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Originally Posted by ghfromaltonbay
The leasees were told the upgrade of the septic will cost $500,000. The asking price for the property is $12 million. There are approximately 50 units, so do the math. None of us will be able to afford to rent there. The buyers do have deep pockets. Just check their website Vacanzanh.com. They have bought almost every cottage colony, motels, several lake front houses and storage facilities in Alton Bay. Only Bayside and Lakehurst cottages are still family owned. They also bought the Lakeview Inn at the Weirs. Megabucks! Every place they have bought has seen doubling of the rents after renovations were done. From what I was told by those who met with the new owners, they seem to be discouraging the present arrangement of seasonal renters and want to rent by the week thru their site on VRBO. Truly the end of an era.
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The dream of owning a home in this country is diminishing by the day, when businesses start to buy up property like this. I'm convinced this is what drove up the market in the first place, individual home buyers are competing against corporate America and wall street for home ownership; it's very sad. I know towns like Conway, NH tried to stop it, but the NH Supreme Court ruled in favor of the homeowners and said what the town was trying to do was unconstitutional.
https://www.forbes.com/sites/rogerva...-out-of-reach/