Lake Placid Real Estate Updates Tips For Buying in the Adirondacks

Cabin getaways  to the Adirondack mountains and lakes are always exciting but there is nothing worse than forgetting something you need. When renting through our office many things are covered. We try to make everything as easy as possible so renters need to just bring themselves, clothing and their travel essentials. Our rentals will have a starter of basic essentials throughout the home as well as linens and towels. The renters will have to buy food and/or  any other things that they would like to have on vacation. Whether your cabin rental is for family fun or a romantic getaway Read More

No, real estate is not a dying industry because people will always need housing. There are always ups and downs in every industry. The development of new technologies will evolve how properties are shown and how the buying or selling process is conducted. Change in the real estate industry became a requirement as with many other industries, during the ongoing covid pandemic. Real estate showings went from in person walk throughs of the properties to a more digital focus. In our office, we started to have a larger focus on video tours as well as 360 self-guided virtual tours of Read More

When determining how to find a real estate agent to buy or sell a home, asking the right questions could lead to more success. These questions will change slightly depending on if you are selling or buying. Vetting A Selling Agent If you plan on selling your home, asking the agent about their past sales, the agency that they work for, their marketing strategies as well as the current market are great starting points. Past Real Estate Sales Tenure comes into play with their past sales. Someone may have been in real estate for 20 years giving them a lot Read More

How do I rent my home as a vacation rental? Renting your home is now easier than ever. Within our office, we use third party apps like Air BnB or VRBO as well as receiving call ins about our properties. While it is easier than ever, you will still need to consider finding a cleaner and caretaker if you do not plan on handling those aspects. You will also need to consider the time involved for booking and answering questions. Another option is hiring a management company so you do not have to handle the booking, cleaning, and dealing with Read More

RESIDENTIAL HISTORIC MASTERPIECE ON VICTOR HERBERT 12 BED  |  10 BATH  |  $1,450,000 A Historic Masterpiece designed by architect W.L. Coulter in the early 1900’s with one of the more scenic views of Lake Placid and the mountains. CLICK HERE to view more.     ADIRONDACK MOUNTAINSIDE CHALET IN KEENE VALLEY 5 BED  |  5 BATH  |  $849,000 This is the Adirondack mountainside chalet you’ve been dreaming of! Sip a drink while relaxing on the 1500 square feet of outdoor deck space while taking in the sprawling 270 degree view of Giant and Hurricane Mountains from 1300 feet above the Read More

Why are waterfront properties expensive? That is a great question, waterfront properties can be expensive for many reasons. Some factors that create the pricing for waterfront properties are inclusivity, location, home size, frontage and activities allowed.   Inclusivity There are only so many lots around the lakes so when properties are bought it can cause price to go up especially if the properties rarely sell and are built with quality materials. Location Location, location, location! This is a major factor for pricing from having that one-of-a-kind view to how close to town the property is. As an example, we listed Read More

Do Townhomes go down in value? Townhomes in our region will generally follow what the market does. The value can also change based on the HOA or services that are offered in the complexes. If the HOA decides to add or remove amenities, the value of the property will follow suit. HOA’s that provide luxury amenities like golfing, beach/waterfront and tennis courts continue to go up with limited space.  

15 Steps To Selling Your Home The home selling process can vary in difficultly. Experienced real estate agents will always work with the homeowner to ensure the best chances of favorable viewings, leading to more offers. To best prepare your house for sale, here are 15 steps to consider. 1. CONDUCT A MINI WALK THROUGH Give your property the once-over, from the perspective of a new buyer. Make notes of all the items that need repair or improvements, and things that may look out of place. You may consider having a close friend help you with this, assuming they will Read More

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 Read More

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

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? Is it really worth buying a townhouse? Townhomes have pros and cons just like any other style of real estate. In the Adirondack region most of the townhomes are part of a Homeowners’ Association (HOA), so they have extra features and living benefits compared to a standalone single family home. Additional benefits of living in a townhouse may include maintenance, lake or other waterfront access and direct access to a golf course. While these potential features are nice, many come with a monthly fee, so the buyer will have to consider this in their 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