The demand for a second home, or a non-rental property/vacation home, was up 87% in January 2022 compared to pre-pandemic levels, according to a report from Redfin. Whether you’re looking to purchase a home to keep a parent or family member close by, or you simply want to have that ideal vacation home you’ve always dreamed of, many homeowners are considering taking that leap more than ever.
Keep reading to see why Lake George is an excellent choice to put down those second home roots. Plus, get some tips on what to know about buying a second home in general, because it is different from the first!
The Commercial Real Estate Market Is Hot in Lake George Right Now
When examining potential locations for a second home, one aspect to consider is how the area is flourishing. Are there any new commercial or residential developments underway? Perhaps a new park or public area is in the works. In other words, are there signs that the region will continue to be a desirable place to live and vacation?
Lake George’s commercial real estate market has drawn in considerable interest in recent years, with no sign of stopping anytime soon. In the fall of 2021 I facilitated the sale of Bayview Marina in Bolton Landing for $4.9 million.
Plus, Cramer’s Point was purchased for $1.28 million in the spring of 2022, and three major purchases took place in the winter of 2021: Flamingo Resort sold for $6.5 million, Capri Village Resort of Diamond Point sold for $5.5 million, and Country Cottages, also of Diamond Point, sold for $2.75 million.
Commercial property values have been shown to have a direct correlation with residential property values, in addition to adding overall value and variety to an area.
Great School Districts? Lake George Has Got That Too
Yes, you do need to consider the school districts for a second home purchase as well, and you’ll have no worries in the Lake George region.
According to the New York State Education Department (NYSED), Lake George Junior/Senior High School, the only high school in the Lake George Central School District, is rated 347th in the state – that’s out of over 4,400 public schools. It’s also #3 in the Glens Falls, NY Metro Area High Schools, according to the US News & World Report.
Purchasing a home in a good school district has shown, as with commercial property values, to go hand in hand with residential property values, should you need to sell your second home down the line.
Lake George Is a Year-Round Tourist Destination
Many think of Lake George as a summer spot, with Lake George Steamboat Company cruises, parasailing over the lake, island camping, weekly fireworks, and all the festivals, events, and outdoor recreation. But Lake George has all this and many additional activities and happenings to enjoy throughout the year.
The Lake George Winter Carnival has engaged the area in sanctioned car races over the ice and more cold weather fun each February for decades. In the winter of 2020/2021, Winterfest hit the scene. This is a unique opportunity to try out winter activities like dog sledding or snowmobiling at a nominal fee, along with other discounts and perks.
Plus, in early 2022, Ice Castles came to Lake George for the first time, selling over 77,000 tickets. This majestic, massive ice attraction is likely to return for the 2022/2023 winter season. And, we haven’t even gotten into Oktoberfest, the fall foliage, and all the appeals of autumn in Lake George!
You Are Sold on Lake George! What’s Next? Second Home Buying Considerations
If you’re considering buying a second home in Lake George, the southern Adirondacks, or really anywhere, there are a few key questions to ask yourself:
Are You Going to Live There at Least Part of the Year?
Make sure to buy a second home someplace you love and will either live there for part of the year, or plan to frequently visit. If you’re only coming a couple of times out of the year, you might do better to go with a vacation rental.
What Are the Property Values Like & How Have They Changed Over Time?
Research current property values and see how they’ve evolved over the years. As your realtor, this is a topic I am versed in and can help you nail down this info, whether you’re looking in Lake George, Saratoga, or somewhere else in the region.
How Far Away Is the Second Home From Your First?
Are you coming to the Lake George area from New York City, or New Jersey? Maybe you’re in Albany, which could trim back on a couple hours of travel time. Regardless of where your two properties are, you’ll want to factor in transportation costs and commuting time for going back and forth between the two.
Do You Plan to Rent Out the Property in the Future?
Technically a second home is a non-rental property, but if it is something you’re considering, this will be a significant element of your research, especially if you’ve never been a landlord before.
Have more questions about Lake George? Wondering how a second mortgage works or how it will affect taxes? Contact me to discuss your second home buying or other real estate needs!
