Another big parcel for sale

[Grant]

It will get gobbled up, and McMansions with rolling green lawns will appear, and the folks on Bear Island will look out on another eyesore. Money always wins.

[FlyingScot]

Very sad--it brought joy to hundreds (thousands?) of kids every year

[Descant]

So, 200 new million dollar homes will give a big boost to the Meredith tax base. It will be fun to watch the spenders fight for that money while others will want to cut the tax rate.

This would be a nice parcel for the Meredith Conservation Commission to own.

[garysanfran]

Originally Posted by Descant

So, 200 new million dollar homes will give a big boost to the Meredith tax base. It will be fun to watch the spenders fight for that money while others will want to cut the tax rate.

This would be a nice parcel for the Meredith Conservation Commission to own.

I believe "million dollar" homes means only one million since no "s", making it plural. They'll be worth more than the singular million.

And along with this goes more stress on a fragile infrastructure that can't handle the current mid-summer stress.

[tummyman]

Since it is assessed for $10.4M, any sale at or near the listed value will most likely drive Meredith assessments crazy for waterfront parcels.

[granitebox]

The valuation is:

$20,000,000/4515 feet frontage = $4430/frontage foot
or
$20,000,000/95.38 acres = $209,687/acre

Both of which seem fairly reasonable given other sales in the area and probably which will drive also drive a quick sale.

From the towns perspective - I'm betting they are happy to get this parcel back on the tax rolls in any form or fashion - can anyone calculate the property tax on just the land forget improvements for now.

[sky's]

were's John Mercier he knows everything hello John were all anxiously waiting.

[John Mercier]

About $103,000 at the assessed value of $10.4

But Tummyman is right. A sale at double the assessment is going to change everything... really just a matter of timing.

[Descant]

I expect most of the land is in "current use" so upon taking parcels out of current use, the town will get a substantial bonus in "land use change tax". Of course a developer could phase that, but the spenders will be developing plans for a new senior center with indoor/outdoor pools, twice the size of the Hub in Moultonborough.

Saving some waterfront for community use, you could still build, say, 40 waterfront homes. That assesses out for $100MM, plus whatever for another 160 homes in the woods at $500K each, is another $80MM in tax base.

Does Meredith have shorefrontage vs inland development zoning restrictions similar to Gilford where you need 150' of shorefront per residence? How many feet/far back does that go?

[John Mercier]

Well, its pending... so we should see some details emerge soon enough.

[4 for Boating]

The price to me seems low and now it's listed as pending after ONE DAY?

No waiting for other offers? No seeing if what can only be described as a unique and rare parcel would fetch more? It seems to me that the buyer was already selected long ago and the price agreed upon as well. Time will tell.

[John Mercier]

Listed for about 17 hours.
The landowner was approached.

[4 for Boating]

Interesting - so what's the reason/philosophy for officially listing the property on the MLS? Could have just been a private sale, no?

[codeman671]

According to the listing agent proposals were already being evaluated by the trustees prior to listing on mls.

[Biggd]

And they say we have a lousy economy, LOL?

[John Mercier]

The economy is too hot.

Which is why the younger adults are leaving businesses like ours, and us older employees are looking at retiring.

I keep tossing it around in my head to leave later this spring.
I have more than I will spend in my lifetime; but I was raised to always work by my grandparents.

[Mr. V]

Originally Posted by John Mercier

I was raised to always work by my grandparents.

"Live fast, die young, leave a good looking corpse." --- Willard Motley

[Descant]

From John Mercier; "I have more than I will spend in my lifetime."
I have some ideas ---I could help you spend.

[hemlock]

Originally Posted by granitebox

The valuation is:

$20,000,000/4515 feet frontage = $4430/frontage foot
or
$20,000,000/95.38 acres = $209,687/acre

Both of which seem fairly reasonable given other sales in the area and probably which will drive also drive a quick sale.

From the towns perspective - I'm betting they are happy to get this parcel back on the tax rolls in any form or fashion - can anyone calculate the property tax on just the land forget improvements for now.

In 1965 my grandfather chose island waterfront as he could afford the 35 dollars a shore frontage foot for a 1/2 acre lot. Mainland lots were 110 dollars a shore front foot for a similar sized lot. The real difference is that he was a semi retired school district janitor who was a careful saver. I dont think we will ever see that again careful saver or not.

[Skippermark]

Looks like it might already have an offer. Status on Zillow says "pending..."

[codeman671]

Originally Posted by Skippermark

Looks like it might already have an offer. Status on Zillow says "pending..."

It went under agreement almost immediately, I am sure the deal was already done but it had to be listed as a formality.

[Mr. V]

Originally Posted by codeman671

It went under agreement almost immediately, I am sure the deal was already done but it had to be listed as a formality.

There oughta be a law...

This frosts my cookies: I recall seeing a house I liked get listed with a sign pounded in the yard.

Within and hour of being listed I called the realtor and was informed it was sold.

Huh?

I offered to pay more than the asking price and was ignored.

Sweetheart deals...bah.

[Biggd]

Originally Posted by Mr. V

There oughta be a law...

This frosts my cookies: I recall seeing a house I liked get listed with a sign pounded in the yard.

Within and hour of being listed I called the realtor and was informed it was sold.

Huh?

I offered to pay more than the asking price and was ignored.

Sweetheart deals...bah.

I went to an open house of a lake front home a few months ago. It was listed on MLS on a Wednesday and the open house was Saturday. When I got to the open house the agent said it was under agreement but they were taking back up offers.

[John Mercier]

It isn't just lakefront.

And double - or near double - the recent assessments seems to be the norm.

The peak birthrate was in 1959, so a lot of people are reaching the magic Medicare age when they can retire away from the big cities that they focused their careers around.

[4 for Boating]

I recall in the housing crash that we were actually looking for a little larger home. We saw an open house sign pop up out of nowhere a few blocks over from where we were and immediately went over to the event.

Long story short > the realtor pretty much told us that this was a foreclosure and the open house was just for show to prove to the bank that they were trying to get the best price/recovery $$ for the bank. aka - the home was already earmarked for someone > our guess was someone the realtor knew.

Saw it immediately go to pending and whoever got it - did so at a steal.

Certainly not what's going on here but your stories reminded me of an experience I had with some "funny business" years ago.

[John Mercier]

In that case the realtor would have violated fiduciary responsibility, and if caught... could have gone to prison for theft by fraud against the bank.

In this case - though I am hearing it third party - the trustees were approached with an offer just over assessment; but did their fiduciary responsibility by placing it on the market.

The party that originally posted upped their bid, and supposedly some other bids were tended. Which is prudent to have back up in a world were financing is not always assured.

[TiltonBB]

Originally Posted by Biggd

I went to an open house of a lake front home a few months ago. It was listed on MLS on a Wednesday and the open house was Saturday. When I got to the open house the agent said it was under agreement but they were taking back up offers.

Don't doubt that realtors with listings will do things to make sure their buyer gets the deal, ensuring that they get both side of the commission.

Sometimes that involves giving their buyer inside information about what the seller will accept or telling a buyer what the other offers are that the buyer will need to beat.

[root1]

Originally Posted by TiltonBB

Don't doubt that realtors with listings will do things to make sure their buyer gets the deal, ensuring that they get both side of the commission.

Sometimes that involves giving their buyer inside information about what the seller will accept or telling a buyer what the other offers are that the buyer will need to beat.

Present company excepted, additional members of that ilk may include Lawyers, Politicians, and Veterinarians.

[CrownRay]

Not unusual for it to be "gone" already.

My family sold our lake house 2 years ago. We did have an open house, and winning bidder paid 20K over the highest bid!

[John Mercier]

Originally Posted by TiltonBB

Don't doubt that realtors with listings will do things to make sure their buyer gets the deal, ensuring that they get both side of the commission.

Sometimes that involves giving their buyer inside information about what the seller will accept or telling a buyer what the other offers are that the buyer will need to beat.

Since the seller is actually paying the realtor(s), propagating a lower price would result in theft by fraud...

As for letting buyers know what price they would need to beat... not really an issue as the current owner wants the higher price. Which is also in the interest of the realtor(s) being paid by the seller on both sides.

[TiltonBB]

Originally Posted by John Mercier

Since the seller is actually paying the realtor(s), propagating a lower price would result in theft by fraud...

As for letting buyers know what price they would need to beat... not really an issue as the current owner wants the higher price. Which is also in the interest of the realtor(s) being paid by the seller on both sides.

If is the listing realtor is giving their potential buyer information so that the listing realtor gets both side of the sale then it works against a non listing realtor. So both sides do not benefit.

I sold a property and was ready to accept an over asking price offer from a couple brought by a realtor. The same day the listing realtor brought a new buyer and "coincidentally" they matched the first offer with a no contingency all cash offer.

[tis]

I have been told by realtors that they can't tell me what somebody else offered.

[John Mercier]

Originally Posted by TiltonBB

If is the listing realtor is giving their potential buyer information so that the listing realtor gets both side of the sale then it works against a non listing realtor. So both sides do not benefit.

I sold a property and was ready to accept an over asking price offer from a couple brought by a realtor. The same day the listing realtor brought a new buyer and "coincidentally" they matched the first offer with a no contingency all cash offer.

The realtor whether the listing agent or buying agent are paid by the current property owner.
Higher offers are always in all their best interests.

One realtor beating out another is not a problem... as the buyer is whom they have the fiduciary responsibility to.

[codeman671]

Originally Posted by John Mercier

The realtor whether the listing agent or buying agent are paid by the current property owner.

This is not always true. Buyers agents can be paid in part or in while by the buyer as well, it all depends on the structure of the deal. Been there, seen that, took the course on it.

Pertaining to fiduciary duties, each agent has a responsibility to their principal (client). The listing agent has a fiduciary responsibility to the seller, and the buyers agent has a fiduciary responsibility to the buyer. Disclosed dual agency throws a curveball to this, and is not a favorable position for an agent to be in. Many won't do it.

Also, keep in mind the word Realtor is a designation of membership to NAR (National Association of Realtors). One can be an "agent" but not a "realtor".

These links gives a great breakdown of fiduciary responsibilities and how they work in real life.

https://www.nar.realtor/sites/defaul...uty-032213.pdf

https://www.carealtytraining.com/blo...l-estate-agent

[John Mercier]

If the agent is being paid by the buyer and released information in opposition to their client... that would again fall under theft by fraud.

We generally do not see this happen.