35 Leaward Shores Rd, Moultonborough

[fatlazyless]

Very nice looking 3-story victorian house, built in 2007, on 1-acre w/ 300' wf, 10 rms, 4 bed, 4 bath, plus a small guest cottage, totally modern house w/ modern septic & well

MLS-2816327

Assessed $1,432,300

Annual prop tax $11,026

Asking price $989,000

...........

At 989,000, that is 69% of the assessed Moultonborough value.


I am not at all familiar with today's local waterfront market, and maybe it's just a case of what goes up, must come down, and now that the mortgage credit lending market has changed, the prices are falling fast? Is this type of .69 of assessed value seen around the lake now as being not unusual?

What I don't know is how many days on the market, and at what prices, leading down to current asking price.

$989,000......is that a steal-of-a-deal.....or will it be worth less, come next year? I have no clue? ..

[Dr. Green]

A lot of property is going for less than its assessed value. Assessed value follows appraised value by several years.

I was looking at a commercial property recently with an asking price near its assessed value. I decided to get an appraisal, and the appraised value was roughly 75% of the assessed value (and asking price).

[dpg]

Yikes...$1,000 monthly tax burden.

[Sue Doe-Nym]

This property has been on the market for well over a year and has been a Preferred Rental unit. Do not know what condition it is in but it makes you think. Recently million plus waterfront properties have been the only ones selling above assessed value which gets back to the question of what condition is it in and is a sale subject to existing rentals.

[DoTheMath]

Not the most aesthetically pleasing place I have ever seen, and if it has been a rental unit as well... good luck! That could be Pandoras Box just looking for someone to open 'er up.

[fatlazyless]

$443,300 is the difference between the currently assessed 1,432,300 value, and the 989,000 asking price, and 443,300 is obviously a very large amount. So, what exactly has happened here? What is a reasonable and intelligent reason that explains the large drop in value?

Was it ever really worth that $1,432,300 in the past few years? Are assessments simply a hypothetical value that only exist in the town's rosie outlook for high property values?

[ApS]

Originally Posted by fatlazyless

"...What is a reasonable and intelligent reason that explains the large drop in value...?"

A "lot-of-record" (or two) has been split off?

[jmen24]

Originally Posted by fatlazyless

Was it ever really worth that $1,432,300 in the past few years? Are assessments simply a hypothetical value that only exist in the town's rosie outlook for high property values?

When assessed value is compared to market value, yes. The town is always behind the times, so in an upswing you are ahead because the assessed value is lower than market, but in a down swing they will just keep the higher assessment until they HAVE to get things up to speed.

I know I would not have paid 1.4 mil for that property and I still would not at 1 mil, so to me, no, it was never worth that price and it still is not.

[jrc]

http://www.bloggingstocks.com/2009/0...n-home-prices/

"It has definitely been a tough couple of years for homeowners, especially those who have only recently bought their homes. As of December homes were, on average, 27% lower than they were in the housing peak of mid 2006, creating some serious headaches for homeowners who have seen their mortgages go under water."

$1,432,300 x 27% = $386,721 that's pretty close

[DoTheMath]

Something - anything for that matter - is only (really) worth what someone else is willing to pay for it.

[wifi]

Originally Posted by DoTheMath

Something - anything for that matter - is only (really) worth what someone else is willing to pay for it.

Which is why (IMHO) RE taxes should be based on purchase price + the cost of living, NOT on some assessors value judgment based on who knows what.

This is exemplified by the taxes on this property

[DickR]

Originally Posted by wifi

Which is why (IMHO) RE taxes should be based on purchase price + the cost of living, NOT on some assessors value judgment based on who knows what......

RE tax is a tax you pay on someone else's means to pay it.

[NoRegrets]

One problem with taxing RE on paid price is attaching reasonability to the price. Your parent may sell you a property for 100 dollars. When would the proper evaluation be applied?

[fatlazyless]

35 Leaward Shores Rd., Moultonborough, still up for sale and now at an asking price of $879,000, down from $989,000, last February. Wonder what it's assessed for now? Is it still $1,432,300 as it was in February, 2010, from a post above?

Thankyou link to Moultonborough 'for sales' in the Roy Sanborn we(b log)!

[gf2020]

Not my style, but probably a good value.



The current assessment is $1,427,200. There has been considerable discussion that the Moultonborough assessments have no relationship with current market values.

[MarkinNH]

When you go to the MLS listing on "Realtor.com" the listing shows a price of $879,000. Maybe it has been reduced again.

[kauriel]

We just bought a place in Laconia that was assessed for $111,800 and was re-assessed last month for $68,600. Thankfully the new assessment is much closer to our purchase price so we were pleased to see the town is catching up with the market!

[fatlazyless]

A 'Reduced' sign just showed up on top of a real estate for sale roadside sign a couple days ago on the Meredith-Winnipesaukee waterfront at 97 Pleasant St, about 1/2 mile in from Rt 25 and the movie cinema

old asking price $1,595,000

new asking price $1,300,000

Meredith assessed value $1,187,300

annual taxes $13,606

size: .48 acre w/136' waterfront

House: 9 rooms, 3 bed, 4 baths (1 full), 4,015 finished interior square feet, 2 1/2 stories, style-Cape, 4-car detached garage w/covered & elevated walkway between house & garage

MLS #2828362 active
.........

I cannot think of anything too intelligent to say here except that a drop of $300,000 sure sounds like a huge price drop to make at one time.

.........

A couple doors up the road, also on Pleasant St, there's a waterfront ranch that first showed a 'for Sale' sign in April 2008, and while the names of the realty sales businesses have changed a couple times, it still has a 'For Sale' sign now about 30 months later.

[fatlazyless]

So, what's a double-dip anyway? Is it two scoops of ice cream on a waffle cone like what you can get at the famous Weirs Beach Kellerhaus every Wednesday for just 1.09? Is it a sledding hill like what used to be used at the Laconia Country Club where the hill would go downhill, then level out a bit, and then go downhill again? Yeh...that sounds right except what the double-dip that's been in the news lately refers to is the selling prices for residential homes......ok!

So, anyone seen any signs of the double-dip in the lakes regions? Do all those homes for sale with 'Reduced,' or 'Newly Priced' or with 'For Sale By Owner,' or just with "For Sale" signs that have been up for two years in the same spot.......are these all the signs of the double-dip?

Where-o-where is the double-dip? Inquiring minds want to know? Has anybody seen the double-dip around these here parts in the lakes region, and will 2011 become the year of the double-dip? Most likely, no one will really know it was a double-dip until it has gone past by, and some smart real estate writer in the LaDaSun talks about it from the perspective of two years after the double-dip has past us by. Like for example.....you all just remember that 2011 double-dip of two years ago......homes were stuck at a price where no one would buy them......sellers would not go lower.....buyers would not go higher......el nothing was happening.....after all, unless a buyer is paying with cash and not a mortgage....then a house can only be worth what a bank or mortgage company is willing to loan out on its' purchase. But not to worry, now that the double-dip is past history, your home will once again go up in value.......at least up in assessed value as determined by your town anyway......so not to worry!

And, sad to say, even at the famous Kellerhaus, that double-dip ice cream that sounded so good for just 1.09 on every Wednesday......guess what......the double-dip will cost you 2.18.....you can only get a single scoop for 1.09...... even at The Kellerhaus.....but boy-o-boy is it ever good ice cream.....and they have this tall athletic young lady working there who scoops the ice cream out from the big containers down in the freezer and she has a Russian-Romanian style accent and looks like she could be Vera Zvonareva's sister, the Russian tennis player........"yes darling, how will that be?"..........too bad....no double-dip at that price but yes, a single dip and definately worth it for 1.09!

So what's the latest with the double-dip?

And oh yeah, what's the latest on 35 Leaward Shores Rd since first starting this thread back in February, about ten months ago?

[gf2020]

Originally Posted by fatlazyless

And oh yeah, what's the latest on 35 Leaward Shores Rd since first starting this thread back in February, about ten months ago?

Still on the market for $879,000...

http://www.nneren.com/mls_num.php?state=&id=2816327

[fatlazyless]

Looks like 35 Leaward Shores Rd is still up for sale and at a price of $799,000.

3 Stonedam Island Rd sold for $600,000 and had been listed since 2007 and for as much as 1.6 million. For an interesting read on some waterfront real estate bargains check out Roy Sanborn's latest real estate blog in your favorite winnipesaukee.com website. About two years ago, I went to an open house at 3 Stonedam and a very experienced realtor from Lamprey Realty who was hosting the open house very confidently told me that "this house will sell for 1.2 million dollars." It is located directly on the entrance to Sally's Gut, the first house on the gut as you enter from the north or east side of Sally's Gut.

So, how will the two bed-three bath townhouses over at www.meredithbaynh.com, on Scenic Drive overlooking the water be priced from $500-600,000 if a beautifull house like 3 Stonedam Island Rd just sold for $600,000.

[songkrai]

Originally Posted by gf2020

Still on the market for $879,000...

http://www.nneren.com/mls_num.php?state=&id=2816327

I usually state the the architect should be **** when I see a house like this one.

But my guess is that the original owners had the house built to their design.

Beauty is in the eye of the beholder. This one looks darn ugly for a house that must have cost a lot of money.

[fatlazyless]

Probably cannot blame an architect because it looks like the construction is pre-fab or modular which gets put together like giant lego blocks as opposed to individual pieces of lumber?

Could be that out of the $1,015,000 of assessed value (post #28), that perhaps 60-70% of that value was determined to be in the 1 acre of land with 300' of waterfront and not the two structures?

[codeman671]

Originally Posted by fatlazyless

Probably cannot blame an architect because it looks like the construction is pre-fab or modular which gets put together like giant lego blocks as opposed to individual pieces of lumber?

Could be that out of the $1,015,000 of assessed value (post #28), that perhaps 60-70% of that value was determined to be in the 1 acre of land with 300' of waterfront and not the two structures?

It is a prefabbed modular dropped on site. I have heard the floor plan is very odd...

[twins]

Friends of ours rented it for a week last summer. I'm sorry to say that the inside makes the outside look much better by comparison! I think the value of the property is the land minus the cost of a couple gallons of diesel fuel for the bulldozer.

[fatlazyless]

Saw a foreclosure auction notice in the newspaper for this house yesterday.......wait and see what happens to it?

.......hmmmm.....am trying to think of something intelligent to say here .... but am coming up totally empty ... so what's the long and the short on this 35 Leaward Shores Rd foreclosure sale? ..... have the property taxes been getting paid? ..... how much is the foreclosure auction reserve price? .... what bank or mortgage company now owns this property? ..... what is the projected lowest amount the seller will sell at? .... and what the H is happening here? ....questions, questions, questions ....anyone have any answers?

What are the tell-tale signs that the Moultonborough property tax/month is killing the sale of this house or is it just an ugly house with an unusual interior layout or a combination of both; high prop taxes and not-so-nice house?

[codeman671]

This one has come on and off the auction block a few times. I heard from a realtor friend that it is a train-wreck of a layout inside. Almost pre-fab quality.

Being Moultonborough, the taxes should not be that bad. Certainly better than if it was in Gilford...

JSJ has the auction listing, they typically dont disclose much until the day of the actual auction.

[BroadHopper]

Seems like prices on the lake are up and down like a yo yo these days. I remember a certain property off Tirrell Hill Rd in Gilford sold for $395K in 1998. The guy flipped the property around 2005 for 1.3 mill. Only to be foreclosed by the bank in 2008 for $700K. The bank sold the property in 2010 for $500K, a huge loss. Today, I notice the current owner is trying to flip the property for $900K.

I guess location also bring greed.

[RailroadJoe]

I'd tear the monster down and use the little guy.

[winterh]

Just had the unfortunate experience of following the link and looking at that house. What the heck was the owner or builder thinking! To paraphrase an old saying "I don't know what the architect got for designing that house but he should have got shot"

[fatlazyless]

Here is the listing for the March 12, 2013 auction at the house in Moultonborough with ten photos:

http://jsjauctions.com/details.asp?id2539


...hate to say it but.....you know.....if the owner had never built that large victorian style house and just been happy with the small waterfront cottage....they would probably still own it .... plus a small waterfront cottage can be very nice .... just my two cents!