How is the real estate market this summer

[Irish mist]

I see that the Moulton Cove condos built last year by Brady/Sullivan down at the Weirs have been reduced to $125,000 ! If I remember they came on the market at $179,000 last year. Is this the start of a new cut in real estate values in the Lakes Region, or a company looking to get out from under a bad investment, or a little bit of both ?
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Chevrolet Biscayne Specifications

[twoplustwo]

Prices have been dropping on homes for months and months, and they've been sitting for months and months in spite of the drops in price.

[Irish mist]

Nothing is moving at my condo development. I was still quite surprised to see Brady/Sullivan cut so much off the price of Moulton Cove. There are several other developments like Moulton Cove in the area that are now going to be put in the position of trying to compete with these prices.
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TAHOE

[codeman671]

We have had 4 transactions (either closed or in process) on Mark, all 4 are right in a row and all since the spring. One closed a month ago, two were closing this week and another one is under agreement. It seems island business is quite good presently, or being on Mark is just plain cool

[fatlazyless]

Here's an interesting listing for sale in Meredith.

63 Pinnacle Park, Meredith NH 03253: built in 1945, a two-story ranch with yellow vinyl shingles. Situated on a 0.21 acre lot on Meredith Bay, facing west into the setting sun and directly across the bay from Grouse Point, w/ a very nice sandy waterfront area & year round, deep water dock. Located between two much more expensive and newer waterfront homes. A possible teardown here. Assessed for $712,100, www.visionappraisal.com ,and has been on the market all summer with an asking price of $599,000.

This house is very close to the water, as close as 20', which means a new house could be built on the old footprint, and a 20' setback is way closer than the the NH DES 60' setback requirement.

So, if the assessement is $712,100 as of 6/24/08, then why....O...why is the asking price 599.000?

[Irrigation Guy]

Originally Posted by fatlazyless

This house is very close to the water, as close as 20', which means a new house could be built on the old footprint, and a 20' setback is way closer than the required state shoreline protection setback of 60'.

State setback is 50'.

[fatlazyless]

Yoo-Hoo....Hellooo....I'm looking for a little help for the purpose of Meredith property tax abatement.

Anyone know of similar listings: 1/4 acre, oldy-moldy waterfront cottage assessed by Meredith for about $700-800,000 and being listed or sold for $500-650,000, or something like that. Other towns info also appreciated.

As you probably know, almost all of the local real estate listings now include a street address which certainly helps. The actual address used to be witheld but not any more, for some reason?

I'm think'n that the cheap wf stuff is getting cheaper while the medium and high price wf is maintaining its' price levels. How come? Because the cheap was cheap for a reason, and there's always demand for the better quality wf.

[Pineedles]

So... you are really serious this time ....right? You need some help.....right? Ok folks let's help FLL. Do you have or know of seriously distressed waterfront property that has gone down in value in Meredith?

Of course you realize FLL, that you could have a house on the water that only had a 10' x 10' foundation left after pine trees fell all over your house and the town would say you still had 200 sq. ft of living area, and still assess your property for $800K. Its the waterfront!!! Location, Location, Location. Houses mean next to nothing.

[Airwaves]

I'm not sure what you're asking FLL.

Is the question why do towns with year round residents in the 10s of thousands tax real estate property so high?

Are you asking what the town mothers and fathers spend the money that they tax the rich folk "From Away" for? Don't forget those unfortunate locals near the water".

Since we flatlanders "from away" don't get any say on how OUR property is taxed and you do...exactly what is your question?

[ossipeeboater]

Originally Posted by fatlazyless

Here's an interesting listing for sale in Meredith.

63 Pinnacle Park, Meredith NH 03253: built in 1945, a two-story ranch with yellow vinyl shingles. Situated on a 0.21 acre lot on Meredith Bay, facing west into the setting sun and directly across the bay from Grouse Point, w/ a very nice sandy waterfront area & year round, deep water dock. Located between two much more expensive and newer waterfront homes. A possible teardown here. Assessed for $712,100, www.visionappraisal.com ,and has been on the market all summer with an asking price of $599,000.

This house is very close to the water, as close as 20', which means a new house could be built on the old footprint, and a 20' setback is way closer than the the NH DES 60' setback requirement.

So, if the assessement is $712,100 as of 6/24/08, then why....O...why is the asking price 599.000?

because they really need to sell would be my guess. Saw a home close recently for 300k under the original asking price from 18 months ago because it was either take the money or lose the house to the bank.

[twoplustwo]

The economy stinks, homes aren't moving, and some people just have to slash the price to get out from under a mortgage. I've been watching a house I love here in town continue to go down, down, down since it was first listed over a year ago. The price has dropped 26% since it was listed. People who'd love to sell to move up to bigger/better as well as to take advantage of the lower prices are stuck where they are, too, since nothing is selling. First time homebuyers are in a good place. The rest of us are stuck with refinancing and holding tight.

[HUH]

Optimist or Pessimist .. depends which way you look at it.. Had you saved your money, now would be a fantastic time to buy... If youve refinanced 8 times living large on your homes imaginary equity you are probably sweating this one.

[fatlazyless]

Hi Pineedles...yes, my numbers are the price for the address including everything; building & land.

Here's another lower tier, waterfront address for sale where the asking price is well below the assessed price.

39 Loch Eden Shores, Meredith, 3 bed ranch, built 1960, 0.18 acre, assessed 6/08 $630,500, asking price of $569.900

One hears that the waterfront tends to hold its' value while homes not on the water have been loosing value.

[kjbathe]

Originally Posted by fatlazyless

Yoo-Hoo....Hellooo....I'm looking for a little help for the purpose of Meredith property tax abatement.

I don't fault you for trying, but I chuckle when people think that because their home value has declined, by say 15% , that their tax bill should drop 15% as well. As if cruisers, and gas, and plowing, and paving and salaries were all 15% cheaper because real estate was declining in value.

It's still all about the spending...

And I understand part of Airwaves' gripe but have to ask -- how many votes do you want to have and in how many different locations? Do you have a solution in mind?

[TomC]

Originally Posted by kjbathe

And I understand part of Airwaves' gripe but have to ask -- how many votes do you want to have and in how many different locations? Do you have a solution in mind?

CT General Statutes Chapter 90, section 7.6 provides for any citizen of the USA who is liable to the town for property taxes in excess of $1000 to vote at town meetings on matters not involving elections..


http://www.cga.ct.gov/2005/pub/Chap090.htm

[Pineedles]

Originally Posted by fatlazyless

Hi Pineedles...yes, my numbers are the price for the address including everything; building & land.

Here's another lower tier, waterfront address for sale where the asking price is well below the assessed price.

39 Loch Eden Shores, Meredith, 3 bed ranch, built 1960, 0.18 acre, assessed 6/08 $630,500, asking price of $569.900

One hears that the waterfront tends to hold its' value while homes not on the water have been loosing value.

Two corrections: Lot size and bedrooms. I got this off of Zillow.com, try it.

39 Loch Eden Shores Rd, NH (Meredith)
For Sale: $569,900 2 bd 1 ba 1,488 sqft
7,840 sqft lot Built: 1960

[fatlazyless]

Slightly off topic....looking for a real estate salesman course, starting soon, somewhere in the Laconia-Plymouth-Moultonborough triangle?

Anyone know of one with a well organized, intelligent teacher with good communication skills? If not, then how about a course offered by some big mouth, real estate, know-it-all?

Plymouth State University no longer offers a course. Lakes Region Community College in Laconia (formerly NHCTC) does not. Laconia Adult Education does not. Somebody, somewhere must offer a 40 hour course?

As you know, the state administers a state and federal, multiple guess test, and one needs to attend a 40 hour course and learn all about 'agency' as a prerequisite to taking the two tests and, I believe, pass with at least an 80%.

[Skip]

Originally Posted by fatlazyless

...Slightly off topic....looking for a real estate salesman course, starting soon, somewhere in the Laconia-Plymouth-Moultonborough triangle?...

Try searching HERE.

Good luck...

[codeman671]

Originally Posted by fatlazyless

Slightly off topic....looking for a real estate salesman course, starting soon, somewhere in the Laconia-Plymouth-Moultonborough triangle?

Anyone know of one with a well organized, intelligent teacher with good communication skills? If not, then how about a course offered by some big mouth, real estate, know-it-all?

Plymouth State University no longer offers a course. Lakes Region Community College in Laconia (formerly NHCTC) does not. Laconia Adult Education does not. Somebody, somewhere must offer a 40 hour course?

As you know, the state administers a state and federal, multiple guess test, and one needs to attend a 40 hour course and learn all about 'agency' as a prerequisite to taking the two tests and, I believe, pass with at least an 80%.

If you are seriously looking and not meaning this as a typical FLL tongue in cheek response, try Charlene Mason. She is a good cross between the well organized, and the big mouth know it all. She is loud! I took mine through her and needed my hearing checked after the class was over.

[Rag Top Daze]

Originally Posted by fatlazyless

Anyone know of similar listings: 1/4 acre, oldy-moldy waterfront cottage assessed by Meredith for about $700-800,000 and being listed or sold for $500-650,000, or something like that. Other towns info also appreciated.

wf.

Hey FLL, You can check out the solds here http://www.whosoldmyhouse.com/search.asp., and then look them up on the Vision Appraisal sight here http://www.visionappraisal.com/databases/nh/index.htm.

Hope this helps you

[Airwaves]

Tom C beat me to the punch. I was going to point out that CT has a system in which out of state property owners do have SOME say in the community in which they own property and pay taxes!

Originally posted by Tom C

CT General Statutes Chapter 90, section 7.6 provides for any citizen of the USA who is liable to the town for property taxes in excess of $1000 to vote at town meetings on matters not involving elections..


http://www.cga.ct.gov/2005/pub/Chap090.htm

[katiesmom]

FLL, I am pretty sure the problem is that the address was wrong. It is 61 Pinnacle Park RD that was for sale. That is my old neighbor house. I tried to look up the listing ( I had seen it for awhile) but could not locate it. I don't know if the realtor realized the mistake in the address or they sold the property in either case the appraisal was just over $600,000.

[fatlazyless]

Originally Posted by katiesmom

FLL, I am pretty sure the problem is that the address was wrong. It is 61 Pinnacle Park RD that was for sale. That is my old neighbor house. I tried to look up the listing ( I had seen it for awhile) but could not locate it. I don't know if the realtor realized the mistake in the address or they sold the property in either case the appraisal was just over $600,000.

You are correct...my mistake...the Vision Appraisal website has a photo of the yellow house. That makes the asking price of 599k almost the same as the assessed price of 600.

Will have to look further for examples of falling waterfront prices....I know they are out there...I just know it....just know it...just know it. Hey, the weather alone this summer has been enough to clip 20% off the top of asking prices. And, who ever thought that the weather could effect prices of homes in vacation land?

[fatlazyless]

First rule of real estate; Never bad mouth the property or the market. "Oh why yes maam, things are improving....this buyers market is short lived and will soon become a seller's market, again...just wait till April, and there will be plenty of buyers out there...with Boston just two short hours away, Lake Winnipesaukee is like solid gold....hey, honey-buns.....wasn't that Warren Buffet who just cruised past out there in his old, aluminum Starcraft w/ that old noisy Evinrude....put-put-put!"
.....
Case in point,

61 Pinnacle Park, Meredith,

recently sold for $563,000.,

www.visionappraisal.com

0.20 acre waterfront assessed for $96,100 building, and $523,800, .20 acre land with maybe 65 feet(?) of waterfront,

assessed - $619,900

just sold - $563,000


which is 90.8% of the town's assessed value.


90.8% is, in my very amateur opinion, a strong sales percentage considering the appraisal was done for April 2006.

Not to worry Everyone, this seller's real estate market will be short lived.

Attn: all you Buyers out there, BUY NOW!!!....... before the prices rebound big time come next spring !

[SAMIAM]

Looks like,right now,real estate is in the toilet.The auction at Meredith bay Village yesterday did not go well for the bank.Only 4 0r five units sold out of 30 in the main building.They were originally listed for 250-295k and went for 140k (gulp) The auctioneer would not even take any bids under 140k so everyone just left.All of the remaining units are several thousand $ in arrears in taxes....good luck trying to market them in this economy.

[Fargo]

Isn't Meredith looking to build affordable housing? At $140,000 could those condos be part of the solution?

[martbri7]

I believe those condos are a 55+ community.

[SAMIAM]

Perfect,Fargo.....beer,ciggies and lottery tickets are right accross the street.

[The Big Kahuna]

No matter what the current real estate market is like this year, it will rise again and it will fall again. We built 10 years ago, our place is still worth 2 1/2 times what we built it for at todays current market, and by the time we decide to sell it will be worth 4 times what we built it for. We also purchased a dock, which at the time everyone told me was a big mistake financially, it has also increase in value, about 4 times what we paid for it. Just wait until the next upward spike in the economy, the lakes region is ready to go through the roof, even more than it has in the past.

[mcdude]

Real Estate Woes Hitting Tax Base (Citizen Article)

As the national economy worsens, area economists and statisticians are keeping an eye on residential sales as an indicator of the overall health on New Hampshire's and Belknap County's economy.

Countywide, recently released third quarter statistics show residential real estate sales in Belknap County dropped 21 percent from the same period last year.

According to information provided by the New Hampshire Association of Realtors indicated the number of sales dropped from 225 in the third quarter of 2007 to 177 in the third quarter for this year. On a positive note, the values of those third quarter Belknap County sales rose 7 percent, from a 2007 median value of $232,000 to a median value of $249,000 in 2008.

"There is some seasonality or certain sales that are associated with lakefront property in September," said New Hampshire Housing Finance Authority Housing Research Director Dan Smith who said the summer buying season generally ends in September, and he was not surprised that the overall values for Belknap County were higher than the rest of the state.

As to the number of sales, local economist Russ Thibeault of Applied Economic Research said he thinks many people are giving second thoughts to second-home purchases and he is not surprised to see the number of sales lower than last year even though value appears to be holding it own.

What concerns both Smith and Thibeault is the rising number of foreclosures.

Smith said the number foreclosures in the state could reach 3,500 — a 70 percent increase over last year. In Belknap County, there were 26 properties foreclosed on 2005, 50 in 2006, 114 in 2007, and 150 in 2008 through September.

"Remember," said Smith. "There is a negative effect of foreclosure on property taxes."

He said when a property goes into foreclosure, somebody still owns it, so property taxes will be paid and are often recoverable from the next purchaser, but revenue streams can slow.

As to declining values, an overall declining value means a higher tax rate to maintain constant spending — as in the 9 cent jump in Laconia's rate over projections.

Smith said he does not expect New Hampshire to experience the declines seen in other portions of the country like Nevada, Florida and parts of Michigan. But he said in general, a marked increase in foreclosures can strain a community's ability to raise taxes.

The state, he said, has a much larger issue.

"When sales are off by 20 percent, as they have been the past three years, it represents a significant hit to the state for its revenue," said Smith.

WMUR recently reported the state's projected revenue for fiscal year 2009 could be as much as $250 million short. Gov. John Lynch has already trimmed $90 million from the state budget, but legislators may be forced to eliminate an additional $160 million in spending before June 2009.