Slips becoming available

[Sunseeker Jimmy]

I have noticed that in three days, 3 slips have gone up for sale at Bayside Yacht Club. $189K $219K $219K and I know there is a big shortage, but my god does that seem outrageous. Will be interesting to see of they sell or sit. Sign of the times that maybe we are in the down swing. For $219K I can keep renting where I am for 60 years lol

[codeman671]

Originally Posted by Sunseeker Jimmy

I have noticed that in three days, 3 slips have gone up for sale at Bayside Yacht Club. $189K $219K $219K and I know there is a big shortage, but my god does that seem outrageous. Will be interesting to see of they sell or sit. Sign of the times that maybe we are in the down swing. For $219K I can keep renting where I am for 60 years lol

I don't think we are in a downswing by any means yet. In my town there are only 9 homes on the market which is unheard of, and everything that hits is selling way over asking- and immediately.

I also believe that the 3 available are all owned by realtors, being piggish on their price in hopes of cashing in big. Good for them if they get it. I wouldn't pay it

[FlyingScot]

Those are "make me move" prices, not serious...unless...

[WinnisquamZ]

Originally Posted by codeman671

I don't think we are in a downswing by any means yet. In my town there are only 9 homes on the market which is unheard of, and everything that hits is selling way over asking- and immediately.

I also believe that the 3 available are all owned by realtors, being piggish on their price in hopes of cashing in big. Good for them if they get it. I wouldn't pay it

Maybe, if they do get asking price we can all be assured the seasonal rents will follow


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[Descant]

I looked for Bayside YC and found a listing at Bayshore in Meredith 12' x 35' boat fort $73,500. Bayside? Bay Shore? Same place?

Inverted yield curve, inflation, high fuel prices? Be patient There will be some at auction in a couple of years.

[thinkxingu]

There have been a ton of listings around lately, and almost all posts asking for slips or valet have been met with suggestions on availability. Last year, the standard answers to these questions were "hahahaha!" or "yeah, good luck with that."

I think things were already starting to slow down—the used toys market is filled with machines that have been marked down because they're not selling. The attached screenshot is this morning—a 4-wheeler search at the beginning of spring, the most expensive part of the year.

It may take a bit, but people who overpaid or who used stimmy money to get into an unrealistic lifestyle (financial OR behavioral—not everyone can get to the lake enough times to justify boating) will eventually figure it out and move on. Fuel prices will absolutely hasten that process.

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[8gv]

I concur.

If you have something to sell and want it to go quickly for a good price, sell it now!

What is next will be much less advantageous for sellers.

[winterh]

Common sense tells me a downturn is coming but I can't say I have seen any sign of it. At least in regards to waterfront real estate and that includes slips. There are 5 houses for sale on the entire lake right now. Not a single home under 6 million. Insane in a spring market. With that little inventory I don't see how prices don't continue to rise.

[Descant]

There was a slip for sale at NVYC for $195K. I hear second hand that offers were refused. Now I hear the price has dropped by $20K. On the tax card, the owner is from AZ. There is a smaller (12 x 36) bulkhead slip available there too. That one is listed at $175K too. Both have been on the market longer than was the case a year or two ago when slips sold in 24 hours. Two that I know of from 2020 sales went immediately to the rental market, so they were investments, not for owner use. I guess it's a good deal--no tenant calls on a weekend to say the dishwasher overflowed.

[John Mercier]

Originally Posted by winterh

Common sense tells me a downturn is coming but I can't say I have seen any sign of it. At least in regards to waterfront real estate and that includes slips. There are 5 houses for sale on the entire lake right now. Not a single home under 6 million. Insane in a spring market. With that little inventory I don't see how prices don't continue to rise.

Different consumers. A lakefront home is an investment. A go-fast quad in an area with maximum 25mph trails... especially after being modified... those are going to depreciate very quickly.

[FlyingScot]

Originally Posted by John Mercier

Different consumers. A lakefront home is an investment. A go-fast quad in an area with maximum 25mph trails... especially after being modified... those are going to depreciate very quickly.

Exactly.. Even more--people buying lakefront homes at these prices have no need/interest in cashing in their investment, ever. The higher the prices go, the longer the average holding period...the lower the future inventory. That's not to say prices will never come down, only that there is a LOT pushing/holding them up

[John Mercier]

I don't know if they are cashing in or not.
Several of the properties may be rented/leased for the summer.

Though depreciation is possible for a home; for a sport quad it is pretty much a sure thing.
Since only a few rental operations exist in the State... and I don't know of any in southern NH... my guess is that these are private sales.

I cannot tell from the asking prices whether they are seeking to leave the market, or have buyer's remorse due to the aforementioned limitation... and may be looking to sell out and purchase a utility version.

The prices alone aren't enough for me to infer seller's intent.

[tis]

I don't know if slip sales are a sign of the high gas prices, but I do know that last time prices went this high, boat traffic was way down.

[John Mercier]

It doesn't seem like gas prices have had any effect as of yet.
Traffic has been steady to increasing...

Meredith was backed up past Hart's yesterday afternoon... and both our locations in the lakes region saw lots of floor traffic.

I got out-of-work late so we could serve that last few customers that came in... and then had to go to Meredith for another customer that is seeking to purchase some higher end custom siding and needed sample that I ran out of.

The public ramp probably hasn't even come into the equation as of yet... but in the next couple of months we should see.

[TiltonBB]

I am ready to cut back if gas prices get too high. My new boat should be very economical!