Housing Market Slowdown

[Biggd]

Construction is still very busy, but real estate sales have definitely slowed.
Many contractors were so busy the past few years that they were take large deposits from customers just to get a slot on their schedules.
I know a few people that bought in my neighborhood that had to give large deposits to get contractors that were booked a year out.
It will take some time to work through those projects, but they will eventually slow down also.
When there is a real estate boom there is always a construction boom that follows it.
A beautiful waterfront log cabin just went on the market this past week on my street, over 2 million, we'll see how long it takes to sell.
They have had two showings so far, so there are people looking.
Two years ago, this home would have multiple offers over list as soon as it hit the market.

[BillTex]

Originally Posted by Couple of Lakers

Why is that a "red flag"? It's been this way since they were turned into condos. Every unit has their own assigned boat slip and a spot for a jet ski. The dock is maintained by the HOA. It's never changed and never been a problem. Why would it be? The huge benefit is that you are not paying taxes on another potential 300K in value added to your home for these amenities. Maybe some people like paying more taxes. We don't. Hopefully no one from the city is following this and they change their mind

There may not be a “tax” but is there an association fee?
Tomato…tomAto.

[John Mercier]

Originally Posted by Biggd

Construction is still very busy, but real estate sales have definitely slowed.
Many contractors were so busy the past few years that they were take large deposits from customers just to get a slot on their schedules.
I know a few people that bought in my neighborhood that had to give large deposits to get contractors that were booked a year out.
It will take some time to work through those projects, but they will eventually slow down also.
When there is a real estate boom there is always a construction boom that follows it.
A beautiful waterfront log cabin just went on the market this past week on my street, over 2 million, we'll see how long it takes to sell.
They have had two showings so far, so there are people looking.
Two years ago, this home would have multiple offers over list as soon as it hit the market.

My guess. Quite a while.
Unless it is priced as a teardown.

Existing units being purchased and renovated are showing strong demand for English cottage style.

[BroadHopper]

I read in a trade journal the Southern states rely on Mexican immigrants, especially Texas. 80% of the workforce has been affected. Many are afraid to cross the border. Large development construction has almost stopped!

My son-in-law is a Project manager in Texas. He was let go because there was no work.

[Biggd]

Originally Posted by John Mercier

My guess. Quite a while.
Unless it is priced as a teardown.

Existing units being purchased and renovated are showing strong demand for English cottage style.

This log home needs nothing, move in ready, IMO!
I don't see real log homes ever losing their appeal in the NH lake and mountain towns.

[fatlazyless]

Originally Posted by Biggd

This log home needs nothing, move in ready, IMO!

And here it is, 26 Sawmill Shores Rd, Meredith NH 03253 .....http://www.zillow.com/homedetails/26...86703584_zpid/ .... asking $2.2mil ...... built in 2000 ..... 0.68 acre lot ...... 145' Lake Waukewan waterfront in a quiet cove east of Chapman Island...... listed Sept 10 ..... last sold on Nov 15, 2010 for $785,000 ..... 2023 property tax $15,793/yr ...... just picture yourself fly-rod fishing and catching a 18.2-lb, 42 5/8" monster musky while standing in ice cold water, up to your neck on April 1, the opening day of fishing season, 2026!

Walking Score 0/100 car-dependent

Bike Score 16/100 somewhat bikeable

Does this cove inlet have a name like Sawmill Cove or something that refers to the sawmill run by Ebenezer Waukewan back in 1763?
.........

"Walking two miles each and every day, keeps the doctor away!"

[John Mercier]

Originally Posted by Biggd

This log home needs nothing, move in ready, IMO!
I don't see real log homes ever losing their appeal in the NH lake and mountain towns.

Should the buyer not wish to change anything, it may work. But renovation, especially on a shell, will most likely have to go through specific hurdles due to non-conformance and engineering limitations.

Imitation log siding will not have the same restrictions, but due to being raw wood will generally have higher maintenance requirements.
Many that use it, go to a solid stain as a means to extend the life and lower maintenance intervals.

[sky's]

[QUOTE=John Mercier;402868]Very hard to get quiet on the lake(s) now, and much less of a focus on hunting and fishing for those that are.

Smaller lakes and ponds are offering a better outlet.[/QUOTE

[Biggd]

Originally Posted by John Mercier

Should the buyer not wish to change anything, it may work. But renovation, especially on a shell, will most likely have to go through specific hurdles due to non-conformance and engineering limitations.

Imitation log siding will not have the same restrictions, but due to being raw wood will generally have higher maintenance requirements.
Many that use it, go to a solid stain as a means to extend the life and lower maintenance intervals.

Not sure what renovations you're taking about, restaining the logs is just normal maintenance. The house is mint and doesn't need renovation, but people do like to add their own personal touches.
If someone is looking for a tear down or a complete renovation, then this is not the house for that!

[Couple of Lakers]

Originally Posted by BillTex

There may not be a “tax” but is there an association fee?
Tomato…tomAto.

HOA is only $200/month. Lowest waterfront association fee on the lake from what we can see.

We did have two different couples that wanted to buy at 699K. Problem was they wanted to rent in the off season and our association doesn't allow rentals. Living here full time we like that policy but not so much when you're selling.

[BillTex]

Originally Posted by Couple of Lakers

HOA is only $200/month. Lowest waterfront association fee on the lake from what we can see.

We did have two different couples that wanted to buy at 699K. Problem was they wanted to rent in the off season and our association doesn't allow rentals. Living here full time we like that policy but not so much when you're selling.

Whether it is a “tax” or an “HOA fee” any potential new owner will need to pay it (it is not optional). I am sure they factor that in to their purchase price (I would).
GLWS, the right buyer will come along.

[John Mercier]

Originally Posted by Biggd

Not sure what renovations you're taking about, restaining the logs is just normal maintenance. The house is mint and doesn't need renovation, but people do like to add their own personal touches.
If someone is looking for a tear down or a complete renovation, then this is not the house for that!

Buyers have been avoiding products that need to be continually refinished.

We finally got in Q8 log siding oil, but stripping something that has been previously stained with another product can be a chore.

And trying to replace the real logs with a factory prefinished product is not an option that I would suggest.

Changing locations of openings in the shell can sometimes be done, others not so much. The shell is the structure.

[WinnisquamZ]

Was at Middleton this past weekend and saw that log and siding stain was priced at $138 per gallon!


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[fatlazyless]

For $14.97/gal Walmart has Olympic Quick Cover, one gallon, cedar or redwood color, semi-transparent interior/exterior wood stain ....... 2-day order

Good for decks, fences, siding, railings and outdoor furniture.

Dries in two hours. Covers 350 square feet.

Cleans up with soap and water so is probably a latex stain.

On the front of the gallon in big letters, it says EXTERIOR STAIN and in the description it says interior/exterior stain.

[Descant]

Originally Posted by Couple of Lakers

You are not factoring in the value of the boat slip which is worth about 200K if you were to purchase one separately. There is also the value of a jet ski lift (technically another boat). What is that worth? Also when the water is not this low you can dock another boat right off of your deck.

Folks cannot seem to understand those items are not included in the value of the home itself.

As I read the listing, the RE agent talked about new floors. If you think there is great value in the docks (I think so) that should be the lead. This is the wrong RE Agent to sell waterfront.

[BillTex]

Our cabin is cedar log sided. Inherently rot/weather resistant. Just purchased a gallon of Cabot treatment/stain for some touch up which was ~ $50. Love the log cabin vibe!

[Biggd]

Originally Posted by John Mercier

Buyers have been avoiding products that need to be continually refinished.

We finally got in Q8 log siding oil, but stripping something that has been previously stained with another product can be a chore.

And trying to replace the real logs with a factory prefinished product is not an option that I would suggest.

Changing locations of openings in the shell can sometimes be done, others not so much. The shell is the structure.

You've takin this conversation way off course.
Not sure what remodeling a log home has to do with a slowing real estate market?

[BroadHopper]

A colleague of mine built his log cabin off Sebago Lake. He is satisfied with DuckBack products. 40 years old and counting!

[tis]

There might be a slowdown but a Wolfeboro realtor just posted he has 9 houses under agreement right now.

[John Mercier]

Originally Posted by Biggd

You've takin this conversation way off course.
Not sure what remodeling a log home has to do with a slowing real estate market?

Part of the slowing is the product coming into the market.
Unique properties need to find just the right buyers at this time.

[Lake Fan]

Seasonal island homes on piers, drawing water from the lake, are now selling routinely for over a million dollars. Not sure how that fits into the market narrative.

[fatlazyless]

Believe it is almost impossible to get a mortgage for a house built on piers, ie wood or cement blocks, or one that draws its water from the lake. Something to do with federal gov mortgage rules for banks.

So, could be that million dollar island homes typically get purchased with all cash and no mortgage?

Hey ..... just look at this western, big waterfront view and the 350' untouched waterfront privacy ...... ooh la la!

[TomC]

Meredith Village Savings Bank will write mortgages on non-conforming seasonal homes (providing the LTV and the rest of their underwriting criteria are met).

[mofn]

To pick up on what TomC in the above post said.
You have to find a bank that does non-conforming seasonal home loans. I just closed last week on one (not winni, just south of Rangeley). My bank in N.H. shot me down the next day. The bank I then went to who does non-conforming loans approved it in 14? business days, but the way they spoke it’s a niche market for them.
Problem for some buyers where it’s “a seasonal home” 20% down and at these interest rates! You want a construction loan interest rates are even higher!
Then throw in N.H. property taxes, for most sticker shock sets in.
20 years ago a real estate agent told me for every 1/10 of a percent raise in interest rates freezes out 70K? buyers.
A good tool I used to track the market I was in is Zillow, scroll down and they will have the prior market/asking/final price history for most. Also there you can track what has been sold in the market parameters you set.
And to answer the original question are sales down…yes in my opinion…how much not sure?

[ApS]

Originally Posted by TheTimeTraveler

Interesting that you found a very rare assumable loan. Is that a VA loan?
For the younger Forum readers, most every home loan written was assumable up until the late 1960's or early 1970's. It was then that the lenders woke up and realized that they could make a lot more money by writing a higher priced fresh loan (charging "points" and closing costs). Assumable loans all but disappeared.Profits always seem to rule the day.......

Yes, it's a 2016 brick-and-mortar VA bank loan, at 3.125%

Just found out when I requested a pre-purchase application, now enroute, post-haste, to me.

[Couple of Lakers]

Originally Posted by tis

There might be a slowdown but a Wolfeboro realtor just posted he has 9 houses under agreement right now.

That's fantastic! If we can ask who is that realtor?

There's been an unbelievable development in the last 24 hours with regard to our place for sale. No it hasn't sold yet, but we will try to post what's happening sometime tomorrow. We're exhausted after today. But it's kind of nuts and we're speechless right now.

Again, we appreciate this thread!

[WinnisquamZ]

Rates are dropping. Another drop expected this week


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[Descant]

Originally Posted by WinnisquamZ

Rates are dropping. Another drop expected this week [/url]

I doubt a couple of BPS makes any difference to people buying a second , lakefront; Winnipesaukee property. First time homebuyers are the ones affected.

[codeman671]

Originally Posted by fatlazyless

Believe it is almost impossible to get a mortgage for a house built on piers, ie wood or cement blocks, or one that draws its water from the lake. Something to do with federal gov mortgage rules for banks.

So, could be that million dollar island homes typically get purchased with all cash and no mortgage?

Hey ..... just look at this western, big waterfront view and the 350' untouched waterfront privacy ...... ooh la la!

There certainly are local banks that will lend on these. It’s a portfolio loan, where they will service it in house and not broker it. Bank of NH used to do it but completely got out of the mortgage business. Meredith Village does as well as a few other local banks. We sold ours last fall and the buyer used Meredith.

[tis]

Originally Posted by Couple of Lakers

That's fantastic! If we can ask who is that realtor?

There's been an unbelievable development in the last 24 hours with regard to our place for sale. No it hasn't sold yet, but we will try to post what's happening sometime tomorrow. We're exhausted after today. But it's kind of nuts and we're speechless right now.

Again, we appreciate this thread!

Ronn @ Berkshire Hathaway Verani. It used to be Spencer Hughes.

[John Mercier]

Originally Posted by Lake Fan

Seasonal island homes on piers, drawing water from the lake, are now selling routinely for over a million dollars. Not sure how that fits into the market narrative.

Its that craftsman-style.
It has a mixture of nostalgia from a slower, simpler, happier time.

Easy to rebuild and update, and memories from the past when family and friends worked together to build it.

[erk]

Originally Posted by TomC

An outsider coming here and reading 50+ post threads on the low lake level, water quality/cyanobacteria, loud music from wake boats, ever increasing ad volarem-based property taxes, etc., may very well think twice about dropping multimillions on lakefront property...

I disagree. The people buying lakeside homes know exactly what the big lake is all about. You don’t have people who have never heard of Lake Winni putting down millions for a house on a whim. They know exactly what they want and they want to be here. Just my humble opinion of course

[Biggd]

The 2.2 million waterfront log cabin across the street from me has had a hand full of showings in the 3 weeks since it came on the market, most of them in the first week. This past weekend was beautiful and there was no one looking. It's definitely slowed down.

[TheTimeTraveler]

The real estate slow down is long overdue and not really a surprise at all.

[Mr. V]

Originally Posted by TheTimeTraveler

The real estate slow down is long overdue and not really a surprise at all.

Things have slowed down out west as well: not just a regional phenomenon.

[FlyingScot]

I agree that the corporate investment is really bad here and in general--it will suck all the profit from real estate away from normal homeowners, like most of us on the forum.

But the septic issue cuts two ways. If the primary issue for current people is that they can't afford the septic systems that they should have at the edge of the lake, that means they've been shoveling their waste into the lake and getting away with it because the law only requires inspection when a sale occurs. That's not right.

Every home should have to have a periodic septic inspection and upgrade if necessary. There should also be programs to help people afford or finance those upgrades too. But no one should be allowed to just let "it" flow into our lake

[WinnisquamZ]

Originally Posted by FlyingScot

I agree that the corporate investment is really bad here and in general--it will suck all the profit from real estate away from normal homeowners, like most of us on the forum.

But the septic issue cuts two ways. If the primary issue for current people is that they can't afford the septic systems that they should have at the edge of the lake, that means they've been shoveling their waste into the lake and getting away with it because the law only requires inspection when a sale occurs. That's not right.

Every home should have to have a periodic septic inspection and upgrade if necessary. There should also be programs to help people afford or finance those upgrades too. But no one should be allowed to just let "it" flow into our lake

Removing the “grandfather clause” from many of these law would go a long way to correct these problems


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[John Mercier]

Originally Posted by WinnisquamZ

Removing the “grandfather clause” from many of these law would go a long way to correct these problems


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It would also create Ex Post Facto.

[FlyingScot]

Originally Posted by John Mercier

It would also create Ex Post Facto.

It does not have to hurt anybody harder than necessary. We could require all systems to be inspected every x number of years, and then brought up to standard if they failed. For people truly strapped for cash, towns could help them get loans.

I think they did this on Waukewan a few years ago. That was even more critical because it was public water supply.

[John Mercier]

The current system is that if the septic is found to be in failure, it has to be replaced.

We have a way to monitor that. Samples can detect E Coli, a sign of septic waste entering the lake. And can be tested to determine what species is the culprit.

After that, it isn't hard to track backward.

The Legislature just touched on this last session, and the current LSRs have this...

2026-2058 SB Title: relative to cyanobacteria and other emerging environmental water quality issues.
Sponsors: (Prime) David Watters


2026-2184 SB Title: eliminating the use of agitators in instances where temporary docks have been removed from bodies of water.
Sponsors: (Prime) Regina Birdsell

2026-2326 HB Title: requiring disclosure of Japanese Knotweed in real property transactions.
Sponsors: (Prime) Cathryn Harvey

2026-2332 HB Title: adding cyanobacteria and algae blooms to the study of the exotic aquatic weeds and species committee.
Sponsors: (Prime) Tanya Donnelly

2026-2345 HB Title: relative to changes to the Winnipesaukee river basin control replacement fund.
Sponsors: (Prime) Steven Bogert

So, it isn't like nothing is being looked at.

[fatlazyless]

Here's a fun new listing to look at, One Turtle Island, Lake Waukewan, Meredith NH ....... $295,000 ....... built in 1905 ...... close to Saw Mill Shore Rd over on the VERY quiet side of Lake Waukewan ...... ha-ha-ha

http://www.zillow.com/homedetails/1-...86703611_zpid/

Just LOOK at this place ...... especially the kitchen ....... OMG ...... oh, what a feeling! .....

Hey there Biggd ..... is this place within your view?

[codeman671]

Originally Posted by fatlazyless

Here's a fun new listing to look at, One Turtle Island, Lake Waukewan, Meredith NH ....... $295,000 ....... built in 1905 ...... close to Saw Mill Shore Rd over on the VERY quiet side of Lake Waukewan ...... ha-ha-ha

http://www.zillow.com/homedetails/1-...86703611_zpid/

Just LOOK at this place ...... especially the kitchen ....... OMG ...... oh, what a feeling! .....

Hey there Biggd ..... is this place within your view?

It looks like a hoarders paradise!

[Major]

Originally Posted by codeman671

It looks like a hoarders paradise!

Geez, I could never imagine living like that! I guess the purchaser will be buying the land!

[John Mercier]

And a flame thrower.

[Biggd]

Originally Posted by codeman671

It looks like a hoarders paradise!

In my 11 years on lake Waukewan, I don't think I've ever seen anyone there.
The market has really slowed down, I don't see them getting anything close to that.
The log cabin across the street from me has had very few showings even with a price cut.
My friends place over in Moultonborough, he has dropped his price below 400K with no bites!

[Juiced06GTO]

I was all in on buying a second home on a lake in NH, preferably Winni, but lately I find myself struggling to find the time to keep up with my primary home and 3 young kids running around deeply involved in sports, and nearing the end of my current mortgage, the thought of taking out another one for the limited amount of use and the added upkeep is becoming less appealing unfortunately...

The crazy inflation in costs certainly hasn't helped and I would venture to guess that a lot of other people in my age bracket (41) are feeling the same way.

[BillTex]

Originally Posted by Juiced06GTO

I was all in on buying a second home on a lake in NH, preferably Winni, but lately I find myself struggling to find the time to keep up with my primary home and 3 young kids running around deeply involved in sports, and nearing the end of my current mortgage, the thought of taking out another one for the limited amount of use and the added upkeep is becoming less appealing unfortunately...

The crazy inflation in costs certainly hasn't helped and I would venture to guess that a lot of other people in my age bracket (41) are feeling the same way.

Having a lake home for your family is an awesome goal. You are young, with hard work and focus you can get there.
I would venture to say most vacation home sales in the last few years have been cash.
Be smart with real estate and you can get there. We did.

Good luck,
Bill

[John Mercier]

Originally Posted by Juiced06GTO

I was all in on buying a second home on a lake in NH, preferably Winni, but lately I find myself struggling to find the time to keep up with my primary home and 3 young kids running around deeply involved in sports, and nearing the end of my current mortgage, the thought of taking out another one for the limited amount of use and the added upkeep is becoming less appealing unfortunately...

The crazy inflation in costs certainly hasn't helped and I would venture to guess that a lot of other people in my age bracket (41) are feeling the same way.

We are past "Peak Boomer"; and the State is resolving several revenue problems.

So the surge into the area is slowing, and calculations are being made about future cost structures.

[thinkxingu]

Originally Posted by Juiced06GTO

I was all in on buying a second home on a lake in NH, preferably Winni, but lately I find myself struggling to find the time to keep up with my primary home and 3 young kids running around deeply involved in sports, and nearing the end of my current mortgage, the thought of taking out another one for the limited amount of use and the added upkeep is becoming less appealing unfortunately...

The crazy inflation in costs certainly hasn't helped and I would venture to guess that a lot of other people in my age bracket (41) are feeling the same way.

This is precisely why we went seasonal in an association—fewer maintenance needs and lower maintenance costs, lower utilities bills (non-existent in winter), and low enough entry fee to not prevent other travel, entertainment, etc.

Of course, since we bought in '14 even those costs have doubled/tripled.

PS I don't think many in your age bracket are approaching the end of their mortgage. The current average age for mortgage payoffs is somewhere in the low 60's.

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[Biggd]

Originally Posted by Juiced06GTO

I was all in on buying a second home on a lake in NH, preferably Winni, but lately I find myself struggling to find the time to keep up with my primary home and 3 young kids running around deeply involved in sports, and nearing the end of my current mortgage, the thought of taking out another one for the limited amount of use and the added upkeep is becoming less appealing unfortunately...

The crazy inflation in costs certainly hasn't helped and I would venture to guess that a lot of other people in my age bracket (41) are feeling the same way.

I'm 72, My wife and I went thru the same stage at your age. We had a lake home on Winnisquam but with the kids in serious sporting activities we rarely got to use it. We sold it and rented one week every year until they graduated high school then purchased again, no regrets.
Now 11 years later our grandchildren are in serious sports, and we can never seem to get them to come up to the lake. But I'm not selling this time, this is my time.
Life goes through stages, not everyone has their kids in sports but that is a lake home killer.

[tis]

Originally Posted by Biggd

I'm 72, My wife and I went thru the same stage at your age. We had a lake home on Winnisquam but with the kids in serious sporting activities we rarely got to use it. We sold it and rented one week every year until they graduated high school then purchased again, no regrets.
Now 11 years later our grandchildren are in serious sports, and we can never seem to get them to come up to the lake. But I'm not selling this time, this is my time.
Life goes through stages, not everyone has their kids in sports but that is a lake home killer.

It's true about the sports. Yet many kids in our neighborhood learned to love the lake and have grown up and come back to live. I have always worried though that more and more people will say it's not worth the work and the expense, especially the taxes which you can never get paid off, for a few months a year. Maybe there will always be buyers, who knows?

[Garcia]

Originally Posted by Juiced06GTO

I was all in on buying a second home on a lake in NH, preferably Winni, but lately I find myself struggling to find the time to keep up with my primary home and 3 young kids running around deeply involved in sports, and nearing the end of my current mortgage, the thought of taking out another one for the limited amount of use and the added upkeep is becoming less appealing unfortunately...

The crazy inflation in costs certainly hasn't helped and I would venture to guess that a lot of other people in my age bracket (41) are feeling the same way.

I'm fortunate in that an earlier generation bought an island property. Yes, there were many years when I was too busy to get there much and year when my kids were too busy. Having a place to build memories across generations has become more important to my family than the appreciated asset (although that is nice too!). If it's a lifestyle choice that is affordable and can live on with the next generation (or beyond) a second home can be worth a lot.

[FlyingScot]

Originally Posted by Juiced06GTO

I was all in on buying a second home on a lake in NH, preferably Winni, but lately I find myself struggling to find the time to keep up with my primary home and 3 young kids running around deeply involved in sports, and nearing the end of my current mortgage, the thought of taking out another one for the limited amount of use and the added upkeep is becoming less appealing unfortunately...

The crazy inflation in costs certainly hasn't helped and I would venture to guess that a lot of other people in my age bracket (41) are feeling the same way.

We bought our place in 2015 from a guy with young kids who built it in 2000. On move in, it was very clear that they were almost never there. I think we longed more time out first 1/2 summer than he did in 15 years. It's really tough with a young family--you need to be committed to a certain lifestyle that does not include Little League et al

[FlyingScot]

Originally Posted by fatlazyless

Here's a fun new listing to look at, One Turtle Island, Lake Waukewan, Meredith NH ....... $295,000 ....... built in 1905 ...... close to Saw Mill Shore Rd over on the VERY quiet side of Lake Waukewan ...... ha-ha-ha

http://www.zillow.com/homedetails/1-...86703611_zpid/

Just LOOK at this place ...... especially the kitchen ....... OMG ...... oh, what a feeling! .....

Hey there Biggd ..... is this place within your view?

LOVE that place! Huge work to get it up to par, but a very low entry fee. If I were a younger man...

[Descant]

Originally Posted by Juiced06GTO

I was all in on buying a second home on a lake in NH, preferably Winni, but lately I find myself struggling to find the time to keep up with my primary home and 3 young kids running around deeply involved in sports, and nearing the end of my current mortgage, the thought of taking out another one for the limited amount of use and the added upkeep is becoming less appealing unfortunately...

The crazy inflation in costs certainly hasn't helped and I would venture to guess that a lot of other people in my age bracket (41) are feeling the same way.

Maybe you don't need to take it all on by yourself. We have three generations using our camp. Our next door neighbors share generations, cousins, etc. I got my foot in the door with a condo in 1980 that was strictly an ininvestment, but at least I was participating in the rising costs of lakefront properties, and had a little income and equity. Not everybody wants to be, or should be, a landlord, of course.

[John Mercier]

Originally Posted by tis

It's true about the sports. Yet many kids in our neighborhood learned to love the lake and have grown up and come back to live. I have always worried though that more and more people will say it's not worth the work and the expense, especially the taxes which you can never get paid off, for a few months a year. Maybe there will always be buyers, who knows?

That is the revenue question at hand.

We have a thread on the forum for the dam funding.
They were going to tax shorefront to cover the $8 million annually, then the plan was boat registrations - but at $5, not nearly enough money. So what will be the plan to cover the $8 million and rising? Small potatoes, but something a buyer might think on.

Now we know we are short about $400 million for roads/higways at the State level, and even more at the municipal level.
Plan seems to be a mixture of toll increases and gas tax increases.
Again something a buyer of a recreational home is going to think about for travel costs and fueling up any toys.

Lastly, they have a court order to fix SWEPT. At the time, no clue what the Legislature was thinking. But a recent entry was to triple the SWEPT rate, and discount 20% for a primary home, an extra 10% for no children in school, and an extra 10% for seniors.
Since the State has made it very clear that we have too many of us in the 60+ range (26% of the entire residential population - and who know about the second home owners), no one is sure what that will finally look like.
Will second home owners be bearing the brunt? How much? Since the tax would be collected by the State and redistributed (currently it is kept by the municipality in which it is raised), what is that going to look like for each of the towns around each of the lakes?

[Biggd]

Originally Posted by FlyingScot

LOVE that place! Huge work to get it up to par, but a very low entry fee. If I were a younger man...

That's a really off the grid property, no electricity, no plumbing, no internet, no boat dock on the main shore. I doubt the island would even accept a septic system.

[TiltonBB]

Originally Posted by Juiced06GTO

I was all in on buying a second home on a lake in NH, preferably Winni, but lately I find myself struggling to find the time to keep up with my primary home and 3 young kids running around deeply involved in sports, and nearing the end of my current mortgage, the thought of taking out another one for the limited amount of use and the added upkeep is becoming less appealing unfortunately...

The crazy inflation in costs certainly hasn't helped and I would venture to guess that a lot of other people in my age bracket (41) are feeling the same way.

One thing I would point out is the increase in value over the time you own it. The good news is lakefront property seems to increase in value faster than non lakefront property inflation, the bad news is you can't spend or pay bills with equity.

I put a lot of money into improvements on the Gilford home I have. However, 20 years after I bought it I could sell for so much more. The math works out that I think I could get beck everything, purchase price, improvements and even taxes and insurance for 20 years. But to get that I would have to sell, and then what.

[BillTex]

Originally Posted by TiltonBB

One thing I would point out is the increase in value over the time you own it. The good news is lakefront property seems to increase in value faster than non lakefront property inflation, the bad news is you can't spend or pay bills with equity.

I put a lot of money into improvements on the Gilford home I have. However, 20 years after I bought it I could sell for so much more. The math works out that I think I could get beck everything, purchase price, improvements and even taxes and insurance for 20 years. But to get that I would have to sell, and then what.

This. Home appreciation is great-but doesn’t mean a thing until you sell it! As noted-with waterfront the gains can be incredible. But the memories and good times can’t be bought for any price. I know our lake house is our happy place-the feeling we have when there is complete peace.

I don’t know what happens with an association mentioned above? Do you own it? Is there any equity built? I don’t really know anything about them.

I tell the younger generation: one of the hardest things you’ll ever do is get in real estate. One of the best things you’ll ever do is get in real estate.

[FlyingScot]

Originally Posted by Biggd

That's a really off the grid property, no electricity, no plumbing, no internet, no boat dock on the main shore. I doubt the island would even accept a septic system.

Ack--the end of my dream