Can We Live On Winni for $450k?

[thinkxingu]

Just playing around and found this for $500K, which is just above OP's requested price range. This is on Hanson Cove, which is where Arcadia is--a very nice place to be on the lake (if one prefers quiet, less busy places). http://www.realtor.com/realestateand...-54539#photo16

[Doobs41378]

Originally Posted by thinkxingu

Just playing around and found this for $500K, which is just above OP's requested price range. This is on Hanson Cove, which is where Arcadia is--a very nice place to be on the lake (if one prefers quiet, less busy places). http://www.realtor.com/realestateand...-54539#photo16

That looks very nice, at 864 sq ft it might be tight for a primary year round home with kids.

[thinkxingu]

Originally Posted by Doobs41378

That looks very nice, at 864 sq ft it might be tight for a primary year round home with kids.

Simplify, simplify, simplify.

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[Juiced06GTO]

This one is down to 475k now...still way more than I can muster up at 34 years old with two kids for a second home.....maybe in a few years.....

Originally Posted by thinkxingu

Just playing around and found this for $500K, which is just above OP's requested price range. This is on Hanson Cove, which is where Arcadia is--a very nice place to be on the lake (if one prefers quiet, less busy places). http://www.realtor.com/realestateand...-54539#photo16

[joey2665]

Originally Posted by Juiced06GTO

This one is down to 475k now...still way more than I can muster up at 34 years old with two kids for a second home.....maybe in a few years.....

This is the time of year to buy at the lake. Your only 25k away from your budget it can never hurt to make an offer and go from there. If they don't accept move on

[FlyingScot]

I'm with Joey. If the asking price is 475, they will not be offended if you offer 450. Similarly, if you can afford 450, you can also afford 475. Or 462.5!

We rented a place just across from this property several years ago. It's a lovely spot.

[Juiced06GTO]

I am not the original poster haha. Unfortunately, I am tied to Mass for a while, my wife has 10 years into the school system, so any purchase in NH will be a second home. Once the kids finish daycare it may be a possibility, I'll be 8 years out from paying off my primary home and saving 2k a month with not having to pay for daycare! 5 years to go, and with the speed they are growing it is going to by quicker than I want it too!

[ApS]

Originally Posted by thinkxingu

Just playing around and found this for $500K, which is just above OP's requested price range. This is on Hanson Cove, which is where Arcadia is--a very nice place to be on the lake (if one prefers quiet, less busy places). http://www.realtor.com/realestateand...-54539#photo16

Confirmed to be in a nice area?

Originally Posted by thinkxingu

Water quality in Hanson Cove is great. I didn't notice it was seasonal, but wouldn't $500k be too much for a seasonal waterfront? No offense, fellas, but buying a half million home for a couple kids who will most likely moving on--at least for a while--in a few years? And how much in the south is better for teens? The Weirs? Traffic?!

So, don't pay $500K for a seasonal waterfront.

Originally Posted by PeterG

I'm with Joey. If the asking price is 475, they will not be offended if you offer 450. Similarly, if you can afford 450, you can also afford 475. Or 462.5! We rented a place just across from this property several years ago. It's a lovely spot.

Confirmed to be in a nice area—again?

A nice, but declining, place near us started out at $800K, and dropped $100K every month until it sold—to a contractor.

A formerly unaware buyer offered the contractor "enough" for his trouble, and is moving in.

Having five properties presently, Winnipesaukee lakefront is hard to beat as an investment. (Especially the "little frog on the pond"). If I sold them all, I could buy David Copperfield's island paradise in the Caribbean right now.

Economist Peter Schiff, (on YouTube recently), said that we can expect inflation to increase rapidly. A "sorting-out" of property prices would likely leave you behind.

If the asking price is $475K, I'd offer $375K, and let them refuse it. (IF they do).

If there are major "issues", work with an RE attorney to write the agreement; otherwise, a seasoned realtor can make the deal work.

There are "workarounds" to mandatory requirements.

.

[FlyingScot]

Originally Posted by ApS

There are "workarounds" to mandatory requirements.

.

If you are suggesting buying a place and trying to "workaround" the septic rules, I am in violent disagreement.

First, modern septic standards are critical for protecting the lake at the current level of development. Though lovely overall, Hanson Cove and surrounding areas do have a real problem with runoff already. See here for lots of details:

http://winnipesaukeegateway.org/wp-c...MP_Mar2017.pdf

Second, even if you disagree with the need for a modern septic and you think you can worm out of fixing it, an old septic is a financial time bomb. Some day it will need to be replaced--either because it fails or the grandfathered regulations change. So if you're just squeaking by on your ability to pay for a place with an old septic, it's only prudent to budget for a new septic.

If there are readers with old septics who would like to replace them but cannot afford to do so, financial help is sometimes available. PM me and I may be able to point you in the right direction.

[mcdude]

Would this fit the bill? Lake access, water views, mooring, low Alton taxes......

Beautifully updated year round, 3 bedroom, fully furnished, Ranch with amazing views of Alton Bay. Walk down the common path to East Side Drive to your shared water access on Lake Winnipesaukee.

On the market for two days......$249,000

http://www.beangroup.com/homes/50_Da...dex.html?cnt=1

[Lakeboater]

Originally Posted by mcdude

Would this fit the bill? Lake access, water views, mooring, low Alton taxes......



On the market for two days......$249,000

http://www.beangroup.com/homes/50_Da...dex.html?cnt=1

I did not see anything about a mooring in that listing. Did I miss it?

[mcdude]

..........oops! I suppose that for that price though you could rent a slip at Parker Marine or Roberts Cove and still be under $450,000.

[ApS]

Originally Posted by PeterG

If you are suggesting buying a place and trying to "workaround" the septic rules, I am in violent disagreement.

Not what I wrote:
There are "workarounds" to mandatory requirements.
What I wrote:
There are "workarounds" to mandatory requirements.

I'd previously mentioned that the Town winked at a new neighbor's septic non-conforming design, even allowing both well- and septic-systems would be shared with the property next door—which they also had bought at the same time.

Worse, that neighbor then converted their garage to a bedroom.

.

[Descant]

Originally Posted by ApS

Not what I wrote:
I'd previously mentioned that the Town winked at a new neighbor's septic non-conforming design, even allowing both well- and septic-systems would be shared with the property next door—which they also had bought at the same time.

Worse, that neighbor then converted their garage to a bedroom.

.

Don't know when the "winking" occurred, but often it's OK as long as an approved plan is on file that can be implemented when the system fails. It will probably fail sooner with the expansion, but not as likely on a seasonal home with low year round use. The law was clarified this year, signed by the Governor in July (HB258).

[Just Sold]

Originally Posted by thinkxingu

Just playing around and found this for $500K, which is just above OP's requested price range. This is on Hanson Cove, which is where Arcadia is--a very nice place to be on the lake (if one prefers quiet, less busy places). http://www.realtor.com/realestateand...-54539#photo16

Unfortunately this property is a camp/cottage and sits on post/piers making it seasonal. Not a property for year round living.

[MAXUM]

142 days on the market, three pretty substantial price reductions and no sale?

That only means one thing it's over priced for what and where it is. The house itself looks attractive so it's got to be the location. Water quality in general in that area of the lake is not very good.

[thinkxingu]

Originally Posted by MAXUM

142 days on the market, three pretty substantial price reductions and no sale?

That only means one thing it's over priced for what and where it is. The house itself looks attractive so it's got to be the location. Water quality in general in that area of the lake is not very good.

Water quality in Hanson Cove is great. I didn't notice it was seasonal, but wouldn't $500k be too much for a seasonal waterfront?

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[FlyingScot]

My curiosity piqued again, I took a second look. It is a nice spot on the lake, but it is only 0.28 acre. Septic capacity is determined in part based on total acreage. My guess--based only on memory of hearing calculations of other properties--is that the septic capacity of the lot is 2 bedrooms. So a new buyer would not be able to build as much as most would like after dropping $500K on just the land.

[thinkxingu]

Originally Posted by PeterG

My curiosity piqued again, I took a second look. It is a nice spot on the lake, but it is only 0.28 acre. Septic capacity is determined in part based on total acreage. My guess--based only on memory of hearing calculations of other properties--is that the septic capacity of the lot is 2 bedrooms. So a new buyer would not be able to build as much as most would like after dropping $500K on just the land.

Maybe, but it's listed as 3 bedroom and, even though people sometimes add more bedrooms than their septic "allows," realtors usually won't list any more bedrooms than septic capacity. Besides, 1/3 of an acre isn't all that small for the average waterfront, right?

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[MAXUM]

Originally Posted by thinkxingu

Maybe, but it's listed as 3 bedroom and, even though people sometimes add more bedrooms than their septic "allows," realtors usually won't list any more bedrooms than septic capacity. Besides, 1/3 of an acre isn't all that small for the average waterfront, right?

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1/3 of an acre could get a bit tricky if one is trying to get both a well and septic in considering all the setback requirements.

[Just Sold]

Originally Posted by thinkxingu

Maybe, but it's listed as 3 bedroom and, even though people sometimes add more bedrooms than their septic "allows," realtors usually won't list any more bedrooms than septic capacity. Besides, 1/3 of an acre isn't all that small for the average waterfront, right?

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Just to clarify. The number of bedrooms or baths does not make a property year round. Septic systems do not make a property year round either. Local and state regulations control that but in this case, the listing specified cottage/camp which would be understood as not year round. Also not having a foundation (on post and piers) is an indication of not being year round.

[thinkxingu]

Originally Posted by Just Sold

Just to clarify. The number of bedrooms or baths does not make a property year round. Septic systems do not make a property year round either. Local and state regulations control that but in this case, the listing specified cottage/camp which would be understood as not year round. Also not having a foundation (on post and piers) is an indication of not being year round.

Right--we were just discussing the appropriateness of the value/asking price.

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[FlyingScot]

Originally Posted by thinkxingu

Maybe, but it's listed as 3 bedroom and, even though people sometimes add more bedrooms than their septic "allows," realtors usually won't list any more bedrooms than septic capacity. Besides, 1/3 of an acre isn't all that small for the average waterfront, right?

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I am not an expert, but as I understand it, septics on old homes are basically grandfathered, but you're limited on what you can do with the home. You will not get a building permit to rebuild or add more bedrooms, and you will fail the buyer's inspection when you try to sell.

In 2015 we walked away from a signed P&S to buy a 4 bedroom home because the lot could not support more than 2.4 bedrooms.

[Doobs41378]

Originally Posted by PeterG

I am not an expert, but as I understand it, septics on old homes are basically grandfathered, but you're limited on what you can do with the home. You will not get a building permit to rebuild or add more bedrooms, and you will fail the buyer's inspection when you try to sell.

In 2015 we walked away from a signed P&S to buy a 4 bedroom home because the lot could not support more than 2.4 bedrooms.

What would .4 bedroom look like?


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[JasonG]

I know beggars cannot be choosers...but with two teenage kids I need to keep entertained, this looks to be in the middle of nowhere. I would love it....but would my sanity?

[Biggd]

Originally Posted by JasonG

I know beggars cannot be choosers...but with two teenage kids I need to keep entertained, this looks to be in the middle of nowhere. I would love it....but would my sanity?

At tht price point you may want to try looking at other lakes in the area.

[FlyingScot]

Originally Posted by JasonG

I know beggars cannot be choosers...but with two teenage kids I need to keep entertained, this looks to be in the middle of nowhere. I would love it....but would my sanity?

That's a good point. It's a beautiful spot, but I can see how teens would prefer the southern end of the lake.

[thinkxingu]

Originally Posted by PeterG

That's a good point. It's a beautiful spot, but I can see how teens would prefer the southern end of the lake.

No offense, fellas, but buying a half million home for a couple kids who will most likely moving on--at least for a while--in a few years? And how much in the south is better for teens? The Weirs? Traffic?!

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[winni83]

Each area of the Lake has its own advantages and disadvantages. We bought a small house in the far northern part of the Lake in 1983 when our kids were 9 and 6. Never had an issue with the kids wishing they were in an area with more "action". In fact, they never wanted to go back to our main house. Now the same thing is true with our grandchildren, the oldest of whom is 14. A few years ago we tore down the house, build a new house, sold the main house and moved up to the same old spot permanently. When making that decision, we thought long and hard about selling the existing Lake house and looking elsewhere on the Lake but it was a pretty easy decision to stay put.

[FlyingScot]

Originally Posted by thinkxingu

No offense, fellas, but buying a half million home for a couple kids who will most likely moving on--at least for a while--in a few years? And how much in the south is better for teens? The Weirs? Traffic?!

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No offense taken. I prefer the north myself, but I'm pretty sure I'm in the minority. When we were in the market to buy (2014-15), the southern places were definitely more expensive on an apples to apples basis. Our (excellent) real estate agent explained that most people liked to be near the Broads and restaurants.

[shard77]

My wife and I bought a house in Moultonborough in 2010 for quite a bit under your budget. It was built in 2007, has 3.5 baths, 3 bedrooms, and a finished basement.

We live across the street from the lake. No water views due to trees and have an access to the lake via a town-owned easement (Enough to walk down to the water, but that's about it). A smaller, older house up the street that is on the water sold for about $900K last year so that gives you an idea of what water front/water views add to the price.

Bottom line, if you're willing to give up the water front/water views, I think you could find something near the water that would work in your price range.

FYI - taxes are great in Moultonborough.

[Descant]

Looking at the tax card for the property in question indicates that almost all the value is in the land, $74K for the buildings The total assessed value has been declining for the last three years in a market that is growing. It appears the current owner paid $520K in 2007 just before the RE market crashed, along with the rest of the economy. She put the property into a new trust less than a year ago. I'm not a tax person, but I wonder if the new trust allows a better tax deal for taking a loss on the sale of the property?

For the septic discussion. A non-compliant system is "grandfathered" until it fa-fails, then it has to be brought up to code. Banks have different approaches to this. DES will allow some exceptions in the new design/build so that somebody isn't thrown out of their home. Some RE Agents do not cross check, but sometimes a seller will insist that a home be listed as 3 BR or some other feature. When the house is appraised for a mortgage, the appraiser will definitely check BR with Septic design. And the RE Agent can tell the seller "I told you so." If they don't match, the bank will not write the loan or will perhaps require new system upgrades as part of the deal.

If you go back a couple of sales, you'll see that GEM Realty Trust was an owner, looks like twice.. If you Google GEW Realty Trust, you get:
GEM Realty Trust v. First N/B, Boston CV-93-606-SD 05/18/95
http://www.nhd.uscourts.gov/sites/de...95/95SD044.pdf

Verrry interesting...