Second homes: Lake Placid is fun for all seasons

— -- This winter will be the 30th anniversary of the "Miracle on Ice," when a scrappy group of amateur U.S. hockey players upset the dominant Soviet Union at the 1980 Winter Olympics in Lake Placid. Three decades later, there is no Soviet Union, but Lake Placid is still thriving as a second-home destination — in winter and in summer.

"At least 70% of the market, maybe 80%, is second homes, and it has been that way ever since the Olympics," says real-estate agent Robert Politi, owner of Merrill L. Thomas.

Second homes have predated even the first Olympics held here, back in 1932. Lake Placid sits in the midst of the Adirondack wilderness, where wealthy New Yorkers built summer compounds known as "Great Camps" in the second half of the 19th century.

"There are two kinds of second-home owners — those who use their places for the whole summer, and those who come occasionally and rent them out," Politi says.

Second-home buyers in Lake Placid live mostly within driving distance, coming from New York, Philadelphia, New Jersey and Canada.

Lake Placid visitors can see the hockey rink, tour the museum, ski the alpine and Nordic runs, even speedskate on the Oval and ride bobsleds. The ski jumps tower over the village, many Olympians live here (it has one of three U.S. Olympic training centers), and major championships are held annually in skating, sliding and skiing.

"We're famous for the winter, and weekends are busy in ski season, but in summer it is seven days a week," Politi says. The town's Ford Ironman Triathlon USA sells out every room for miles in July, but weeks of horse shows and other major events fuel a strong year-round rental market.

Much of the Adirondacks is designated "forever wild," New York's strictest zoning. Lakefront property is the most desirable, often with boathouses. Adirondack-style houses on Lake Placid start at $3 million but cost much less on surrounding lakes. In the village, Politi says "the hot part of the market right now is homes under $500,000."