When most folks think of “red hot” real estate in the Adirondacks, they rightfully think of Lake Placid. “Insiders” will tell you however that Wilmington is just as “red hot”, with very high demand, low inventory, and exceptional growth in market values.
As the above graphs demonstrate, the average sale price of homes in Wilmington over the last 6 years is up 62% in value. Obviously this is not to say that a home that sold in 2012 is now worth 62% more, but the data does show us that values have increased along with an investment in the Community.
So what has caused this increase in values?
I would suggest that the answer is complex, and multifaceted.
1. Lake Placid
The Lake Placid real estate market has seen significant increases in values for many years now. These increases have pushed home prices to a point where many buyers are looking for other options, including Wilmington, which is just minutes away.
2. Low taxes
The total tax rate in Wilmington, in the Lake Placid School District, is approximately $15.77 per thousand dollars of assessed value. So, a $250,000.00 home would see total taxes of under $4,000.00 before any kind of exceptions (Star, Enhanced Star, Veterans, etc.) are applied.
We all know that Whiteface Mountain is in Wilmington and provides the best skiing east of the Mississippi. Summer travelers and locals also know that Whiteface hosts many summer and fall activities as well, including my favorite activity: The Poorman’s Downhill. https://www.youtube.com/watch?v=HaNWWbDPcOM
Through the efforts of Town Supervisor Randy Preston and the Barkeaters Trail Alliance (BETA), Wilmington has become a mountain biking destination town and is recognized as one of the 20 best places to mountain bike in the U.S. https://www.nationalgeographic.com/adventure/lists/biking/best-mountain-biking-towns/
There are fantastic places to cross-country ski, snowshoe, walk and mountain bike on multiple trails through town. Info can be found here:
The Ausable River runs also through town and provides world class trout fishing opportunities, swimming both at the town beach, and swimming holes and cliff jumping in the flume. A word to the wise here… the flume is stunning, and fun to experience, however, it can be very dangerous. Please be very careful, and respect the power of fast moving water.
Why is Wilmington so popular? The main reason is a sense of Community.
Wilmington still has that small town feel. Wilmington is a hamlet of just under 2,500 people where neighbors look out for one another, and welcome newcomers.
Each year since 1985, Wilmington has hosted a community dinner where the town residents come together for a night of celebration to honor the citizen of the year for their contributions to the town and welcome those who have moved to Wilmington during the past year.
My good friend Roy Holzer, owner of the Little Supermarket (the local spot for all things, and I mean ALL things) http://www.littlesupermarketplaza.com, and former Town Supervisor, has this to say about the town he affectionately calls “Mayberry”:
“There are so many things I could say about what makes Wilmington so awesome. The first thing I can think of though is the sense of community that is so evident at every corner of the community. Wilmington is a welcoming town, whether one has lived there their entire life or just moved in. Wilmington is essentially the small town life people long for. “
Well said Roy, we agree.
Wilmington is a truly wonderful place for either year round living, or as a vacation get-away. I invite you to learn more about Wilmington, and as always, please let me know if I can help in any way.
Bob Miller is an Associate Broker with 10 years of real estate experience as well as 15 years of service as a former Lake Placid School Board member, and is currently a 3-time elected Town Councilman in Lake Placid.