Winnipesaukee and Winnisquam Waterfront Report July 2017
So what is selling on Winnipesaukee and Winnisquam? There were fourteen waterfront homes sold on Lake Winnipesaukee in July, 2017. The average sales price was $896,408 and the media price point came in at $$837,000. That’s a bit off the twenty waterfront homes changing hands last July at an average price point of $892,012 but still pretty good.
The entry level sale was at 272 Cow Island in Tuftonboro. This little chalet style home was built in 1970 and has 1,032 square feet of space including one bedroom, and open dining and living area with a towering brick fireplace, and loft area. Utterly fantastic you might say. It sits close to the lake on a third acre lot with 140’ of frontage and an 8’ x 50’ dock. Everyone likes a big dock, right? It is located near the Hole in The Wall which doesn’t mean much to a lot of people but it is pretty cool to say. This property was listed at $319,000 and sold for $322,000 in just six days. Maybe the seller threw in a Guernsey with the property?
The mid-priced sale of the month was at 420 Wentworth Shore Road in Moultonborough. This is a 1976 vintage five bedroom open concept colonial that feels anything but like your run of the mill colonial. The house has lots of custom wood paneling, tongue and groove pine walls and ceilings, wood floors, and a fantastic waterside screened porch running the length of the home that makes you feel like you are away at camp! The home sits on two lots of record totaling 1.28 acres with 1 acre of it being across the street from the water. There is 100 feet of waterfront with a waterside patio and dock. The property was listed at $995,000, was reduced to $799,995, and sold for $775,000 after almost a year on the market.
The highest sale of the month was at 27 Norway Point Road in Moultonborough. While there is a 1948 vintage, 1,230 square foot, four bedroom ranch style cottage on the property this sale was really about the land. This is a 12.23 acre lot with 740’ of pristine sandy water frontage and 2,434’ of road frontage. I think the cottage was a bonus and might be retained as a guest cottage for the retreat that I assume will be constructed there. This property took a while to sell with a bit of a price adjustment learning curve for the former owner. It was listed at $3.1 million in July of 2014 with reductions down to $2.65 million, then brought back on in 2015 at $2.3 million, and again in 2016 at $2.15. It was brought back on this year at $1.8 million and sold for $1.6 or almost half of the original asking price. How’d you like to be along for that ride??
There was only one sale on Winnisquam in July and that was at 220 Shore Drive in Laconia which I consider Winnisquam’s Gold Coast. It is simply a great older in-town neighborhood with fantastic sunset views. This home is a 1960’s era, 2,945 square foot four bedroom, three bath cape with a walk out basement. The house features an open concept main level, hardwood floors, a second floor master suite, and a family room in the basement. But it is the half acre level lot with a large back lawn, 170 feet of sandy frontage, westerly exposure, and dock that sold this home in just 39 days. It was listed at $849,900 and sold for $845,000. Not much to think about here, just buy and enjoy!
Data compiled using the NEEN MLS system
The Nicest House on the Planet
There were 833 single family homes for sale as of August 1 in the twelve Lakes Region communities covered by this report (Belknap County plus Moultonborough.) The average asking price was $655,533 and the median price point was $309,900. This current inventory level represents about a 7.5 month supply of homes on the market in those towns. Could one of them be the nicest house on the planet?
We had a pretty good turnout at last week’s meeting of the Lakes Region Professional Porch Sitters Chapter 603. We met on the upstairs porch at the Four Season’s Sotheby’s office on Main Street in Meredith which, while small, affords great views of Meredith Bay. We were going to meet on my porch but I was in the midst of redoing my deck railings and balusters. It started out as a quick paint job but it turned out all the balusters needed to be scraped and sanded before I could re-coat them. I am not that patient. There are a lot of them. I thought it would be easier to replace them. I first tried removing a railing and some balusters with a hammer and a crow bar but found it to be a bit of a chore. It was easier to hook a chain around a group of balusters and railing that I had sectioned away from the rest with surgical precision using a chain saw and pull them off in one fell swoop with my tractor. It was a red-neck kind of moment. Luckily, the deck was very well attached to the house with lag bolts and joist hangers and it stayed right where it was supposed to be…attached to the house and not in a heap on the front lawn.
Dewie Cheatum, Dirk Davenport, and Little Stevie Prestone were once again in attendance but Annie Howe couldn’t make it, no way, anyhow. We did have a new prospect named Peter Parker show up who wanted to join the group which was great but we wanted to learn a little about him. Remember there are no rules in the L.R. Professional Porch Sitters Chapter 603 but we wanted to keep the polite and steady ambiance of our first meeting.
We talked about all the latest local events while sitting on the porch gazing out at the Bay and sipping the obligatory Porch Crawlers Dewie had brought. We discussed the difficulties revolving around the Laconia Parking garage downtown and the need for parking. It is amazing that a short time ago you couldn’t get anyone to go downtown and now they are worried about the lack of parking. Dirk reminded everyone that Brenda’s Ride is coming up on Saturday August 12 after being postponed from July due to rain. I asked Dirk if he realized he doesn’t own a motorcycle. He just nodded and said he likes the food at Faro’s so he’d be there regardless.
The discussions then turned toward real estate as Little Stevie brought up the proposed high end condos by LeClerc Builders down at the old Burger King Restaurant site in Laconia. Dewie wanted to know if you could order a condo and have it your way or if they were all gonna be cookie cutters? Dirk, thinking of food again, said they will undoubtedly sell for a Whopper of a price.
Peter Parker who, heretofore, had been pretty quiet piped in that they might be nice condos but that he had “probably the nicest houses on the planet and who’d want to live in a condo across from Mickey D’s anyway?” I think he was trying to impress us. Dewie, who can’t let things slide at all, asked “which planet, Uranus?” To which all of us chuckled a bit, especially Little Stevie and I. As we are both in real estate we come across a homeowner at least once a week that truly believes his is the nicest house on the planet. If you count both of us, that’s 104 “nicest houses on the planet per year.” There’s only supposed to be one nicest house, you see. Peter was not amused. Not sure if he’ll be back.
As real estate agents, we can see hundred of houses per month. Some ugly, some needing work, some good, some spectacular, and some extremely unique. Agents acquire a universe of knowledge about homes through actually seeing them and will then be able to judge another home’s value based on this knowledge (plus a lot of help from the MLS system.) It’s called a CMA. One of the toughest things we come up against is a homeowner who wants to sell his home that thinks he has the nicest, and therefore the most expensive, home on the block or in town or the planet when they really have not explored the universe. Dirk wondered, “Do you think they could turn the parking garage into luxury condos?”
Data compiled using the NEREN MLS system…
South Down and Long Bay Sale Report – June 2017
It seems like every month a Meadows unit sells. Last month was no exception with 96 Garden Circle selling in just two days at $182,600 which was just off the $185k asking price. This unit had some recent updates including bamboo floors, new kitchen cabinets and quartz counters.
Over in Fernwood, at 22 Fern Lane, a three bed, two bath, stand alone, updated unit with 1,245 square feet of space also found a new owner. This unit also sold quickly in twenty days at the asking price of $235,000.
Not to be outdone, a Gables unit at 51A Gables Drive also sold in two days! This unit has 2,765 square feet, two beds, and two and a half baths. This unit was put on the market at $259,000 and sold just that quickly at $252,500! What’s happening here! Things are hot!
Over in Long Bay, a 1,766 square foot ranch built in 2010 with three bedrooms and two full baths in pristine condition at 224 Long Bay Drive on the market at $359,500 sold for $339,000 in 38 days. A larger, 2,738 square foot, three bedroom, two and a half bath home at 60 Aberry Lane that has long views down the bay also has a new owner in time to enjoy the summer. This home was listed at $659,000 and sold for $629,000 in just over a month.
The highest sale of the month was at 41 Prides Point. This 2,784 square foot contemporary home has four bedrooms, three and a half baths, an open floor plan with hardwood and tile floors, vaulted ceilings with exposed beams, first floor master suite and sweeping water views. It was listed at $817,500, was reduced to $795,500, and sold for $765,000 in 67 days! Nice….
Looking to sell? Now’s the time!
Data compiled using the NEREN MLS system.
The First Lakes Region Professional Porch Sitting Meeting
The first meeting of the Lakes Region Professional Porch Sitters Chapter 603 took place last Tuesday on Dewie Cheatum’s porch in Gilford. I had never met Dewie before but I was happy to see that he and three other local yocal’s; my old friends Annie Howe, Dirk Davenport, and Little Stevie Prestone reserved porch space on this auspicious occasion. Dewie’s porch was truly a great setting for our first meeting. It was nothing too fancy but had the appropriate number of rockers for us to sit on and it could have held even three or four more. His two kids were outside roller skating in the driveway and having a grand time so it gave us something to watch.
After introductions were done we talked about the normal things you’d talk about on a porch like the weather and how it is either so hot you can’t do anything outside or it is raining cats and dogs. When it finally stops raining then you have mow the lawn. It then rains again and you repeat the process. Nothing else seems to get done. We talked about the local news issues like the jail, the WOW Trail, and whether bike week is dying or getting better. Then, inevitably things turn to discussions on real estate as folks are always interested in what the market is like and since Stevie Prestone and I are in the business we get lots of questions.
Dewie wanted to know how strong the market was as he was considering selling. I told him that last month, in June, there were 162 homes sold in the twelve towns in the Lakes Region that I keep track of. That’s really pretty good and it brings us to 576 sales for the first half of this year compared to 541 in the first six months of 2016. The inventory is still low although it is creeping up a little. Really good listings are hard to find and sell pretty quickly if priced right especially if it has a nice porch like this one.
I told them that the average sales price came in at $373,885 and the median price point was $242,750. Dirk wanted to know what the “median” price point meant…again! I have told Dirk several times what the “median“price means but he, and many others, can’t seem to keep it straight. So once again Stevie and I explained the difference between the average price and a median price. The average price is just that, an average of what sold or what’s on the market. That’s why the average asking price of homes in the area can be a little scary. We have lots of waterfront properties on the market for a bizillion dollars so that number can be really inflated depending on what is on the market at any given time or what sells during the month.
But the median price is the mid-way point of all homes offered or all the homes sold during a particular time period. So if there were 101 homes on the market the median asking price would be the house priced in the exact middle where there are 50 houses priced above it and 50 houses priced below it. I told Dirk to think of it like the median strip on the highway; you know, it’s in the middle. That might help him remember. He then wanted to know if “rumble strips” on the highway had any correlation in real estate and I said, “Yes, definitely!” That is obviously the noise you hear just before the real estate transaction you are working on goes into the ditch. It happens a lot.
Now, by this point we’d had a couple of the mandatory Porch Crawler beverages and were about to discuss more interesting topics like radon mitigation and septic system rejuvenation when Dewie’s two girls started yelling at the top of their lungs and started running full tilt toward the porch. They no sooner bounded through the screen door when a herd of buffalo came running through Dewie’s front yard. We stared in amazement. Now, as this was our first meeting and the strength of the Porch Crawler beverages is clearly untested, it does seem like this was kind of an unusual occurrence. We looked at each other and then back at the thundering herd as they headed down the street and we all came to the same conclusion at the very same time. It was very clear, beyond a shadow of a doubt, to those at this inaugural meeting of the Lakes Region Professional Porch Sitters Chapter 603 that Roger Miller was obviously a man of great wisdom and understanding when he wrote You Can’t Roller Skate in a Buffalo Herd. What will future meetings bring? Dang me, join today and find out…
Data compiled using the NEREN MLS System…no bull…
The Lake Winnipesaukee and Winnisquam Waterfront Sales Report – June 2017
There were 18 waterfront homes sold on Lake Winnipesaukee in June, 2017. The average sales price was $1,218,930 and the median price came in at $785,375. That brings us to a half year total of 57 sales on the big lake at an average price of $1,273,642. In the first half of 2016 there were 71 transactions on Winnipesaukee with an average sales price of $1,009,086.
The entry level sale in June was at 8 Blackbird Lane in Moultonborough which is in the Balmoral Association. This 1965 vintage, 2,460 square foot, three bedroom, one bath gambrel style home was not actually right on the big lake but has 80’ of frontage on Shannon Brook. It is a stone’s throw to the lake so I guess it is close enough to count and sits on .31 acre level lot with a 40’ dock. Balmoral offers a lot of great amenities including a beach, tennis courts, and boat launch so there is a lot to do there. This property sold at the asking price of $299,500 after 58 days on the market so someone concluded this was an affordable way to get on the lake…and with a great $8.74 per thousand tax rate, too!
The median price point representative was also in Moultonborough at 20 Panther Path on Black Cat Island. Who wouldn’t want to have an address like Panther Path, right?? This chalet style home was built in 1970 and has 1,536 square feet of living space, two bedrooms, two full baths, and a quarter bath. The main level has an open concept with kitchen, dining and living room and features exposed beams and pine ceilings. The master suite is located on the main level as well. There’s a Jotel wood stove to keep you warm and sliders that lead out to a wrap around deck with western exposure. Downstairs in the walkout level is a large family room, den and two more bedrooms. The house sits on a .39 acre lot with 105 feet of frontage and usage of dock on the neighbor’s lot (this apparently was once a family affair.) You also have half interest in a one acre lot across the street with your very own two car garage. This home was originally listed at $849,000, was reduced to $799,000, and sold for $740,000 after almost a year on the market.
The highest sale of the month was at 104 Veasey Shore in Meredith. This stunning, 5,047 square foot, four bedroom, six and three quarter bath home was built in 1997. This is a true Adirondack great camp with rustic elegance and charm created through the use of natural log beams, wood ceilings, wood floors, and field-stone fireplaces. The home has been recently updated and customized to highest standards. There are first and second floor master suites as well as a carriage house for those wayward guests that come to visit. There are plenty of outdoors spaces for relaxing with numerous porches and verandas to hide away on and enjoy the amazing views. The 2.41 acre lot is beautifully landscaped with gardens, walkways, patios, and a pond. There is a two bay boathouse, an additional dock for the water toys, and a perched beach with fire-pit along the 300’ of frontage. This property was listed at $4.25 million and sold for $4,062,500.
There were three sales on Winnisquam in June bringing the total so far this year to eight compared to nine in the first half of 2016. A 1,650 square foot, two bed, one bath home with on a .21 acre lot with 90’ of frontage on the back pond at 34 Nancy Drive in Belmont found a new owner. It was listed at $389,500 and sold for $385,000 after just nine days on the market. A 2,298 square foot, three bedroom, three bath recently remodeled contemporary with 160’ of frontage and a 40’ dock at 98 Swain Rd in the Waldron Bay Association in Meredith listed at $1.395 million sold for $1.3 million. The highest sale on the Winnisquam last month was at 81 Collins Brook Rd in Meredith. This 2,500 square foot log home was built in 2002 and has four bedrooms, and two baths. It has a Chef’s kitchen that opens into an amazing great room with beautiful views through a wall of windows, a master suite with its own fireplace, and a sun room and screen porch that have great views of the lake. This home sits on a 3.72 acre lot with 75’ of frontage on the “no-wake” zone located just before the loon sanctuary. There is a 22′ x 33′ boathouse with boat lift plus two 30′ docks. This home was offered at $1.395 million and sold for $1.3 million going under agreement in just six days!
Data compiled using the NEREN MLS system
Porch Sitting in the Lakes Region of NH
Porch Sitting in the Lakes Region of NH
The Fourth of July has come and gone, summer is in full swing, and it is time to occasionally sit back and relax on the porch, survey your domain, talk about whatever with whomever, and enjoy the simple pleasures of those simpler times. Sounds simple, right? Not always. There never seems to be enough time. So sometimes you just gotta make time. You know you can schedule it on your blasted smart phone. However, it can also be a little tough to do if you don’t have a porch of your own to start with. You might have to go to someone else’s porch and sit on it. And that could get tricky if they aren’t expecting you.
Porch Sitting Made Easy
To solve that particular problem there is The Professional Porch Sitters Union. It was founded in Louisville, KY in 1999 by avid porch sitter Crow Hollister to help celebrate our nation’s porches. And, I am happy to say that the Lakes Region Professional Porch Sitters Chapter 603 is hereby established to allow area residents that might not have their own porch to partake in this activity. However, if you do have a porch and want to join that would be really nice as we do anticipate a rotating porch schedule somewhat akin to the NASCAR Cup Series.
Just like NASCAR, the Professional Porch Sitters Union has rules. Well, actually only one rule and that is; there are no rules. If NASCAR had that same rule it would be a lot more fun to watch than it is now. They have just way too many rules! The Professional Porch Sitter Union has no regulations, no agendas, no dues, no committees, no scheduled meetings, no membership requirements, and no meeting minutes. Our official drink is the infamous Porch Crawler which is made in bulk with a 12 pack of beer, one liter of vodka, and one package of Kool-Aid lemonade.
What is a good porch for porch sitting?
The age old question is; what makes a good porch? There is no easy answer. Obviously, as with all real estate, location is a key element. And the fact that it should be attached to a house is generally a given, but which way it faces and what you can see from the porch is pretty important. Porches on waterfronts or mountainside homes obviously can provide great views and give everyone something to “Ooh and Ahh” about. But so do some pastoral and urban settings where you watch the comings and goings of natives and tourists alike. I particularly like porches with views of docks and boat launches.These porches provide hours of entertainment watching inept or inexperienced boaters try to launch or dock their boats. It’s even more fun on a windy day.
A screened porch is perhaps the most desirable but many a fine evening can be spent on an open porch as long as it isn’t black fly or mosquito season. A combo unit might be even better. Some porches are plain Jane’s while others are pretty fancy or over the top. My favorite is the old camp style screened porch where you have fishing rods, snow shoes, boat paddles, and old memorabilia hanging on the walls. There are sure to be some stories behind each piece. Some old rocking chairs, a table to play cards and a comfy couch to sleep on after one too many Porch Crawlers is just about all you need for furniture. Of course, lighting should come from an old kerosene lamp to set the proper mood.
Porch Sitting Knows No Bounds
Porch sitting crosses all economic and social bounds. I’ve been on many very nice upscale porches as well that work beautifully and I could call home. You know, the ones with built in stone fireplaces, barbecues, full bars, heat, and electronic bug zappers. These upscale porches are generally attached to upscale houses and while these folks might be perceived to be among the elite they generally put on their porch sitting pants the same way as the rest of us do.
Looking around the MLS system I found some properties with some great porches you can buy if you are looking for your first porch or if you want to upgrade. There’s a great farmers’ porch with a country setting at 91 Black Brook Road in Meredith for $309,900. You can get a cozy screened porch on a fixer upper waterfront cottage at 432 Bear Island in Meredith for $399,000 or a classic turn-of-the-century porch with a water view in the heart of the Weirs at 59 Doe Ave for $399,900.
There is a great farmers porch to rock the evening away on at 139 Kaulback Rd in Sanbornton for $449,000. You might see an Alpaca there and that will give you something to talk about. Another perfect farmer porch with fantastic long range Winnipesaukee views is at 280 Woodlands Rd in Alton. This porch will set you back $2.49 million but it is a million dollar view so you can subtract that from the price of the porch. You do have to do a lot of rocking to get your money’s worth, however.
So, if you want to join the Lakes Region Professional Porch Sitters Local #603 drop me an email. I’d sent you a form to fill out, but we don’t have any. Maybe you could volunteer to be the secretary and take care of that part.
There were 812 single family residential homes for sale as of July 1 in the twelve communities covered by this report. The average asking price stood at $645,779 and the median asking price was $299,900. The current inventory level represents about a 7.4 month supply of homes on the market.
Data was compiled using the NEREN MLS system
South Down – Long Bay Sales Report May 2017
There were five condo sales in South Down and one single family home in Long Bay that found new owners in May. Not too bad!
Condo sales ranged from an even $200k for a three bedroom, two and a half bath, 1,600 square foot unit with a garage at 15 Williamsburg Circle in Colonial Hills to $376,950 for a three bedroom, three bath immaculate unit with great views at 58 Eagle Drive in Birchwood.
The lone sale in Long Bay was at 139 Long Bay Drive. This 2,253 square foot, four bedroom, two and a half bath classic cape has lots of recent updates . It has a fabulous kitchen, hardwood floors throughout the first floor, a living room with wood burning fireplace, large dining room, den, first floor master suite., a huge deck and three season porch. This property was on the market at $475,000 and sold for $460,000.
Data compiled using the NEREN MLS system.
Real Estate Non-Starters and Deal Killers
Selling real estate is hard. You don’t know how hard unless you are actually in this crazy business and deal with it on a day to day business. The occasional buyer or seller sometimes thinks that they know a lot about real estate because they have sold or bought a couple of properties in their lifetime. To them I say, “Come walk a mile in my shoes.” Or, any other agent’s shoes. They might get a different perspective after dealing with hundreds of properties, their associated buyers and sellers, and the stuff we deal with on a day to day basis. And then, there are the real estate non-starters and deal killers!
There are lots of things that I would classify as a “non-starter” in selling a piece of real estate. These are issues or defects in a property that right out of the gate are detriments to the sale of a home and that usually will send a prospective buyer running for the hills. Some things can’t be fixed. Others could have been addressed by the owner of the property prior to listing a property but didn’t. Usually they didn’t because of a lack of money or time.
A home’s location is probably the biggest thing that can’t be fixed. The old adage that it is all about “location, location, location” is so true and no amount of money is going to change the location. There are others that can’t be fixed without spending more money then you could possibly get back. A chopped up or dysfunctional floor plan might require too much money to bring up today’s buyers’ expectations. While it is hard to physically “fix” these kinds of issues they can be “fixed” by a lower asking price.
Other “non-starters” can be corrected. Buyers’ appreciate homes that are presented in their best possible condition. The biblical-like saying “cleanliness is next to godliness” applies succinctly to housing sales. An unkempt or smelly home is a big turn off for any buyer. Don’t believe me? If a house smells overwhelming like a litter box and makes your eyes sting don’t expect a long showing or an offer in my lifetime.
A sure fire “non-starter” is going down to show the basement of a home and find a couple of inches of water on the floor. Don’t expect a buyer to go wading around without hip boots checking out the rest of the basement…it ain’t gonna happen. It is “about face” and back up the stairs. Seeing signs that the basement was wet before at some point can also be the kiss of death and gives rise to that dreaded “M” word….mold. Depending on the extent and location of the mold, remediation is usually not that big of a deal but it does cost money to have it taken care of.
So those are just some of the “non-starters.” There are also “deal killers” which generally pop up at the home inspection stage. Probably one of the biggest deal killers is a failed septic system. Usually, the seller has no idea the system is bad until that fateful inspection day. The seller may have reduced his price during negations as far as he could so there is no more room to negotiate. But, nobody is going to buy a house with a failed system. This is one of the highest repair cost items that a seller may face and if an accommodation cannot be made to get it fixed you can bet the deal will go south very quickly.
Lots of time multiple issues will combine to create a “Death Star Deal Killer.” You know, like in Star Wars. You might have a failing roof, radon air, radon water, signs of water in the basement, and mold in the attic caused by an improperly vented bathroom exhaust fan. Or it could be the hot water heater is leaking, the boiler needs servicing, the electrical panel needs updating, the Jacuzzi tub doesn’t Jacuzzi anymore, and, oh yeah, the deck is falling off the back of the house. Dealing with a Death Star Deal Killer isn’t easy. It is a real estate agent’s job to identify the “non-starters” and try to mitigate them up front if possible and to deftly deal with the “deal killers” large and small. May the force be with us…
There were 128 residential home sales in May in the twelve Lakes Region communities covered by this report. The average sale price came in at $386,078 and the median price point stood at $246,100. Last May there were 121 home sales with an average price of $305,161 and the median price point was $212,000.
Data compiled using the NEREN MLS system
Winnipesaukee -Winnisquam Waterfront Report – May 2017
Things were rocking and rolling in May with seventeen waterfront sales on Lake Winnipesaukee at an average price of $1.224 million and a median price point of $900,000. Wouldn’t you like to have $900k to spend on a waterfront property? Don’t hesitate to call me if you do! This brings us to a total of 43 sales for the year at an average price of $1.344 million compared to 52 sales last year for the same period at an average of $1.136 million.
The Entry Level
The entry level bargain on Lake Winnipesaukee for May is 248 Bear Island in Meredith. This 20’s vintage, 1,200 square foot cottage has three bedrooms, an updated kitchen with granite counters (pretty fancy for an island get-away!), a large living room with a fireplace (of course), and a great farmers porch to sit on and drink your favorite cocktail. The cottage sits on a .6 acre lot with 96’ of sand frontage and a dock. This is the way it is supposed to be! The property was listed at $389,000 and sold for $405,000 after just three days on the market! That tells me the buyer wanted it and he wanted it NOW! Good for him…or her! Have a great summer!
The Mid Point
The median price point representative is 61 Harris Shore Rd in Gilford. This 1930’s vintage, 1,760 square foot, thee bedroom, three bath home was tastefully renovated in 2009. It has a great kitchen with hickory cabinets, solid surface counter tops, island, and stainless appliances. The living room has great lake views and a gas fireplace. There are three bedrooms up including a suite which is perfect for the mother-in-law. The detached two car garage has in-floor heat, its own bath, and an outdoor shower. This is where you will stay when mom-in-law is in the house. The house sits on a .29 acre lot just steps from the water (which is kind of redundant as you would have to be steps from the water to start with.) You’ve got 55’ of sandy frontage and a dock plus long range views. That’s pretty perfect in my world. So guess what? This property was listed at $900K and sold for $900K in just three days. That’s also pretty perfect in my world!
The Big Kahuna
The highest sale on Lake Winnipesaukee of the month was at 31 Wallace Point in Moultonborough on the Kona shoreline. This exceptional Adirondack waterfront property was built in 2005 and has a whopping 10,000 square feet of living space that includes fifteen rooms, seven bedrooms (yup, three suites), nine baths (in case you are really dirty), a massive great room with soaring ceilings, a chef’s kitchen, first floor office, lower level family room, five fireplaces, a screen porch, and a three car garage. There’s 235’ of sand frontage with two beaches, a boat house, a 58’ crib dock, and long range views. Living here would most certainly be a drag. The this property was listed in April of 2016 for $4.345 million, listed this year at $4.25 million, and sold for $3.875 million after just three days (this time.) If the new owner would let me stay in one of the seven bedrooms, I promise you will never see me…
Over on Lake Winnisquam there were three sales in May. A 952 square foot, three bedroom ranch built in 1963 in need of some serious updating at 92 Sunset Drive in Belmont on a .25 acre lot with 80’ frontage sold at the listing price of $315,00 in four days! Over at 113 Jefferson Rd also in Belmont, a 1,516 square foot three bedroom, two bath three season cottage on .4 acres with 63’ of frontage listed for $425,000 sold for $385,000. Also, in Belmont at 39 and 40 Breck Shores, two adorable 1935 vintage cottages totaling 1,627 square feet, with five bedrooms, two baths, field stone fireplaces, and all the charm you could want also found a new owner. They sit on two lots totaling .79 acres with 94’of frontage. It only took two days for them to sell at $525,000 which was over the asking price of $509,900. I guess the buyers were not going to let that one get away!
Data compiled using the NEREN MLS system.
Dealing with the Undisclosed Defects
It is really amazing to me how the CBS radio show from 1958 called The Couple Next Door covers just about every pitfall of a real estate transaction that buyers and sellers can get themselves into. I am beginning to wonder if the writers were real estate agents. If they weren’t, they must have gone through numerous difficult transactions to be able to write the series. They even thought of exploring undisclosed defects and the emotions those can cause!
In the last episode, the sellers and main characters of the show, Ethel and Albert, were dealing with the very uncomfortable situation of not telling their buyer, Mr. Clayton, in advance that they had once had termites. It seems their little Betsy spilled the beans when she was mistakenly left home alone for ten minutes and Mr. Clayton and his wife stopped by to look at the house. She thought having termites was a fun thing! Obviously, things got a little heated between the buyers and sellers even though the termites were exterminated. Mr. Clayton leaves in a huff saying he would be consulting his attorney in the morning.
In the next episode, The Deal Goes Through, after an obvious sleepless night Ethel and Albert go to their attorney, Jack, the next morning to seek advice. They explain the situation to Jack and he says not to worry, they have a contract and Mr. Clayton would have to forfeit his $10,000 deposit if he backs out of the deal. Albert explains that he could sue him for not disclosing the termites. Jack says that Mr. Clayton would have to have a witness to prove that he asked about termites and asked if there was anyone else with him at the property. Albert says, “No.” So, this is a classic case of “he said, she said” with nothing in writing. Something to be avoided in real estate deals.
Albert tells Jack that they were not trying to put anything over on anyone, that Mr. Clayton basically “called me a liar,” and that it sounds funny but “I just forgot we had termites!” Jack assures him that it will sound even funnier in court!
Undisclosed Defects Can Cause a Lot of Mistrust
Albert and Ethel go out to lunch to discuss what to do. This episode is all about emotions that happen in real estate deals. In this case there is some initial anger on both sides, but then Albert starts feeling awful about being accused of something like this. He feels extremely upset about the whole thing and doesn’t like being thought of as dishonest. He doesn’t want Mr. Clayton mad at them and decides the best thing is to give him his deposit back and forget the whole thing even though they have already bought some land to build on. They decide to go back to Albert’s office to call Mr. Clayton and tell him (remember this is the good old days…no cell phones.)
Just then they see Mr. Clayton and his attorney in the restaurant and they feel like crawling under the table. Mr. Clayton sees them and heads in their direction. This is going to be bad dealing with this in public, Albert thinks. Mr. Albert asks if he can sit down and then says that their attorney had called this morning. Albert blurts out that “If you are unhappy with the house my wife and I have agreed to release you from the contract and return your money! Mr. Clayton is stunned! “Return my money?” he says. Albert says, “I don’t want to make any such deal when you feel we have misrepresented the condition of the house.” “No, no, no,” Mr. Clayton says, “I might have been a little hasty last night. The truth is my wife has a thing about termites and doesn’t understand that they can be kept under control. When she thinks about termites she thinks things are going to crumble into sawdust…”
Mr. Clayton apologizes for the way they reacted and assures them that they want to go through with the deal. But there is a hitch because he is not being transferred there until fall. He proposes that they still close on the property as planned and that Ethel and Albert can rent the house back from him while they are building their new house. Since Ethel has not been able to find anything to rent anywhere this is almost too good to be true! To save on another trip back to town in ten days to do the closing, they go to the attorney’s office and complete the transaction that afternoon.
So, despite the roller coaster emotions all is well that ends well! Except that night when they get home the boiler explodes and water starts going everywhere! Ethel says to Albert, “Well, one nice thing dear, we don’t own the house anymore. Isn’t that the landlords job to fix things that go wrong? Well, is it?!” You do know the trouble this is going to cause, don’t you??
So what’s on the market?
What is for sale in the Lakes Region of NH? There were 770 residential single-family homes on the market in the twelve communities cover by this report as of June 1. The average asking price was $656,593 and the median price point was $299,00. The current inventory level represents a seven-month supply of homes on the market…that’s up from five and a half months just a short time ago…
The Expired listings in the MLS are generated by homeowners who knew more than their real estate agent.
Data compiled using the NEREN MLS system…