Adirondack Real Estate

[Gray Ghost]

Did anyone read the Adirondack Life article entitled, "Unreal Estate"? I'm just looking for some feedback on the issue because I'm a new homeowner inside the blue line. I have my opinions but would like to throw it out there to the rest of the forum first. Let's all try to behave whenever possible!

[AdkWiley]

I read it. a very interesting peice. But i can find homes for good prices in the area that woudl be very doable. I dont really see where the contractors are only building huge mansions for rich people. Then agian I coudl be wrong, I also read that articel awhiel ago, ill have to re read it. In the new ADK Life there is a letter in reply to teh article. the woman was quite offended on the use of the work "those people" reffering to year round ressidents inside the blue line. That woman is also from jersey if i remember right, and no one else has written in on the topic.

[kurtteej]

Didn't read it, but based on the headline I can probably comment.

Putting my economics hat on -- i don't think that this trend can last forever. With interest rates going up it will curtail alot of the available real estate money, afterall people don't buy price, they buy payments. As rates go up the amount available for people to pay will drive prices down [or the property won't sell]. Builders go after the market where they will make the most profit on their venture.

This isnt a local thing to the dax. If I were to upgrade from my mansion of 1400 square feet on a sprauling 0.1 acre (50 by 100 feet), I'd have to fork over $800,000 for the opportunity to pay $15,000 in property taxes and then have to put $200,000 of improvements into my 'fixer-upper'.

KT

[TonyL]

Please Tell Me More

I won't be able to pick up the issue until this weekend. Tell me more. I'm interested in purchasing something in the Dacs and would like to get the inside poop.

[AdkWiley]

if i remember right its more so how the locals cant find people to build their houses. the contractors will now only build huge places like on placid for example becuase they get get lots of money for them. So the smaller homes which many that live here year round are looking for arnt really out there. Like i said earlier i may be wrong for it has been a couple of months since ive read it, but ill take another loook once i get hoem tongiht and try to post somthing with a little more info.

[TonyL]

Thanks

Excellent.

If it is an old issue and i can't get my hands on it would you be willing to send me a copy of the article if I pm you my address?

[twochordcool]

It's really a horrible lose/lose situation for the Adirondacks.

I guess the APA puts limitations on how many and where houses may be built in the Adirondacks -

so, partially due to little supply and large demand, available house prices in the Adirondacks are apparently skyrocketing, making it so that only wealthy people from downstate can afford to buy these houses - generally as second homes - and middle class people that actually live and work in the 'dacks year round cannot afford to buy a house there.

It's really terrible for everybody - and even more the reason I wish the APA would do it's bleeping job and put a major halt to any more development in the Adirondacks.

Wealthy people should not be the only people that can live there.

And I really don't think they ought to open it up to building thousands and thousands of affordable houses for the average person to live.

Obviously it has created animosity between wealthy seasonal residents and working class year-round residents.

I really think the only answer that will save the Adirondacks is a big NO to everyone.

Otherwise, inevitably, it will be nibbled at and nibbled at until it is not as special as anywhere else.

I think the perfect, and sad, remedy for the rich a$$hole that buys up 5000 acres and builds a road up to his house is to allow everybody else to do that - and then he'll wake up and wish he had not started something in the first place.

[Gray Ghost]

Tony - You may have already tried this, but check www.adirondacklife.com Not sure if they have it, but it is worth a shot. You may be able to purchase a paper copy from the site as well since it is in the '05 collector's issue.

[Rivet]

What if you go the modular route (not mobile homes)?

They don't require as much time or labor to setup.

[kurtteej]

Alot of the 'downstaters' purchase relatively inexpensive property away from where they live in preparation for the approach to retirement. In addition, the prices that you guys see up there seem inexpensive to people like me. [see my previous post]

The AVERAGE price of a home by me is $450,000 -- and good luck getting a contractor to complete a job in less than 9 months, no matter how small.

[TonyL]

Thanks!

Yea, already did it. Good idea about the paper copy.

Thanks Gray Ghost!

[AdkWiley]

u can also try your local library tony, if u cant get it let me know and ill be more than happy to photo copy it and get it over to ya

[Tioga]

..Been a while since I've posted here. This thread caught my attention. Being in an area west of the Catskills and just east of the Finger Lakes, we used to be overlooked by the NYC/Philly/NJ crowd. Since 9/11 that's changed. Second home seekers/retirement types/etc..have been buying in our area. I've been told by a few of these "homesteaders" it's due to the rural properties, low prices, and of course, just a 3 1/2 hour trip back to NYC on Rt.17. Some of em' are fine neighbors, others...well..not so okay.

[johnstp]

I hear this issue come up a lot. As a former downstater (born and raised in NYC), I believe that anyone has the right to live anywhere. Markets are all about supply and demand. Having said that, I know there are some people who try and bring the city up to the country. That's a bit arrogant and never really works.

You have to respect the area you're in. Otherwise, you end up changing the character that probably attracted you in the first place. That's not even an upstate/downstate thing. There was recently a person in Lake Placid who decided to say to heck with the rules (and his permit restrictions) and built his new house on a bluff where everyone could see it. It was also close to 20 feet taller than the permit allowed. That person was a longtime, maybe lifelong, Adirondacker who thought the rules didn't apply to him.

Give me city-folk who appreciate the country over country-folk who don't anyday.

[Gray Ghost]

You have to respect the area you're in. Otherwise, you end up changing the character that probably attracted you in the first place.

Great point.

Give me city-folk who appreciate the country over country-folk who don't anyday.

And vice versa.