• 3+ Bedrooms And More Than One Bathroom
• A Year-Round Home Instead Of A Summer Camp
• A Location on First Through Fourth Lake of the Fulton Chain
• A Terrific View
• Swim-able Waterfront
• A Place To Dock A Boat, Often A Boat House
• Privacy
• A Garage And/Or Close Proximity To The Snowmobile Trails
• A Level Front Lawn For The Kids To Play On
• A Successful Rental History
• Adirondack Décor

If you own property in New York State you may want to take note of an approaching day.  The Fourth Tuesday in May is Property Assessment Grievance Day in New York (some municipalities may choose to schedule it on a different day but it is always in May).  This year Grievance Day in the Towns of Webb, Forestport and Inlet falls on the 22th.  Please keep in mind that your Assessor does not have any control over how much you pay in Taxes, they only have a say in the value assigned to your property.  Generally, if your full value assessment reflects roughly the amount for which you could sell your property, then your assessment is relatively fair.  The Town of Webb did allow property owners the opportunity to have an informal review with KLW Municipal, the contractor hired by for the revaluation, earlier this Spring.  If you did not explore this opportunity you may want to consider submitting a grievance now.

The process of challenging your assessment is the same throughout the state of New York, details can be found on the New York State Department Tax and Finance website (click here).  The same form is used in every municipality.  The form, RP–524, can be found by clicking here.  In addition to RP-524, you will need to have your own estimate of the market value of your property and supporting documentation.  There are four arguments you can use to dispute the assessed value of your property:

A. UNEQUAL ASSESSMENT (in comparison to other similar properties)

B. EXCESSIVE ASSESSMENT (The market value assigned to your property is  higher than what you could sell your home for in the current market)

C. UNLAWFUL ASSESSMENT

D. MISCLASSIFICATION

I imagine that most property owners that file a grievance do so under the claim of an Excessive Assessment.   If you recently purchased a property or if you are purchasing a property (for the less than the assessed value of the property) your contract is all the supporting documentation you need.  If you currently have your property listed with an agent (for less than your assessed market value) then your listing agreement will serve as the supporting documentation.  If you have recently had your property appraised, your appraisal can also serve as supporting documentation. 

In most municipalities you can fax or mail your documents to the assessor.  I strongly advise you to confirm receipt of all of your documents several business days before the 22th.  If you have questions please call your assessor.

Town of Forestport Assessor      Phone 315-392-5547      Fax 315-392-4607

Town Of Webb Assessor            Phone 315-369-6880      Fax 315-369-3021

Town of Inlet Assessor               Phone 315-357-5726      Fax 315-357-3570

When a Buyer and Seller agree to the terms of sale on a property, Sellers and Agents alike usually let out a sigh of relief.  Unfortunately, the signing of a purchase offer is usually a little early for celebration if the offer contains contingencies.  What’s a Contingency?  A contingency gives the Buyer the opportunity to reconsider or withdraw the purchase offer if a certain condition is not satisfied.  Property Inspections, Financing, Surveys, Appraisals, the sale of another property, Adirondack Park Agency approval of a project - these are all common contingencies.  When an offer has been accepted the property is referred to as being “Under Contract” or “Pending”, this status is often followed by “with Contingency”.  Until the contingencies have been removed, the Seller’s agent should continue to arrange showings and encourage back up offers.  This is even more important in the Old Forge real estate market, because our sales may be seasonal in nature.  Financing contingencies are the most common.  Obtaining financing for Adirondack properties may be challenging due to several factors unique to our market.  These may include seasonal property access, non-winterized buildings and difficulty finding comparable recent sales for appraisals.  Buyers will often opt out of looking at a property that is “Under Contract” or “Pending” even when they understand that there are multiple contingencies in place.  It is understandable that a Buyer may regard viewing a property that has received an offer as being an exercise in futility.  This is not necessarily the case.   

“New York state law requires real estate licensees who are acting as agents of buyers or sellers of property to advise the potential buyers or sellers with whom they work of the nature of their agency relationship and the rights and obligations it creates.”    -NYS Department of State

What does this mean to the Buyers or Sellers of real estate?  If you have looked at residential real estate or listed a property in recent years, your agent probably asked you to sign an agency disclosure form.  All Real Estate Agents licensed in the State of New York are required to disclose their agency relationship and present customers with the disclosure form when assisting with a residential real estate transaction.  In my experience, Buyers usually understand that a Listing Agent represents the Seller.  However, many Buyers do not realize that properties are actually listed with the real estate company, not the Listing Agent.  Therefore, every agent with the same real estate company represents the Seller for every property listed with that company.  The Listing Agent is more or less the Seller’s contact person within the office and is often the party that negotiates on the Seller’s behalf.

Does this mean that a Buyer has fallen in shark infested waters when they find themselves looking at a property with an Agent that represents the Seller?  No.  NY Licensing law dictates the following:

“In dealings with the buyer, a seller's agent should (a) exercise reasonable skill and care in performance of the agent's duties;  (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the value or desirability of property, except as otherwise provided by law.”

There are many reasons why a Buyer may have a better experience working with the Listing Agent.  Usually the Listing Agent knows quite a bit about the property as they have had the opportunity to discuss it at length with the Seller.  As an agent, I love the opportunity to assist both parties because I believe it makes for a smoother transaction.  Having another party involved complicates communication and may cause the emotions and concerns of either side to be lost in translation.  Knowing the personalities of those involved, I can usually dissuade someone from making an offer or counter-offer that may be ill-received and possibly offensive to their counterpart.  It is critical for a transaction to commence in a pleasant and amicable manner; otherwise the months to follow can be a nightmare for everyone involved.  Since many homes in the Adirondacks are second homes, furnishings and recreational equipment are often part of the negotiations.  It’s much easier to mediate when I have a direct dialog with both sides.  The knowledge that a particular item is of importance to one of the parties allows me to make sure that all parties walk away from the transaction satisfied.  I sincerely believe that Buyers should not be discouraged to work with the Listing Agent on the purchase of real estate.  They just need to have a clear understanding of whom the agent represents.

Next week I will explain the concerns of Agency as related to offers and backup offers on real estate…

Living in a town where tourism is the primary industry I am often asked “Where’s a good place to eat?”  We are fortunate to have some pretty decent restaurants in this part of the Adirondacks.  My husband, Greg, and I have found quite a few places that we really like.  Half the decision for me is based on atmosphere and if we want to sit outside and/or have a view of a lake. While I can’t claim to know a lot about food, I do know how to eat (perhaps to my own demise)!

Our favorite place to eat on a sunny day is The Woods Inn in Inlet.  While they do not have actual outdoor seating, we always get there with plenty of time for a drink in Adirondack Chairs over looking Fourth Lake.  The sunsets here are beautiful!  The restaurant has great food and terrific service, if you are lucky enough to get a table with a view you will not be disappointed.

In my personal opinion, The Best Menu, hands down, is offered by The Red Dog Tavern just outside of Inlet on South Shore Road. You are sure to find something you like on this menu! Everything is excellent – the salads, the bar food, they have some very creative entrees and the Pulled Pork Nachos are legendary!  The atmosphere is cozy and welcoming, you won’t want to leave.

The Best Italian Restaurant – People will argue the merits of both Frankie’s and Billy’s till the cows come home.  Billy's Restaurant in Old Forge gets my vote without reservation because the food is always spiced perfectly!  I often hear how wonderful the Italian food is in Utica but I must admit every meal I have had down South has left me missing Billy’s!            

Best Restaurants with Views of the Lake – This is a toss up for me; Daikers has a slightly better view but The North Woods Inn has a The Mountaineer for upscale dining and the Tap Room with the nice big porch for bar food and drinks.  I've had a few really good meals at the Mountaineer but I have heard a mix bag of reviews from other people.  I've also had a few excellent meals at the Taproom.  I am not over the moon about the food at Daiker’s but at the end of the day I’m really there for the location.  I recommend hopping on the boat and grabbing a drink at both places, you’re on vacation right?

The Best Wings in the village of Old Forge can be found at good ol’ Slickers.  The wings are terrific, my husband loves the burgers and the sandwiches are great.  If all else fails, have a BushWacker, Slickers version of a meal replacement shake, just don’t drive home!

The Best Beer Selection has to go to Tony Harper's located in downtown Old Forge.  I think this place has really made a great contribution the ambiance of the village. They often have live music, and the staff is always friendly! Tony Harper's also get my vote for Best Place to Bring the Dog (Okay, so this category is only a real category for some of us!)  I love taking our lab, Toby, and sitting outside with him.  The original Tony Harpers is still located in Raquette Lake, they are well known for their Clams, Pizza and unique take on margaritas.

The Best Beer Selection in Inlet can be found at Matt's Draft House/Screaming Eagle Pizza.  Heads up, the portions here are ridiculous – the sandwiches are massive, the oven baked nachos are pretty good (bring a friend) and the pizza here is exceptional!

Even though this economic rough patch started several years ago the real estate market continues to change.  Today, differences in market conditions are evident in rather close proximity.  The Old Forge real estate market varies greatly from the Raquette Lake, Kayuta Lake or Forestport markets.  The differences between these markets come down to the simple principles of supply and demand.  Those properties listed for sale in the slower markets have a two pronged problem.  Not only is there an over abundance of competitive selling properties, there is also a Buyer perception problem.  Possible Buyers are left wondering:

“Why hasn’t someone else bought this house, is it a poor investment?  It has been listed for a while.  If I wait six months, the price will be lower.  This place isn’t going anywhere.” 

These perception problems keep Realtors awake at night.  It doesn’t matter if we show a Buyer several properties that meet every one of their requirements.  It doesn’t matter if we show them the property of their dreams!  With unresolved concerns and so many options on the table, Buyers are simply not motivated to purchase.  How do they know that an EVEN BETTER property won’t come on the market a month from now?   It sounds pretty hopeless doesn’t it?  Hang in there, the strategy is rather simple.  The one thing that will sell your property is the perception that your property is a reasonable value and that it might not be available tomorrow.  Perception is often reality. 

·          Don’t overprice your property coming out of the gate.  Use that “new listing momentum” to your advantage in an effort to receive competing offers.

·          List your property at the price you would sell it for.  This is the most important piece of advice I can give you!  Everyone, I mean everyone, used to believe that you had to leave a gap for negotiations.  There is no reason to overprice your property; your price does not need to be negotiable.  When Sellers price high assuming that every Buyer is a ‘wheeler dealer’, they are just chasing off the Buyer that isn’t. 

·          Nothing reinforces a Buyer’s belief that they have found the right property more than seeing another possible Buyer pull up the driveway!  The worst thing a Buyer can do is wait until they have to compete in a bidding war.  Buyers are cautious in this economy; they have a lot of options and they aren’t willing to overpay.  They are, however, still buying.  Most properties that sell in this economy have multiple interested parties because somewhere along the line the property was priced appropriately.  Price your property competitively and use the stir to your advantage.

·          Current Comps don’t lie.  Before you list your property, ask your Realtor to review several comparable recent sales with you as well as the properties that will be your competition.  Whether you like what these numbers tell you or not, the recent sales are the best gauge you have of the offers you will receive.  Your property is only worth what a willing and able Buyer will pay.  The Buyer, their appraiser, and their bank are all going to look at this information – you can’t hide it.  If the comps don’t justify the sale price the Buyer won’t be able to obtain financing and the entire exercise has been a waste of time for everyone involved.  The tail doesn’t wag the dog.

·          If your property isn’t being shown during your peak season, your property is probably over priced.

·          Let go of the notion that your property needs to turn a profit in order to have been a worthwhile venture.  Your home or camp has served a purpose and you’ve had the opportunity to enjoy it; don’t expect to get back every dollar you’ve put in to it.  Please keep in mind that your upgrades may not be appealing to a Buyer.  Not everyone has the same taste.  These upgrades have a value in use for you that may not result in an increase in the property's value.  In addition to upgrades, you may have endured the expense of replacing the roof or furnace.  Unfortunately, maintenance and repairs rarely increase the value, they simply protect the investment.  It is unlikely that you will completely recoup these costs.

·          Hire the Real Estate Team that will give your property the best exposure!  Print advertisements are great but most buyers look for properties online these days.  Hop on the internet and Google real estate for sale in your area.  What websites come up?  Does your agent have properties listed on these sites?  Is your Agent a Realtor and a member of the local Multiple Listing Services (MLS)?  This is a second home market, most Buyers are not local, the large websites like Realtor.com will give your property the biggest audience.

·          Last, but not least, don’t forget the reason why you want to sell in the first place!  Is your property keeping you from moving on to the next phase of your life?  Are you missing another opportunity because you need to unload this asset first?  You only get one shot at this life (as far as I know).  Are you putting your life on hold for a higher offer that you might not receive?

If you spend much time on-line looking at properties you have probably stumbled across a real estate website called Zillow.  There are abundant real estate websites out there, the three biggest are Realtor.com, Trulia and Zillow.   All three sites have their merits.  I’m partial to Trulia myself as I find the site to be user friendly.  There are a few companies in the area that do not have listings on the Adirondack MLS or Realtor.com which makes these collaborative websites a bit of a life saver. 

I am often amazed by how well informed my Buyers and Sellers are as a result of the internet.  I appreciate working with well informed clients but it makes me a little sad when someone mentions a property's "Zestimate" (Zillow’s opinion of the property's value).   I understand that Zestimates aren't meant to be misleading and in some markets they are even in the ball park of being accurate.  Unfortunately, the Zestimates for Adirondack Park properties can be downright comical.  It is not uncommon to find a custom waterfront home directly across the street from a seasonal hunting camp here.  Obviously the two properties can not be compared.  Zillow doesn’t understand the difference and averages the sales prices together creating a messy mathematical algorithm that is truly worthless.  Over the years I have read quite a bit of criticism of Zestimates on Realtor Forums and I was relieved to hear that Zillow has finally “Manned Up” and released their Zestimate Accuracy Data.  For Herkimer County, Zillow has a 16% median of error and over 59% of their Zestimates are 20+% higher or lower than the actual market value.  For Oneida County, Zillow has a 14.3% median of error and over 58% of their Zestimates are 20+% off the correct market value.  (Click this link to see the results for yourself). 

If you are interested in finding property data your best sources online are the Town of Webb Assessor's Real Property Database or the Town of Forestport Assessor's Real Property Database.  Please keep in mind that there is usually a healthy gap between the assessed property value and the true market value of a property.  Often the data used to arrive at the assessed value can be several years old.