Real Estate

[jetskier]

Hi all,

We have been thinking about upgrading and I was wondering how deeply discounted (from asking prices) property is selling in the region? I know that the market is quite stagnant.

Jetskier:cool:

[Paugus Bay Resident]

It really depends on what county / price range your looking at. Here are some examples for the 1st half of the year.

Belknap County - sales down 9.3% - prices up 12.0%
Carroll County - sales down 25.7% prices down 1.6%
Strafford County - sales down 9.2% prices down 2.1%

Condos overall are down 11.7% with prices up 1.7%

I don't have the listing price to sales price ratio handy.

So, county data for the first half of this year seems to show that home prices are holding pretty steady and even rising in a few counties. But, unit sales are below last year in every county except Rockingham. During June, the nearly 1,400 homes that sold had been on the market an average of 114 days, less than 4 months. But, as you can see individual county data can vary considerably. We also have significant seasonal variations.

This is all per MLS.

My advice, If you see something you like, make an offer :) There are some good deals out there.

[Irish mist]

What price-range & type of property are you looking for jetskier ? Prices in Belknap county are somewhat steady, though the local condo market is down this summer in price by several percent from what I have seen.
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[vrrooom]

From what I see in my area, Gilford, Lake front or near accesss properties are stagnent. However a very important detail is that most, if not almost all of these properties are second homes. As second homes the owners are not under any real pressure to sell, it is not like a primary home when you are moving to a new city and need to buy a new house. However there are some circumstances where a second home need to be sold, for example to settle an estate, owner is in financial trouble, a divorce......These could be deals now, if you can get your realtor to tell you these things.

[sa meredith]

Hi Jetskier...
Don't mean to jump on your thread, but there seems to be people reading here that are "in the know", and I have long been curious about something...
To anyone that may know...
I'm fairly new to the area (bought seasonal place in Meredith 4 years ago) and I noticed something with regard to "For Sale" real estate. Why is it that, when traveling by car along Paugus Bay...the road that starts at Waldo Peppers and continues up past Christmas Tree Steak House and beyond...there are ALWAYS so many For Sale signs. I mean, it's so consistent. All over the lake, there are signs here and there, but along that road there are dozens always, always, always. Any thoughts...

[newbie]

We too have been thinking about an upgrade, we have seen the "best" prices in the last 7 years. I think that we are close to the bottom as this has been going down for the last 18 months. My guess is coming out of next spring, we should begin to see the market begin to climb again... sooner if the fed makes a rate change.

[Lakegeezer]

How much demand for lake-front homes is there from the 'moving here' crowd. As telecommuting becomes more common and as boomers retire, more homes become primary, not secondary homes. Is this a big factor in the prices? In which direction? I sure haven't noticed any relaxation in the lake-front prices and suspect that new resident demand is going to keep it that way.

[TomC]

I have a realtor that keeps his eyes open for properties for me (i buy for investment). He's in the C21 office in Center Harbor. He said he's having his best year ever in lake front, pretty good year in lake access, and residential is off..

he says the boomers are driving this...

[KonaChick]

We're in the Kona Shore area of the lake (Moultonborough) and I can assure you there's no slow down in our neck of the woods. Things have been moving steadily in and around this area since we bought seven years ago. Friends of ours are shopping for a place and can't believe the prices now compared to when we bought (up). We feel fortunate to have gotten in when we did in 2000.

[secondcurve]

Keep your powder dry. Yes, prices have stagnated, but they remain quite elevated. Wait until the recession starts. It will. Further, ponder this: it is unprecidented that real estate has been falling while interest rates, the stock market and employment have been at record levels. Wait for these factors to change before the real bargins begin to show themselves.

[jetskier]

What price-range & type of property are you looking for jetskier ? Prices in Belknap county are somewhat steady, though the local condo market is down this summer in price by several percent from what I have seen.

We are looking at a condo to condo upgrade in Laconia. The unit we are looking at has been on the market about a year and discounted 10% without movement. Since we are approaching the end of the season, I am thinking that there is a lot of seller motivation in the market.

If volumes are off and prices are up, it would indicate that the market is quite selective.

I am seeing the same houses on the market since last year. So, it seems that much of the market is not moving.

Jetskier:cool:

[Irish mist]

I suspect prices will fall another 5% or so in the next year jetskier......but I can't really see a free-fall happening in the Lakes Region RE market with the demographic tidal-wave of baby-boom retirement just starting, and more and more people moving up here year-round.

What's happening in the Lakes Region is a fundermental transistion from a tourist economy to a retirement meca, and year-round living area. People are pouring into the area from all over the nation......whereas in the past it was mostly Massachusetts folks coming up here.

I think the next year or so is a great time to purchase a place up here. I expect the area to be red-hot in 2 or 3 years again. The boomers, by their sheer numbers, will change eveything. Demographics is destiny, and the largest group of boomers are still in their late 40s.
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[LadyJane]

[QUOTE=Lakegeezer]How much demand for lake-front homes is there from the 'moving here' crowd.

well, I am looking for land. NOT lake front, as I cannot afford the prices nor the taxes on lake front property. I plan on holding onto the land for a while and either building on it, or selling it and buying a smallish place in the lake area.