Transfer Tax on Real Estate

Ironfish · 12-05-2009, 11:52 AM

Quote:

Originally Posted by fatlazyless

MVP = Most Valuable Property, and that's what just got sold at 50-60 Wagon Wheel Trail in Meredith!

$7,800,000 sale of both lots, based upon $117,000 in tax stamps shown on the deed .... a LOT of money for a boathouse, a fence, and a piece of waterfront land.

fatlazyless · 12-05-2009, 07:53 PM

$117,000 for the State of NH....way-to-go NH!...what a deal....was it a difficult deal for the state to negotiate....$117,000 r e transfer tax!

Sooner or later, the info on the new owner and what's planned for the property will be leaking out....should be a good one to window shop from the water....anyone want to be the first gossip leak?

Is their last name Woods....as in Tiger? He could swing at that place or go practice at www.waukewan.com.
.......

If the new owner purchases land across the road, increasing the property to more than 10 acres, could he be successfull having it zoned as 'common use'? Is that a real possibility or just floatsum & jetsum?

Just Sold · 12-06-2009, 11:53 AM

The new owner is L. Lakehouse, LLC a Delaware Limited Liability Company. Book: 2611, Page 0039 recorded at Belknap County Registry of Deeds

Their mailing address is in Stamford, CT but I found no other information on them in an internet search.

oliviernh · 12-07-2009, 12:02 PM

Sorry Rattlesnake Guy...transfer/stamp taxes are not deductible on your federal return. If you are the seller the transfer taxes reduce the proceeds from the sale and if you are the buyer they add to your cost basis of the property. I think this is correct unless something has changed recently.

Rattlesnake Guy · 12-07-2009, 09:11 PM

Quote:

Originally Posted by oliviernh

Sorry Rattlesnake Guy...transfer/stamp taxes are not deductible on your federal return. If you are the seller the transfer taxes reduce the proceeds from the sale and if you are the buyer they add to your cost basis of the property. I think this is correct unless something has changed recently.

I stand corrected. After rechecking the IRS document, you are correct.

Reinforces the old axiom, never accept tax advice from a lakes region forum member.

dpg · 12-07-2009, 12:49 PM

Quote:

Originally Posted by Ironfish

$7,800,000 sale of both lots, based upon $117,000 in tax stamps shown on the deed .... a LOT of money for a boathouse, a fence, and a piece of waterfront land.

If I were spending that kind of money it wouldn't be in NH. It would be on a sun drenched, ocean front monster home in the Caribbean somewhere.

Just Sold · 12-07-2009, 05:26 PM

FLL: "MVP = Most Valuable Property, and that's what just got sold at 50-60 Wagon Wheel Trail in Meredith."

This property sold with the 2 lots on one deed. One lot with this new boat house

and the other lot had this 2 bedroom existing house on it.

fatlazyless · 12-07-2009, 08:21 PM

It is located across Meredith Bay from the town docks, and just out beyond the no-wake zone. It has a point of land in the middle of its' long waterfront and faces westerly. A number a flat black & white speckled granite ledges sort of roll out from the shoreline and out under the shallow and sandy bottom.

The existing two-bedroom house looks like a very nice 1960's ranch but not anything like the huge homes that get built today.

Wagon Wheel Trail is a very nice unpaved, sand & gravel town road.

Wonder what will be done there and how many feet of waterfront the lot has?

Just Sold · 12-08-2009, 11:25 AM

Quote:

Originally Posted by fatlazyless

It is located across Meredith Bay from the town docks, and just out beyond the no-wake zone. It has a point of land in the middle of its' long waterfront and faces westerly. A number a flat black & white speckled granite ledges sort of roll out from the shoreline and out under the shallow and sandy bottom.

The existing two-bedroom house looks like a very nice 1960's ranch but not anything like the huge homes that get built today.

Wagon Wheel Trail is a very nice unpaved, sand & gravel town road.

Wonder what will be done there and how many feet of waterfront the lot has?

The plan that shows that one lot has 650 ft and the other has 794.65 ft of water frontage. The plan can be seen at http://nhdeeds.com/belknap/BeIndex.html It is Plan Drawer L66 and Plan 11.
The plan shows the property to be out past the No-Wake Zone from what I see. The point is on the lot with the boat house.

fatlazyless · 12-09-2009, 10:13 AM

At a purchase price of about 8-mll for about 8 acres, all with waterfront, maybe the new owner wlll try to build 8 seperate residential homes and sell each one for 3 million, or something.

1554' of waterfront divided by eight lots = approx 195'/ new lot, and the shape of the entire lot land is probably very good for that type of developement. The 10-year old stone & iron fence which surrounds all three sides is like the most attractive fence ever built in the history of the world: A castle in Disneyland type of a fence!

The Town of Meredith being totally hooked on its' property tax revenue stream is more than happy to approve any and all waterfront construction. More waterfront homes means more property tax money for the town, every year going forward. Also, it creates many construction jobs that pay good.

Like, what's not to like with this happening? WIll the town approve this? Does it snow in the winter time?

Seems like a plan....guess, guess, guess?

Rattlesnake Guy · 12-09-2009, 06:55 PM

What do you call a town with $30 million in vacation homes without kids in the schools?

Relieved.

fatlazyless · 01-05-2010, 10:50 PM

According to a news brief in today's Jan 5 Citizen, the 7.8 million dollar sale in Meredith conducted by Roche Realty was the SINGLE LARGEST RESIDENTIAL SALE in the history of Lake Winnipesaukee. Did the NH Dept of Revenue send the buyer and seller a thankyou card

for their 1 1/2% real estate transfer tax?

It will no doubt be interesting to see what happens to the aproximately eight acres of land that's surrounded on all three sides by an "Alice in Wonderland" stone & iron fence. Will it be a single single, multiple singles, condos, or a rental-storage facility called the 'Ace of Waterfront Space'?

12-05-2009, 07:53 PM	#2
fatlazyless Senior Member Join Date: Apr 2004 Posts: 8,779 Blog Entries: 1 Thanks: 300 Thanked 1,022 Times in 744 Posts	$117,000 for the State of NH....way-to-go NH!...what a deal....was it a difficult deal for the state to negotiate....$117,000 r e transfer tax! Sooner or later, the info on the new owner and what's planned for the property will be leaking out....should be a good one to window shop from the water....anyone want to be the first gossip leak? Is their last name Woods....as in Tiger? He could swing at that place or go practice at www.waukewan.com. ....... If the new owner purchases land across the road, increasing the property to more than 10 acres, could he be successfull having it zoned as 'common use'? Is that a real possibility or just floatsum & jetsum? __________________ ... down and out, liv'n that Walmart side of the lake! Last edited by fatlazyless; 12-05-2009 at 08:51 PM.

12-06-2009, 11:53 AM	#3
Just Sold Senior Member Join Date: Apr 2004 Location: Suncook, NH, but at The Lake at Heart Posts: 2,615 Thanks: 1,083 Thanked 434 Times in 210 Posts	50-60 Wagon Wheel Meredith The new owner is L. Lakehouse, LLC a Delaware Limited Liability Company. Book: 2611, Page 0039 recorded at Belknap County Registry of Deeds Their mailing address is in Stamford, CT but I found no other information on them in an internet search. __________________ Just Sold At the lake the stress of daily life just melts away. Pro Re Nata

12-07-2009, 12:02 PM	#4
oliviernh Member Join Date: Sep 2004 Location: Hampton and Rattlesnake Island Posts: 33 Thanks: 0 Thanked 2 Times in 1 Post	Sorry RG-transfer taxes are not deductible Sorry Rattlesnake Guy...transfer/stamp taxes are not deductible on your federal return. If you are the seller the transfer taxes reduce the proceeds from the sale and if you are the buyer they add to your cost basis of the property. I think this is correct unless something has changed recently.

12-07-2009, 08:21 PM	#8
fatlazyless Senior Member Join Date: Apr 2004 Posts: 8,779 Blog Entries: 1 Thanks: 300 Thanked 1,022 Times in 744 Posts	It is located across Meredith Bay from the town docks, and just out beyond the no-wake zone. It has a point of land in the middle of its' long waterfront and faces westerly. A number a flat black & white speckled granite ledges sort of roll out from the shoreline and out under the shallow and sandy bottom. The existing two-bedroom house looks like a very nice 1960's ranch but not anything like the huge homes that get built today. Wagon Wheel Trail is a very nice unpaved, sand & gravel town road. Wonder what will be done there and how many feet of waterfront the lot has? __________________ ... down and out, liv'n that Walmart side of the lake!

12-09-2009, 10:13 AM	#10
fatlazyless Senior Member Join Date: Apr 2004 Posts: 8,779 Blog Entries: 1 Thanks: 300 Thanked 1,022 Times in 744 Posts	At a purchase price of about 8-mll for about 8 acres, all with waterfront, maybe the new owner wlll try to build 8 seperate residential homes and sell each one for 3 million, or something. 1554' of waterfront divided by eight lots = approx 195'/ new lot, and the shape of the entire lot land is probably very good for that type of developement. The 10-year old stone & iron fence which surrounds all three sides is like the most attractive fence ever built in the history of the world: A castle in Disneyland type of a fence! The Town of Meredith being totally hooked on its' property tax revenue stream is more than happy to approve any and all waterfront construction. More waterfront homes means more property tax money for the town, every year going forward. Also, it creates many construction jobs that pay good. Like, what's not to like with this happening? WIll the town approve this? Does it snow in the winter time? Seems like a plan....guess, guess, guess? __________________ ... down and out, liv'n that Walmart side of the lake! Last edited by fatlazyless; 12-09-2009 at 10:47 AM.

12-09-2009, 06:55 PM	#11
Rattlesnake Guy Senior Member Join Date: Sep 2004 Posts: 1,254 Thanks: 423 Thanked 366 Times in 175 Posts	What do you call a town with $30 million in vacation homes without kids in the schools? Relieved.

01-05-2010, 10:50 PM	#12
fatlazyless Senior Member Join Date: Apr 2004 Posts: 8,779 Blog Entries: 1 Thanks: 300 Thanked 1,022 Times in 744 Posts	According to a news brief in today's Jan 5 Citizen, the 7.8 million dollar sale in Meredith conducted by Roche Realty was the SINGLE LARGEST RESIDENTIAL SALE in the history of Lake Winnipesaukee. Did the NH Dept of Revenue send the buyer and seller a thankyou card for their 1 1/2% real estate transfer tax? It will no doubt be interesting to see what happens to the aproximately eight acres of land that's surrounded on all three sides by an "Alice in Wonderland" stone & iron fence. Will it be a single single, multiple singles, condos, or a rental-storage facility called the 'Ace of Waterfront Space'? __________________ ... down and out, liv'n that Walmart side of the lake! Last edited by fatlazyless; 01-06-2010 at 09:07 AM.