Farm Island

[Frdxplorer]

I saw on the Spencer Hughes website that Farm island is for sale. For you Belknap lovers out there I am guessing that this news disappoints you as much as it does me. The undeveloped Farm island nicely protects the Camp Belknap bay area and gives that little portion of the lake a level of serenity found few other places on the lake. I am hopeful that Camp will be able to pull together the funds to make the purchase. I know that during their centenial celebration they mentioned that acquisition would be a major priority if the island ever came up for sale.

[Pineedles]

I remember camping out on Little Huck? I don't remember going to Farm Isle. MASQUA.

[Frdxplorer]

Yeah Little Huck is owned by Camp. Farm island never has been. But it has been kept completely undeveloped except for one small cottage. I am just hopeful that the island doesn't get built up with several homes with boats clogging up the bay. Camp is very lucky to have that area where few boats have reason to enter.

[Grant]

From what I understand, Belknap was given first shot at acquiring Farm, but the price was too steep. What a shame -- that would be the ultimate extension of the camp, and an incredible buffer (as it has been for so long).

Timi Hi!

[Pineedles]

Amazing!! I came home tonight to find a letter from Belknap's Development Chairman asking for support. It doesn't mention anything about the island, rather all the good times others have had there which I suppose is intended to evoke mine. I can't imagine how they even found my address. Unless it was about 5 yars ago when I tried to donate a boat to them; I talked with Gene Clark's son then. Well, I remember 2 years of 2 week camping there that taught me alot and I guess even if they can't afford to buy the island I'll still help them out. The letter said they raised a record $86,000 last year in their annual appeal, so I guess Island buying is out of the question.

[Winniislander]

Farm Island is one of the few islands left that is both wholly owned and unrestricted by a development easement, such as from the Conservation Trust. The only restriction to development left then is soil type and zoning. Perhaps those interested should approach the Lakes Region Conservation Trust and work with them to encourage the owners to allow the purchase of a development easement, or an outright purchase. At $5.9MM, I doubt the Trust can buy it outright, as it would appear that with the acreage and its uniqueness as a wholly owned island, it may actually be worth that.

[secondcurve]

Did Avitar screw up the assesment of Farm Island or is the tax bill a typo? Total taxes for the island are listed at just over $4,000.00. What a deal. Now I understand why my bill is so high!!

[chocophile]

Farm Island is in a tax status called Current Use. This is different from the status for residences or commercial property. It is for unoccupied, undeveloped land. The taxes are determined in a different way. This is intended to enable owners of large parcels of open space from having to sell to pay the taxes. I don't know the details, but I am told that when a property transitions from Current Use to another tax status, there is a substantial payment of back taxes required.

Here is a link to a State of New Hampshire website regarding Current Use: http://www.state.nh.us/revenue/currentuse/currentuse.htm

[tomboymom]

Last I knew, in Wolfeboro current use worked like this: to remove any parcel from current use status, the owner needed to pay 10% of the current market value of the land. Thus, when we removed an acre 10 years ago, it was valued at 25K and we had to pay $2,500 to remove it from current use and build on it. Of course, the numbers on Farm island would be much, much higher....

[chocophile]

In our mail yesterday was a listing sheet for Farm Island. It's listed at $5.9M. It has 3800 feet of waterfront and 23 acres of land. Let's speculate as to the value of the island.

One issue is the availability and cost of slips on the mainland, especially if the buyer intends to subdivide the island into, say, 10 or more lots. Another issue is that the water around some sections of shoreline is very shallow and rocky; this is especially true in the channel between the mainland and the island, but also true on the other side between Chase's Island -- hence the placement of the black buoys so close to Chase's. Again, this is an issue only if the island is subdivided into many lots, since there is a lot of shoreline suitable for docks. A minor issue is the cost of removing the dilapidated "cottage" at the center of the island (with no water view, and no bathrooms!) and other broken-down sheds.

On the plus side: it has views of the Ossipee Mtns to the North and Red Hill to the Northwest. It has a very small beach in a nice shallow cove on the Northeast side. It has power and phone. The land is level. The southern shore faces Camp Belknap which adds entertainment value. It is close to the Tuftonboro town docks, 19-Mile Bay private docks, and Pier 19 gas dock and store.

Some simple calculations yield the following: if divided into 10 lots of 380 feet of waterfront, the price for each undeveloped lot would be $590,000 (assuming asking price). If divided into 4 lots of almost 1000' of waterfront each, each lot would be about $1.5M.

What's the cost of building a modest 3 bedroom camp w/well and septic on an island? $150K? $200K? What's the cost of a slip on the mainland?

Here are some recent listings for island property: Gem Island with house sold while listed at $698K. Cow Island lot with house and 500' waterfront sold listed @ $568K. Timber Island lot with 770' of waterfront sold while listed @ $795K. Pleasant Island sold last year (anyone know the price?), and Parker Island sold this year (anyone know its price?).

So, is Farm Island worth $5.9M ?

Unless someone with $6M just falls in love with it, I suspect it will sell for a lot less than asking price, but still a pretty hefty price. At $4M with 10 lots, it's $400K per lot. That seems more in line with recent sales to me.

[19MileBaylover]

I agree, it's a steep price -- but what isn't on this lake? Most of us on the bay have enjoyed looking at an undeveloped island for many years, and have especially enjoyed it a night with no lights and quiet as can be. That's what we'll miss when it gets developed -- as well as its blueberry bushes. Not looking forward to more bright lights on the bay. Wish the Land Trust would actively pursue.

[Just Sold]

chocophile,

I did some research and found the following answers to your questions.

Parker Is. did not sell. It was withdrawn from the market on 11/15/05.

If Pleasant Is. sold I find no record of the sale. When it was on the market in 02 it did not sell at $1.2 mil and was withdrawn from the market.

Yes, Farm Island is worth a lot of $$$ and at $5.9 Mil I would guess it will take some time to find the "right buyer". I would love to see it stay the way it is but it is everyones right to sell their property and for whatever dollar amount they want. So expect you will see a change sometime in the future there.

[ApS]

"...Unless someone with $6M just falls in love with it, I suspect it will sell for a lot less than asking price, but still a pretty hefty price. At $4M with 10 lots, it's $400K per lot. That seems more in line with recent sales to me."

IF real estate has "turned the corner", perhaps it will be a good time for Camp Belknap, the owners, the Trust, and Prudential/Spencer Hughes (the agent) to put a deal together to save Farm Island.

NH Supreme Court decisions sought by local realtors have benefitted realtors' bottom-lines. (To be fair, Prudential was late to the game). Centuries-old Deed terms were overturned. Realtors also blocked private land-conserving NH 1985 legislation.

As a major Lakes Region R/E player, they could stand to gain some good will by "giving something back".

Heck, rename the island for the principals in this effort!

[Orion]

The tax assessors (Avitar) hired by Tuftonboro would have you believe that undeveloped island property is worth $240K to $300K for any lots over 100' of frontage. So nineteen 200' frontage lots would be assessed at $4.6 to $5.7 million. So it appears to be priced a little on the high side, but has the advantage that someone could buy their private Island....just as Pleasant Island was, which sold for under $1M but had only about 1 acre and a nice house with two bunkhouses.

[Pineedles]

Even if someone did buy a 'Private" Island they'd still have to endure potential air activity. That's why the saying goes LOCATION, LOCATION, LOCATION. Which means you gotta have the right Longitude, Latitude, and Altitude.:laugh:

[lakershaker]

Actually, Parker Island did sell. There are 2 lots on the island - 1 Parker Island sold this month for $870,000, and the other lot, 2 Parker Island sold for $1.73 million, also this month. 2 Parker is a 1.46 acre lot, with 1020' of lake frontage. 1 Parker is a 1.22 acre lot with 645' of frontage.