CRANBERRY LAKE — Several factors are contributing to the wealth of waterfront property for sale around Cranberry Lake as a wave of generational change coincides with higher assessments.
Eight of the 18 residential properties in the town of Clifton listed for sale on the St. Lawrence County Board of Realtors Web site are on the water and a ninth has a water view.
"It doesn't surprise me. I just think it's another sign of the downturn," town Supervisor Robert L. Snider said. "As the value of waterfront has exploded and assessments have come up, people are asking themselves 'can they afford it?'"
Mr. Snider can tell what's going on simply by looking out the window of his business, Little River Sales & Service.
"There's not anywhere the number of cars on Route 3 there should be for a holiday weekend," he said.
If high gasoline prices are keeping summer visitors from coming to their properties on Cranberry and Silver lakes, they may be wondering whether to cash out.
"They don't want to pay the taxes and not live around here," said Janet B. Ploof, Jan Ploof Realty, Cranberry Lake. "A couple of them are the taxes, definitely."
Assessments on waterfront property in Clifton changed dramatically in 2003 when the town conducted a revaluation after a 14-year break caused by a long-running court challenge by the state. A revaluation last year again left many waterfront property owners unhappy and led to another state challenge.
"Taxes are horrendous on the waterfront right now," said Laura M. Hunter, associate broker with Century 21, Gouverneur.
However, despite hikes in value that may increase tax burdens, the primary push behind the growth of offerings around Cranberry Lake is generational. Long-time property owners are aging and their children, if they have any, aren't as committed, said James M. LaValley, broker and owner of LaValley Real Estate, which has offices in Tupper Lake and Potsdam.
Star Lake in the neighboring town of Fine went through the same thing a few years ago but has entered a holding pattern, he said. According to the Board of Realtors Web site, several properties with access and a water view are listed in the town of Fine, but only one sits directly on the shore.
Star Lake is smaller than Cranberry, but the number of available property on the larger lake is restricted by state ownership of about 80 percent of the shore.
"There's not going to be more land available," Ms. Ploof said. "Cranberry's such a beautiful lake. We have a lot of people looking and two closings coming up."
Despite the recent rise in assessments along Cranberry, there remains room for growth in value.
"For Adirondack waterfront, the peak was 2005. We've been going through a correction since then," Mr. LaValley said. "Cranberry is still undervalued. People are just beginning to discover it so it hasn't gone through as big a market correction as the others. I would still label it as a buyer's market."
