Even during the deep freeze of winter, Saratoga’s real estate market is sizzling hot.
On the heels of PricewaterhouseCoopers and the Urban Land Institute releasing their annual “Emerging Trends in Real Estate” report—which speaks of boom markets in cities like Seattle; San Jose, California; Raleigh, North Carolina; and Boston—we wanted to see where Saratoga Springs fit in.
Our quaint little horse-racing town may not have made PwC’s list, but according to regional real estate agencies, the market is hotter than ever. Barry Potoker, marketing director at Roohan Realty, says that hopeful homeowners are flocking to Saratoga Springs and its surrounding areas. “New construction in our area is making significant leaps forward; the resale market has depleted its inventory so it’s very difficult to find resales in Saratoga. We are seeing a lot of new construction right now in areas just outside of the city limits in towns like Wilton, Ballston Spa, Milton and Malta.”
Turns out that the ability to attract tourists can fortify a region’s real estate market, a plus for Toga’s townies. “The Saratoga real estate market is not affected as much by things that go on nationwide because the area is so desirable,” Potoker explains. “Any second home, touristy, vibrant community like this has the opportunity to sustain downturns in the market. That puts Saratoga in a higher ranking market, so to speak.”
Louis Izzo, president and co-owner of Saratoga’s branch of Select Sotheby’s International Realty, concurs. “In terms of the average sale price, Saratoga’s market is well ahead of the national average. The average sale price is just over $460,000, and the average sale price in the U.S. is in the mid twos.” This is because Saratoga is what Izzo calls “a very high-value community.”
And it makes perfect sense: Saratoga’s proximity to New York City and other major metropolitan markets; status as the gateway to the Adirondacks; and quality of life made possible by its high-end gastronomy and spa culture make it a unique place to live, to say the least. “In addition we are the horse racing capital of the Northeast—some would say of the country; some would say of the world. So when you take into consideration all of those factors, it drives selling prices up,” says Izzo. Izzo says Saratoga is even seeing interest from international investors. “The trend is, more people are looking at Saratoga from around the world. Our company is an international brokerage with offices in 70 countries and about 880 galleries in those countries … [and] we’ve had increased interest from different countries about properties in Saratoga.”