What am I missing with this Home for Sale on Winni?

JasonG · 01-23-2018, 06:33 PM

Every once in a while I check out the listings to see what is available for waterfront homes on Winni. The other day I came across this one and I cannot figure out why it has not sold at $425k.
https://www.zillow.com/homedetails/5...?fullpage=true

I know it is on the main road, needs some updating, and part of a community, but it has been on the market for 100 days and there have been no takers? I was going to show some interest, but what am I missing? I thought something like this would have sold instantly.

Joebon · 01-23-2018, 07:00 PM

It’s not just part of a community, it is the community. There is no privacy.

Sent from my iPhone using Tapatalk

jbolty · 01-23-2018, 07:06 PM

The kitchen floor has to be some sort of Geneva Convention violation

greeleyhill · 01-23-2018, 07:08 PM

I don't think you're missing anything. It's been on the market for 100 days but these past 100 days aren't typically the best for waterfront real estate sales so that doesn't seem like a long period of time. You point out all the things that detract from the value and that it needs some work so I think it's a case of you see what you get. $160 a month HOA for water, sewer, trash, snow and lawn seems like a reasonable fee as well. Continue to do your homework but to me it seems like a fair price at $234 a square foot. The same home in Wolfeboro might go for twice as much so your getting the good ole Laconia discount. Zillow says year built is 1900 - can that be right? Either way - make whatever offer you make contingent on a thorough home inspection. Good Luck!

Sugarsandbeach · 01-23-2018, 09:56 PM

Definitely look around, that house sold in sep 2016 so maybe theres a red flag, maybe not. That’s a very busy part of the lake too and when you come out of paugus bay on a weekend, the chop in the water is pretty nasty so if you have a small boat you may not end up leaving paugus bay on a busy boating day. Depends on what you’re in to. I prefer to be somewhere that’s a little quieter on the lake. Good luck!

SIKSUKR · 01-24-2018, 02:50 PM

Take a "drive" by on GE street view and you will see why. Surrounded by other buildings and right next to the busy Weirs Blvd. Probably a decent value but not for everyone.

Major · 01-24-2018, 05:36 PM

My parents owned this property from 1979 to 1986. It is the main house of the former Capri Cottages. It was owned by Bill Bagley for over 25 years. Like prior posters said, nothing wrong with the property, but you are part of a condominium with five other owners. The house is dated, but offers quite a bit of space. The docking system is pretty good too.

Descant · 01-24-2018, 10:13 PM

The ad posted says 325 feet frontage. If that's all yours, it's a fair price just for the land. But if it is split by all the condo association the value is lost. In a non-condo situation, 325 ft at this price would be a tear-down, and only on the market for 24 hours. Many motels and cottage colonies went condo in this area in the 80's. Since the operation as a motel was a family operation, perhaps there are unusual restrictions in the condo doc's regarding what you can do for property improvements.

JasonG · 01-31-2018, 05:44 PM

Thank you for the replies. Interesting, but likely will move on.

neitman · 02-06-2018, 01:37 PM

We went to viewing, neighbor came out of her house screaming at us that we could not park in front of garage. We left without getting out of car.

Cal-to-NH · 02-07-2018, 08:39 AM

I have been amazed by this one for a long time. First went on sale 7 1/2 years ago and is still sitting there. Talk about an unmotivated seller. When this first went on the market, Terry Francona was the Red Sox Manager, the Bruins hadn't won a Stanley Cup since the 1970s, no one heard of Malcom Butler, Obama was half way through his second term and Doc Rivers was the Celtics coach

https://www.zillow.com/homes/for_sal...1g1_sse/0_mmm/

AC2717 · 02-07-2018, 08:56 AM

Always find this interesting:

year taxes % change value value change
2016 $5,395 -- $243,000 -32.9%
2015 $5,395 -27.8% $362,300 +8.6%
2014 $7,475 +1.5% $333,700 --
2013 $7,368 +11.5% $333,700 +6.1%
2012 $6,607 +2.1% $314,600 --
2011 $6,468 +1.7% $314,600 -10.8%
2009 $6,363 -- $352,700 --

value goes down by 32% in 2016 yet the tax amount is exactly the same, when just the year before the value went up by 8.6% but taxes went down 27.8%

- got to love the city of Laconia

Rusty · 02-07-2018, 09:39 AM

Quote:

Originally Posted by AC2717

Always find this interesting:
year taxes % change value value change
2016 $5,395 -- $243,000 -32.9%
2015 $5,395 -27.8% $362,300 +8.6%
2014 $7,475 +1.5% $333,700 --
2013 $7,368 +11.5% $333,700 +6.1%
2012 $6,607 +2.1% $314,600 --
2011 $6,468 +1.7% $314,600 -10.8%
2009 $6,363 -- $352,700 --
value goes down by 32% in 2016 yet the tax amount is exactly the same, when just the year before the value went up by 8.6% but taxes went down 27.8%

- got to love the city of Laconia

Must be a mistake by Zillow.

Here is the tax rate history for Laconia:

01-23-2018, 06:33 PM	#1
JasonG Senior Member Join Date: May 2006 Posts: 310 Thanks: 48 Thanked 45 Times in 33 Posts	What am I missing with this Home for Sale on Winni? Every once in a while I check out the listings to see what is available for waterfront homes on Winni. The other day I came across this one and I cannot figure out why it has not sold at $425k. https://www.zillow.com/homedetails/5...?fullpage=true I know it is on the main road, needs some updating, and part of a community, but it has been on the market for 100 days and there have been no takers? I was going to show some interest, but what am I missing? I thought something like this would have sold instantly.

01-24-2018, 02:50 PM	#6
SIKSUKR Senior Member Join Date: Apr 2004 Posts: 5,075 Thanks: 215 Thanked 903 Times in 509 Posts	Take a "drive" by on GE street view and you will see why. Surrounded by other buildings and right next to the busy Weirs Blvd. Probably a decent value but not for everyone. __________________ SIKSUKR

01-24-2018, 05:36 PM	#7
Major Senior Member Join Date: May 2013 Location: Laconia Posts: 1,079 Thanks: 445 Thanked 1,018 Times in 424 Posts	Capri Condominiums My parents owned this property from 1979 to 1986. It is the main house of the former Capri Cottages. It was owned by Bill Bagley for over 25 years. Like prior posters said, nothing wrong with the property, but you are part of a condominium with five other owners. The house is dated, but offers quite a bit of space. The docking system is pretty good too.

02-06-2018, 01:37 PM	#10
neitman Junior Member Join Date: Sep 2013 Posts: 8 Thanks: 0 Thanked 0 Times in 0 Posts	Bad neighbor We went to viewing, neighbor came out of her house screaming at us that we could not park in front of garage. We left without getting out of car.

02-07-2018, 08:39 AM	#11
Cal-to-NH Senior Member Join Date: Mar 2015 Location: Moultonborough Posts: 110 Thanks: 15 Thanked 55 Times in 26 Posts	even more amazing I have been amazed by this one for a long time. First went on sale 7 1/2 years ago and is still sitting there. Talk about an unmotivated seller. When this first went on the market, Terry Francona was the Red Sox Manager, the Bruins hadn't won a Stanley Cup since the 1970s, no one heard of Malcom Butler, Obama was half way through his second term and Doc Rivers was the Celtics coach https://www.zillow.com/homes/for_sal...1g1_sse/0_mmm/

01-23-2018, 07:00 PM	#2
Joebon Senior Member Join Date: Sep 2014 Posts: 142 Thanks: 23 Thanked 14 Times in 11 Posts	It’s not just part of a community, it is the community. There is no privacy. Sent from my iPhone using Tapatalk

01-23-2018, 07:06 PM	#3
jbolty Senior Member Join Date: Jun 2015 Posts: 663 Thanks: 320 Thanked 251 Times in 150 Posts	The kitchen floor has to be some sort of Geneva Convention violation

01-23-2018, 07:08 PM	#4
greeleyhill Senior Member Join Date: Mar 2016 Posts: 94 Thanks: 57 Thanked 22 Times in 11 Posts	I don't think you're missing anything. It's been on the market for 100 days but these past 100 days aren't typically the best for waterfront real estate sales so that doesn't seem like a long period of time. You point out all the things that detract from the value and that it needs some work so I think it's a case of you see what you get. $160 a month HOA for water, sewer, trash, snow and lawn seems like a reasonable fee as well. Continue to do your homework but to me it seems like a fair price at $234 a square foot. The same home in Wolfeboro might go for twice as much so your getting the good ole Laconia discount. Zillow says year built is 1900 - can that be right? Either way - make whatever offer you make contingent on a thorough home inspection. Good Luck!

01-23-2018, 09:56 PM	#5
Sugarsandbeach Junior Member Join Date: Feb 2017 Posts: 13 Thanks: 0 Thanked 0 Times in 0 Posts	Definitely look around, that house sold in sep 2016 so maybe theres a red flag, maybe not. That’s a very busy part of the lake too and when you come out of paugus bay on a weekend, the chop in the water is pretty nasty so if you have a small boat you may not end up leaving paugus bay on a busy boating day. Depends on what you’re in to. I prefer to be somewhere that’s a little quieter on the lake. Good luck!

01-24-2018, 10:13 PM	#8
Descant Senior Member Join Date: Mar 2006 Location: Merrimack and Welch Island Posts: 4,348 Thanks: 1,341 Thanked 1,622 Times in 1,054 Posts	The ad posted says 325 feet frontage. If that's all yours, it's a fair price just for the land. But if it is split by all the condo association the value is lost. In a non-condo situation, 325 ft at this price would be a tear-down, and only on the market for 24 hours. Many motels and cottage colonies went condo in this area in the 80's. Since the operation as a motel was a family operation, perhaps there are unusual restrictions in the condo doc's regarding what you can do for property improvements.

01-31-2018, 05:44 PM	#9
JasonG Senior Member Join Date: May 2006 Posts: 310 Thanks: 48 Thanked 45 Times in 33 Posts	Thank you for the replies. Interesting, but likely will move on.

02-07-2018, 08:56 AM	#12
AC2717 Senior Member Join Date: Apr 2007 Location: Maynard, MA & Paugus Bay Posts: 2,573 Thanks: 753 Thanked 354 Times in 266 Posts	Always find this interesting:  year taxes % change value value change 2016 $5,395 -- $243,000 -32.9% 2015 $5,395 -27.8% $362,300 +8.6% 2014 $7,475 +1.5% $333,700 -- 2013 $7,368 +11.5% $333,700 +6.1% 2012 $6,607 +2.1% $314,600 -- 2011 $6,468 +1.7% $314,600 -10.8% 2009 $6,363 -- $352,700 -- value goes down by 32% in 2016 yet the tax amount is exactly the same, when just the year before the value went up by 8.6% but taxes went down 27.8% - got to love the city of Laconia __________________ Capt. of the "No Worries"