Home News This Charming Small Town in Upstate New York Was Just Named the Best Place to Buy a Lake House in 2023

This Charming Small Town in Upstate New York Was Just Named the Best Place to Buy a Lake House in 2023

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Saranac Lake, New York has a lot of personality and real estate potential.

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The United States has no shortage of quirky, picture-perfect places lake town, perfect for a relaxing vacation. With plenty of water sports, beautiful scenery and cool mountain breezes, it’s no wonder. lakeside house Demand is high.And national real estate prices soaredyou may still want to consider buying Saranac Lake, New York, Because it was voted the best location to buy a Lake House investment property.

Nestled in the historic Adirondack district, with lush forests and waterways, this small town was ranked #1 on Evolve’s best list. Where to Buy a Lake House Investment Property in the CountryThe vacation rental and management company considered three factors to determine its listing. Property rental performance, median Zillow home price, and estimated annual cost. We used these factors to calculate the cap rate and potential return on investment for each destination. Saranac Lake topped the list with a median rental income of $25,294 and a cap rate of 7.1%.

“Saranac’s charm and four-season outdoor activities make it a great city for investors looking to maximize profits. With a median list price of $250,000, it’s a rare gem for investors looking to enter the lake house market. ”says Louis Olds. Director of Real Estate Services at Evolve, Travel + Leisure.

The scenic town dates back to the early 19th century and is named after the Saranac River that flows through it. Less than 10 miles (16 kilometers) from Lake Placid and close to several other small lakes and vacation communities, it’s a good companion.

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Denis Tangney Jr/Getty Images

“This is an outdoor enthusiast’s paradise,” says Bob Martin. Four Seasons Sotheby’s International Realty broker, share. “There are millions of acres of wild woodlands, rugged mountains to hike and ski, hundreds of lakes and ponds, and thousands of miles of rivers and streams to fish, swim and boat.”

The area is also known for its stunning fall foliage and proximity to the famous Whiteface Mountains, which hosted the alpine skiing event at the 1980 Winter Olympics.

Another attraction is the town’s Winter Festival. According to Martin, it began a century before him and was held “to bring people together during the long, cold winters.” Year-round community events certainly abound in this town, so you (and your renter) will never be bored. Until then, it’s always lively.

If you want to rob a house here, you must act quickly. Corey Ialia Purcell, a longtime Saranac Lake resident and international realty broker at Four Seasons Sotheby’s, said the homes were selling almost immediately after they hit the market.

“Our inventory is still very low, but if you’re patient and willing to act quickly when something happens, you can find great things,” Purcell said. Whether it’s waterfront camping, historic therapeutic cottages, long-term rental investment properties, or anything in between.” See what’s there Available here.

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