Hello All, we are hoping to find a 2-3 bed in lake Placid NY. We love the area and think it is all year round market as people go for skiing in winter and fall and summer are great too with hiking trails and the lake.
Has anyone had experience owning there and what has their experience like? Thanks!
Hi Nadia, we own a 3/2 in the village of Lake Placid and use it as a part time vacation rental now. It is a year round market but 3 years ago the town restricted the area you can rent and how many nights you can rent based on your location. In town has a 90 night restriction, outskirts are 120 days and unlimited outside of town. They are not very organized yet but do have the registration process in place, require upgrading your water meter (at your expense) and require you to have someone within 50 miles should you have any issues. They have not made it easy and are truly trying to eliminate STR's in town. Make sure you do your due diligence on all of the restrictions they have put in place and what more they have coming up soon. A good agent can help you navigate the restrictions and where you can best maximize your investment. Hope that helps, let me know if I can answer any additional questions. Bryce
thanks so much for your help! We have stayed in an airbnb within the last year in Lake Placid proper that I see is rented out through the year......are the restrictions fairly recent?
What areas outside of town would be amenable to an STR?
When you say 50 miles, does that mean owner or manager or even someone who acts like a cleaner.handyman could be in that radius?
Nadia, when an owner blocks dates it looks booked to guests trying to book so it may appear booked but could just be blocked limiting dates to the regulations. It also could be owner use or booking from another site. Most areas even outside of town are decent locations because you are still in the Adirondacks and can be close to Lake Placid, Whiteface or Saranac Lake. The 50 miles can be a property manager and doesn’t have to be an owner.
Bryce - Good morning! What is your strategy for the rest of the year in your 3/2? I was out bid on a 4/3 last week in the village. My plan was to rent monthly after hitting the 90 day limit. Wondering how that works out in practice. - Rob
Hey @Rob L. we live close enough that we use it quite a bit. We are actively looking for another in the area but are shopping based on regulation boundaries. I know some of our fellow owners have now done the monthly rentals outside of the 90 day limits but I know it has been a revenue hit for them too. Bryce