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Little Tor Road
Wilmington, NY 12912
$529,900
Conventional
Property
Bedroom
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Bathroom
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Property Type
Conventional
Square ft
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Property Description
404 acres of recreational forestland in the Adirondack Park, located near Wilmington, Jay, Lake Placid, and the High Peaks. Directly abuts over 13,000 acres of State Forest Preserve to explore, hike, hunt and camp. Zoning for the Little Tor Farm and Forest property is Forestry Residential (Black Brook Local Zoning) and Resource Management (Adirondack Park Agency Zoning). With its favorable site characteristics (elevation, soils) and its proximity to Wilmington, Jay, and Lake Placid, this property has potential for a glamping or horseback riding business (zoning permitted). Electric service is ~ 2000 feet from the gate on Little Tor Road, which is a year-round, town-maintained, gravel road. The property is situated at the end of the road. County GIS/tax map shows the town road going right to gate, however, plowing and maintenance appears to only go to a turn-around approximately 150 feet from the gate. Big Brown Brook, originating from the heights of the adjacent state forest preserve, is the dominant water feature on this property. Approximately 5,900 feet of this perennial brook, with its cascades, pools and natural beauty is a year-round attraction. An adjacent, smaller, perennial stream, that flows parallel to the meadow, is an added virtue to an already spectacular location. There is an open meadow, ~ 2 acres in size, at the end of the road, bounded by century old stone walls and woods edge, which reflect the previous agricultural history of this area. The meadow would be an ideal site to situate a new home or cabin with spectacular views of the Wilmington Mountain Range to the north. There are currently 2 structures in the meadow (old farm house and outbuilding), as a well as a log cabin in the woods. All three structures are in poor condition and may, or may not be salvageable. The owner is unaware of the private water or septic characteristics at each site. This property is enrolled in NYS Section 480a of the Forest Tax Law, which allows for a significantly reduced assessment and taxes in return for a commitment to long-term forest management. Forest management is currently handled by listing agent, John O’Donnell. There has not been any active forest management since 2016 under the current ownership; timber harvest activity prior to that time is unknown. Forestry management plan and associated 480a documents can be provided upon request. The Little Tor Farm and Forest property is less than 5 miles from the villages of Wilmington and Jay, for your basic needs, and 20 minutes from the Olympic village of Lake Placid, with plenty of dining and attractions. It is 40 minutes from the Plattsburgh International Airport and under 2 hours from Trudeau International Airport in Montreal, as well as less than 2 hours from Saratoga Springs and 5 hours from NYC.
Property Information
Lot Size
404 acre(s) square ft
Property Type
Lots And Land
Year Built
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MLS Number
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Location
Address
Little Tor Road
City
Wilmington
State
NY
Zip Code
12912
County
CLINTON
Listing
Provider
Name
Phone
Office Name
Timberland Realty - Falconer
Office Phone
(716) 962-9935
Agent Name
John Odonnell

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HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.