From the WSJ Real Estate Archives

Waterfront Homes That Are
A Relative Steal in Rochester

by Lauren Baier Kim
December 08, 2005

In SmartMoney's recent survey of 148 of the largest metropolitan areas in the U.S., Rochester, N.Y., was among the most "undervalued" housing markets, or regions where incomes have risen faster than home prices the past five years. Weighing down housing prices are job losses at manufacturing companies and at Eastman Kodak Co. According to SmartMoney, actual home prices in Rochester were 24% undervalued in the second quarter of this year. In October, the median price for an existing home in Rochester was $112,000, up 2.8% from $109,000 a year earlier, according to the Greater Rochester Association of Realtors. October 2005's median price falls well below that for an existing home for the U.S. as a whole, $218,000, as reported by the National Association of Realtors. Here's a look at three waterfront homes in Rochester that could be vacation retreats for value-minded second-home buyers.

  • Rochester, N.Y./$750,000
  • Rochester, N.Y./$650,000
  • Rochester, N.Y./$413,000

PLACE/PRICE: Rochester, N.Y./$750,000

PROPERTY TAX: $13,650

THE PROPERTY: A .54-acre property that has a small sandy beach on Lake Ontario. The 3,200-square-foot residence has 3 bedrooms and 2.5 baths.

DESCRIPTION: A new home built on a tear-down lot in 2004. The house is on a hill and has waterfront views from every room. The kitchen, designed by the well-known Neff design firm, includes Viking appliances and granite counters. The residence's interior has Brazilian cherry wood floors throughout and there are marble floors in the bathrooms. The lake can be seen from the wraparound outdoor deck.

NOTABLE: While the rest of the housing market in Rochester has been flat, says listing agent Holly Creek of Columbus ERA of Rochester, "the waterfront is consistently appreciating." Most of the homes on the lake can be lived in year-round, while there are a few summer cottages, she says. Within the past two to three years, she adds, buyers for lakefront houses in the city have hailed from across the U.S. "The market on the water is brisk," she notes. "People are calling from all areas of the country."

 

   

Note: *Current owner's payment

Sources: Columbus ERA, The Rich Group

-- Ms. Kim is a senior editor at RealEstateJournal.com.

Email your comments to lauren.kim@dowjones.com.