Dan Davies of Davies~Davies & Associates Real Estate says the Lake George southern basin has seen the largest sales increase since the economic downturn.
By Maureen Werther
Known as the “Queen of American Lakes,” Lake George is a favorite destination of people from all over, and it is a fortunate and select few who get the opportunity to realize the dream of home ownership on this natural wonder. Sharon Davies is a 7th generation Lake George native, whose family obtained property through a land grant from King George II. As a person with a comprehensive knowledge of the area and its properties, Sharon decided that it would be exciting to sell real estate. She began by helping secure properties for her friends and entered into a partnership with John Owens thirty years ago. The firm has been a consistently high performer in real estate ever since, with over a billion dollars in sales since 1978.
It would seem that real estate runs in the family, as does a vast knowledge of and love for the region. Dan Davies, of Davies ~ Davies & Associates Real Estate LLC, became a partner in the business with his mother immediately after graduating with a degree in Finance in 1989. Dan is also an avid diver and advocate of preserving and safeguarding the cleanliness and integrity of the land and water.
Dan has taken over the day to day operations of the firm and agrees that, while business has not yet returned to the levels enjoyed in 2006, the limited supply of properties on Lake George, coupled with its high desirability, are key to keeping property values high. Dan notes that, in addition to the obvious attraction of living on Lake George, “there’s just so much lake front out there, after all. So it’s a supply and demand situation.”
Davies’ clientele come from a broad area encompassing the northeast, as well as people from different parts of the country looking for a private spot to escape from the rat race. Dan notes that, typically, the bulk of their clients come from northern New Jersey, Connecticut, and Westchester, as well as Albany and the Capital Region.
Areas of the lake that have seen the biggest increase in sales since the economic downturn include the southern basin; that is, the area from Northwest Bay to the end of Pilot Knob. Dan notes that this area has been much more active than the northern basin. Pricewise, the fastest selling listings fall within the $700K to $1.5 million dollar range, and there continues to be a multi-year supply of listings in the $2 million plus range.
Davies~Davies & Associates is also a strong player in the secondary markets, including Queensbury, Glen Lake, and other lakes in the region. While movement in these markets is still slower than it had been in 2006, things are beginning to move in a more positive direction and there is improvement.
Dan stresses, however, that the jumbo loans are still a lot harder to qualify for, with banks continuing their close scrutiny of potential home buyers. “For example,” he says, “self-employed persons continue to have a hard time obtaining a mortgage. They are a big part of our market and it’s very difficult for them to buy unless they are able to pay cash.”
He also notes that trends in buying and renovating have changed markedly in the past few years. Whereas in the mid-2000s, people were buying up properties with small homes and then demolishing them to build mansions, the past few years have seen a movement away from that trend. “That type of buying and renovation has really slowed down,” he notes, “and people are putting up more humble homes.”
The reasons for this are twofold: the economy and tighter lending restrictions are the most obvious reasons; but, local regulations have also been an integral factor in the clamping down of giant development on the lake and in the surrounding environs. “We want to preserve the green space, the waters, and the overall integrity of the place,” says Dan.
If you are interested in finding out more about Lake George real estate, you can contact Dan Davies at 656-9068 or visit their website at www.davies-davies.com. You can also learn more about the rich history of Lake George by going to www.lakegeorgechamber.com.