Quote:
Originally Posted by Irish mist
The Lakes Region real estate market is really starting to lose steam. There's a 51 lot sub-division in the Lakeport area near the Laconia country club that looks like it is going under. A new Brady-Sullivan condo complex on the Weirs has went from $180,000 to $125,000. Several other condo developments are now on hold......and my condo complex is down close to 20% since 2005.
IMO it's going to get worse for at least another year or two.
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We just sold our condo (we had bought a house last year) in September. We essentially got what we paid for it in 2001 and lost about 20% in capital improvements. It sold for about 30% off the market peak. Even at that, we are pleased that it sold. There is inventory everywhere and nothing is moving. I think that the first issue for the lake is that it is a seasonal market. At this point, nothing moves until the spring at the earliest. Second, folks are not retiring when they had hoped. I know retirees getting jobs in this economy to make ends meet. Finally, the credit market is horrific.
Strap in...it is going to be a bumpy ride. My prediction is that we see the bottom late in 2009. Even that is predicated upon some recovery in the credit and stock markets.
Jetskier
