Covid and lakefront property values
 

There have been several pieces written recently re increasing values on second homes specifically in low Covid areas. Given that the Lakes Region is as close to zero for Covid as anyplace in the US I wonder if there is any anecdotal evidence someone wants to share to support this.

I have been told by realtors that people are buying places here and therefore that will affect prices if it hasn't already. So yes, you are right.

The house across the street from me sold in one day to a family from NYC.

When we were selling my parents' home in late March, we saw listings plummet because showings were suspect. The timing was crazy good for us as, because of the inventory "shortage," we got an offer $25k over asking, which was ~$10k higher than we planned to begin with.

The used market is CRAZY right now—I sold a few of my kids' bikes and got over 35 hits in the first hour for each and ended up selling them all for at least $25 more than I paid a few years ago. Jetskis are also nuts—dealers are charging $1k markups and people are selling their '20s with tens of hours for more than they paid last month.

Things are gonna crash—this system is unsustainable—and given that it's already the second half of July, waiting to buy anything seems like a good idea.

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Definitely....
 

...a house at the end of Varney Point Left was for sale a couple years ago for 2.8M...no takers. Just listed a week or so ago for 3.0M. House on Dinsmoor Point in Gilford was for sale for 2.4M a couple years ago...no takers. Just listed at 2.7M and is under agreement.

A waterfront realtor friend has told me that while waterfront demand is always high, it is out of control right now. People have learned they can work remotely so they are dumping their primary homes to buy waterfront and "socially distance" an an enjoyable way.

It doesn't hurt that investment portfolios have been thriving for a few years now. The psychology of being a shut- in for many weeks and watching your portfolio regain its health very quickly is pushing a lot of consumer markets, homes, boats, RV's etc.

My business supplies components to several marine manufacturers and their demand has skyrocketed in the past two months.

The psychology of being a shut-in has spurred demands for products and services that are surprising. Our friends have a large farm and raise a cow for beef every year. They called to make the usual Sept appointment at the slaughterhouse and were told that the 1st opening is mid Dec!. People who have never raised a cow or a pig for meat now have one in the backyard.

I understand the demand for boats and bikes and second homes in safer areas but this surprised me.

Alan

Pet adoptions skyrocketed too, most likely just because people are now home more. Only difference is one is for a lifetime, the other is for lunch.

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