Recently, a property listed with Timm Associates went under contract the weekend it came on the market. It was an updated 3 bedroom, 1.5 bath year-round home located on Fourth Lake, with views to boot. It had a lot to offer and it was listed for $429,000. We knew this home would sell to the first Buyer through the door and it did! Over the past few weeks we’ve received a lot of calls from disappointed would be Buyers wondering how they missed the opportunity to purchase this home. One frustrated buyer asked “How could this happen when the market is slow!?”. He was particularly frustrated because he had heard about the property the day we received the listing but was not available to view it in the days following. While there are segments of the local market that remain slow, waterfront is in rather high demand. If you are looking for waterfront properties under $500,000 – you are not alone!
Here are a few tips for finding Your “Perfect” Waterfront Property.
- Be on high alert! When a well priced property comes on the market you need to be the first Buyer to get in the car!
- Come Armed. Looking at property this weekend? Do you have a pre-qualification letter that can be submitted with your purchase offer? A desirable waterfront property may receive more than one offer. It takes 10-20 minutes to get pre-qualified and it is absolutely a worth-while effort.
- Carefully consider if your expectations are in line with your price range.
- Don’t overlook homes that have been on the market for a long-time. These homes are often offered at a reduced price. Ask your Realtor why other Buyers haven’t been interested in each property and carefully consider how you feel about each perceived defect. Buyers have different needs; one of these properties may work fine for you.
- Keep an open mind– It is highly unlikely that every home you view will be finished or decorated to your specifications. Take a moment to consider what modifications could be made to make the home suit you. Are these issues mountains or mole hills?
- Pick the right agent– Does your agent let you know about new listings right away?
- Prioritize those “Must Haves” and consider dropping a few.
Most Waterfront Buyers are looking for the following:
- 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
Properties with many of the features listed above can sell very quickly and often for a premium price! Unfortunately, the supply of waterfront properties in the Adirondacks is rather limited and it can take years to find one that is suitable. If you find a property that offers 80% of your “Must Haves” you may have just found your “Perfect” Waterfront Property!
I really like that you mentioned considering what modifications can be made to the home and to keep an open mind. My wife and I are looking for our next home, and we have a list of wants and needs. Being able to find a compromise would be great for us!
It was really nice how you said that I should still ask about the why the homes have been for sale for a long time and carefully consider how I feel about the defects that the agent will mention. This is worth considering because like you said, these houses are often offered at a reduced price. Thanks for the info. I was planning to by a beachside home next season because I was planning to start my own business near the sea. I’ll be sure to consider your advice.
I never realized how waterfront is in such high demand and how important it is to be quick when you see a good deal. My dad is looking to buy waterfront homes for sale since my mom wants a change of scenery. I think I will talk to him about jumping on good deals as quickly as possible.