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Old 09-16-2014, 10:48 PM   #21
ADK_Dreamer
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You have to be worried a lot more about selling the property down the road.

We are from Toronto and seriously considered buying property in Lake Placid 10 years ago (I got a small inheritance from my Uncle).

When you are a foreign resident, you have to pay 7% (I believe... correct me if I`ve forgotten) on the selling price directly to U.S. government. ``Foreign resident tax`. There can also be local `municipal`or `school`taxes for non-residents.

We thought about it again when all the real estate prices crashed a few years back in the U.S.A. (but not here in Toronto). Thought it would be great to snatch up a cheap USA property... but look what happened to all the poor Canadians who invested in Florida and Las Vegas. Be careful!!! Lending rules are different down south and prices very volatile.

Maybe you believe you will never sell, but think of the headache for your children on the inheritance (we thought about that and decided to keep our money up north).

Food for thought!
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Old 09-27-2014, 10:15 AM   #22
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I have done the same exercise as you and in the end found the US real estate market a very scary place. It did answer many questions I had why we (Americans and Canadians) think differently about investing money. I don't know what it is in the US but here a rough guideline is $200/sq. foot for a "turn key" rural home. That is well, septic, permits etc.. Generally it is 50/50material and labour.
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Old 09-29-2014, 12:51 AM   #23
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I have done the same exercise as you and in the end found the US real estate market a very scary place. It did answer many questions I had why we (Americans and Canadians) think differently about investing money. I don't know what it is in the US but here a rough guideline is $200/sq. foot for a "turn key" rural home. That is well, septic, permits etc.. Generally it is 50/50material and labour.
Have a 2300 square foot home and 1400 square foot garage. A very similar house across the road from the lake ( with deeded access) and 2 acres is on the market for $250,000. Not $460k ( the garage is separate and not heated so not included)

A few new homes went in up the road ( not lake access). Smalller 1400 square foot homes. They sold for $145,000.

I can't afford Canada.. Nor the Adirondacks either which is much more expensive than here.
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Old 09-29-2014, 12:48 PM   #24
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You can definitely buy existing cheaper than building new. Depending on what your home is I am sure it is on par price wise with a similar home in New Brunswick or rural Quebec. Anyone retiring from here in Ontario to the rural Maritimes knew you could lose your shirt on a new build down east. Who was going to buy it? In the Northern ADK's from Malone to Watertown things are cheaper not so with the LP area. Location, location, location.
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Old 09-29-2014, 01:38 PM   #25
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You can definitely buy existing cheaper than building new. Depending on what your home is I am sure it is on par price wise with a similar home in New Brunswick or rural Quebec. Anyone retiring from here in Ontario to the rural Maritimes knew you could lose your shirt on a new build down east. Who was going to buy it? In the Northern ADK's from Malone to Watertown things are cheaper not so with the LP area. Location, location, location.
Extensive study on my part has shown that the 'ideal' location for someone coming from the west, and not from the north is speculator to wells area.

This is by considering drive vs. accessibility to the rest of the park.

I think the OP is looking the right area. Cost is reasonable if no water access is needed (with hundreds of public lakes and ponds, one has to ask why?).

Used will always be cheaper than new though, well for comparable properties and structures, that should be common knowledge.

I've seen reasonably sized year round camps with water, sewer, electric and heat in that area for as little as $50k, provided you don't want a large chunk of land. More rustic camps with more land can be found in that price range as well. Depends on what your specific needs are.
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Old 09-30-2014, 12:44 AM   #26
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As a Canadian - you, and myself a Canadian with lending experience I doubt you will have much luck obtaining financing on a new build.

The Canadian banks collateral is somewhere in the backwoods in Northern NY. Its cross border assessments, legal encumbrances etc.

I doubt a US bank would loan money to Canadian who's main assets (income and existing property) are out of reach without expensive litigation. It's a legal hassle.

Use the existing collateral in your Canadian home. If you don't have the collateral you shouldn't be dreaming about building a cabin in the ADKs. Sorry to be so negative but its true.
good advice and true with most 2nd homes regardless
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Old 09-30-2014, 11:11 AM   #27
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Extensive study on my part has shown that the 'ideal' location for someone coming from the west, and not from the north is speculator to wells area.

This is by considering drive vs. accessibility to the rest of the park.

I think the OP is looking the right area. Cost is reasonable if no water access is needed (with hundreds of public lakes and ponds, one has to ask why?).

Used will always be cheaper than new though, well for comparable properties and structures, that should be common knowledge.

I've seen reasonably sized year round camps with water, sewer, electric and heat in that area for as little as $50k, provided you don't want a large chunk of land. More rustic camps with more land can be found in that price range as well. Depends on what your specific needs are.
Hate to differ but with Tug Hill and Lake Ontario in the way it is hard to come to the Adirondacks from the west. Rt. 12 skirts the western edge but only secondary roads go east into the Park and don't go far or else you end up on Rt.3 or 28. From the west you enter the Park from the northwest (Waterown, Canada) on Rt.3 or the southwest (Utica) and Rt.28. For someone coming from Canada to choose the Wells/Speculator area is kinda dumb. It is about as far from Canada time wise as anywhere in the Park unless you live in southwestern Ontario and cross at Buffalo and take 1-90 east. But that is a long way to go.
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Old 09-30-2014, 11:19 AM   #28
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I'm not a Canadian but I suppose it depends on where you are in Canada.

Coming from the Buffalo/Niagara Falls area, the area I spoke of is a clear winner. I-90 to 365 to Rte 8. Easy peasy. Tug hill and Lake Ontario aren't even on the radar.
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Old 09-30-2014, 01:31 PM   #29
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I'm not a Canadian but I suppose it depends on where you are in Canada.

Coming from the Buffalo/Niagara Falls area, the area I spoke of is a clear winner. I-90 to 365 to Rte 8. Easy peasy. Tug hill and Lake Ontario aren't even on the radar.
Well I did say with the exception of southwestern Ontario didn't I? We don't know where the OP is from but I doubt many weeked visitors from Ontario come from that direction unless you were right at the border. By the time you negotiate weekend traffic in that part of the Province, get across any of those crossings on a weekend and then drive 3 or 4 hours on I-90 the shine would go off that pretty quick. Not much of a tradition of visiting the ADK's in that part of the Province. Contrast that to Eastern Ontario and Montreal where there is. It is close enough and the crossings are more, smaller and less hassles that many can and will make day trips just to fish, hike, ski, climb etc..
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Old 10-01-2014, 11:59 AM   #30
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Maybe the OP will chime back but I seem to remember reading a post where he mentioned being from the Niagara area.

As for my extensive study - it only applies to that area because that's where I am coming from.
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Old 10-16-2014, 11:16 PM   #31
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Lots of good input here.

Yeah, I'm from Niagara. I actually kind of like driving and can do 3 day weekends no problem. Speculator area is for sure the easiest access in the ADK's. Places closer to home outside the blue line (in Ontario and NY) are on the radar, but everytime I'm vacationing there, I can't help but think that a couple hours extra and I could be in the ADK's. There isn't really any place reachable on a tank of gas that compares from the adventure and scenery standpoint.

The main driver though is that the Speculator area is shooting distance to Gore Mt. The mole hills around here really don't cut it skiing wise... i'm usually bored after about an hour or so and the kids won't stay little for ever and they'll be bored soon too.

We actually have quite a bit of equity in our house $$$ wise. My main point of the thread though was to figure out if its logical to buy new, and I don't think it is. With a stack of cottage grade pine for the interior, some board and batten for the exterior, and some new fixtures I can turn a cheap old cabin into something significantly better for not a lot of cash (relatively). It'd be nicer to start new, and get the exact layout we want, but I can be flexible.

Last edited by OntarioSkiBum; 10-16-2014 at 11:17 PM.. Reason: grammar
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Old 10-17-2014, 11:57 AM   #32
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Niagara would be a tough spot to get anywhere "remote" in a few hours.
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