Why Do People Prefer Condos Over Houses?

The Lake Placid real estate market draws as many types of buyers as types of properties available. Some come into their search looking for an out of the way single family home, while others want a smaller property in a more central location. For these types of buyers, a condo can be a popular choice.

At Adirondack Premier Properties, we excel at helping our clients fit their individual needs with their best match property. Sometimes as we are helping buyers consider their options, we get the question, “Why do people prefer condos over houses?” In a resort community like Lake Placid, the answer typically comes down to lifestyle, convenience, and value.

While traditional Adirondack houses have their own distinct charm and benefits, the condo market is growing rapidly in Lake Placid for a reason. For buyers looking to enjoy nature and the many resort style amenities of this mountain town, condo living just makes sense. Read on for our take on why more people are making the shift toward condo living in the Lake Placid region.

Why Do People Prefer Condos Over Houses in Lake Placid, NY?

1. Affordability Without Sacrificing Location

Let’s be honest — price matters. For many buyers who are in the downsizing or second home market, a single-family home in the community just isn’t what they are looking for or within their budget. Condos can vary in pricing throughout the Lake Placid region and can cost less than detached homes in the same area. This makes them a more accessible option for living in desirable, central areas. You get the benefit of location without the sky-high price tag.

2. Low Maintenance Lifestyle

The low maintenance lifestyle is one of the biggest answers to the question of why do people prefer condos over houses, especially in the second home market. No lawn to mow, no snow to shovel, no roof repairs to worry about. The condo association takes care of all exterior upkeep, which is a huge perk for busy professionals, retirees, or second home buyers who want to get away from home maintenance tasks.

3. Amenities You Won’t Find in Most Homes

Many condos in Lake Placid offer amenities that most homes throughout the community do not have. Condo developments often come with resort-style amenities including private beach, marina access and access to an 18-hole golf course. These features are included in monthly HOA fees and can seriously enhance lifestyle, often at a fraction of the cost it would take to enjoy them in a standalone home. Below are a few areas that offer condos in Lake Placid:

Lakeside and Brookside Units at The Whiteface Club – These units overlook Lake Placid lake and offer some of the best amenities in Lake Placid. The amenities include a shared private beach, access to multiple tennis courts with a pro shop, a 18-hole championship golf course, a marina and storage for your canoe and kayaks.

Swiss Road Condos – These units can be found just off Main Street Lake Placid and overlook Mirror Lake. Owners at this condo complex enjoy a unique amenity situation that includes access to High Peaks Resort amenities: 4 pools (2 indoor and 2 outdoor – with one outdoor overlooking the shores of Mirror Lake), the fitness center, and deeded access to Mirror Lake with stand up paddle boards, kayaks and canoes. These units are also just a short stroll to Main Street.

Harbor Condo Units – The Harbor Units are more limited in amenities with the most coverage focused on ground and property maintenance.

4. Built-In Community & Security

Condos can naturally foster a sense of community when the owners are living in the units more full time. Additionally, the shared spaces as well as some building events can bring neighbors together to make it easier to socialize and feel connected to the living community. Connection to others is one answer to the question of why do people prefer condos over houses.

Other condo complexes throughout the U.S. can also offer added security like controlled access, surveillance cameras, and staffed lobbies. These features can give peace of mind, especially for single residents or frequent travelers.

5. Smart Investment for the Future

From a real estate perspective, condos can be a great investment. Locally, you can avoid some of the new short term rental regulations as a condo owner due to having an HOA. While you may avoid some STR regulations, note that registration and STR fees are required in order to rent. The ability to rent eligible properties keeps condo pricing consistent, while prices have decreased on other local properties that are subject to STR regulations.

Outside the Lake Placid region in urban areas with more limited space, demand for condo style properties can still be high. While this style of property appreciates differently than houses, condos often stay in demand due to their affordability, low maintenance, and prime locations. A good investment is the reason many give for why do people prefer condos over houses.

6. Simplified Living for a New Generation

With condos being built in prime locations including near waterways or close to downtown areas, they are a perfect fit for young professionals looking to be near work and nightlife or retirees looking to downsize and enjoy the views without maintenance. Additionally, some Lake Placid condos are owned by second homers who rent them part-time to generate income to cover some expenses. This is a great way to enjoy the property until retirement or moving in full time.

Condos also offer a “lock and leave” lifestyle that aligns with how many people want to live today. While a single family home may offer more space, privacy and customization, it may fall short compared to a condo due to repairs, convenience of location and value. Insight can be gained on the question of why do people prefer condos over houses by looking at a Lake Placid example.

Comparing Lake Placid’s Lakeside Condo units versus some nearby single family properties on the same street shows some differences. Lakeside condos have almost unimpeded views of the lake and quick access to the water and are priced around $700,000 to $1,400,000 depending on the unit. Some nearby single family homes have a more impeded view of the lake and mountains as well as a farther distance to access the water with the prices landing in the $2,000,000 range.

If you are thinking about making a move and want to explore what condo living has to offer, our ADKPP forever agents would love to help you explore options and find the perfect fit. Contact us today at 518-523-3333 to start your condo search under the guidance of experienced Adirondack real estate professionals.