Waterfront Home sales

[winterh]

I sold because I lived there full time in a giant house with insane taxes. I moved a bit south for work and am now looking for a smaller vacation type home. I did not sell because of the market but looking at all the high end stuff sitting there it has turned out to be a good move. I do not think I could get today what I got a bit over a year ago. Look at Wolfeboro. 15 homes priced at over 2 million and 2 homes sold over that in last year. That's over a seven year supply of homes on the market. Not good.

[secondcurve]

Originally Posted by winterh

I sold because I lived there full time in a giant house with insane taxes. I moved a bit south for work and am now looking for a smaller vacation type home. I did not sell because of the market but looking at all the high end stuff sitting there it has turned out to be a good move. I do not think I could get today what I got a bit over a year ago. Look at Wolfeboro. 15 homes priced at over 2 million and 2 homes sold over that in last year. That's over a seven year supply of homes on the market. Not good.

Winerh: Thanks for your explanation. I agree that lake front property prices are in oversupply and this continues to put downward pressure on prices. That being said, there isn't the level of financial stress in the market place that typically leads to fire sales. Rather, we have a stagnant marketplace with relatively low activity. I find it interesting that this far into an economic recovery prices have not rebounded especially when extraordinary low interest rates are considered. My guess is that the market will remain flat for quite a few years to come making up for the rapid price escalation we saw in the past 15-years. This is a classic example of reversion to the mean. Good luck with your search.

[codeman671]

The $2mil and up range is always tough. Lets face it, the higher the price the smaller percentage of buyers that can afford it.

Mainland stuff in the $750k-$1.5mil is not bad. One just went under agreement on Echo Point in Alton that was on the market for $899k, I think it lasted a few weeks.

I keep a close eye on the island market, being that I am in it. Quite a few island properties have gone under agreement lately and its only June, granted these typically are more affordable for the average person.

[songkrai]

It is the Sequester.

Lot's of businesses rely on government contracts. Either directly or indirectly.

Whether good or bad pro or con. Many businesses rely on defense contracts or federal contracts. Even right here in NH.

Lots of uncertainty. Those with the big buck incomes.

Just look at the stuff Freudenberg makes here in NH.




Defense Contract Totals for Contractors in New Hampshire by County from 2000 to 2012

County & State Number of Defense Contractors Number of Defense Contracts Awarded Dollar Amount of Defense Contracts Awarded

Belknap County NH 51 2,125 $106,990,929

Carroll County NH 30 107 $2,732,464

Cheshire County NH 75 1,237 $75,537,234

Coos County NH 14 176 $10,394,682

Grafton County NH 127 7,009 $582,444,100

Hillsborough County NH 505 9,161 $10,285,375,160

Merrimack County NH 172 1,343 $103,623,921

Rockingham County NH 399 8,450 $2,199,186,367

Strafford County NH 126 1,668 $49,701,964

Sullivan County NH 30 4,467 $429,677,513


LINK

[surfnsnow]

the sequester began in march 2013, how does this explain the previous 3 years of slow sales?

[ITD]

Originally Posted by secondcurve

Winerh: Thanks for your explanation. I agree that lake front property prices are in oversupply and this continues to put downward pressure on prices. That being said, there isn't the level of financial stress in the market place that typically leads to fire sales. Rather, we have a stagnant marketplace with relatively low activity. I find it interesting that this far into an economic recovery prices have not rebounded especially when extraordinary low interest rates are considered. My guess is that the market will remain flat for quite a few years to come making up for the rapid price escalation we saw in the past 15-years. This is a classic example of reversion to the mean. Good luck with your search.

Unfortunately secondcurve, this isn't a recovery and as soon as the Fed stops printing money the bottom will fall out. Although I have to tell you I am quite tickled with the stock market, I'm waiting for the next correction which should be a doosy, so I can buy more stocks, let's just hope it's due to some sanity finding its way into our leaders and not a complete collapse.