Busy 1st Week of Jan in RE Sales
 

The first Week of January had some really big Lakes Region Sales! The region had 4 of the top 12 real estate sales in all of NH for the week of 1/4-1/8

Is the economy recovering, still bad or are the people with big money not affected by the economy?


#4 Moultonboro - 66 Iroquois Ln - $2,250,000 - No Mortgage:eek:
http://www.nnerenmls.com/nne/highjpg/1721/2761721.jpg

#5 Alton - 9 Fisher Rd (Echo Point) - $2,137,533 - No Mortgage:eek:
http://www.nnerenmls.com/nne/jpg4/4385/2754385.jpg

#6 Alton - 72 Shore Road (Roberts Cove) - $1,510,000 - No Mortggae:eek:
http://www.nnerenmls.com/nne/jpg2/1020/2791020.jpg

#12 Moultonboro - 56 Pine Needle Ln - $800,600 - No Mortgage:eek:
http://www.nnerenmls.com/nne/highjpg/3983/2773983.jpg

Of note for waterfront land

#7 New London - Pilot Road - 1 lot, 1.83 acres - 315' waterfrontage
on Lake Sunapee $1,510,000 - No Mortgage:eek:
http://www.nnerenmls.com/nne/jpg/8811/2778811.jpg

#2 Sunapee - Lake Ave, Sunapee Lake - $2,479,733 - No Mortgage:eek:

If your plunken down 1-2 mil. cash for a summer home I doubt they were affected and I'm sure they got plenty more.

The stimiulus package
 

Is artificially keeping the economy going. Giving folks false signals like the Clunker bill. Folks bought cars and ended up defaulting their loans. Creating a bigger mess.

The affordable homes bill is turning govt backed mortgages into 2 to 4% mortgages. Even to folks who don't have jobs and folks who have second homes. I can't imagine the false security that will bring.

Homes may be selling but the overall cost of homes are 10% less than last year. Lots of folks finds theit mortgage are worth more than their homes and are short selling or walking away.

Good for the realtors but on the long run the consumers suffers

How do individuals pay for it?

I'll bet if you got the owners names and looked up stock sales that will explain some of it. If you invested last winter you are sitting pretty right now.

I have a friend who has a real estate appraisal business. He has done quite a bit of work in the lakes region over the years. I think his observations pretty much sum it up...There will always be folks that have money.

Just Sold:

On average, how far have the prices of waterfront homes fallen? 15-20%? Are you of the opinion that we are on the bottom, started-upward??? It should be an interesting spring.

A Good time to Buy
 

In my opinion this is a good time to buy if you like Winnipesaukee and want to enjoy it for a few years. There is also the likely hood that you will make a small return on your investment in the future.

The interest rates are low and sellers are finally accepting the fact that real estate prices have fallen. There are always buyers out there if the price is right. That does not mean stealing property for low ball prices but some of these sales were good deals for both the buyers and the sellers.

It is not only the high end property which is selling now. Lower and mid priced property is also selling --- when the price is right.

We have just purchased a lake front in Moultonborough and can't wait to get on the lake.

It is not a question of how far lake prices have dropped. We are talking about specialized properties when they are on a lake like Winni. Prices refelect the desire to own more than the economic conditions in my opinion. The lakes region - Belknap County for example never had a huge volume of sales compared to Rockingham and Hillsborough Counties and still has few sales overall in a months time. I read a trade newspaper of all RE sales and other info in the state and got the information I posted here from that paper. Lots of data to be found there from the public records.

For S. NH prices are pretty much at bottom. Buyers are there but I do not believe that sales will be too great for a while. Of course there will always be highs and some lows in sales volume. We still have a huge backlog of inventory to deal with and foreclosures are still happening all over the state.

Doing a quick Google search shows that the Iroquois one was at one point listed at $2.79MM - that's a nice 20% discount. Not sure when the original listing was from though.

Those that can afford it.
 

Are the greedy corporate executives. On the average corporation hands out $2 in stock and 30 cents in stock options to executives for every $1 they gave to employee pension and or 401K. This is mind boggling! :(

What I thought was funny about the listings was the final prices of the Echo Point house and the Sunapee property - $2,137,533 and $2,479,733. How do reach such unusual prices. Did they leave the cents off and round the numbers.