By: KeyCrew Media
Tupper Lake homes sell for less than a third of Lake Placid prices, and a September land auction has put the town back in the news. For now, the sale has changed little on the ground, and the price gap remains the bigger story for buyers.
The Price Gap
The median single-family home in Tupper Lake has sold for about $222,000 over the past two years, compared with about $727,000 in Lake Placid. Per square foot, that works out to roughly $108 in Tupper Lake against $319 in Lake Placid.
Most Tupper Lake homes sell between $80,000 and $400,000. A typical sale is around $185,000 for a three-bedroom house of about 1,900 square feet. In Lake Placid, only about one in eight homes has sold for under $400,000 in the past two years.
“I never thought I’d be saying this, but it’s Tupper Lake now,” said Chase Jermano, broker at Tina Leonard Real Estate, when asked where the best value sits in the Tri-Lakes this fall. He describes the wider area as a buyer’s market, with many overpriced homes sitting unsold.
The Land Sale
On Sept. 18, investor Stanley Rumbough was the sole bidder at a foreclosure auction for 5,800 acres of forest in Tupper Lake, paying $9.9 million. The sale took place at the Franklin County Courthouse in Malone, with the purchase made through Crossroads ADK LLC.
The tract is most of the site of the Adirondack Club and Resort, permitted in 2012 as the largest residential project in the history of the Adirondack Park. The plan collapsed when its developers ran out of money. The land surrounds the former Big Tupper ski area, which is owned separately, and its existing Adirondack Park Agency permits transfer with the property.
The new owner has not announced plans for the land.
Wait and See
Local reaction has been muted. Jermano said no buyers have called him about the sale, and residents have seen many large projects announced and then stall.
“Tupper’s opportunity really doesn’t depend on any one project,” he said. If the sale ever led to skiing returning to Big Tupper, he added, it could make the town a winter destination again.
What Buyers Give Up
The lower prices come with tradeoffs. Tupper Lake has primary care doctors but no emergency room. The nearest are in Saranac Lake and Elizabethtown.
Restaurants and shops have grown in recent years, but large retail stores are an hour or more away in Plattsburgh or Malone. With the ski area closed, winter jobs are scarce, and workforce housing is short. Patients needing a specialist often travel to Burlington, Vermont, Albany or Boston.
Buying Near a Large Tract
For buyers looking at homes near the former resort lands, the main question is what the land can become. Jermano advised checking how the tract is zoned and used today, what its permits allow, and whether any building permits have been filed.
Ownership through an LLC can make plans hard to learn in advance. If development does begin, nearby owners could live beside construction for years.
Until the new owner shares a plan, Tupper Lake’s appeal will rest on the same thing it does today: Adirondack lakes and trails at a fraction of the price found about 30 miles east in Lake Placid.
About the Expert
Chase Jermano is a broker at Tina Leonard Real Estate, serving buyers and sellers in Lake Placid, Saranac Lake, Keene, Tupper Lake and the surrounding Adirondack region of New York. tinaleonardrealestate.com.
Disclaimer: This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.
