By Steven Luttman

Few things warm my heart more than a trip to the Lake George outlets. 

Some might say cheap, others prefer “financially thoughtful,” but no matter what you call it I like finding a good deal. No doubt many of you feel the same way. Think for a moment about a purchase you’ve been considering recently. 

If this item were to become available for 79 percent less than its historical price how excited would that make you? That’s an amazing value. People line up hours in advance for Black Friday deals less great than this. But before you take out your wallet, what if at this exact same time last month the item could be had for 85 percent off. Given that the discount has shrunk, is it still attractive today? Of course, it’s a no brainer.   

Freddie Mac’s weekly lender survey found the average 30 year fixed rate mortgage  closed out the month of March at 4.67 percent, a sizable jump from the sub 3 percent we were seeing as recently as November. 

For anyone that’s been eyeing a home purchase or refinance it’s easy to think “I’ve dropped the ball here, rates are just way too high now”. With a short term perspective you wouldn’t be wrong. However if you were to line up the average rate for every single week over the past 50 years, rates are lower today than they’ve been for almost 80 percent of those data points since 1971. 

By Christine Graf

As demand for new homes surges throughout the country, supply shortages and price increases continue to plague the construction industry. According to the National Association of Homebuilders (NAHB), more than 90 percent  of builders experienced materials shortages and delays in 2021. 

Builders were encouraged when lumber prices began to fall after a record high in May of 2021, but prices began to climb again in December. The average cost of lumber is now about three times more than it was before the pandemic, industry officials say. 

Economists predicted that supply chain shortages and material costs would begin to ease, but that was before Russia invaded Ukraine. Experts say the war in Ukraine will disrupt supply chains and further exacerbate shortages and price increases. The increase in oil and gas prices that have resulted from Russian sanctions will also impact production and transportation costs. 

According to Cecil Provost, owner of Saratoga Construction and Saratoga Modular Homes, increased material costs have caused the average home price to skyrocket. 

His companies build custom “stick-built” homes as well as custom modular homes. Stick-built homes are constructed on the job site, whereas modular homes are built in sections at a factory. 

By Paul Post

Todd Drake is recapturing a popular period in Lake George summer tourism with the purchase and upgrade of two mid-20th century type resorts on Lake Shore Drive.

He recently purchased Cramer’s Point Motel & Cottages, 3382 Lake Shore Drive, recently sold for $1.275 million. That follows last year’s $915,000 acquisition of Adirondack Diamond Point Lodge, 3629 Lake Shore Drive, which underwent a more than $300,000 makeover.

“The purpose of buying these properties is to maintain them as 1950s-style resorts with modern amenities in excellent condition and quality,” Drake said. “Instead of tearing down and replacing these places with condominiums, townhouses or a $7 million lake home, I see it as my job to maintain this tradition so people have a place to go that’s reasonable, affordable, quality, but fun for the kids and adults offering amenities like shuffleboard—which you don’t see much anymore—or a nice pool deck under the trees, fire pits and barbecues. It’s the outdoor Adirondack-style vacation.”

He purchased Cramer’s Point from Francis and Marion Sause, who owned the business for nearly 30 years.

Drake wants to provide the type of experience people can’t find at major brand-name, corporate-owned hotels.

He owns a Watervliet-based construction firm, CornerStone Building Corp., and Empire Real Estate Management, which specializes in long-term apartment rentals at sites such as Remsen Place, a four-story residential, office and retail building that opened two years ago in Cohoes.

The two Lake George resorts fall under the umbrella of a different business he owns called Adirondack Lodging Co., which includes rustic-style Moreno’s Cottages in Ray Brook, campgrounds in Crown Point and Chestertown, and several short-term vacation rental homes.

Drake learned that Cramer’s Point was for sale last year, but the timing wasn’t right. Then things changed.

“And now with the experience of renovating the (Adirondack Diamond point Lodge)  I could tell this property offered value,” he said. “It needed upgrading, but less in terms of expense. Time is money as well as money is money. Looking at this project we felt we could do something similar with less upfront costs and time. That’s why we decided to pursue it.”

Cramer’s Point Motel & Cottages has a seven-bedroom home, 10 seasonal cottages, eight motel rooms and two suites. It is about a mile south of Adirondack Diamond Point Lodge. The two resorts are similar in size, but offer different amenities. Cramer’s Point has two pools and beach access.

Drake spent considerable time in Warren and Essex counties, pursuing year-round outdoor activities, while growing up in Clifton Park. He first learned about Adirondack Diamond Point Lodge about 20 years ago. Last year, he saw an opportunity that was too good to pass up, he said.

That property has seven cabins plus the 16-room main lodge.

“We closed on it in mid-April 2021 and really had to put things in high gear to be open for Memorial Day,” he said. “It was neglected for many years. We spent a considerable sum of money replacing all the furniture, a lot of the flooring and did the whole exterior over again, everything from windows, doors and roofs to top-level lawn furniture.”

In addition, all housekeeping material such linen and bedding was tossed out and replaced,  Drake said. “But we kept it in the price point of expectations for a mom-and-pop resort. It was very well-received by guests. We did a considerable amount of business over what the previous owners did. We also enjoyed very good feedback and return rate for people coming back last fall or this summer.”

The job got done despite difficulty obtaining materials and supplies caused by COVID-19, and an ongoing statewide and nationwide labor shortage problem.

“We brought the marketing to a modern level with a strong website and reservation system that was very user-friendly and interactive,” Drake said. “But what really mattered was the service. We took time with each customer, telling them how we could best accommodate their party, group or event. You don’t see that today with 1-800 systems.”

“By bringing the quality up, I think we attracted a new audience that was looking for quality, which made a difference. That said, we did have a lot of returners who had reserved from prior years. Their reaction was nothing short of astonishment,” he said.