Boomers, Economy Bolster 2nd-Home Market(December 20, 2005) -- Though the second-home market usually is the first to experience a downturn, experts say this niche will remain strong for at least the next decade.David Berson, Fannie Mae chief economist, says the strong economy and the massive number of baby boomers entering their prime years for buying a second home will bolster the market over the next 10 years or more. According to Loyola University demographer Kenneth Johnson, baby boomers will continue to move to scenic, rural areas that are in close proximity to their jobs and primary residences in major cities. Prices on the East and West coasts—particularly in Oceanside, Calif.; Pompano Beach, Fla.; and Beach Haven, N.J.—and in popular ski and resort areas continue to rise. Source: Chicago Tribune (12/20/05); Burns, Greg

Hope everyone had a Merry Xmas. The winter season is in full swing in Chautauqua County. All the snowmobile trails and the ski areas are doing a good business. The lake isn't frozen enough to ride on yet but, that is only a matter of weeks.

Sometime in mid January we will have our annual Chautauqua Lake Real Estate Sales statistics posted for 2005 on the FAQ page. If you would like any information on any homes for sale contact us anytime were happy to help.

Just a note to our site visitors that we will be posting our year end stats on Chautauqua Lake home sales in the 1st or 2nd week of January 2006. Preliminary overview looks like it was another strong year. You can view the stats on www.chautauqualakehomes.com/faq.html

Snowmobile seson in Chautauqua County opens December 12th if the present 2ft snow drop is any indication riders are going to have a great season.

This is an interesting article I came across:

How To Pay Off Your Home Loan 10 Years Sooner Without Spending One Penny In Extra Payments" by Nick Krehnke

How a Simple Plan with a Common, Yet Overlooked Home Loan Can Save You Hundreds of Thousands of Dollars Without Changing Your Budget By a Single Penny!
Hello, Top Guns!
You will laugh at the simplicity of this plan, and, at the same time, think what a great idea it is. It was a real light-bulb-going-off-in-my-head type of feeling for me.
So here it is:
"Replace Your Checking Account with A Home Equity Line Of Credit and You Will Save (Or Make) A Ton of Money."
That is all you really need to know, but let me give you the how and why of it so you can really understand.
A Home Equity Line Of Credit (HELOC) has 2 unique features that no other home loan offers that make this possible. They are:
1. It is a Revolving Account-- Just like a checking account or a credit card. That means you can deposit money into it and take it out when you need it. That is why you get a debit card and checks when you open a HELOC.
2. Interest Compounds Daily Instead Of Monthly-- While this may sound like a negative, it is really a benefit. I will explain below.
Say you just got paid at work. You go to the bank as you normally would to deposit your check, but you deposit it into your HELOC instead of your checking account. You go to the store to buy some groceries. You pay them with you debit card or checks, but you use the ones tied to your HELOC instead of your checking account.
It is exactly how you do it now, except it is sourced from your HELOC, not your checking account.
"Well great Nick, but how the heck is it going to save me money?" Do you remember how I said the interest compounds daily? Go grab your bank statement from your checking account. Do you see were it tells you what your starting and ending balance is? You will also see something that says "Average Daily Balance." That means with all of the deposits and withdrawals, this is the average amount you had in the account. If you park this money into you HELOC it will lower the balance of your loan, thus lowering your payment. Because it compounds daily, it does not matter if you are constantly making deposits and withdrawals, you still benefit. Any amount you deposit into the HELOC above your basic interest goes 100% to lowering the principal balance. Let us work with some hard number so you can see it in action.
Say you have a $150,000 HELOC at 8%. This would make your full payment $1,100, with $1,000 of that going toward interest. Therefore, a whopping $100 goes toward principal. You also have an average daily balance in your checking account is $10,000. You park the $10,000 into your HELOC, making the balance $140,000. That would lower the interest part of your payment to $933, a savings of $67. Therefore, of your $1,100 payment, $167 goes toward principal instead of $100. For some of you that might not sound like much, so let me put it in these terms:
You will save $140,040 in interest on this $150,000 loan!
It would be paid off in 20 years instead of 30. That is 120 less payments times $1,167 per month. Imagine the drop in your stress level because of the lack of money worries! The funny part of it is the fact you can save actually more, A LOT MORE! I didn't even talk about the tax strategies involved, or the way how this $140,040 savings can actually be a $509,000 gain! Does that Sound Interesting, if not almost unbelievable? I would tell you right now, but it is getting late and I am tired. You will have to call or email me for more info on this.......
About the Author
With Over $100,000,000 in Home Loans Funded per Year, Nick Krehnke, is truly an "Expert's Expert" in the area of Home Finance and Investing. He is also the author of "How to Retire Rich with Real Estate..by owning Just One Home" Get a Free Custom Report from his website at http://www.Home-Loans-By-Nick.com

Halloween was very active in Chautauqua County this year. The weather was warm which allowed the kids to trick or treat without coats. There were a variety of activities sponsored by various organizations in the towns around the lake from Haunted houses to Halloween parties. Lets hope this great fall weather were having stays with us.

Rick & Julia McMahon 

Welcome to the opening day of the Chautauqua Lake Blog. We will use this format quite often to publish informative information on what is happening on and around Lake Chautauqua and Chautauqua County New York. Please visit our website http://www.chautauqualakehomes.com