Quote:
Originally Posted by winterh
I sold because I lived there full time in a giant house with insane taxes. I moved a bit south for work and am now looking for a smaller vacation type home. I did not sell because of the market but looking at all the high end stuff sitting there it has turned out to be a good move. I do not think I could get today what I got a bit over a year ago. Look at Wolfeboro. 15 homes priced at over 2 million and 2 homes sold over that in last year. That's over a seven year supply of homes on the market. Not good.
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Winerh: Thanks for your explanation. I agree that lake front property prices are in oversupply and this continues to put downward pressure on prices. That being said, there isn't the level of financial stress in the market place that typically leads to fire sales. Rather, we have a stagnant marketplace with relatively low activity. I find it interesting that this far into an economic recovery prices have not rebounded especially when extraordinary low interest rates are considered. My guess is that the market will remain flat for quite a few years to come making up for the rapid price escalation we saw in the past 15-years. This is a classic example of reversion to the mean. Good luck with your search.