In the Market for an Investment Property or Commercial Business Space?
by Brooks Reynolds on September 23, 2020
We’ve got you covered! Our agent, Brandon Montag, shares his insights on investing in the Lake Placid area:
Lake Placid is a great place to invest and has been historically. With such a unique and drivable location for so many different markets it makes it ideal for investment. We have great seasons each bringing different groups of travelers. In the past few years we have seen the vacation home rental market explode. Whether you’re in the market for an investment property or commercial business space, we have options for both.
COVID-19 has changed the way people now do business and where they want to live. With more people moving to a digital platform and giving up on the brick and mortar office spaces, we are seeing an influx of people that want to live in communities like ours across the country. For the past 50+ years there has been a mass migration to urbanize and move to cities, but we are now starting to see the reverse of that trend and people wanting to get back into smaller communities while still being able to telecommute. Lake Placid offers that opportunity.
Lake Placid is a great place to invest and has been historically. With such a unique and drivable location for so many different markets it makes it ideal for investment. We have great seasons each bringing different groups of travelers. In the past few years we have seen the vacation home rental market explode.
Recently there has been the adoption of new short term rental laws by both the town of North Elba and the Village of Lake Placid. These guidelines also help to ease the short term rental nuisance to neighborhoods and make it easier for people to own short term rentals to outline rules for tenants.
With only a few developable sites and the implementation of the land code there are incentives for density bonuses. With such high demand for affordable housing there are some unique opportunities for development in our region.
