Open House Alert! 3681 Causeway Road

This is a photo I took a few years back of the beach on the south side of the Causeway that runs (used to run, really) across Otisco Lake.  This area is a couple minutes' walk from 3681 Causeway Road, the home I am holding open this Sunday (June 12th).

When the seller bought the cottage a while back we were told there were lake rights.  Many of the homes in the area had them written into their deeds.  Everyone used the beach, cleaned up after themselves, and generally took care of it.  Presumably the original seller had also.  Unfortunately there is nothing written in the deed, but traditionally there are no issues.  It's a small community, and even with written permission from some long ago owner it would not be acceptable to treat the beach poorly.  Isn't it lovely?  Imagine those hills in the fall.  As someone said recently, "Just being near the water is calming."

The cottage is also serene.  As you can see, at some point an old porch was enclosed to create this lovely great room with the vaulted ceiling, supported by those beams.  You are looking at it from the kitchen...a small table on the right side looks out at the lake.  Although the house itself is small, it has three bedrooms. One of them is upstairs and actually has a balcony.

I went back and looked at my notes.  We - the seller and I - first put it on the market in 2007 when she realized that her move was too far to make it a practical commute or even weekend retreat.  When it didn't sell after a couple months, she was approached about renting it.  The people ended up staying for years, they liked it so much!  Since then we've tried to sell it a couple more times, but the home rents easily, the mortgage gets paid, and the tenants treat it kindly.

This time she would like to sell it, so we started early.  The price is $59,000.  "Really?" you ask.  "Yes, really!"  I say.

Let's do the math.  Say you put down 10%...that's $5,900, but let's call it $6,000.  You will then finance $54,000.  Amortized over 30 years, at 4%, your payments will be $257.80 per month.  Taxes are about $3000 per year, so add a monthly $250 escrow.  Insurance too....another $50 per month...Rounding again you owe $550 monthly.  This is without the STAR tax discount, without appealing the assessment, and without taking into account the tax benefits of a mortgage.

Clearly this 3-bedroom home so close to the water is a very good deal.

So come this Sunday between noon and 2:00 and see the home and give it a good thought.  It's in Tully School District....the marina is just around the corner within walking distance....you can get to Syracuse or Auburn within 45 minutes, Cortland in only 30 minutes.  And when you get home, relax on your very own deck!