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10-12-2020, 04:31 AM | #1 |
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Housing Market (& Mea Culpa)
I apologize if I grenaded the other housing market thread (it's locked now). I messaged the Webmaster asking him to delete my comment and reopen it, as I thought it was a fine thread, but I've not heard back.
Anyway: does anybody know roughly how many homes are typically on the market in a given area in fall? Someone mentioned there's only one in Wolfeboro—for $1M or something—but I don't think there's ever a lot of inventory at this time? I know for Arcadia that almost all sales are completed by August and don't really resume until late winter/early spring, but I'm wondering if that's simply because we're a seasonal place. Sent from my SM-G950U using Winnipesaukee Forum mobile app |
10-12-2020, 04:57 AM | #2 |
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Are you thinking of the one that is for sale for $10 million in Wolfeboro?
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10-12-2020, 05:48 AM | #3 | |
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10-12-2020, 06:32 AM | #4 |
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There are about 30 listed on Zillow right now, from about $80K to the $10M one
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10-12-2020, 06:41 AM | #5 | |
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10-12-2020, 06:56 AM | #6 | |
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10-12-2020, 07:01 AM | #7 |
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10-12-2020, 07:17 AM | #8 |
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last I looked only 1 Winni waterfront listing and its 10 million. I would guess its pretty tight off the water as well but I have never seen literally no inventory on water.
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10-12-2020, 07:28 AM | #9 |
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I feel very fortunate that I bought 6 years ago.
This year esp, its been a great escape from the city. |
10-12-2020, 08:02 AM | #10 |
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Zillow shows about 125 “waterfront” properties for sale around all the lakes. That might include ponds and rivers.
I don’t know what’s normal. Many over priced. Many have been listed for a good while. |
10-12-2020, 01:32 PM | #11 |
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Land
In addition to the 30 homes mentioned, there appear to be 28 land listings in and around Wolfboro.
Most expensive building lot is a little over an acre/100 ft waterfront on Crescent for 495K |
10-13-2020, 06:25 AM | #12 |
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10-27-2020, 04:21 PM | #13 |
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A house across the street from me on Lake Waukewan in Meredith that sold in Feb for 715K and used as a AIR B&B, just went on the market for 1.15 Million.
They have made no improvements to the property at all so that would be a hell of a profit for 8 months ownership if it sells. I hope they get it because anyone that is willing to pay that for it will most likely use it for themselves. |
10-27-2020, 04:26 PM | #14 | |
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10-27-2020, 04:47 PM | #15 | |
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The A frame directly across the street from me sold a few months ago at 550K and is going through a complete gut job rebuild. By the time she is through she will have close to a million in it and it's still an A frame. Some crazy people out there! |
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10-27-2020, 05:43 PM | #16 | |
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10-27-2020, 05:53 PM | #17 | |
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Oh, I agree but some people just have too much money. The A frame should have been torn down but builders were telling her it would take 2 years to get her in a newly built home on that lot. She just didn't want to wait that long.
I was going to buy the A frame and rent it out but my wife said no. I never would have done what she is doing to it. Quote:
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10-27-2020, 06:45 PM | #18 | |
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10-27-2020, 09:09 PM | #19 |
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Capital gains?
I'm not a tax guy, but I can see buying AMZN a couple of years ago at $850 and spending some weeks at a vacation "rental", later sold at a loss. Shore front vacation property is a commodity, like any other.
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12-09-2020, 05:12 PM | #20 | |
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22 Sawmill Shores Rd. is under agreement, crazy! I have noticed some properties that are way over priced are taking additional conditional offers. I wonder if these places are having trouble getting apprasials high enough to qualify for the mortgages?
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12-09-2020, 05:20 PM | #21 | |
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12-09-2020, 05:34 PM | #22 | |
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They bought it in Feb for 715K after it was on the market for a while at 785K. Anything over a million is a great ROI for 10 months ownership. It was purchased as a rental, and it was rented all summer long.
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12-09-2020, 05:54 PM | #23 | |
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10-12-2020, 07:13 AM | #24 | |
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10-12-2020, 07:18 AM | #25 |
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Thanks! I was gonna look but was torn between a son asking about his Halloween costume, a daughter asking about making French toast, and a book I had 20 pages left in. The book won!
I happened to talk to a few people yesterday, and two couples mentioned they had friends lined up for places if they could only find them. I'll be interested to see if the market slows down in the off-season or if limited options will keep it hot. A crazy year, for sure. Sent from my SM-G950U using Winnipesaukee Forum mobile app |
10-12-2020, 07:59 AM | #26 |
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Just had seen an add on a winnipesaukee Facebook page by a broker looking for homes in the 1M range for a client in the wolfboro area.
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10-13-2020, 05:29 AM | #27 | |
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Transform in 15 Years...
The $10M house is on Wolfeboro Neck--facing the Broads. At the time if its construction, it was a strange apparition built on the prior "nestled-cottage" 50-foot "footprint", maybe a decade ago.
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02-07-2021, 07:01 AM | #28 |
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Tilton is certainly does best NYC and Long Island. I lived there for 55 years and moved here this past July. Not Covid related I had planned moving here for years when my son started high school.
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03-05-2021, 11:51 AM | #29 |
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I keep going back to "Americans have a short memory." Many have already forgotten The Great Recession and how much that crippled huge swaths of people, so, barring any crazy Covid mutations, I'm thinking if vaccines continue to exponentially increase, we'll be back to normal by summer or next fall.
Sure, there may be some holdovers—some might be good, like personal masks for people who are sick and increased hygiene—but I'm thinking the shift won't be nearly as seismic as some have predicted. Sent from my SM-G950U using Winnipesaukee Forum mobile app |
03-05-2021, 02:03 PM | #30 | |
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A couple of thoughts: As I'm sure Wily would point out, we don't need seismic shifts in people to have large shifts in real estate values--it's the last few percent that make a real estate project profitable or that send prices skyrocketing. Also, keep in mind that you're in a profession that benefits greatly from in person attendance. A seismic (haha) number of people are happier working from home than in their offices. The strongest members of this group will insist on more time working from home, less in the office, and this will ripple through for all. Pretty sure that Facebook and Google, two companies with very powerful workforces, have already acknowledged this |
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03-06-2021, 01:06 PM | #31 | |
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Just as "fair and equal are not the same"- so is true of "living the life v. feeling comfortable and secure". I moved out of the fast lane to experience my life- not to just live it! |
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03-08-2021, 10:58 AM | #32 |
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This is not really lake-related, but it is another data point on how crazy the RE market is right now. We have family friends who recently retired and they decided to sell their house, buy an RV, and tour the country. Their home is a late 1950's split-level in Framingham, MA. Listed the house for $589K. In the first weekend, they had 25, (yes, TWENTY FIVE), offers and accepted a cash offer $90K over asking price. They close in 3 weeks.
I've also heard from realtor acquaintances on the lake that many offers now contain "escalation clauses", whereby the buyer writes into the offer that they will go $___ over their offer, and it's usually 50-100K over. |
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03-08-2021, 11:34 AM | #33 | |
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https://www.nytimes.com/2021/02/26/u...uses-gone.html |
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03-08-2021, 12:44 PM | #34 | |
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I want to sell my house in Ma and move to my lake house but my wife is not ready for that. I personally think this spring is going to be the top of the market or very close to it. Once we get everyone vaccinated and back to work, the economy is going to heat up and inflation will make interest rates go up. I don't think it will turn into a buyers market but I do think the price increases will slow down to a more normal market, JMO. |
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03-08-2021, 12:58 PM | #35 |
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I'm curious if island properties will pop 25% like mainland has in the past 6 months when they finally can hit the market again in a few weeks. Maybe not since it can't be your permanent home with a remote office.
My dream of selling my southern NH house getting something with at least a view of Winni and living on Barndoor Island in the summer is fading fast. |
03-08-2021, 08:33 PM | #36 | |
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03-08-2021, 08:54 PM | #37 | |
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Once interest rates climb the prices will begin to fall. Job losses will accelerate the price decline. You will likely get the highest price if you sell now. |
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03-08-2021, 09:30 PM | #38 | |
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Escalation clause? Risky maneuver
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03-08-2021, 11:00 PM | #39 |
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Escalation clause?
I know a young attorney who is currently in the buying mode and has made offers with an escalation clause, with a cap. He is also a licensed RE agent. His bid still wasn't enough due to his cap, but he is quite comfortable with the process and offer. If you ant to make such an offer, an hour with a lawyer who deals in RE is probably worth an hours fee. S/He should be reviewing all paperwork anyway, not just a RE agent. No matter how the deal works, realtors are on commission. The only un-connected party is your lawyer.
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03-09-2021, 07:05 AM | #40 |
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Escalation clauses in this market are more common that not. I just sold my brothers house on the North Shore of Massachusetts. House was shown over the course of just 3 days with a deadline set for offers. We had numerous offers, ALL for over the asking price. Most of them had escalation clauses in $2k, $5k, and $10k increments! House sold for $90k over asking price. Crazy times indeed.
My wife and I are strongly considering selling our home and renting. I recently retired and she is about 1-2 years out from retirement as well. It is very tempting.... BT
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03-09-2021, 07:42 AM | #41 | |
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So, if you could make an extra $100k now but rented for 3 years at $1500/mth. (fair average rent?) you'd have an extra $46K. Of course, there'd be real estate tax, maintenance, etc. savings which would also add up. The presumption, of course, would be that whatever house you'd settle on would have gone down in price in that three years, but it's an interesting proposition for one so close to retirement. Sent from my SM-G950U using Winnipesaukee Forum mobile app |
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03-09-2021, 07:47 AM | #42 |
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The price escalation seems to be happening in many places, with the exception of the big cities.
In one new Florida neighborhood, of about 800 homes, lots started selling about 18 months ago for $160,000. The same lots today start at $500,000. One person who bought early (18 months ago) had about $1.1 million total into his property and decided to sell. He listed at $1.5 million and sold at $1.4. That is a nice profit! It does get tempting to sell your home at the top of the market, take a profit, and wait for the decline to buy back in. But what if you really like your house? What if the decline doesn't happen this time? What value would you put on missing a summer at the lake? |
03-09-2021, 09:03 AM | #43 |
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An additional expense involved in the "sell, rent, buy later" plan is storage of all one's stuff.
Also, if the "buy later" property needs to be financed there is exposure to the inevitable interest rate increases. |
03-09-2021, 09:56 AM | #44 | |
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MSW, above, also pointed out the "value of missed time" portion of the equation (which, incidentally, I've appreciated throughout all of his posts). Buying at Arcadia was absolutely a questionable financial decision at the time, but I knew it was my family's chance to live that life before my children got too old. They are now 9 & 11, and I'm forever grateful we took the leap. Any other variables to selling high with the hopes of getting in low in the future? Sent from my SM-G950U using Winnipesaukee Forum mobile app |
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03-09-2021, 09:58 AM | #45 | |
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In my case I still have a home in Ma and a home in NH so I have a place to go. But my wife is not ready, she will be ready when prices drop and it's a buyers market. |
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03-09-2021, 10:14 AM | #46 | |
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Tight rentals
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03-09-2021, 11:23 AM | #47 |
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Predictions are difficult, especially about the the future.
My sister got squeezed when she decided for rent for a year or two after selling her house. Prices kept climbing, she could no longer afford what she expected. |
03-09-2021, 12:02 PM | #48 |
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Another option, which might work for some, is rather than sell and rent for a couple of years, refinance your current home while rates are low and take some cash out to serve as a down payment on purchasing the home you want now with a low interest rate mortgage. Your current residence could become a rental property that might generate some excess cash flow and you could enjoy your next home now. Alternatively, you could rent out the new home until you are ready to make the move. Of course, there are risks as a landlord and the couple of times I moved and converted my prior residence to a rental property I had the misfortune of having deadbeat tenants who did not respect the property or their rent obligations. I still do not regret the transitions, however, because they enabled me to improve my then current and future home situations at a time when I really did not have a better alternative.
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03-09-2021, 12:44 PM | #49 | |
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I think I would need an iron stomach to deal with property tenants but it does work for many. |
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03-10-2021, 01:43 AM | #50 |
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My case is unique that it’s not sell, rent, buy later.
It’s sell, rent, wait for already bought property to be rebuilt. Some mentioned taxes on selling. If it’s your primary home they wave a huge amount of capital gains. I forget the amount and it may have changed. But I think it’s $500K and it resets every few years if you live in your primary. Tax laws could change and the rule could change. If I couldn’t rent I could buy a used RV and park it at the new place and sell it when house is done. Moving stuff around is a pain though. And we have almost 2 homes worth of stuff stuff in our primary. Because we didn’t want to move it into a house we plan to tear down. Storage is cheap though, assuming you can find it. That is maxed out too. I also might be able to rent or buy close to the place wanna be at in the first place. I would not rent in MA I’d rent in NH. I plan to pull some money out of IRA to build. Then replace it when we sell. But it will no longer be tax free compounded. So selling now is another tax win. I would not want to wait till prices drop. Could be tomorrow or 5 years from now. |
03-10-2021, 09:31 AM | #51 |
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What if... this isn't really a bubble in the traditional sense?
What if this is inflated dollars seeking tangible assets? As the gubmnt printing presses work 24/7 devaluing the currency, could the "value" of real property continue to rise for years to come? It seems that holding cash is counterproductive during a period of high inflation. So where does one put the cash? Equities? Precious metals? Real Estate? Does this mean the run will be longer but the fall will be steeper? |
03-10-2021, 09:53 AM | #52 |
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What good is a $700,000 house going to do when gas is $4.50/gallon, milk is $5.00/gallon and a loaf of bread is $8.00?
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03-10-2021, 11:40 AM | #53 | |
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2. Give the money to your kids. They'll know what to do with it. No inheritance tax. 3. Make a donation in a memorial fund to the local Trustees of Trust Funds. Tax deductible donation, the trust can give some guidance as to spending, you can add to it, and you may get a brass plaque with your name on it. Don't give it to the school. They'll build something and the brass plaque will have the names of the school board on it.(LOL). |
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03-11-2021, 11:10 PM | #54 | |
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Probably should borrow money, while it's still cheap and buy a house |
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