Glens Falls Chronicle Serving the Glens Falls/Lake George region; Warren, Washington and northern Saratoga counties since 1980
By Gordon Woodworth, Chronicle News Editor
Before last November, only two homes on Lake George had sold for more than $3.4-million. But in the last eight months, three more joined that exclusive list in a flurry of high-end lakefront activity.
• $4.95-million was paid on Nov. 28, 2018, for a secluded 4,700-square-foot home with 1,267 feet of lakefront and seaplane access on 8.22 acres on the lake’s Northwest Bay in Bolton.
• $5.5-million was paid in March for a 6,300-square-foot Tudor-style mansion on 1.26 landscaped acres of Cramer Point. That’s thought to be a record sale price for a Lake George residential property.
• $5-million was paid in early May for Wikiosco, an historic Tudor Revival mansion on the Peabody estate, the fourth-highest resident sale price ever on Lake George.
“Having three big sales [so close together]…is rather unusual,” said Linda Boden of Leavitt Realty. “But all three sellers were ready to sell.”
Lonnie Lawrence of the Sherwood Group said, “Because those three properties have sold, we now have ‘comps’ [comparable properties and sale prices] for people in that price range of $4-million to $7-million. That makes a difference.”
Illustrating Ms. Lawrence’s point, shortly after the Cramer Point estate sold for $5.5-million, Jim Casaccio of Premier Properties Lake George listed a custom-built home on Northwest Bay for $5.5-million. It’s assessed for $3.9-million.
Ms. Lawrence has a 5,361-square-foot custom home on 56 acres on Lake George’s Northwest Bay listed for $7-million. In all, there are nine lakefront homes on the market right now listed at $3-million or more.
Ms. Lawrence, who has been selling real estate on Lake George since 1976, said all three properties “sold at a very fair price.” She noted that all three started with much higher asking prices.
The two most recent sales, she suggests, likely were influenced by the Northwest Bay property that sold last November for $4.975-million, helping to set the market.
That property in Bolton was first listed for $8.5-million. Wikiosco was listed in January for $7.9-million, but it was marketed for $17.9-million in 2006 and $15.75-million in 2010. The Cramer Point property was first listed for $9-million.
Mrs. Boden said with three recent comparables, “maybe sellers are willing to listen a little more.”
Dan Davies of Davies-Davies & Associates believes several factors are at play in the recent flurry of sales.
“The investment in the Glens Falls area, with more restaurants, more activities, more choices, are what people from Connecticut and New Jersey want,” he said.
“Plus, taxes are relatively low for the assessed value, and buyers are coming from areas where the taxes on their homes are much higher than the taxes on multi-million properties on lake George. They see the taxes as very reasonable.”
Annual taxes for Wikiosco are $65,610. Taxes on the Cramer Point mansion are $33,901 a year. Taxes on the Northwest Bay property with seaplane access are $37,727 annually.
Mr. Davies said the strength of the stock market has prompted some buyers to diversify their investments, and “I think people believe long-term in Lake George. It’s the most studied and protected lake in America. We are being vigilant and we are being watched, and people see that it’s a pristine, beautiful lake.”
He said the Lake George Park Commision, the FUND for Lake George and the Lake George Association “have invested millions of dollars into controlling milfoil, knocking it into submission.”
Mr. Davies is vice president of the LGA, and on the FUND’s business council.
All three real estate agents said inventory is very low. “We’re not at 2007-08 lows, but we’re pretty close,” said Mr. Davies.
He said 35 homes are listed in the southern basin now, and normally there are 60.
“And it’s been down as low as 26, but I think we’re going to slowly start to see inventory rise because of the Trump tax laws. People are not getting the same property tax deduction, and may decide to list their property.”
Ms. Lawrence said, “People who can afford Lake George are doing very well financially.”
Willie Bea McDonald of McDonald Real Estate in Bolton said, “There is low inventory, but that seems to be everywhere. Houses in Glens Falls aren’t staying on the market long. Albany, the same thing.”
She said Lake George is no different from other markets. “If you put your house on the market and it’s priced right, it will sell.”
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