$3,995,000 - Wow...

[Lkin]

Back about September, i was offered a waterfront home on meredith neck for 1.5m. Having just started my search, and being unaware at the time about the market conditions, I balked. The house needed a lot if work! It was a 250k house on an expensive lot! It went on the market and sold for over 1.6m! Seller made a 40% profit in less than half a year!
I wonder if the house would go for even more now.
A previous poster mentioned someone selling their home and living on a boat. I'm thinking of that in my motorhome!
This market is insane!

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[TheTimeTraveler]

Put it this way; it's a great time to sell a marginal type property. Something which may have hung on the market for years will now sell in just a matter of hours! And likely sell for far more than it is actually worth!

Hang in there folks; what goes up "usually" comes down. Of course we are currently in unusual times!

[Biggd]

Time Traveler, travel into the future 5 years from now and let us know what happens?

Originally Posted by TheTimeTraveler

Put it this way; it's a great time to sell a marginal type property. Something which may have hung on the market for years will now sell in just a matter of hours! And likely sell for far more than it is actually worth!

Hang in there folks; what goes up "usually" comes down. Of course we are currently in unusual times!

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[TiltonBB]

Across the Lakes Region, home prices have increased by double digits in the past 12 months and inventory is very low.

Home prices have risen 12.7 percent in Laconia, 14.2 percent in Alton, 18.3 percent in Meredith, and 18.9 percent in Gilford.

From the Laconia Sun:
https://www.laconiadailysun.com/news...b264d4476.html

[Biggd]

Originally Posted by TiltonBB

Across the Lakes Region, home prices have increased by double digits in the past 12 months and inventory is very low.

Home prices have risen 12.7 percent in Laconia, 14.2 percent in Alton, 18.3 percent in Meredith, and 18.9 percent in Gilford.

From the Laconia Sun:
https://www.laconiadailysun.com/news...b264d4476.html

"This place has literally been discovered." It's going to be a crazy summer.

[Kamper]

Originally Posted by Biggd

"This place has literally been discovered." It's going to be a crazy summer.

My wife has been after me to replace the boat I sold a few years back. After the pandemic there may be a few bargains for things like that too.

[winterh]

Originally Posted by Biggd

"This place has literally been discovered." It's going to be a crazy summer.

I know the waterfront prices on Winni look crazy but they are really not when you compare them to top lakes in other parts of the country. It's a bargain compared to Lake Tahoe.

[erk]

Originally Posted by winterh

I know the waterfront prices on Winni look crazy but they are really not when you compare them to top lakes in other parts of the country. It's a bargain compared to Lake Tahoe.

Just got back from a week at Lake Coeur d'Alene ID and I'd say lake front properties are 15 - 20% higher there. It's a beautiful area but I'd take Lake Winni any day!!

[MAXUM]

Originally Posted by erk

Just got back from a week at Lake Coeur d'Alene ID and I'd say lake front properties are 15 - 20% higher there. It's a beautiful area but I'd take Lake Winni any day!!

Ah but you have to look at the entire picture not just sale price. Property taxes out there are a fraction of what they are here so while the cost to get in may be higher the cost to carry is far lower. So long term a better value in my opinion even with a higher sale price. That is what keeps property prices here to some degree in check as they are very high comparatively speaking with a few exceptions. They (Idaho) also have the homestead exemption on primary residences which lowers the total assessed tax value. The calculation is 50% of assessed value capped at 100k in total reduction. Due to the increase in property values they are looking to increase the cap amount or have it adjust based on average market conditions year to year.

It is a beautiful area out there.