After an astonishing 114 consecutive months of year-over-year home price gains, existing home sales eased two percent on a seasonally adjusted annual rate between July and August 2021. Have rising home prices finally become too much for homebuyers? Not yet. The median existing-home sales price rose 15% year-over-year, according to The National Association of REALTORS (NAR), largely due to a continuing dearth of available homes for sale. Existing supplies nationwide are at a meager 2.6 months on hand, which means that at the current sales pace, supplies would end quickly. Most impacted by slim inventories and rising prices are first-time Read More
Lake Placid Real Estate Market Blog
Margie Philo, Real Estate Broker & Owner
Berkshire Hathaway HomeServices Adirondack Premier Properties
Join us here in the Brokers Suite, for up to date real estate news, plus Adirondack and Lake Placid real estate market information. Here we will provide you with inside tips to assist you in your purchase and offer relevant Adirondack real estate market resources.
"Where Experience Isn't Expensive, it’s Priceless."
Lake Placid Real Estate Market Expert
A Note From Our Broker
Berkshire Hathaway HomeServices Adirondack Premier Properties is a full service real estate and vacation rental firm in Lake Placid, dedicated to customer service and to old fashioned values. Treating people right, following through to be sure each transaction is completed with care, and excellence. Our agency believes in caring for each and every person. The thrill of a real estate deal is in how happy everyone is at the end, making new friends and smooth negotiations. Each of our sales agents and staff are hand picked by me, Margie Philo, Owner and Broker.
For the last 10 years we have been one of the leaders in Adirondack and Lake Placid real estate sales volume. Specializing in Adirondack waterfront, residential homes, and commercial sales; our team of professionals is here to assist you 7 days a week. Our vacation rental department has one of the largest inventories in the Adirondacks, featuring waterfront homes, condos and townhouse rentals, as well as Lake Placid vacation rental homes. We are available to help you find exactly what you’re looking for in a vacation. We welcome you to call and discuss what your dreams are, what we can do to make them happen and answer all of your questions. We are an upbeat and professional group of agents who believe in doing things right, with integrity.
Margie Philo, Broker & Owner
Appraisals establish the value of a given home, making them extremely important to lenders, tax authorities, the housing industry, the economy, builders, buyers, and sellers. They’re integral to building home equity and wealth, giving advantages to some homeowners and disadvantages to others. Many lenders use automated valuation models to save time and money more so than to limit human bias, but historical data submitted by appraisers with conscious or unconscious bias, particularly in majority black and ethnic areas, may be subject to decades of undervaluation. Appraisers limit competition by requiring candidates to undergo apprenticeships to become licensed, yet Octoberresearch.com found Read More
When you apply for a mortgage, you may not pay the advertised rate. The best rates are for those homebuyers with the best credit scores. However, lenders are competitive, so you’d be wise to apply to several lenders at once. You’ll receive a loan estimate that you can compare side-by-side. First, compare the interest rates. According to Nerdwallet.com, there are many factors that affect interest rates, from the economy to inflation, to the Federal Reserve’s overnight borrowing rates to banks. You can’t do much about that, but you can influence the factors that lenders look for. If you have a Read More
RESIDENTIAL NEWLY BUILT AT THE WHITEFACE CLUB 3 BED | 3 BATH | $1,395,000 A newly built home on the 16th golf fairway with affiliation to the Whiteface Club Resort amenities. Conveniently located just steps to the Golf Clubhouse with restaurant, Lake Placid lakefront sandy beach, tennis courts and 2 additional restaurants. CLICK HERE to view more information and photos. SEASONAL CAMP ON BARTLETT CARRY 1 BED | 5.5 ACRES | $159,000 Enjoy a peaceful, wooded setting with plenty of wildlife in this private seasonal camp. CLICK HERE to view more information & photos. PRIVATE Read More
According to some experts, the term winter garden is a misnomer. Winter garden plants mature and are ready to eat when the winter months come around. They’re able to tolerate chilly rains and big drops in temperature. With the right timing and care, you can cultivate your own winter vegetable garden that will provide delicious produce. Planting should begin mid to late summer or early fall. You can build a cold frame that covers your crops, protecting them against seasonal winds and frost damage while they utilize the sun to grow, and reuse the frames for seed propagation in spring Read More
Mixing antique and vintage items with your contemporary furnishings can add elegance, character and personality to your decor. They can enhance a modern interior with an interesting eclectic vibe. An antique must be 100 years old or older, while vintage is any item over 20 years old that’s iconic of an identifiable style like Mid-century or Craftsman. Take some time to train your eye to quality by visiting numerous outlets for specific furniture or accessories. Plumdeluxe.com advises that any piece with provenance in good condition can be valuable. You can get good deals on pieces that need work, but keep Read More
A primary or second home by the ocean, lake, mountains, or desert could be heavenly, but hard to obtain in today’s warp-speed real estate climate. So why not build the home of your dreams on your own land? You may already have a favorite vacation spot or a location in mind. Your Berkshire Hathaway HomeServices network professional can help you acquire the lot or acreage you want or refer you to a qualified rural specialist. This is important because experts know what you can and can’t do on your land. They research easements, deed restrictions, zoning laws, pre-construction permits, floodplains Read More
If you’ve got dead limbs, branches growing into power lines, branches overhanging your house, or tree growth that obstruct visibility for vehicles and pedestrians, it’s time to do some tree trimming. Home insurer Allstate.com says there are three basic reasons for trimming your trees. In order of importance, they are: Falling tree branches are dangerous for anyone on your property and can cause damage to your home. Tree health. Dead or diseased branches harm the tree. Pruning helps the tree develop core strength. Trimmed trees are more attractive and grow healthier fruit, flowers and leaves. You can trim trees yourself Read More
Energystar.gov offers a treasure chest of goodies and information for homeowners. From tax credits and rebates to referrals to qualified contractors, you’ll learn about Energy Star®-certified products you can purchase and install in your home that save energy, money and the environment. The energy star program was established by the Environmental Protection Agency (EPA) to benefit consumers by encouraging manufacturers to create the most energy-efficient and cost-effective products in about 75 categories. Since 1992, Energy Star and its partners have saved U.S. families and businesses trillions in kilowatt-hours of electricity and helped them avoid more than $450 billion in energy Read More
RESIDENTIAL ADIRONDACK HOME ON DANIELLE 3 BED | 2 BATH | $649,000 An exceptional quality “Cedar Knolls” constructed home conveniently located with approximately 460 ft of waterfront on the Potash Brook. Whiteface Mountain is a short ride away for skiing. CLICK HERE to view more. SPLIT LEVEL HOME ON CHERRY 4 BED | 2 BATH | $549,000 A wonderful and peaceful Lake Placid neighborhood with no village taxes, this renovated home has just added a new main level master bedroom and a full bathroom. CLICK HERE to view more. WATERFRONT PORK BAY CAMP 3 Read More
Working from home during the pandemic allowed jobs to be saved, but posed challenges in terms of productivity, and performance. Now, homeowners are building or buying work sheds to get the privacy they need to work, create, and produce. A work shed can offer physical as well as psychological distance. If you’re at home, you’re accessible, but less so if you’re not in the house. A work shed says “Don’t bother me when I’m in the shed unless it’s really important.” A shed can be outfitted with enough electricity, storage and furnishings for homeowners to work in comfort. They can Read More
The April 2021 market report from the National Association of REALTORS had a seeming contradiction. It was the third month in a row that existing home sales declined, yet home prices hit an all-time high of $329,100. Typically, when home sales fall, prices dip as well, signaling a developing softness in the market. But thanks to a perfect storm of circumstances, buyer demand is stronger than ever, despite rising mortgage rates and less affordability. Housing supply is down over 28% with the unsold inventory at a two-month supply, down from a 3.3-month supply from the previous year. Properties lasted 18 Read More
The pandemic caused many people to try to grab more enjoyment from life, as evidenced by the latest vacation home counties report from the National Association of REALTORS® (NAR). In 2020, vacation home sales rose by 16.4%, outpacing the overall growth in existing-home sales of 5.6%, and in 2021, vacation home sales increased 57.2% year-over-year compared to the 20% year-over-year growth in total existing-home sales. Median existing-home sale prices in vacation counties, those areas where at least 20% of homes are purchased for seasonal, occasional or recreational use, increased 14.2% compared to 10.1% in non-vacation home counties. What’s driving the Read More
RESIDENTIAL ADIRONDACK RETREAT IN JAY 2 BED | 2 BATH | $595,000 Meticulously maintained and beautifully crafted Adirondack retreat with nearly 46 acres, this 2 bedroom and 2 full bath is a year-round home. Ideal getaway for your next vacation home with fabulous views of the mountains. CLICK HERE to view more information & photos. SUNSHINE LOJ AT THE LAKE PLACID CLUB 5 BED | 3 BATH | $1,195,000 Custom home built by the prominent and renowned architects Skidmore, Owings & Merrill in the mid century style reminiscent of Frank Lloyd Wright that overlooks the 14th hole Read More
RESIDENTIAL CHARMING COTTAGE ON VICTOR HERBERT 2 BED | 2 BATH | $695,000 Location Location Location. Charming one level Adirondack cottage is walking distance to everything in the village and the lakes. CLICK HERE to view more. MANUFACTURED HOME IN VERMONTVILLE 4 BED | 2 BATH | $235,000 A very attractive property not far from the center of Vermontville that offers privacy and enjoyable space. Exterior of the property has a small barn area, kids play train, pool and perennial gardens which are abundant with both pear and apple trees. CLICK HERE to view more. AFFORDABLE HOME IN Read More
WATERFRONT LONG POND CAMP 7 BED | 6 BATH | $4,495,000 A private classic Adirondack Retreat, “Long Pond Camp” located on 781 acres with two privately owned lakes and a pond. Long Pond Lake is a mile long, 45 ft deep and Lake Francis with hiking trails. Ski Titus or Whiteface Mountain, and golf at the Malone Golf Club a 36 hole Championship course. CLICK HERE to view more. COZY SARANAC LAKE CABIN 1 BED | 1 BATH | $245,000 Upper Saranac Lake deeded common beach frontage comes with this cozy, rustic cabin in the woods! Large deck for Read More
RESIDENTIAL ADIRONDACK CONTEMPORARY ON COBBLE HILL 5 BED | 2 BATH | $785,000 Adirondack contemporary situated on a lovely 1 acre lot with mature trees, privacy, and a fenced backyard. With character reminiscent of the Frank Lloyd Wright era, this home has a spacious open concept living with a massive stone fireplace in the living/great room, updated kitchen, five bedrooms, and a three car attached garage. CLICK HERE to view more. ADIRONDACK FARMHOUSE IN JAY 5 BED | 4 BATH | $399,000 This home is a gem in the sought after hamlet of Upper Jay. The 5 Read More
Is This A Perfect Time To List? We currently have a major shortage of available housing for sale in our area. Interest rates for mortgages are extremely low and favorable for the buyers. These two factors rarely happen at the same time, making this market ideal for a successful rapid sale. Our offices and agents are busy with buyers looking for homes in every price range.
STUDENT LOANS & HOMEBUYING According to StudentLoanHero.com, you can get a mortgage loan, even with high student loan debt. It’s all in how you manage the three most important factors in getting loan approval: Down Payment: Twenty percent of the purchase price of the home is the benchmark down payment, but it’s possible to get a loan with a down payment as little as 3% such as the Fannie Mae HomeReady™ mortgage. Down payments can be gifts from parents, from your savings, or from state and local down payment assistance programs. No-down-payment loans for veterans are available from VA.gov and Read More
RESIDENTIAL FAWN RIDGE NEW CONSTRUCTION 5 BED | 3 BATH | $1,100,000 This new construction luxury home located in Fawn Ridge Lake Placid has 4000 square feet currently unfinished and waiting for your completion. Roof and Marvin windows are in, public water and sewer are connected. Electric and plumbing are already roughed in as well. CLICK HERE to view more. 2 FAMILY HOME IN SARANAC LAKE 4 BED | 2 BATH | $189,000 Nice 2 family home recently renovated inside and out with a new roof, windows, flooring, kitchen and baths. CLICK HERE to view more. Read More
Is This A Good Market For First Time Home Buyers? Whether you are a seller or buyer the market is now ideal for both of you. Very favorable interest rates and first time home buyer mortgage products are readily available, some with no down payment. The lack of inventory and low interest rates have boosted sales and shortened the length of time a home stays on the market. More than ever the realtor you choose needs to be the expert in the area and efficient in the sale and closing process.
What If There’s No Supply? By the end of 2020, the number of homes listed for sale in the U.S. reached an all-time low. Supply sank below 700,000 homes nationwide, according to realtor.com ®‘s Monthly Housing Trends Report, and that was before the availability of COVID-19 vaccines. With consumers euphoric, it’s possible the spring homebuying season could have even less inventory available. If you want to buy a home, what do you do if there’s little to no supply? Follow these suggestions: Trust your Berkshire Hathaway HomeServices network professional. Having a good relationship with a knowledgeable agent is your best chance at Read More
RESIDENTIAL COTTAGE ON BLOOMINGDALE AVE 4 BED | 1 BATH | $199,000 This lovely well priced home in the heart of the village is in a fantastic location with walking distance to downtown shops, restaurants, farmers market, carousel, and the beach. CLICK HERE to view more. SARANAC LAKE RANCH 2 BED | 2 BATH | $249,000 Very well maintained village home centered on a triple lot with nice landscaping. The large living area also has bonus rooms in the lower level with a family room and fireplace. There is also an office. Some other rooms could be converted Read More
How Do I Choose the Best Real Estate Company to Market My Home? When choosing the right realtor and company to market your home consider their abilities to market the home. We are the only full time global and local company here with over 1500 interconnected offices and employing a full time photographer and marketing director. Our services include 3D photography, Drone aerial photography, still photography and extensive advertising.