Do You Really Own A Condo Yes! When you purchase a condo, you do own everything within the four walls of your condo. If there are monthly fees, they usually cover the maintenance of the full building as well as any amenities that are part of the HOA. If you see a Timeshare/ Interval property, you would only own a certain piece of the condo. An example of this would be listings at the Whiteface Lodge. These listings are generally 1/12 share of the property so you can use the unit 1 week every 12 weeks. These weeks are on Read More
Lake Placid Real Estate Updates Tips For Buying in the Adirondacks
Margie Philo, Real Estate Broker & Owner
Berkshire Hathaway HomeServices Adirondack Premier Properties
Welcome to “The Brokers Suite,” our blog with updates about new listings, real estate buying and selling tips, and more real estate topics updated regularly. Stay up to date with the latest Adirondack and Lake Placid real estate market information. Find insider advice and tips to assist you in selling or buying a residential or commercial property in the Adirondacks.
"Where Experience Isn't Expensive, it’s Priceless."
Lake Placid Real Estate Market Expert
See below for our latest blog posts. Some posts are republished as part of the Berkshire Hathaway Home Services collection of real estate education content.
Is Commercial Property Worth More Than Residential? In our area commercial property can vary in price. Location & size are major factors in determining the price of commercial listings. While location and size are major factors some other things that come into play are parking, use and previous history. Location Having a prime location on Main Street where there is a lot of foot traffic will generally be more expensive than a property off Main Street with little to no foot traffic. Size Like residential homes square footage comes into play when determining price. Having more space for Read More
How Much Does A Condo Cost? Condos can vary in price. Some factors that come into play when determining the value of a condo are square footage, location, HOA and views. Square Footage Like most properties the more square footage the more money. Having the additional space to enjoy your property adds value. Whether it is having people visit or having the extra rooms for an office it is just nice having the space to spread out. Location Location is one of the main factors when determining the value. While you can find condos in multiple locations having the right Read More
Where is the most affordable lakefront property? In our region lakefront properties can vary in price. If you are looking for a home on one of the major lakes, you will have a very difficult time finding an affordable home. Many of these homes are offered well over a million dollars. When we have a homeowner looking for a more affordable lakefront property; we suggest looking into one of the less known lakes like Rainbow Lake, Loon Lake, Lake Flower & Lake Clear. While you will still find million dollar homes on these lakes you are still able to find Read More
Is renting a lake house profitable? Yes, the lake and waterfront homes in our region could be very profitable to rent. This comes down to some factors that will affect the profitability. Location The location of the property can come into effect when figuring out the profitability. Currently Lake Placid and the Town of North Elba have rules restricting the number of days that you can rent. The village of Lake Placid allows you to rent for 90 days while the Town of North Elba allows you to rent of 120 days unless you are part of an HOA Read More
RESIDENTIAL CLASSIC HOME ON NASH STREET 5 BED | 3 BATH | $729,000 A newly listed five bedroom home with an additional 2 bedroom 1 full bathroom guest apartment over the garage. The desirable Hillcrest neighborhood is only blocks to Main Street shops and restaurants for the ideal location. CLICK HERE to view more. MULTIFAMILY ON CIRCLE STREET 8 BED | 3 BATH | $425,000 An immaculate well maintained 3 unit apartment house with an on-site caretaker that takes care of the property’s needs in exchange for a reduced rent. CHARMING HOME ON HARRIETSTOWN HILL 3 BED Read More
Is it safe to buy a house near a lake? Buying a house near a lake is just as safe as buying a residential home. We always suggest to our buyers to have the homes inspected by a licensed inspector to remove any doubt of safety. The main difference between the two would be the insurance. When you have a lakefront property depending on the flood plain your insurance company may have you take out flood insurance what will protect you if there is a large storm or flooding in the region.
What is the seven-day rule for vacation homes? The seven-day rule for vacation homes are a minimum night requirement to rent. This is generally used on large event weeks where generally renters are going to spend a week in our region. These are put into place so that we can maximize the homeowners rent-ability. Generally, our lake/waterfront and luxury homes require a vacation of seven days especially during the summer. This can be altered to any number of days especially during the off season where people are looking for a weekend trip or shorter vacation.
How A Real Estate Agency Works Real estate professionals are licensed by regulators in the state where they practice. A candidate must be sponsored by a licensed real estate broker, take state-approved training, pass the licensing test, and then join the sponsoring broker’s firm as a salesperson and agent of the broker. State licensing laws allow certain types of representation in fairness to consumers. Some agents act as fiduciaries for their clients which means they owe loyalty to the one who hired them, but in that case, they also owe honesty and fairness to other parties in the transaction. Other Read More
How Do Beginners Buy Land? As a beginner, we suggest that you look for an area that you would like to purchase land and discuss with a local real estate agent about the process of purchasing land. Local real estate agents will have an idea of any hoops you may have to jump through when purchasing land. This could be anything from building requirements to restrictions on the property. Knowing these aspects ahead of time can save you a lot of time and money when you do decide to finally buy land.
Is it worth buying a townhouse? This is really a question for the buyer, townhomes have pros and cons just like any other style of real estate. In our region most of the Townhomes are part of an HOA so they have extra features that a normal residential home does not have. Some of these features include maintenance, lake access and even golfing at an 18-hole course. While these features are nice, they do come at a monthly fee to the owners so the buyer will have to consider this in their budget. Another possible negative is sharing a wall Read More
Decreasing Demand Or Supply Constraints? In 2021, existing-home sales rose 8.5% during 2020, the highest level since 2006 as supplies of homes for sale fell to an all-time low of 910,000, equivalent to 1.8 months of available inventory. In December 2021, housing sales declined 7.1% over December 2020. The National Association of REALTORS (NAR) explained that the dip was likely due to supply constraints over decreasing demand from homebuyers. Employment in December rose by nearly 200,000 and the unemployment rate was 3.9%. Also favoring homebuyers, salaries rose 4.7% year-over-year, even while those gains were countered by the highest rate of Read More
What Are The 4 Main Categories Of Commercial Real Estate? The 4 main categories of commercial real estate are: office space, industrial, multi-family rentals & retail. Office Space – This would be business style buildings that are used as office spaces for employees. Industrial – This would be any buildings that are used to develop, manufacture, or produce goods or products. Multi-family rentals – Apartment buildings or homes that are focused on housing for people. Retail – This would be storefronts for businesses. While these are generalized, you may find commercial real estate where it is a mixture Read More
How Can I Own Land And Not Pay Taxes? Generally, when you own land you will have some sort of taxes that you will have to pay. There are a few cases where you may be able to be tax exempt like being a non-profit organization, using it for agricultural use or having a third-party tax payment. Non-Profit Every state allows you to own property tax-free if you are a non-profit organization. While your property is tax-exempt they do expect you to provide for the public good and reduce the governments financial obligations. As a non-profit you must rely Read More
RESIDENTIAL CABIN NEAR TITUS MOUNTAIN 1 BED | 1 BATH | $298,500 A newly built one bedroom (with sleeping loft) off-grid cabin situated on 15 acres w/ beautiful mountain views. CLICK HERE to view more information and photos. LEGENDARY ADIRONDACK HOME 7 BED | 4 BATH | 46.8 ACRES | $3,550,000 An Adirondack Legend with spectacular mountain views and the nerve center for the 1980 Winter Olympics. Built by the Chairman of the Board of Weyerhaeuser Lumber with custom paintings by a former US Secretary of State. CLICK HERE to view more information and photos. NEWLY RENOVATED ON CORTEZ Read More
Blended Paint Shades For 2022 Paint color palettes for 2022 seem to lean toward soothing neutrals or bright, cheerful tones. Gone are the dark, moody colors of the past few years, as people cope with COVID and its variants, rising inflation, and political uncertainty. The trend this year is blended colors that offer serenity and good cheer in one perfect shade. The most-watched Color of the Year is Pantone, the leader in digital, industrial and graphic design color mixtures. Instead of choosing a hue from its vast library, Pantone created a new color called Pantone 17-3938 Very Peri – a Read More
What Does It Mean To Own A Condo? Owning a condo means that you own everything within those four walls. Buying a condo is full ownership compared to a timeshare or fractional where you are a partial owner. Generally owning a condo comes with an HOA so you will have to plan for the additional cost. The HOA normally covers ground maintenance and general building maintenance. Some HOA’s may also include golf, tennis courts & beach access on lakes.
Is a Townhouse Worth More Than A Condo? Generally, townhomes are more valuable than condos but this is not always the case. At the Whiteface Club you are able to find townhomes and condos. In the current market, the townhomes at the Whiteface Club are generally selling for over a million dollars while condos are under the million dollar mark. While there are some larger condos at the Whiteface Club that have sold for over a million they are generally closer to the $800,000 or below range. The reason townhomes are more coveted are privacy, square footage & views. Read More
About Earnest Money Deposits When a buyer and seller agree on a purchase price and terms, the buyer shows the seller a sign of good faith in the form of earnest money. This money, typically 1% to 3% of the sales price or whatever is customary for the local market, is deposited with an escrow agent or title company, a neutral third-party that serves to finalize the transaction for both sides. Earnest money is designed to protect the seller. It shows the buyer is serious, but if the buyer doesn’t follow through with the contract, the seller could lose valuable Read More
What does it Cost To Build A House or Cabin In The Adirondacks? The price to build a house or cabin can vary quite a bit. Below are some factors to consider when building a home in the Adirondacks: Price of land Different areas in the Adirondacks vary drastically on prices. From a smaller community with a lot under an acre offered for approximately $10,000 and up to a larger community, waterfront or large parcel being offered for over $400,000. Stick Built or Pre Fabricated Pre-fabricated homes can have more standardized pricing as the company has set styles, size Read More
Is It Better To Buy Land First And Then Build? This question really comes down to the buyer. If you have the funds to buy land and build, it will be a quicker process. If you only have the funds for land and find the piece that you really want, then purchasing the land is what you should do. Just purchasing the land may cause the process to take a little longer but there is always time to build funds to build. It is hard missing out on the perfect parcel and may only come along once.
Can you buy land in the Adirondacks? Yes, there are many vacant lots throughout the Adirondacks. In our region of the Adirondacks the price points can drastically change depending on location. Waterfront and large parcels in the right area can start over $400,000 while smaller parcels can vary from $10,000 and up. In our current market there are over 50 listings in the Tri-lake region (Lake Placid, Saranac Lake & Tupper Lake) and over 120 listings when you extend the area just a little further. Our offices currently holds 19 of these listings but we are happy to provide information Read More
Is There A Difference Between A Townhome And A Condo? While many people may use townhomes and condos terms interchangeably, they are different. While you may find them in the same complexes, they are two separate living spaces. Townhomes are normally multiple floors where no one lives above or below you and the homes are share at least one wall. These properties also have separate entrances. They are generally in lesser groups like 2 residences together as seen above. Condos can be multiple floors but there is someone who lives above or below you. If you think about a big Read More
Can you build a house or cabin in the Adirondacks? You can build a house or cabin in the Adirondacks. When you purchase land, you will have to look in the deed to see if there are any restrictions for the piece of land. Some of these restrictions can vary from size of house to different setbacks based on the APA or regional requirements. In our current market buying land is a very viable option to find exactly what you are looking for. We like to suggest to our buyers to look into how you would like to have your Read More