$3,995,000 - Wow...
 

I've kept a close eye on Winni lakefront real estate listings for six years. At this point, in most cases, I can get a pretty good sense of when things are priced in the right ballpark (or at least I could pre-COVID). But every once in awhile I come across a listing that I totally don't get and this is one of them. I just can't imagine this home going for anywhere close to what's being asked. To me, knowing only what I read in the listing, this seems to be at least $1.0M more than what I'd guess it could sell for, even in this market and even with 1.5 acres and 200 feet waterfront.

Other than a fishing expedition and/or an overreaction to an obviously exuberant market, does it appear to you that this is a $4M dollar slice of heaven?

On the other hand, in this market, soon as I hit 'submit' it'll probably sell for $250K over asking.

https://nicolewatkins.com/listing/48...ough-nh-03254/

That is a pretty terrific area, but that price does seem over the top. However, we have been chortling over the high prices, and just imagine what we could get if we put ours on the market, because it all seems just plain crazy! It will be interesting to see what the selling price is, and days on market.

Current assessed value is $2,097,500

Current assessed value for the property is $2,097,500. Compare it to 48 Catlin Estate Rd that is for sale as well. That property is for sale at $3,695,000 and assessed at $3,577,700 that has been on the market for 135 days.

You know there's no Walmart in that Moultonborough area, in that Moultonborough, Tuftonboro, Tamworth, Ossipee, Wolfeboro greater metropolitan area ....... therefore ...... the closest Walmart is either in Gilford of Plymouth. That makes 105 Hauser Estates Rd a long, long, long drive just to go to the store for something ...... is a long drive from anywhere to that area in Moultonborough.

...... is too much out-in-the-country ..... but, without those out-in-country, backwoods, "in current use" greatly reduced property taxes.

FLL: No worries! They have people to do their shopping for them and its a pretty good bet they don't go to Walmart.

I follow the Moultonborough real estate too. I know this area very well.
There was a house that sold on Bosn Way for $5 million in August. It had been listed for just under $6 million.

There was a house right around the corner that was for sale for $5 million. It did not sell and it was taken off the market. The house on Catlin Estate Road is just too big in my estimation.
If I had a choice, I would choose the house on Hauser Estates Road. Not every house will sell, but some people will get lucky.

There are some properties that come on in this frothy market that people put on at high prices trying to see if they can catch the BIG fish. It will be interesting to see what happens in the spring.

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Someone that pays $4mil for that has more money than brains....In any market.

If that's the case my island property is going on for $1.5mil!

Ten thousand dollars is the limit for deducting your state and local taxes, i.e. property taxes, from your annual federal income tax. I always thought this would have a big effect on NH lake front homes as their property tax surpasses the $10,000-limit ($5000 if married filling seperately). It has been in effect since tax year 2017, which was due in 2018, so it is still relatively new to the scene.

Google 'IRS tax topic No. 503' to read all about it.

Agree. The question is if someone offered you 1.5 mill would you sell it? Always said if someone offered us 1mill we would sell. It appears by recent sales we can get it. But, now the number is 2 mill. Not greed, just small talk when the subject arises.

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You've repeated this message about a thousand times, I think we got it.

Pricing
 

Nothing is worth more than someone is willing to pay you for it. A property listed in Center Harbor this summer sold for over a million more than the asking price in less than 48 hours with numerous bidders. This listing has a great sandy beach, morning to late afternoon sun, probably no sunsets tucked in behind what is now Avery Point. Protected cove, not much for direct impact boat traffic. No need to apply for no wake zones. Occasional bass fisherman sitting at the end of the dock. No more than 15 minutes to Heath's without traffic or easier by boat. No rafting in the area. The only thing that would have real impact would be a next door neighbor that either rents to large groups all summer or an avid boat owner with straight pipes or a PA system stereo and a large family with multiple jet skis. Someone might either knock it down or build it up. Soft sand bottom would easily take a large mushroom anchor for a mooring and is protected from both strong south and northwest winds. What's it worth to leave your boat for 2 weeks and know it will still be okay where you left it? Looks like the old Craig property they used to ski about every day with their Evinrude Rogue.

lacking (my) amenities
 

For $4MM, I'd want deeper water with a dock suitable for larger boats, not a temporary seasonal dock. Of course, if you just sold your house in the big city at $5MM to escape Covid, this could be a bargain.

Timing is Everything...
 

When the vaccine is readily available? ;)

Yes, I would take it and run in my case. Paid $445k this year but am putting well over $200k into it. It certainly will be desirable in the end, and worth more than my investment. But yes, I would take that money and run.

replacement
 

As always, if you sell for a high price, when it comes to buying an equivalent replacement, you will buy at a high price and lose your sweat equity. And maybe you paid substantial capital gains tax? Or, you sit on the sidelines, wishing you still had a summer place, and wait for the next recession.

I was thinking the same thing. We bought a fixer upper 6 years ago for 200K. I've put 100K into it but that's mostly just materials because I've done 90% of the work myself. I was told I could probably get around 500K but I don't think I could buy a better place for that so what's the point? Sent from my SM-G950U using Winnipesaukee Forum mobile app

I have seen many listing from that agent that are aggressively priced. Most times I think it is just people see if they can get someone to bite.....

However a quick look at this listing... it is boosting the following:

- 200 ft. of water front
-- with evaluation of land being about 6K per foot on the water, the land evaluates at 1.2M

1.6 Acres of land so there is plenty of room
A nice beach and apparently rock less looking water front
(note this is not a pearched beach)
A long dock

So it has a lot to offer, that today, would be hard to get permitted.

Now is it worth 4M???? Well If someone will pay that I am sure it is..... But maybe just maybe, only part of the family wants to sell, and holding on to it is the real goal....

Bad water
 

@Lifeorelaxin
"A nice beach and apparently rock less looking water front
(note this is not a perched beach)
A long dock"
The dock, a temporary seasonal dock, requires little, if any, permit except perhaps "permit by notification". You need a "long dock" when the water depth is insufficient to moor a boat with any significant draft, e.g. a 24' deep vee hull with I/O in the down position, and unable to lower it to leave the dock in years like 2020 and 2016. With a western exposure, the dock is exposed to prevailing NW winds and would be unlikely to hold anything larger than 20-24 feet, if that. A pontoon would perhaps draw less water, but with a lot of canvas would move the dock in any significant wind.
Winnipesaukee waterfront, to me, is for boaters. This is not a boating site. It's an old camp with new addition at exorbitant price.

Have you looked at it on a map? Seems like a very protected location with regards to boat docking.

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Houses are selling for around 60% over town appraisal. My guess is it goes for around $3m.

2x town appraisal does happen, but unlikely in off season.

On average you may be correct on the sale vs assessment but this one is way off the mark. Someone taking a shot at the moon or a realtor who tried to buy the listing by convincing the owners he would get them more than others. The beach is nice but not at the expense of good docking and deep water. Maybe you find a newcomer who doesn't realize that or has other priorities than boating. Low 2's would be my guess if it sells at all but since I already own waterfront I would be happy to be proven wrong.

When I bought my house 6 years ago the real estate agent said that property was selling right around town assessed value. Of course it was still a buyers market back then.
My assessed value has gone up 30% so 60% now sounds about right in this sellers market.

..... for just $15,000,000 ..... think about it!
 

With the Moultonborough property assessments likely to increase, here's hoping the town can agree to build a 15-million dollar community center. It needs to have a 5-million dollar indoor swimming pool, a 5-million dollar indoor ice arena, and a 5-million dollar indoor tennis and pickleball facility.

So, that's 5-mil each for swimming, ice, and tennis/pickleball which multiplied by three adds up to 15-mil. ....... :banana:

Here's to building that new 15-million dollar Moultonborough Community Center ...... way-to-go ...... M-0-U-L-T-O-N-B-O-R-O-U-G-H !!! ..... ugh, ugh, ugh

So Moultonborough can get inline with all the other towns around the lake with high property taxes.

Isn't this dead?
 

I thought this was voted down...again...just recently?

Oh yes! It’s an annual event.....having it put on the docket as a warrant article. It’s the “I want, I want, I need, I gotta have it!” crowd vs. the frugal property owners who would have the privilege of funding it. It never ends...

That price tag and no air conditioning!? I guess if you have that kind of money to blow on a property like that, you can pay people to fan and spritz you with cool water mist!


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I have not paid much attention to what they were trying to do in Moultonboro as I am not a resident but is that what it was? 15 million! An ice rink, tennis and community center! Thats a big ask for a small town. If an ice rink or tennis or fitness even remotely made financial sense then I would guess someone in the private sector would step up. It does not make sense so they must have the tax payers pick it up.

Winter, FLL is just having a little fun....$15 million is not the figure, but who knows? Maybe they’ll up it to that figure. 🤨 The waterfront taxpayers are not in favor of needless spending.

Well that’s the thing. Newcomers have no idea of all the pros and cons of deep water access, water quality, exposure, dust, wind, exposure to the broads , septic limits etc.

The town appraisals don’t factor in a lot of those details either.

Took me 3 properties and 30 years to figure it all out :)

There are $5m properties that I wouldn’t buy if I could get it for $1m because of compromises I would not make at the $1m Mark. I want gorgeous sunsets without being exposed to “the broads”. Among 20 other things. Not easy to find.

It’s the location. Nice and close to Braun Bay.

Attachment 16591

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New name?
 

Covid Cove? Hot Springs Sands?

Admittedly I might be a bit of a stickler for details but I can’t imagine paying 4 million dollars for a property when the owner, realtor, or stager couldn’t be bothered to tidy up for the pictures.

The first picture shows plastic Adirondack chairs thrown about.

The front and back exterior pictures of the home show lawns that were not raked and steps and decks that were not swept.

And then one of the bedrooms has the mattress just sitting on a box spring on the floor.

If I was trying to sell something for that much money I’d want to prospective buyers to think I care more than those pictures show. The person who can’t be bothered to buy a $79 dollar bed frame is not the person I would trust to have properly maintained the “4 million dollar” home I’m purchasing.

And (possibly even more importantly) if I was a realtor standing to make a sizable commission on the sale of a place like this, I’d want to present a much better image.

Great points - all of them. Even though those things didn't fully sink in when I opened the thread, I think your observations are a big part of why I shook my head in puzzlement over this listing. Also note the roof which is covered in pine needles. Blowing that off would have taken all of 30 minutes. The messy beach when looking out toward the water could have been cleaned up too. Look at comparatively priced listings and they are clean - if not pristine. Now of course, that may not be the everyday reality but staging the listing is an important part of selling it.

Couldn’t agree more! Professional pics are a must! I wouldn’t hire a realtor that doesn’t use a professional photographer to take property pics.

Dan

I was looking at a new listing that just came on in Wolfeboro. Granted its not at 4 million but the pictures that accompany it made me laugh. Stained mattresses with no covers, closeups of toilets, rooms with a solitary chair..... A realtor who lists something like that might as well hang a sign that says " Don't hire me, I am a moron"

Question, what is the current % rate for a listing?

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I think it's 5% but someone with more knowledge may want to chime in.Sent from my SM-G950U using Winnipesaukee Forum mobile app

Generally 5% but many realtors will cut that to 4% if they sell it without another realtor involved.

If you are listing a property you don't really want to go below the 5% because many realtors will not show a co-broke property to a client if their half of the deal is not at least 2 1/2%.

I think demand was so I high I couldn't get much response (as a buyer) from non listing agents. But when I called the listing agents they they were much more responsive.

Are you fricken kidding me? You would let those things get in your way of considering a property?

The entire process of "staging" a property is over rated. Because if it is staged in a different way then a potential buyer would want to see it, it can actually work against you....

What if the owner prefers not to use a bed frame some people don't.... Just because you think they are necessary doesn't mean they are....

So a couple of Adirondack chairs are blown over.... what if the person looking at the photos doesn't even like Adirondack chairs....

Perception is important don't get me wrong. But the things mentioned here are frivolous... If I was able to afford to look at property for 4M$.... I am likely also planning to come in and spend an additional 500K - 1M$ to make updates to the property to make it mine...

Last if I was buying a 4M$ piece of property, I would also be investing some money, in a thorough inspection of the home including heating and hot water systems as well as the structure itself to insure I knew what I was buying.

In the end the pictures are fine... only nit picky people would be offended by them.

Likewise folks spending $4million could care less if it needs a new furnace.

I waived inspections to make my offers look stronger on several properties.

Inspections are mostly an escape clause or a plan to re-negotiate price and generally weaken your offer. You either really want the property or you don’t. You really gonna reject a $4m home over a leaky water heater? Or renegotiate for a $1000 off, when they have 2 cash backup offers waiting in wings? I don’t think so.

One place I made an offer on with no contingencies and site unseen.

That’s what you need to do in today’s market.

If you hesitate or put down any more contingencies than someone else, you’re out.

It looks to me like someone just went with a "make me move" price on this. Shoot for the stars and if someone is dumb enough to pay it, pack up and go. There are far better properties on the lake for less money, even in todays market. The inside is clean but in need of updating. Outside the deck and roof looks ratty, it could certainly use maintenance and landscaping, and the driveway isn't even paved.

Maybe my freshly renovated island property should be $2mil now! :D

You are definitely underestimating inspections. You have only highlighted small issues and left out major expensive issues such as structural integrity of framing, HVAC, roof replacement, foundation issues, mold, termites, dry rot etc. many buyers use inspections to justify they are paying for what they think they are getting and not as a negotiation tool.

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Agreed, esp in this market where you are possibly paying over listing to get the property.
If it was a buyers market and you are making an offer well below listing then sometimes waving the inspection is a great tool knowing that you are going to go in and rehab the property anyway.

I agree people use inspections for re-negotiations, it's unbelievable what's happening to a friend. They are picking apart every little nit picky thing on what is clearly a perfect condition house. It's causing him a lot of unnecessary pain as he finally said sorry no deal and moved onto the next offer he had. I have a good friend who owns a real estate business in Mass with 6 offices - she HATES what it's all turned into.

I also agree on a 4M property that the owners are dumping another $$$ into it and most likely only care about the big ticket stuff which is not the furnace.

Agreed?
 

I think by now, we're all agreed that this is not a $4MM property.
I'm not generally enthusiastic about home inspections, but last house, I took my HVAC guy with me for the walk through. (No charge) He said the furnace was no good and the seller knocked $5K off without hesitation. He apparently had more credibility than a home inspector. Ironic to me however, is that wouldn't buy a boat without a survey. My experience is that boat surveys, at least on larger boats are more detailed than home inspections--multi: engines, heads, AC systems, electric systems, generator etc, etc. I had one home inspector turn on a furnace, it fired and he turned it off, gave a good report. In reality, the furnace would only run about 5 minutes and then shut itself off because the system was perforated and it would pump CO into the house. His fee was a waste. Yes, I know banks require it, if that's how you're buying.

I think there are some broad generalizations being made. A lot of people that have accumulated the wealth needed to afford a $4mm house got that way because they invested wisely and didn't squander money. I agree that people that drop that kind of coin on a house will likely want to make improvements to make the house fit their tastes. I don't consider replacing a furnace, a roof, etc. an improvement. It's deferred maintenance the prior owner should have done and reduces the budget for putting in flooring, kitchens, etc. If someone is looking at that house and seeing plastic adirondack chairs all over the back yard, a roof covered in pine needles, etc. I think a pretty fair question to ask is what kind of care of the house did the owner take.

Regarding the price tag, that neighborhood is around the corner from me and is really nice but that house isn't a $4mm house.

As far as inspections go. If it’s a 30 year old house and the original HVAC. It doesn’t matter if it works or not. It’s essentially worthless. Similar on a roof, if it’s 20 years old it needs replacing “soon” if it leaks or not. If it’s a 10 year older house and the HVAC is broken, just fix it.

If the house is $250K these things matter. At $4M they are a minor nuisance.

Structural issues that are not obvious, in expensive homes are not that common.

Fir the most part, my experience with building inspectors on both sides has been a joke. But they can be handy for other reasons (for the buyer).

Septic inspection and site assessment are way more important.

Staging is not overrated. Nearly all real estate agents focus on this because first impressions are lasting ones and it gives them a competitive edge. They aren't doing it for fun. They will also tell you to paint the walls, get rid of personal photos, clean up the basement, re-carpet the dining room and maybe rearrange some furniture. Simply stated, a place that looks clean and well-cared for is more attractive than one that isn't. It gets folks in the door who might otherwise walk by. Especially these days when people make quick decisions over the Internet. If they see pictures of unkempt properties, then a perfectly qualified buyer just might just move on to the next listing. I would likely approach just such a property with, at a minimum, elevated suspicion.

Especially a property like this where they are trying to get $4M for a $2.5M+. Why wouldn't you take the simple extra steps to clean it up? Yes, a lot of it's smoke and mirrors, but if it gets more people in the door then why not? Take two properties, exactly the same, except one is clean and the other is not. The clean one is going to get more interest and better offers.

Of course, in a very narrow slice of some very rare market, such as Winni lakefront during this Pandemic, people are stumbling over one another to buy those properties, all the while practicing less due diligence than they would in normal times. Staging is probably less critical in these situations. However, this is the exception rather than the rule. Still, to get a bit of advantage, why wouldn't you just do the simple things at least? It doesn't take a huge amount of effort to turn the chairs over.

A good thing with all this is that there still are people, like the owner/realtor of this property, that apparently don't give a hoot about staging. That does create opportunities for folks like you, LIfor, that place little emphasis on these things and will always investigate further. Maybe you can get a better deal because of that. But in that case we're talking about an advantage for buyers/still a disadvantage for sellers.

Marketing when selling or buying a home
 

From my personal experience over the last decade, I can give you a few comments on the marketing/photography of home sales from both the selling and buying perspective. Just my opinion...

Selling: In 2014, wife and I decided we were moving within Westchester County NY. We used a "friend" who was a well thought-of realtor. Well, we pulled the listing after 3 months and I believe we had less than 10 showings. There didn't seem to be too much interest. We paused to regroup.

We decided to try again, after a 6 month break. We thought about it and decided to research, ask questions, etc. We found the top realtor (by sales and reputation) in the area and decided to interview her. Turns out she interviewed us, as she was that in demand. She accepted us, put us through our paces...made us stage our house, remove things, etc. She brought in a professional photographer (on her dime). We had 40 realtors at the realtor open house. We had 2 offers on the day it was officially listed. Sold it for the same amount that the first realtor couldn't get a nibble at...

Buying: We purchased a home in Wolfeboro last year. I don't want to name names, but it was not marketed well, and because of that, it sat for 3-4 months and it should have sold quickly. The pictures were done with a cell phone. Because of that...even though we found the house late, we lucked out. Had it been marketed better, we'd not have been able to get it. Don't let lousy photos keep you away. As a buyer, poor marketing can be an ally, as you might have a diamond in the rough.

Sellers need to tell buyers during the offer and accept phase not to bother trying to nickel and dime after the inspection process. That they will fix fundamental problems but not normal wear and tear.

After reading all of the comments and looking at the listing, I just had to look up the owner.

He is a recent widower, and his wife of 63 years was a big contributor and volunteer to the M. Library for many years, as well as a Minister in Meredith. She passed 3 years ago.

At his age, I'm thinking he is less concerned with the chairs being down outside and just wants to downsize into a smaller home that doesn't hold so many memories.

I hope he gets though the winter in an easier place to manage.

As a fellow waterfront property owner I truly hope the owner of this place gets over the asking price. I think any negative comments are directed at the realtor rather than the owner. They either mislead the man into what could be expected in order to get the listing (very common) or all involved understand they are just taking a wild shot at the moon with nothing to lose. Either way given what the realtor would make on this deal a few of the pics could have been done a bit better.

A 4 million dollar property would pay a hefty commission. The reality should have taken it upon herself/himself to higher someone to clean the place up and take professional pictures.

I obviously meant the current owner no ill will and I wish him nothing but the best as he moves on from his home. And if someone pays him 4 million dollars for his home more power to him. At the end of the day he owns the place and I'm commenting on a message board in the middle of the work day to avoid the stacks of work on my desk.

However, I do agree with others that I think this reflects poorly on the realtor. If we assume a split of the 5% commission between the buying and selling realtors, and then also assume that the realtor splits half of the commission with their broker as I know many do: 5% of 4 million is 200,000, half of that is 100,000 and half of that is 50,000. So we're looking a possible 50k dollar payday for the realtor and they didn't put the effort in to tidying up the place a little. Sweeping, raking, and stacking chairs doesn't cost any money.

And LIforrelaxing, while you might argue that staging is pointless because rich people will spend money anyhow, I don't think you turn anyone off by having the place look well kempt. In other words, no one looks at a clean porch on the listing and says "Nope, not for me, I don't see pine needles all over the place and how dare they neatly arrange their chairs around the fire pit." Yet, posting it the way they did turned me and at least a few others off.

Also, how far does the "rich people are gonna spend money anyways" theory go? If you bought a new Bentley Continental GT should you expect the car to be clean when you pick it up at the dealer? Or is it assumed since you have the money to buy the Bentley you have the money to take it through the car wash too?

I think that house had to be at least partially staged. I can't imagine a single 83 year old man keeping his house like that.

Agents typically don't split 50/50 with their broker unless they cut a really bad deal when they signed on. Sometimes listing agents will favor the split towards themselves, like a 3% to listing agent/ 2% to buyers agent. This usually pisses off buyers agents, but money is money.

The listing office gets a cut also so that's usually why the listing agent gets more.

I absolutely stand corrected then. If anything I was trying to put together the most conservative estimate of what the listing agent stood to gain. And again, no insult intended to anyone involved, just some constructive criticism from the cheap seats.

Just a "tiny" price cut
 

Well, they've dropped the listing price almost 20% down to $3.25M. Still too high IMO, I think if they sell at all, it'll be in the $2.0 - $2.5 range.

I recently spoke to a local realtor to ask who are the people selling their homes here to the newcomers (mostly MA 80%, then CT, NY, NJ buyers), and was surprised by the answer.

Many of the sales are from elderly people who don't want to keep up with a 2nd home and would rather cash out in a good market, feeling they can always rent for a few summer weeks if they miss the area.

Another group- the adult children of the recently deceased (or their parents have moved to a long term facility) and are unwilling or cannot come to an agreement on covering the costs of keeping the family vacation home, vacation black out days, whether to rent it out, etc.

This group is typically where the selling price seems too high or unreasonable- there's in-fighting, one sibling may want to keep it, and the others want the money instead- many price it higher, against a realtor's instincts, hoping some out of towner will jump at it.

Lastly, those that are divorcing are selling their vacation homes as well.

I just hope the new residents are friendly, adapt to NH, and don't try to change what we have here.

Thought provoking summary of sellers
 

Marinewife, your seller/buyer summary is very interesting. We fall into the senior category, and we were just discussing the headaches involved in owning 2 properties, 1500 miles apart. We both dislike extreme temperatures....Florida is beastly hot from May through September, and we all know how frigid it is here during the winter months, but it’s nice having the option of going to either one when you want to....plus you have your own belongings, etc, and don’t have to worry about what creature occupied the place the week before. 🤨 It’s a tough one, and the older you get, the less patience and ability you have to cope with problems that come up. A dilemma, for sure.

Is there not a place that's temperature all year? The Carolinas? Arizona? I don't really know, but my wife and I have often talked about our future in retirement and am interested in knowing options other than what you've identified.

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Tough question
 

I guess there’s no perfect place.....some have claimed that the panhandle of Florida is more temperate....also some love Hilton Head, SC. For you, I would think that anywhere South, and hanging on to Arcadia, would be perfect.

I spent over 3 years doing research on where to move before moving here.

Being an East Coast person for most of my life, I couldn't picture moving out west
and dealing with a completely different set of issues and unknowns.

The south, well, I don't think real southerners seem to accept or appreciate northerners, I could be wrong. There's a recent study on where people move from and to for all 50 states, and the south has maybe 5-10% of northerners in SC, NC and FL, mostly due to weather. I have relatives who moved to FL and NC, and while they're in gated communities or regular neighborhood homes, they say the people are different.

That left the mid-Atlantic and NE states. Tax-wise and in terms of natural beauty, NH seemed to have the best circumstances for me.

While I would love a shorter winter than what is up here, I guess my answer will be to rent somewhere for a few weeks to get a break from the cold. I think if I had two houses, I'd always be worried about the one I WASN'T in during any weather issue, and I'm getting too old for constant worry.

~just my two cents

The more things change, the more they stay the same...
 

Way back in the 70's, when my parents bought their vaca home at the lake, their realtor, who was also a family friend, told them that 2nd homes are mainly put up for sale because either the owners are old and can't afford it or keep it up anymore, or the kids don't want it, (or they can't afford it), or there's a life-changing event, like a divorce, major illness, spouse death, etc. So it's really no different right now, with the exception of the sudden huge spike in prices that is maybe motivating some folks to sell to take the money and run. I also believe that the majority of 2nd home owners have always been out-of-staters, so again, I don't think there is anything new going on.

Mr Think:

To your point of where to go in retirement, we are having that same discussion in our house. We envision being at the lake 1/2 the year and "somewhere more south" the other part of the year, but we don't know where. Neither of us like FL...we have some friends in SC who absolutely love it, but we've never been there. I guess the thing to do is pick a few places and do some long weekends or a week or two there to get a feel for the areas. Then we'll be the out-of-staters that the locals will hate...HA:laugh:

This appears to be something many here are familiar, or are dealing, with, so I'll start a new thread!

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Unreal. Now under contract... We shall see what it will actually sell for... Dropped from original asking of $3.995M to currently listed at $3.25M.

$1.5 and two days free bulldozer work. It isn't a $3MM house.

I love it when you start seeing panic buying...

No better position to be in as a seller!

Let me guess - Cash, no inspections, no contingencies, close within 30 - 45 or however fast the seller can get their ducks in a row.

thank you water front owners for paying my property tax!! THANK YOU

in the end a house is worth what one person is willing to pay

You're very welcome!

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Today, 518 Weirs Blvd. 540 sq ft condo cottage, $399K. Really! :eek:

Closed at $3M
 

Prices just keep going up, and up, and up. Where it will stop, no body knows? :rolleye1:

What might be the most interesting statistic
 

The condo's price per square foot was more than the house

Rates are still under 4% and demand is high. Those of us that are already here and have experienced these “bubbles” in the past just watch and warn. Unless, you are willing to cash out it’s only Monopoly money. Oh course, a new boat always look fine


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I've been through many of these boom/bust cycles too but this one feels different. Many of the buyers now seem more likely to make the lakes region their full time residence than in the past, when places where mostly second home purchases. I imagine when rates go up it will slow things down quite a bit.
JMO, I could be wrong for the second time in my life. :laugh:

Are you going to make us ask, what was the first?


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The first was the 80's Savings & Loan crisis that caved the real estate market. That was the only time in my life I lost money on real estate.
But I bet you were expecting a different answer. There are a few people on this site that know me so I have to be careful what I say. :D

No I was not. My first was the fall of 82’. A neighbor who was a professor at the local university asked me to come see his new IBM home computer. During the power up the name “Microsoft” shows up on the screen and I ask what is that. He says “nothing, just some software stuff that turns the screen on”


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I had my first Auto repair shop back in the late 80's and I use to tell all my customers to buy a Toyota Camry, when they asked me what car to buy.
If I only bought stock in Toyota back then. :( But I don't consider that a mistake, just an oversight.

I bought a Tesla in the start of 2019.
A co-worker said buy their stock.
It was $60.00

It’s now $700-ish 10x in 18 months.

He is still telling me to buy their stock.

Wrong? I had a friend who worked on a postal distribution center in 2004. He remarked about all the Netflix envelopes with movie discs coming and going. A light should have gone on in my head, but it didn't.

About the real estate market: The major home builders in Florida (and maybe elsewhere) have put a freeze on sales. Lennar is the biggest national home builder and they have stopped writing orders as of about 6 weeks ago. If you stop into one of their gated communities the salespeople will take your name and number and tell you they will call when they can start writing orders again.

With the cost of building materials up over 30%, and the back log of orders, they felt it was prudent to put a temporary hold on. They are currently running 9 to 12 months from order to completion and were also concerned about where the market was going.

The market is moving fast. I sold a house in Florida in January for over my asking price and the realtor told me in April it was worth $100,000 more than I got. Ouch! Maybe I should also list that among my many mistakes!

Are you up for a gamble? It's a sellers market right now but home ownership has a usual turnover of 5 years. If you have somewhere else to live in the meantime, you could sell your house now and buy it back in 5 years at a possibly lower price.

I only own one house and have no desire to live in my camper so this doesn't help me but I bet a few speculators will give this strategy a shot!

Good luck!

I have a friend that just sold their home and are going to live on their boat for a while and see how this all plays out.
They are in their 50's and all the kids are out of the house and on their own. They said they may just head south in the winter, with or without the boat?
A little too close quarters for me!

Could have been a Teslanaire?:eek:

Back about September, i was offered a waterfront home on meredith neck for 1.5m. Having just started my search, and being unaware at the time about the market conditions, I balked. The house needed a lot if work! It was a 250k house on an expensive lot! It went on the market and sold for over 1.6m! Seller made a 40% profit in less than half a year!
I wonder if the house would go for even more now.
A previous poster mentioned someone selling their home and living on a boat. I'm thinking of that in my motorhome!
This market is insane!

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Put it this way; it's a great time to sell a marginal type property. Something which may have hung on the market for years will now sell in just a matter of hours! And likely sell for far more than it is actually worth!

Hang in there folks; what goes up "usually" comes down. Of course we are currently in unusual times!

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Prices still rising
 

Across the Lakes Region, home prices have increased by double digits in the past 12 months and inventory is very low.

Home prices have risen 12.7 percent in Laconia, 14.2 percent in Alton, 18.3 percent in Meredith, and 18.9 percent in Gilford.

From the Laconia Sun:
https://www.laconiadailysun.com/news...b264d4476.html

"This place has literally been discovered." :eek: It's going to be a crazy summer. :rolleye1:

My wife has been after me to replace the boat I sold a few years back. After the pandemic there may be a few bargains for things like that too.

I know the waterfront prices on Winni look crazy but they are really not when you compare them to top lakes in other parts of the country. It's a bargain compared to Lake Tahoe.

On the main topic of this thread, the house at Hauser Estates appears to have closed at a price of $3M. Which still seems a few standard deviations above sane, even for this current climate. To be fair, I’ve never seen the property in person, but for $3M (vs. other things in that price range on the lake), it must show VERY well. Or else there’s something really unique about the site for future expansion or similar.

Shrug. As a recent lake owner, here’s hoping this is a new normal, I guess…


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