Winnipesaukee Forum - View Single Post

nvmbr9 · 01-22-2009, 03:09 PM

I own a large lakefront property that I bought about a year ago. 30% below original top of the market asking price, but surely I've "lost" money since the purchase. It was an all cash deal...as I bet most high end vacation homes are. While I'm not thrilled about the decline in value, I doubt the decline has been as signficant as where the money would have been had it been in the market (where I'm down 40-60%). That's where it would have been had I not bought the house. So is my $2 million house now worth only $1 million? Doubt it. Even if it is I have no plan to sell at such a vulnerable moment. (original asking price was $3 million). As for my $22,000/year in taxes to Alton...well...it's about 1% of the value of the house. That's about what you pay a manager of an equity mutual fund, yet I get to deduct taxes (not management fees) from my taxes. So overall I'm pretty happy. I'm a somewhat wealthy "masshole" new to the region and one of the things I love about the area is that there seems to be very little resentment (other than the occasional nasty anonymous posting) re people like me. People mind their own business. Overall, the Lakes Region has a life of its own, and thus there is generally very little flack directed to outsiders. That is NOT the case in places like Martha's Vineyard, where the tension is quite open. Very happy about the experience so far on Winnipesaukee. A great area.

01-22-2009, 03:09 PM	#25
nvmbr9 Member Join Date: May 2008 Posts: 22 Thanks: 1 Thanked 2 Times in 1 Post	Happy waterfront owner I own a large lakefront property that I bought about a year ago. 30% below original top of the market asking price, but surely I've "lost" money since the purchase. It was an all cash deal...as I bet most high end vacation homes are. While I'm not thrilled about the decline in value, I doubt the decline has been as signficant as where the money would have been had it been in the market (where I'm down 40-60%). That's where it would have been had I not bought the house. So is my $2 million house now worth only $1 million? Doubt it. Even if it is I have no plan to sell at such a vulnerable moment. (original asking price was $3 million). As for my $22,000/year in taxes to Alton...well...it's about 1% of the value of the house. That's about what you pay a manager of an equity mutual fund, yet I get to deduct taxes (not management fees) from my taxes. So overall I'm pretty happy. I'm a somewhat wealthy "masshole" new to the region and one of the things I love about the area is that there seems to be very little resentment (other than the occasional nasty anonymous posting) re people like me. People mind their own business. Overall, the Lakes Region has a life of its own, and thus there is generally very little flack directed to outsiders. That is NOT the case in places like Martha's Vineyard, where the tension is quite open. Very happy about the experience so far on Winnipesaukee. A great area.