was a thing) in the heart of the Finger Lakes with great success.
I just closed on a property along the West side of Cayuga Lake less than a 1/4 mile from a wedding venue. The current plan is to renovate and use it strictly as an airbnb. I'm very confident it will do well in this specific area.
I run a meetup in Ithaca and we had an Airbnb management company speak at the event. They really have a great handle on the airbnb market here and would be super helpful in answering your questions. Feel free to reach out to me and I'll send you their contact info.
Also, I 100% second everything @Stephanie Jacobson said. My property is in the Ovid area she referenced.
New to Real Estate · Northeast USA · Member since 2021 · 17 posts · 7 votes
4y
Good Day Warren,
What made you start looking at the Finger Lakes region? Any connection to the area?
I just started my first STR this year in Onondaga county, town of Tully NY which is on the eastern side of the Finger lakes region. No town or county permits required, where I am. State occupancy tax permit required. Easy to obtain and file quarterly online. On the ground cleaning and other team members are tough to find, but they are available, and reasonably priced to STR market standards. Draws are the Lakes, boating, kayaking, hiking & parks, fishing & hunting, wineries, breweries, skiing, snowmobiling, colleges, and peace an quiet of the country side.
Since this is my first year and only my first quarter, all I can offer for occupancy numbers are that I have been booked every weekend (2-4 night stays) since the 3rd week of January 2022. My calendar continues to fill as the summer (high season) approaches. Projecting out, my wife and I are feel more confident, as our calendar fills, that are original research and market analysis will meet our expectations.
Real Estate Agent · Ithaca, NY · Member since 2016 · 428 posts · 324 votes
4y
Hi @Warren Marshall! I cover Ithaca, Cortland, Watkins Glen, Ovid, and will travel to Geneva. In my experience, the best STR locations for consistency and income center around the more rural areas between Seneca and Cayuga Lakes (Ovid area) for ease of access to wineries, beaches, parks and attractions. The other location I see as attractive for STR folks is right around Greek Peak, so Dryden and eastward.
Investor · Ithaca, NY · Member since 2015 · 49 posts · 34 votes
4y
Hi Warren,
I've personally dabbled off and on in the airbnb niche (even back before it was a thing) in the heart of the Finger Lakes with great success.
I just closed on a property along the West side of Cayuga Lake less than a 1/4 mile from a wedding venue. The current plan is to renovate and use it strictly as an airbnb. I'm very confident it will do well in this specific area.
I run a meetup in Ithaca and we had an Airbnb management company speak at the event. They really have a great handle on the airbnb market here and would be super helpful in answering your questions. Feel free to reach out to me and I'll send you their contact info.
Also, I 100% second everything @Stephanie Jacobson said. My property is in the Ovid area she referenced.
Thank you all for the replies and sharing. All of you have given me something to get started and i realize its a market I need to explore and develop a strategy. This is a new market for me, we are long distance investors that self manage. If you have some areas to stay away from please share.
Real Estate Agent · Ithaca, NY · Member since 2016 · 428 posts · 324 votes
4y
@Warren Marshall watch for local zoning restrictions. The town of Ithaca, for example, has put some limitations on STRs. (@Kelly Skeval probably knows more on the specifics of that!) For that reason, my STR folks prefer the rural areas surrounding.
Other than that, you can't really go wrong- the Finger Lakes region is beautiful with lots to do, has a constant stream of visitors from downstate alone, and not enough STRs!
Hi guys, which areas of Finger Lakes would you recommend to focus for STR investment property? thank you, Atif
Hey Atif! As we discussed in text, I prefer markets like Trumansburg, Hector, Burdett, Ovid- places between Seneca and Cayuga Lakes near the wineries that have easy access to beaches and parks, and where it looks like zoning changes won't restrict STRs in the future. I'm interested to see what others say though!
Investor · NYC/NJ · Member since 2016 · 23 posts · 9 votes
3y
Hi Stephanie! I'm also looking at the Finger Lakes region. What are your thoughts on Seneca Falls and Geneva? I would love to connect with you if you have some time. I'm looking for someone with expertise in the region.
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
3y
@Warren Marshall My SIL just bought on Canandaigua and the one thing she did mention was there aren't many choices for PMs but the one she is working with has all services in house. Curious to see how she makes out. The winter occupancy possibly driven by Bristol mountain is what remains to be seen. Summer our experience from being up there is the market is good.
Investor · HI · Member since 2020 · 4 posts · 1 vote
3y
@Sheila Reyes I'm not as up to speed on Seneca Falls, but below are links to two articles I think would be beneficial for anyone to read looking to invest in a STR in Geneva.
Of note, it's important to recognize that there is a difference between the City of Geneva and the Town of Geneva. The Town of Geneva currently has some STR legislation on the books, while the City does not. Might not make a difference in your search, but sometimes people look to invest in "Geneva" and don't realize that legally, Geneva has two separate entities. This will also impact your property taxes, as the City traditionally has had higher tax rates than the town, the exception being lakefront property. While I don't have any STR's in Geneva, I do have traditional buy and holds there, so please feel free to reach out if you have any questions and I'll see if I can help you out.
Hi Stephanie! I'm also looking at the Finger Lakes region. What are your thoughts on Seneca Falls and Geneva? I would love to connect with you if you have some time. I'm looking for someone with expertise in the region.
Seneca Falls I'm not familiar enough with, but I have a couple clients with STRs there. Geneva has been talking about regulating STRs for a long time, so I tend to recommend away from it.