While there is not a lot of new home construction going on in the Lakes Region of NH, it is nice to see that there are some homes being built despite the depressed housing market that we are currently struggling through. It is even nicer to see that some of the developments are actually moving product!

The busiest new home development right now is the Villas at Paugus Bay off White Oaks Road in Laconia. These are entry level modular homes priced starting in the 160’s and offered with either two or three bedroom floor plans, two baths, stainless steel appliances, a full basement, and a two car garage. There are several plans to choose from and a few upgrades available including granite countertops and hardwood flooring. These homes are great as a primary residence, retirement, or vacation home. It certainly doesn’t feel like we are in a down market when you drive into this development; there’s a lot of activity going on there! Sales have been brisk. One point worth clarifying on this project is that you actually don’t own the land your home sits on, it is a land lease; kind of like a condominium form of ownership. There are minimal HOA fees to cover lawn care and road maintenance so you won’t need to mow your lawn! The project has 24 acres of conservation area, but the homes are a little tight to each other so you will get to know your neighbor quite well. That’s great if you both root for the same ball team and bad if you don’t.

Another great development that has had extremely strong sales this year is at Willow Pond in the Long Bay section of South Down Shores in Laconia. These high quality, stick built, cape style homes are available in either 1,775 square foot or 2,230 square foot versions starting at $279,900 for the base model. There is a long list of luxurious upgrades so you can individualize your home just the way you want it. The homes have a bright and open floor plan with cathedral ceilings, first floor master suites and laundry, full basement, and a two car garage. The homes have great curb appeal and the builder has paid a lot of attention to every detail. Sales have been strong over the summer and there are only seven lots remaining. This is the first time single family homes have ever been offered in this price range in Long Bay so the response has been tremendous! And with all of the great amenities provided, why wouldn’t they sell ? Long Bay has 1,500 ft of shorefront, a fantastic lakeside pool, beach, walking trails, clubhouse, tennis courts, and dry berths available at the South Down Boat Club. When you package quality new construction, a great price, and outstanding amenities together you get great results.

This developer also offers the same homes at another development called Nature’s View located off North Street in Laconia. Prices here start a little less at $259,900. You obviously won’t get all the amenities offered in Long Bay, but you will get the same quality home in a great new neighborhood. Homes here have sold very well and there are still plenty of lots available. The builder also offers a ranch style home with a base price of $229,900.

The Villas at Paugus and Willow Pond demonstrate that new homes will sell even in difficult market if the builder provides consumers with a truly great value…

The Concord Monitor reported last week that “Statewide residential sales fell (in NH) nearly 32% in July from a year earlier… the steepest annual decline in more than two years…” Yes, July was not a particularly great month for home sales in NH or for that matter anywhere else, but why does everyone have to focus so much on every little negative turn? In the Lakes Region of NH, the towns in this report were only down about 10% last month compared to last July, but more importantly on a 12 month rolling basis our area is up 15% over the previous 12 month period. While we should keep a cautious eye on monthly housing statistics, a one month decline does not make a trend. The average sales price for the 12 month period ending July 31, 2010 stood at $307,881 compared to $292,502 for the period ending July 31, 2009. The average sales price in July only was slightly less at $262,390, but that is no cause for alarm; it is a reflection of what sold that month.

I don’t believe in the whole global warming thing, but I do agree with the latest legislation coming out of Washington. The Real Estate Greenhouse Gas Reduction and Stimulus Act of 2011 is intended to deal with home buyers who have run amuck and are contributing enormous amounts of greenhouse gases into the atmosphere thereby hastening the demise of modern civilization as we know it. Many of the agents that I have talked to over the past several weeks are becoming increasing frustrated in dealing with buyers that seem to be doing nothing more than increasing their carbon footprint. I know they have been increasing mine. This timely legislation targets three major types of home buyers that are negatively affecting our future on planet earth:

1. The largest group are the buyers that need to sell something before they can buy. While these buyers have always existed, historically they were able to sell their homes in a reasonable period and purchase another. Now, it could take several years. Many of these buyers don’t even have their homes on the market. The legislation will require these buyers to stay home and stop burning fossil fuels to look at property unless their property is on the market at a price that is enough of a value that someone will actually buy it. These buyers not only are wasting precious natural resources themselves, they set into motion a chain reaction of events that causes the home owner, the listing agent, and their agent to do the same.

2. The next group of buyers targeted are those that can’t make up their minds…ever. These buyers usually start off by saying that they have been looking for quite awhile but can’t seem to find the right house. Many times they are seeking a vacation home and revisit this doomed exercise every summer. They show up at the height of the season, look at every possibility in a given price range, and then disappear without a farewell only to resurface next year to start all over again. They are looking for that “perfect” home. This legislation finally puts it in writing for the buyer; “There is no such thing as a perfect home.” I know I am not increasing my carbon footprint anymore for these types of buyers. If I am going to show them property, they better have a nice car because I am riding with them!

3. The last group of buyers are convinced that all homes are overpriced. The REGHGR&S Act will require buyers to complete an eight hour “pre-house search value course” designed to teach them what a fair price actually is. Special emphasis is put on teaching buyers that not every home can be bought for one half of the listing price. It is estimated that this will cut the time required to find a home in half saving 13 trillion tons of carbon dioxide per year from being belched into the atmosphere. Over the past three years, this group of buyers has been responsible for a 1.7 degree increase in the average annual temperature.

This act also eliminates the use of multiple vehicles to look at property—every seat in the primary vehicle must be occupied before another vehicle can be utilized. I’ve been to some showings where you’d think it was a presidential motorcade coming to look at a property. I could tell that it wasn’t because the cars weren’t shiny black and the guys in the lead cars didn’t have three piece suits and sunglasses. But you get the idea. Why do you need six cars? Cousin Eddie doesn’t need to see the house until after you buy it. The act requires that at least one of the buyers looking for property to be in the same car as the agent. Imagine that, getting back to basics by having the buyer actually spending time with his agent, in person, discussing his needs.

The Real Estate Greenhouse Gas Reduction and Stimulus Act of 2011 has many provisions that will not only be good for the environment, but will also revive the housing market. The “Stimulus” part of the Act requires buyers to sign a contract stating that they will buy a home after completing a tour of no more than twelve properties in their stated price range. Buyers will have an option to purchase Carbon Tax Credits in lieu of purchasing a home at the end of the contract period. These Tax Credits will be transferred to the real estate agent to compensate him for his increased carbon foot print. The only exception to this is if the buyer has a Chevrolet Volt which will limit the whole real estate tour to 40 miles anyway.

Good plan (too bad it isn’t real)…

This wonderful log home in Tilton NH has so much to offer it is tough for me to put it into words! So, let’s hear the seller tell you about this special home:

For more info on this great property, just click here!

For more detailed information on this great listing, click here!

July was a good month for Winnipesaukee waterfront sales, at least when compared to last year. There were a total of six Winnipesaukee sales at an average of $955,333 compared to only half that number last July although the average sales price in July 2009 was higher at $1.82 million. Two of the six sales posted last month were island properties and those do obviously bring less money that mainland homes.

The least expensive home sold is at 260 Rattlesnake Island in Alton, NH.  This is an 1,166 square foot cottage with three rooms, two bedrooms, and the description in MLS said it had only a half bath. I guess maybe there was an outside shower or the bath tub was the lake? The cottage sits on a .7 acre level lot with 103 feet of frontage and nice southwesterly views. There is also an outbuilding on the property that would make a great bunk house for the in-laws. This property was originally offered at $429,000, reduced to $359,900, and sold for $324,000 after 432 days on the market. The property is currently assessed for $376,500, so that seems like a fair deal.

A beautiful 2,127 square foot contemporary at  368 Sewall Road in Wolfeboro also changed hands at $1.48 million after 349 days on the market. This home was originally listed at $1.95 million and subsequently was reduced to $1.875 million. The town has the current tax assessment at $1.677 million. This beautiful home at the entrance to Jockey Cove has 144 feet of sandy bottom frontage, an 8’ x 35’ crib dock, and broad views across the lake toward the Belknap Mountains. It has an open and spacious interior boasting thirteen rooms, four bedrooms, and two and a half baths. The exterior has nice perennial gardens, stonewalls, and a great patio area taking advantage of the wonderful views. Nice!

The highest sale in July was at 36 Broadview Terrace  in Gilford. This Governor’s Island, 5,000 square foot contemporary has a bright and open floor plan featuring a great room with cathedral ceilings, stone fireplace, hard wood floors, and a wall of windows to take in the view. There are four bedrooms, five and a half baths, and a bonus room with wet bar for entertaining. This home sits on a .74 acre lot with 100 feet of frontage with a covered U-shaped dock. This property was originally offered at just under $2.6 million, then reduced to $1.995 million in March, and found a buyer at $1.7 million after a mere 641 days on the market. With an assessment of $2.035 million it seems like the new owner got a fair deal.

There was only one sale on Winnisquam last month which equals the one sale posted last July. The honors go to a six room, three bedroom cottage at 74 Black Brook Road in Meredith. This knotty pine paneled cottage epitomizes what lake living is all about. There is a great stone fireplace in the living room, a basketball court outside, and 130 feet of sandy frontage. What more could you want? Well, maybe a pitcher of Margaritas out by the lake? This little place was only on the market for 19 days and closed 17 days later. So, possibly there really was a pitcher of Margaritas waiting there! It was listed at $499,000, assessed at $369,500 and sold for $477,000. Es tiempo de fiesta, Señorita!

You know, sometimes you just don’t need to say anymore…

For more information on this fabulous property, click here!

August is the high point for the summer. Unfortunately, it is also the high point for the total number residential listings on the market this year. As of August 1 there were 1344 homes on the market in the Lakes Region towns in this report. That’s up 6% from the 1277 available last month and the 1281 posted last August. Based on the rate of sales for the previous 12 months, we have a 21.5 month supply of homes on the market. The average asking price as of August 1 was $539,186 which is down a bit from the $573,567 recorded last August. The number of homes available under $200,000 rose 5% from 318 last August to 397 this August.

One of the biggest hurdles in purchasing a home today is the home inspection process. I recommend that everyone get a home inspection on the property that they intend to purchase. I guess one exception to the rule could be a newly constructed home that has had oversight by the local building inspector, but I still recommend it anyway. Up until last year, just about anyone with a clip board, a flashlight, and a little bit of building knowledge could be a home inspector in NH. Thankfully, the state passed a licensing law that requires all home inspectors to have completed the National Home Inspectors licensing exam. They also have to successfully complete 80 hours of approved pre-licensing education covering heating and cooling systems, plumbing, electrical, foundations, structural components, roof coverings, exterior and interior components, and site aspects that can affect structures. Continuing education is also required to keep inspectors up to date.

Hopefully, a well maintained home will not have any significant issues and the buyer can move one step closer toward owning the home. But many times issues do come up that need to be addressed and the home inspection then becomes another point of negotiations between the buyer and the seller. The buyer has a right to ask that any undisclosed significant issues or defects be repaired or remedied by the seller. If the seller does not want to repair the defect, another remedy is to negotiate a dollar amount off the price of the property so that the buyer can have the issue corrected at a later date. If the seller refuses to fix the defect or compensate the buyer in any way, the buyer can declare the deal null and void and get his deposit back so he can look for another home. Hopefully, it doesn’t come to that but it does happen fairly frequently. Sometimes small issues and related repair costs become overblown and buyers and sellers lose sight of the real goal which is to buy and sell a house.

Every home will have maintenance issues that will need to be addressed so bear that in mind if you are a buyer. No home is 100% perfect, so don’t sweat the small stuff too much! Be more concerned about the big things like the roof, the foundation, septic system, heating, cooling, and electrical. Make sure you get a Home Depot or Lowes charge card because they are essential in the home owning experience. These cavernous warehouses of household pieces and parts are places for you to go to strategically avoid actually doing a necessary repair…at least for a while. If you are selling a home, try and remember that even though you have gotten along for the past ten years with the overhead door not working correctly and the bricks ready to fall off the top of your chimney, the buyer really does expect most things to be in good repair. Having your home in tip top shape when you place it on the market can alleviate a lot of stress down the sales process and will actually bring you a higher sales price. Imagine that, now go to Home Depot.

Your REALTOR® can provide you with a list of home inspector’s names and their company brochures to compare services and pricing for the different types of inspections. You are also free to pick any home inspector you want. Check the yellow pages. Inspectors may complete and provide their report to you right there at the time of the inspections. Others may provide it by email within a day or so. As a buyer, you should be there for the home inspection process so that you can watch, ask questions, and learn about the home that you are about to purchase and be responsible for maintaining. It also gives your wife time to measure for curtains and determine which closet you might be able to use for your clothes…

Classic Country Cape

7059 Pleasant Street Extension, Loudon, NH

MLS #4004940  Offered at $345,00

This new three bedroom cape has wonderful curb appeal & sits at the end of a charming country lane on a beautiful 5 acre lot surrounded by stone walls.

This is a high quality home featuring a large kitchen/dining area with granite counter tops, beautiful cabinetry, tile floors, & upgraded lighting fixtures. The huge living room has gleaming wood floors as does the adjacent master suite. The master has 3/4 bath but is also plumbed for a jacuzzi or hot tub. French doors in the master lead out to a farmer’s porch overlooking the back yard & is the perfect spot for morning coffee.

Upstairs you’ll find two additional bedrooms & a full bath. There is a full walk out basement and an attic that could also provide additional living space.

Heat is provided by an energy efficient high tech gas furnace with hot water baseboard plus in floor radiant heat in the tiled areas. There’s also a single stall garage/barn and car port to keep your vehicles or toys under cover. If you have got some horses, this property would a be perfect place as it is fenced in.

Enjoy country living at its best!  Come check it out today…

June was a pretty good month for Winnipesaukee waterfront sales with a total of eight happy new homeowners finding a home to dock their boats on the shores of the big lake. This doesn’t quite measure up to the eleven sales last June, but the average sales price came in higher at $1.38 million compared to an average of $771,773 last June. There were five sales over $1 million last month compared to three last June.

The least expensive home that sold on the lake was at 56 Braun Bay Road in Moultonborough. Originally listed at $1.2 million, it was reduced to $895,000 and sold at $830,000 after 754 days on the market. This home is a 1,660 square foot, six room, three bedroom cottage that was completely and tastefully remodeled in 1996. The home has a nice eat in kitchen, living room with fireplace, loft area, a nice deck offering great views of the lake and mountains beyond, and a two car garage with a playroom above. The cottage sits on a .42 acre lot with 100 feet of frontage, a sandy beach, and a covered dock. I bet the new owners have enjoyed it immensely during this recent heat wave.

On the other end of the price spectrum, a vintage cottage at 304 Woodlands Road in Alton with two separate lots of record totaling 2.79 acres sold well below the $2.4 million asking price at $1.9 million. The property has expansive lake views, a total of 565 feet of shorefront, and a deepwater boathouse. There is a new five bedroom septic system servicing the cottage with another five bedroom septic design included for the other lot. You can expect to see a couple new homes there in the future…

The highest sale on Winnie in June was at 45 Swan Point Road in Moultonborough. This high end, Craftsman style lake home has 6,000 square feet of living space including 6 bedrooms, eight baths, a designer kitchen, great room with cathedral ceilings and fireplace, game room, and all the other requisite amenities expected at this price point. There is even a 700 square foot, three season pavilion sitting steps from the water on a point of land that provides gorgeous views. There is no need to go back to the main house for lunch as inside the pavilion you’ll find a kitchen, dining area, and half bath. This home sits on a very private 1.73 acre lot with 668 feet of frontage with a sandy beach, three docks, and a boat ramp. The home was listed at $3.49 million and sold for $3.15 million after 421 days. My kind of place.

Waterfront sales over the first 6 months of 2010 are ahead of last year with a total of 39 sales compared to 30 last year. The average sales price is up considerably from $839,858 in the 1st half of 2009 to $1.25 million so far this year. The total sales volume year to date comes in at $48.7 million compared to just $25 million over the same period last year. There were nine sales over a million in the 1st half of 2009 compared to nineteen so far this year. It seems that perhaps there is some confidence returning in the marketplace with buyers realizing that Winnipesaukee waterfront is a sound and safe place to invest.

There was only one sale on Winnisquam in June. Located at 30 Broadview in Sanbornton, this like new, 1,963 square foot contemporary home built in 2005 has six rooms, three bedrooms, and two and a half bath. The home sits on a .12 acre lot with 55 feet of frontage and has a nice sandy beach with great views down the broad part of the lake. This property was listed at $399,900 and sold for $389,000 which was well below the assessed value of $468,500. Sales are definitely up in the first half of 2010 on Winnisquam with seven sales at an average sales price of $521,571 compared to just two sales in the first half of 2009 at an average of $341,250.

Currently there are over 260 waterfronts for sale on Winnipesaukee including island properties and almost 30 on Winnisquam. That is one very large boat load of expensive real estate. Let’s hope the great weather continues to heat up the interest in these properties and we have a banner summer season!

Winnipesaukee Waterfront Sales June 2010

We are half way through another year and you have to ask: “Are we having fun yet?”. In the communities covered by this Lakes Region of NH report, home sales have improved nicely but it certainly doesn’t feel like we are at the Six Flags Amusement Park. Every sale now seems to be fraught with unending complications and issues as a result of increased regulations and scrutiny of the lenders and underwriters. It feels more like Chevy Chase gone mad at Wally World. Despite these difficulties, there were 88 residential home sales for the month of June which is an 18% increase over last June’s total of 75 homes. Once again most of the sales, 52% of them to be exact, were below $200,000. There were four sales in the $1 million plus bracket and the average sales price came in at $292,566 compared to $262,119 last June.

For the first six months of the year, there were a total of 364 residential home sales compared to 306 for the first half of 2009. That’s a solid 19% increase. The average sales price so far this year came in at $298,945 compared to $254,071 for the first half on 2009. We are still pretty far below the $363,753 average sales price for the first six months of 2008, but we are certainly headed in the right direction on the number units sold and average price. There were sixteen homes over $1 million so far this year compared to just six in the first half of 2009. That seems to indicate that, at least in some quarters, there’s a positive outlook about investing in high end real estate. There also was an increase on sales below the $200,000 mark: there were 195 in the first half of 2010, 170 in 2009, and only 119 in 2008. There was a slight bump up in the $200-300,000 price range from 67 sales during the first half last year to 79 sales so far this year.

On a rolling 12 month basis there were 779 sales at an average sales price of $308,917 this past year ending 6/30/10 compared to 667 sales at an average $298,862 for the prior twelve month period. That’s a 17% increase in total sales over the past year which is really a very good sign. Actually, I think it is a great sign!

We seem to be posting small gains every month now. It is kind of like putting spare change away every night and pretty soon you can afford a night out on the town. The real estate market did not deteriorate overnight even though it might have felt that way, so it is going to take a while to get back to normal or to whatever the new “normal” will be. Buyers, sellers, and everyone else involved in the real estate world will adapt to that new market level. Hopefully the financial safeguards and lending guidelines that have been put in place will prevent another meltdown and also, hopefully, not choke the public’s ability to buy homes. The market has changed dramatically but with interest rates at unheard of lows, a huge inventory of homes to choose from, and incredible values to be found it is the perfect time for those with the desire and ability to purchase a home. The desire for homeownership is solidly ingrained in our culture, so it is obvious that “ability” is the real stumbling block to a complete turn-round in the housing market and that hinges on a resurgent economy and job creation…