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Lake Placid Real Estate Updates Tips For Buying in the Adirondacks

Margie Philo, Real Estate Broker & Owner

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.

How Do I Fire My Real Estate Agent?

How Do I Get Rid Of My Real Estate Agent

The method of changing or firing a real estate agent is different depending on if you are selling or buying. We have provided ideas below on Saying Goodbye To Your Buyers Agent If you are using a real estate agent to help you purchase a home you will need to notify the agent that you have decided to use another agent. Most agents understand if things are not working. As a buyer you should be only working with one agent in a region. Working with multiple agents will cause confusion and issues for everyone through the process. Most real estate Read More

June 30th, 2022

Will REALTORS® Become Obsolete In 2022?

Realtors Obsolete Graphic

No, REALTORS® will not become obsolete in 2022. While access to real estate transactional best practices has increased with more information on the internet, this does not replace the experience a REALTOR® brings to selling or buying a residential or commercial property. During Covid many real estate brokerages had to pivot on how they were able to advertise and show properties. Real estate agents started to focus more on video or 360 tours, and produce valuable content allowing buyers to view more properties than when searching on their own. Additionally, REALTORS® can use Zoom meetings to discuss any of the Read More

June 28th, 2022

Ask A Broker – What Should I Bring To A Cabin Getaway?

Alpenglow Lakeside Lodge - Aerial of Lower Saranac Lake

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

June 23rd, 2022

Ask A Broker – Is Real Estate A Dying Industry?

Is Real Estate A Dying Industry Graphic

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

June 21st, 2022

Ask A Broker – How Do You Vet A Real Estate Agent?

Realtor - VETT a real estate agent blog

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

June 16th, 2022

Ask The Broker – Renting Home As Vacation Rental

House With Keys

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

June 14th, 2022

Ask The Broker – Residential Property Used As Commercial

Can Residential Property Be Used As Commercial? Residential property can be used as commercial but there may be restrictions. This would require you to change your building’s certificate of occupancy to mixed use.

June 9th, 2022

Ask The Broker – Buy State Land In New York

Can You Buy State Land In New York? Generally, New York has bought land in area in order to keep it forever wild. These parcels will be saved and protected by the state where it can be enjoyed by the citizens. Occasionally if land is deemed no longer necessary for public use it may be sold at a public auction. Currently there are no surplus parcels for sale in Franklin or Essex county. CLICK HERE to view available properties.

June 7th, 2022

June 2022 Newest Properties

Adirondack Mountainside Chalet In Keene Valley - Aerial Exterior Back Square

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

June 3rd, 2022

Ask A Broker – Expensive Waterfront Properties

Luxury Home On Mirror Lake

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

June 2nd, 2022

Ask The Broker – Do Townhomes Go Down In Value

Bluff 10 Townhome - View from the deck

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.  

May 31st, 2022

15 Steps To Selling Your Home

15 Steps To Selling Your Home

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

May 26th, 2022

Ask The Broker – Do You Really Own A Condo

Lakeside Units - Aerial Exterior view with Lake Whiteface in background

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

May 24th, 2022

Ask The Broker – Commercial Property Worth More Than Residential

Camp Awesome - Aerial of Mirror Lake and Lake Placid

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

May 19th, 2022

Ask The Broker – How Much Does A Condo Cost

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

May 17th, 2022

Ask A Broker – Affordable Lakefront Property In The Adirondacks

Cabins In Onchiota - Aerial of pond and mountains

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

May 12th, 2022

Ask A Broker – Renting Lake House

Camp Ayenoweekan - Aerial of property

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

May 10th, 2022

May 2022 Newest Properties

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.   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  |  2 BATH  |  $389,000 Read More

May 9th, 2022

Ask The Broker – Safety Of Lakefront Properties

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.

May 5th, 2022

Ask The Broker – Seven Day Rule For Vacation Homes

Calendar with dates

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.

May 3rd, 2022

How A Real Estate Agency Works

How Real Estate Agency Works

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

April 29th, 2022

Ask The Broker – How Do Beginners Buy Land

A Lot 2

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.

April 28th, 2022

Is It Worth Buying A Townhouse? Exploring How To Value A Townhouse

Bluff 10 Townhome - Exterior

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

April 26th, 2022

Decreasing Demand Or Supply Constraints?

Decreasing Demand Or Supply Constraints

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

April 22nd, 2022

Ask The Broker – 4 Main Categories Of Commercial Real Estate

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

April 21st, 2022

Ask The Broker – Own Land And Not Pay Taxes

Pork Bay Camp - Aerial of lot and Upper Saranac Lake from far away

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

April 19th, 2022

April 2022 Newest Properties

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.   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.     NEWLY RENOVATED ON CORTEZ LANE 3 BED  |  1 BATH  |  $250,000 A newly renovated 3 bedroom home Read More

April 15th, 2022

Blended Paint Shades For 2022

Blended Paint Shades For 2022

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

April 15th, 2022

Ask The Broker – What Does It Mean To Own A Condo

Lakeside Units - Aerial Exterior view with Lake Whiteface in background

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.

April 14th, 2022

Ask The Broker – Is A Townhouse Worth More Than A Condo

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

April 12th, 2022