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!

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!

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…

The residential home inventory stood at 1277 homes available as of July 1, 2010 in the communities in this Lakes Region Real Estate Market Report. The average asking price came in at $551,228 and the median asking price was $285,000. This inventory level represents 19 ¾ months worth of homes on the market. That is down slightly from the 22 months worth of homes available last July 1 but we still have a long, long way to go to get back to a reasonable level somewhere in the 6 month range.

There are still a lot of foreclosures and bank owned properties coming on the market. We all know that these foreclosures are due to a bad economy in general resulting in job losses and home values plummeting. Many homeowners just got over extended and couldn’t pay the bills. So it worried me over this past 4th of July that the home most symbolic of our independence and freedom, The White House, might end up being auctioned off. We all may own a piece of that place, but no one is more over extended than our own government right now. If you or I were a trillion or two behind in payments we’d be out on the street fairly quickly. But then again, we don’t have the armed forces to keep the sheriff from serving papers do we? Here are some things to consider if we had to sell “our house” down in D.C.:

First of all, this 55,000 square foot, six level home has 132 rooms, 16 bedrooms, 35 bathrooms, 28 fireplaces, 3 elevators, 8 staircases and sits on 18 acres in the middle of the city. When construction of this home started in 1792 it was located just north of a swamp. Today, Congress is actually located to the Southeast. The most obvious thing that comes to real estate agent’s mind is that “they over built for the area”. This may not be an easy sale.

This “Presidential Mansion”, as it was once called, was designed by an Irishman named James Hoban. When George Washington looked at the plans he thought the house was too small and wasn’t fancy enough for a President. So one of the first federal construction projects got increased in size by 30% and was all gussied-up so it could also be called the “Presidential Palace”. Obviously, this was an omen of things to come. The construction took eight years at a cost of $232,371 or $2.8 million in 2007 dollars.

Many historical homes boast that “George Washington Slept Here” thereby increasing the value of the property. Provenance is everything to some buyers but unfortunately, George and Martha never slept in the White House. That could hurt our asking price some. John Adams, our second President, and his wife Abigail were actually the first to live in the home even though it was not completed. John apparently got an earful more than once from Abigail about the unfinished state of the home and ongoing construction. Sounds familiar. When Thomas Jefferson moved in he complained that the place was too big but then proceeded to lay out designs for new additions. The place is really a bit of an “expansion mansion” as it was added onto many times over the years. You have to wonder if things are up to code. By 1948 the White House was in pretty tough shape due to years of poor maintenance and President Truman ordered a complete reconstruction. This place sounds like it could be a home inspector’s nightmare…or maybe his ticket to retirement.

We also have to disclose that the property has had several fires. It was completely burned down by the British during the War of 1812. There was another fire which completely gutted the West Wing on Christmas Eve 1929 while President Hoover was at a holiday party in the main part of the home. In fact, one article I read says there are several minor fires there every decade. I’m not sure what the lender’s underwriter will think about that but I’m sure they will make it an issue.

Decorating a home like this can be a nightmare, but just about every President (his wife, to be more accurate) has redecorated the place to their own tastes. Can you imagine how many layers of wallpaper there must be in some of these room. Maintenance on a home like this can be never ending. Unfortunately, vinyl was not yet invented in 1792. It takes 570 gallons of paint to keep the White House looking white. Painting trim can be a big chore with 147 windows and 412 doors. This won’t be sold to a retiree.

But there are a lot of great amenities to help the sale. Truman made sure the place got central air in 1948. It also has a bowling alley, swimming pool, exercise room, jogging track, movie theater, billiard room and a dubious security system. The dining room can seat 140 of your closest friends and the gourmet kitchen is fit for a chef—five of them to be exact. Sounds like a Governors Island waterfront! It is clear that this home won’t appeal to everyone. While it is a historical home, buyers today don’t want money pits. They want new, modern, and easy to maintain homes. It could be a difficult home to sell except at a steeply discounted price. After all, no one has any money except for the Chinese. With that kitchen and dining room it could be the “White Dragon Palace” featuring General Ike Egg Rolls, Washington Won Ton Soup, and Clinton Chow Mein. They could even have specials: Pelosi Pork and Rangel Rangoon.

In search of an immaculate home...

I was searching the MLS last week for a home between $250,000 and $450,000. A home that you would consider to be of high quality, great condition, wonderfully maintained, and that has lots of character and charm. A home that I would call special. I was only looking in three or four specific communities but I really didn’t come up with much. Undaunted, I broadened the search to include all the homes in Belknap County and Moultonborough regardless of price. Fortunately, the MLS search system we use allows me to search for very specific keywords within the public description of the property so I can zero right in on the type of property I wanted. I picked “keywords” that would describe a desirable home and searched through the 1300+ homes currently on the market. The results were surprising and yielded two obvious conclusions.

Was the maid off last week??

Of the 1300+ homes available there were only 27 “immaculate” homes found! Can you believe that? Does that mean there are 1273 less than stellar house-keepers out there, or perhaps some of the homes were listed the week the maid was off, or maybe the agent just didn’t want to mention the state of cleanliness of the home? I’m not sure what keyword to use to look for something less than “immaculate”. I tried “well kept” and only 9 homes came back (one being “well kept immaculate”—I liked that one!). The search revealed only 16 homes when I plugged “pristine” into the search. That’s not a real common word to use, but who wouldn’t want a pristine home? Of the 16 homes that came up only 3 were “pristine homes”. The rest were describing the setting, the frontage, the water, the lot, and so on.

How about “high quality” homes? There were only 3 out of 1300! What quality were the rest? I tried “well built” and found only 4 properties. Now I am getting really concerned that the remaining 1293 homes are all of inferior construction…or is it again a case of vague property descriptions? It was hard to tell by some of the photos of the homes that I looked at.

What about a “like new” home. I found a mere 19 and some of those only “looked” like they were new, some “showed” like they were new, and some were in “like new condition”. All the rest of the 1281 listings therefore weren’t “like new” and had to be just plain “new”, “young”, “older”, or maybe even had Indian Shutters and an outhouse.

I found just 48 of the 1300 to be described as “well maintained”. That can’t be good. However, only 9 needed “TLC”. I highly suspect that in reality both these results are much higher. That’s good and bad.

A real Charming house!

 There were 67 “charming” properties listed. Now anything can be “charming”, but I think this word gets misused a lot as some of the homes were not remotely charming based on the pictures I saw. I love homes with “character”, but there were only 18 homes that came up in the search. That means there could be 1282 lackluster, bland homes out there. There were 48 “cozy” properties starting with a $35,000 A-Frame home all the way up to a $1.4 million cottage on Governors Island. That’s a big range for the word “cozy”.

But, there were 133 “wonderful” results! There were wonderful “communities, lots, neighborhoods, spots, lawns, locations, gardens, and floor plans”. And there was the age old wonderful “family home”. It seemed though that you had to get up in the price range quite a bit before the true meaning of “wonderful” really kicked in…

And, lastly, the keyword “beautiful” yielded 334 properties. There were beautiful “floors, lots, woodwork,

Not the kind of character I was looking for...

waterfront, landscaping, yards, etc, etc, etc…”, but only 16 beautiful “homes”. The rest therefore had to be only good looking, maybe stately, or down-right ugly. But as they say: beauty is in the eye of the beer holder, I mean beholder, so this category is somewhat subjective.

Unfortunately, I couldn’t figure out how to use multiple keywords in my search. It wouldn’t seem to let me do it. But I bet if you were looking for an immaculate, pristine, well maintained, and charming home you wouldn’t find any at all—at least by the description of the property.

So you could conclude that (1) there are few homes on the market that are really outstanding or that (2) the property descriptions could be improved. Perhaps it is little of both? There does seem to be shortage of really great, high quality homes with character and charm especially in the mid-price ranges. It’s not that there aren’t good solid houses out there, but as Realtors®, we don’t walk into too many low to mid-priced homes where the first word out of our mouths is “Wow!”. We rely on photos a lot to convey what a house is like and many times great pictures can make up for a lackluster description. But it would also help a great deal if there were honest property descriptions relaying more about the condition, quality, and how a property feels rather than something like: “This 3 bed, 2 bath, Colonial on nice 2 acre level lot, has new appliances and flooring, a large deck, plus a huge back yard. Great location. Hurry, won’t last long.” (and just for the record there were only 45 homes that had a “great location”).

So if YOU are looking for any of the foregoing attributes in a home, call me! I know where all the beautiful, high quality, immaculate and pristine homes with character and charm are. It is not an easy job, but someone has to do it…