| A topic that has come up in a lot of conversations lately is hindsight, that age-old theme in real estate that never seems to go away. It is as relevant today as ever, especially when we think about where the market is now and where it might be headed. In the Adirondacks, the saying is not “wait a year or two,” it is more like “give it ten, then pull your head out of the lake.” Sure, there are exceptions, like the period during COVID when values shifted dramatically year over year, but if you look back far enough, it is almost inevitable that you will say, “I should have bought that place.” Back when interest rates were below 4%, sometimes even dipping under 3%, I remember thinking, why didn’t I buy an investment property then? A friend once joked, “At those rates, you should be buying one every month.” Now, of course, hindsight is 20/20. Recently, I looked back at a few properties around the Lake Placid area to see how values have truly evolved. One example that stands out is Camp Joyland, a historic Lake Placid estate built by Victor Herbert and named after his famous musical Babes in Toyland. (You can check out a video we created, with my sister narrating, that tells its story.) In 1984, The former owners purchased Camp Joyland for $300,000. When I sold it in 2018, it closed at $3,500,000, a gain of roughly 1,067% over 34 years, which breaks down to about 7.5% annual appreciation. Today, that value is substantially more. Another strong example is Bear’s Den on Mirror Lake. We were fortunate to sell it recently just under the asking price of $4.5 million, and in 2016 it traded for under $2 million. That is about a 125% increase in less than a decade, or roughly 9.6% annual growth, outpacing most traditional investments during the same period. So when buyers ask me if it is the right time to buy in the Adirondacks, my answer usually comes back to perspective. There is always uncertainty in the moment, but historically, there has been no stronger or more rewarding market than the Lake Placid region. If you have the time to enjoy it, use it, and embrace the Adirondack lifestyle, even on those rainy, quiet days, I can almost guarantee that when you look back, you will not feel hindsight or regret. You will just appreciate the decision you made and smile. |
10.21.25
Looking Back: Hindsight and Real Estate in the Adirondacks
Nicholas Politi
