Halloween has come and gone and it didn’t scare off buyers looking to purchase waterfront homes on Lake Winnipesaukee. There were eleven sales at an average price of $1.17 million and a median price point of $950,000. That matches the eleven sales last October although the average sales price came in higher at $1.46 million. If there is a any bright spot or consistency in our current real estate market it would have to be waterfront sales on the big lake.

As usual, the least expensive sale (that’s the nice way to say cheapest) in October on Winnipesaukee is an island property. In fact, the three least expensive properties were on islands, but the property at 305 Bear Island in Meredith took the lowest priced honors selling for (more…)

Fall may be here, but there were still seven waterfronts sold on Winnipesaukee last month at an average price of just $714,357. That compares to eight sales last September at an average of $941,938. There were two sales over the $1 million mark compared to three last September. For the first three quarters of this year there have been 76 transactions on the big lake at an average sales price of $1.041 million and a median sales price of $840,000. For the same period last year there were 67 transactions with a slightly higher average sales and median price of $1.16 million and $858,000 respectively. So total sales are up 13% over last year which is great, but there has been a slight but definite trend toward lower priced waterfront sales. There have been 45 transaction under $1 million this year compared to 37 for the first three quarters of last year. On the high end there were three sales breaking the $3 million mark so far this year compared to five sales for the same period last year.

The least expensive sale on Winnipesaukee was at 157 Mount Major Highway in Alton. This home is actually across the street from the lake but has 60 feet of frontage and a dock on the water. This seasonal , two bedroom (plus a loft) cottage has a knotty pine interior, brick fireplace, and a screened porch overlooking Alton Bay. There’s also a waterfront deck to hang out on with a pitcher of icy Margaritas. This little place was first listed way back near the peak of the market in July of 2006 at $389,900, was on the market for a couple of years, and then re-listed in December of 2010 for $250,000. It came back on the market again this past March for $199,000, was reduced to $189,000, and went under contract for $155,000. So all it took was five years and a $234,000 price drop to find a buyer. The current tax assessment stands at $216,300. I’m not sure if the seller is ecstatic or crying?

An older 1964 vintage lake home at 420 Edgwater Drive on Governor’s Island in Gilford also sold after 675 days on the market. This 2,626 square foot four bedroom classic lake home has two full and two half baths, a living room with lots of wood, soaring ceilings and the requisite stone fireplace, a den, large kitchen, and great views of the lake. The 1.7 acre lot is level, has a sandy beach, and a permanent covered dock. The question here is whether it will be used as is or if it will make way for a newer, larger home. This home was originally listed at $2.395 million, was reduced to $1.495 million and sold for $1.15 million. It is currently assessed for $1.56 million.

The largest sale for the month was in Wolfeboro at 3 Wyanoke Gate Lane. This 3,600 square foot, open concept, contemporary was built in 1980 and features ten rooms, four bedrooms, three and a half baths, a chef’s kitchen with granite counter-tops, separate dining area, cathedral ceilings and stone fireplace, and views of the lake from almost every room. Outside there is a grand patio and a cabana over the boat house that are perfect for waterside entertaining. This home is located on a well landscaped 1.38 acre lot with 200 feet of frontage on Winter Harbor. It also has access to a private association beach and tennis courts just down the nature trail. This great property was listed at $1.775 million, subsequently reduced in steps down to $1.295 million and sold for $1.188 million after 648 days on the market. This property is currently on the Wolfeboro tax roles at a value of $1.542 million. Sounds like the new owner got a good deal…

Without trying to sound bleak, if you average the last two sales above, it took an average price reduction of $933,500 and 661 days to sell them. For all the waterfronts that sold for over a $1 million in the first nine months of 2011, the average sales price was  $346,000 less than the original asking price and they took 268 days on market to sell.

It just goes to show how long it takes to sell a property that is not priced correctly.

Over on little sister Lake Winnisquam, there were no sales last month and only one last September. I hate getting skunked. But for the first three quarters of this year there have been a total of 17 sales that sold at an average price of $508,254 after an average 99 days on the market. For the same period in 2010 there were 12 properties sold at an average price of $564,104 with an average 135 days on market.

Up on Squam there was just one sale in September and that was at 35 Grapevine Cove in Holderness. This 1974 vintage contemporary was completely and tastefully remodeled in 2003 and has a nice open floor plan. It has 1,536 square feet of lake loving space, three bedrooms, two baths, hardwood floors, stone fireplace, great kitchen with stainless steel appliances, and sliders that lead out to a large deck overlooking Golden Pond. This home sits on a level .32 acre lot with 90 feet of frontage with a sandy beach and permanent dock. This great waterfront retreat was listed at $849,000 and sold for $800,000 after only 102 days on the market. This property is currently assessed at $670,860. For the year to date there have been six sales on Squam with an average price of $1.11 million compared to just two for the same period last year. It’s great to be three times better than last year, right?

So through nine months, the total number of waterfront homes sold in the Lakes Region are up slightly from last year while prices seem to have fallen slightly. Many of the successful sales are coming after long periods of time on the market and usually after some price reductions to bring them down to a point that buyers are able to see true value and potential upside in their purchase.

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August was a great month for sales on Lake Winnipesaukee.

There were:

• Eighteen waterfront sales at an average price of $827,589.

• They sold at an average of 97% of their assessed value

• They sold at an average of 91% of the asking price.

• The highest sale was $1.669 million.

• There were 6 sales over $1 million.

Last August there were 14 sales on the big lake, but the average sales price was bit higher at $1.1 million. Six of those sales were over the $1 million mark as well but a $3.1 million boosted the average sales price. Anyway, it is good to see waterfronts selling well given the lackluster sales for the rest of the Lakes Region Market.

The least expensive sale was at  300 Cow Island  in Tuftonboro. Cow Island is sometimes called Guernsey Island as it was once used to quarantine cows brought from Europe (so the story goes). This property was a 1954 vintage, four bedroom cottage that was in great shape and had been owned by the same family since those cows were still there. The fully furnished cottage has been completely updated and has a new wrap-a-round deck. There’s also a separate furnished guest cottage and a workshop. There are two lots of record with 150’ of frontage, a large U shaped dock, and stunning views. This property was on the market for 837 days starting at $450,000 and had been reduce to $349,900. It may have been on the market a while, but it only took 7 days to close the deal after the happy new owner came ashore to look. The sales price was $329,000 which is just under the tax assessed value of $335,100.

The most expensive sale on the lake was at 76 West Point Road in Moultonborough. This 3,826 square foot, like-new Adirondack home was built in 2002 . It has four bedrooms, four baths, a great room with the requisite floor to ceiling stone fireplace, lots of wood, and a wall of glass for viewing the lake. There are master suites on the first and second floors and the lower level walkout has two bedrooms, a huge family room, and a pub where you can watch the ballgames. The detached three car garage has a finished second floor that can serve as additional guest space or an office. The home sits on a 1.5 acre lot with 200’ of frontage, a dock, and sensational sunset views. This home was listed at $1.769 million and sold for $1.668 million after only 113 days on the market. The town’s tax assessment value is $1.63 million.

Three homes changed hands on Winnisquam last month at an average sales price of $685,891. In August 2010, there were two sales at an average of $723,125. The largest sale on Winnisquam last month was at 98 Swain Road in Meredith. This 3,549 square foot, three bedroom, four bath home in Waldron Bay has an open floor plan with a custom kitchen, beautiful great room with cathedral ceilings and stone fireplace, lower level family room, first floor master with a gas fireplace and private deck, and an enclosed porch overlooking the lake. There are great lake views from every room. This home sits on a nicely landscaped .88 acre lot with 193 feet of frontage that has a sandy entry and dock. This home was listed in 2009 for $1.17 million, relisted this year at $999,950, and sold for $935,000 after just 36 days on the market. The property is currently assessed for $788,500.

Once again, there were no sales on Squam last month which is a little discouraging. There have only been five sales on Golden Pond so far this year. There are currently 24 properties available on Squam that have been on the market an average of 294 days. Maybe, someone has to make another movie up there…

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There were ten waterfront sales  during the month of July, 2011 on Lake Winnipesaukee at an average price of $1.223 million. That’s up from the six sales on the big pond last July at an average price of $955,333. Half of the sales for both months were over the $1 million mark but this year’s average was bumped by a nice $3 million new construction sale on Governor’s Island in Gilford. For the year thus far, there have been 51 sales on Winnipesaukee at an average price of $1.162 million compared to 45 at an average of $1.211 million for the first seven months of 2010.

As often is the case, the least expensive sale on Winni was an island property and this time it was at 842 Rattlesnake Island in Alton. This 1987 post and beam cape and an adjoining guest cottage are connected by a large deck and have a total of 2350 square feet of living space including three bedrooms. The .92 acre lot offers some great views and has 150’ of frontage, a covered boat slip, and a sandy beach. This vacation get-a-way was priced at $499,000 and went under contract in just 15 days at $465,000. The current tax assessment is $485,300. Rattlesnake Island is two miles long and rises to about 400’ above the mean water level of the lake. The story goes that Rattlesnake Island was named after the abundance of rattlesnakes that used to make their home on the island. I read that the island was once set on fire to try and get rid of the snakes. But these buyers don’t have to worry as it has been many, many years since a rattlesnake has been seen out there. I believe they all slithered down to Washington some time ago. Isn’t it amazing when you can mix real estate, lake lore, politics, and geography all in one paragraph?

Just a short distance across the lake at 23 Viewpoint Drive in Wolfeboro a property willed to Massachusetts General Hospital also found a live one (some pun intended). The 1970’s vintage ranch and separate guest cottage are likely tear down candidates on this private 1.35 acre level lot that has 360’ of frontage, a sandy beach, a 60’ permanent dock and breakwater, and long range views. This property was on the market for 675 days starting at $2 million. It was eventually reduced to $1.5 million and sold for $1.4 million. The tax assessed value is $1.729 million so it seems like someone got a good deal, but Mass General got an even better one.

The largest sale on the lake for the month was a new construction by Skiffington Homes at 432 Edgewater Drive on Governor’s Island in Gilford. This 5,000 square foot, four bedroom, four and a half bath Adirondack lake home has four fireplaces, a first floor master suite, the requisite great room and gourmet kitchen, lower level walkout, bonus rooms over the three car garage, and the high quality fit and finish that Skiffington Homes are known for. This home sits on a prime 1.06 acre lot with 185’ of frontage, boat dock, and great long views. The purchase price of $3.1 million exceeded the asking price of $2.995 undoubtedly due to upgrades and changes requested by the lucky new owner.

Over on Winnisquam there was but one sale in July and that was at 24 Lakeside Drive in Belmont. This property is a 1924 square foot log home built in 1995 which has two bedrooms, two and a half baths, a living room with wood burning fireplace, lower level family room, 50’ of frontage, a sandy beach, and, most importantly, a boathouse. This home was originally offered at $524,900, reduced to $499,000, and sold for $470,000 after 240 days on the market. The Town of Belmont has the property assessed for $456,800. It looks like a neat place and I bet the buyer is having a great time this summer!

There was also only one sale on Squam and that was at 119 Keewaydin Road in Center Harbor. This 1971 vintage cape style home has 2,280 square feet of living space, three bedrooms, a finished family room in the basement, a three season porch, and a nice deck overlooking Dog Cove. The beautiful 1.08 acre lot is at the very end of the road and has 190’ of unspoiled frontage plus all the Squam Lake appeal imaginable. The new owners are planning to build their dream home on Golden Pond. This property was offered last year at $1.695 million, relisted at $1.299 million this year and sold for $1.105 million. The property is assessed for $1.61 million.

In the Three Stooges 1940 short film “No Census, No Feeling,” the Stooges are census takers (some say the census takers are now the stooges!). Curly answers a question about where he was born with “Lake Winnipesaukee.” When Moe asks him to spell it, he stammers a few syllables but blurts out “Make that Lake Erie. I’ve got an uncle there!”

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189 Dockham Shore Rd

Gilford, NH

MLS #4076401  Offered at $899,000

This high quality Winnipesaukee waterfront home has an open floor plan designed by the owners for everyday living & entertaining.

Enjoy fabulous views of the lake from practically every room in this great home!

The main floor has a custom kitchen with granite counter tops, tile floors, & fabulous center island with a gas cook top. The kitchen opens into the great room featuring a wall of glass to view the lake, hardwood floors, beautiful trim work, a gas fireplace with flat screen TV above, a bar, & vaulted ceilings. Also adjacent to the kitchen is a dining area & a heated three season porch.

The upstairs is dedicated to the master suite complete with a gas fireplace & private deck & an office that looks down into the great room & out to the lake. The lower level walk out has two bedrooms, a full bath, and a family room. The home features in-floor radiant heat & a Bose sound system.

The .33 acre, beautifully landscaped lot has 50′ of frontage, sandy entry, & a dock. Don’t let this one get away!



Construction Specifications:

9’ Poured Concrete Foundation with 2” Rigid Insulation

2×6 Walls with Marvin Windows

Insulation; Spray Foam in Walls, 6” Fiberglass in Floors, Fiberglass & Blown-in in Attic

Skim Coat Plaster over Blue Board through out

Variable Speed Water pump in “True” artesian well

Radiant Heat with High Efficiency Gas fired Boiler

Oak & Pine Trim, Maple Cabinets, Ash, Ceramic Tile & Carpet Flooring

Special Features:

Miele Stainless Appliances with Disappearing Ventilation System

Baths; Under Vanity Lighting, Master; Tile Shower with three heads

Granite Counter Tops with under countertop stainless sink in kitchen

Central Vacuum System with commercial grade vacuum unit

Whole House, Four Zone Bose Entertainment System plus Two Exterior Zones

Two Gas Fireplaces, Great Room & Master

Great Room Soffit & Tray Ceiling in Master both with up lighting

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Yeah! Summer is really here. The temperature is heating up and it finally feels like it is lake weather. It’s time to get out on the boat and enjoy it. There were twelve waterfront sales sales on Winnipesaukee in June which is a 50% increase over June of last year. That’s pretty encouraging! And there were some large sales, too! In fact ten of the twelve sales were over the million mark. There were three sales in the $2-3 million range and one over $4 million. The average sales price last month was $1.778 million compared to $1.376 million last June and the total volume for the month was slightly over $21 million compared to $12.6 last June. That’s a pretty good month in my book.

The least expensive sale on the lake was at 13 Acadia Lane in Alton. This lakeside fifties vintage, 728 square foot, two bedroom cottage was a bank owned property that has had some recent updates including a metal roof and vinyl siding. The home sits on a one third acre lot with 100’ of frontage and a dock. The home was only on the market a month before some buyers jumped on it so they could enjoy the lake for the summer. It was priced at $385,000 and actually sold for more at $425,000. Sounds like there could have been a little bidding going on for this one. The current tax assessed value is $497,200 so it would seem that the buyer still got a good deal.

On the higher end pricing spectrum, across the lake in Moultonborough at 11 Mallard Way, there is a waterfront that is about ten times larger that also has a new owner. This Adirondack style home has 7,500 square feet of living space with seventeen rooms, six bedrooms, eight baths, and a whole lot of quality! This Skiffington home was built in 2004 and features post and beam construction, a gourmet custom kitchen, a fabulous great room with soaring ceilings, five fireplaces, a large family/game room on the walk out lower level, first floor master suite, a three room suite over the three car heated garage, and sweeping decks. The home sits on a 1.1 acre lot with beautiful landscaping, great sunset views, 156’ of frontage, a perched beach, and a covered dock. This home was originally listed on New Year’s Eve in 2008 for $3.999 million and again in September of 2009 for the same amount. It was listed again in November of 2010 for $3.495 million and sold for $2.9 million after a combined total of 750 days on the market. The current tax assessed value is $2,864,300. I wonder if there was confetti dropping and they were blowing horns when this one sold?

The highest sale on the lake last month was also in Moultonborough at 31 Wallace Point. This beautiful 10,000 square foot lodge style waterfront has fifteen rooms, seven bedrooms, nine baths, a grand living room with fieldstone fireplace, cathedral ceilings and exposed beams, a lower level family/pool room plus a lower level living room, and master suites on the first and second levels. This magnificent home sits on a professionally landscaped 1.89 acre lot with 235’ of frontage that has a sandy beach, two bay boat house, plus a permanent 58’ crib dock. As with many homes in this market, this one took a while to sell, too. It was originally listed in 2008 at $6.495 million, in 2009 at $5.295 million, in 2010 at $4.795 million, and this year at $4.495 million finally selling at $4.325 million after a combined total of 367 days on the market. The current assessed value is $3.639 million. Anyone see any trends here?

There have been a total of 41 Winnipesaukee sales for the first half of 2011 at an average of $1.172 million compared to 38 sales for the first half of 2010 at an average of $1.28 million. I’d say that’s holding our own in this economy!

Over on Winnisquam there were four waterfront sales with the largest being in Laconia at 126 Shore Drive This sixties vintage ranch had 3,900 square feet of living space, four bedrooms, three baths, a large living room, two fireplaces, and a family room in the walkout lower level. The one third acre lot has 100’ of frontage, a sandy beach, dock, and fabulous sunset views. This home was snapped up after one day on the market at the full asking price of $699,000 which is slightly above the current $665,000 tax assessment. A great deal in a great Winnisquam neighborhood. There have been thirteen sales on Winnisquam during the first half of 2011 at an average of $470,204 compared to just seven for the first half of 2010 at an average of $521,571. I’d say things are going pretty well on Winnisquam so far this year!

There weren’t any sales on Squam last month and only three sales through June 30th this year, but that is three more sales than the first half of last year. I’m not sure what’s going on up there but there are 24 homes on the lake for sale ranging from $399,000 to over $8 million so hopefully sales will pick up over the summer months. Maybe people have forgotten that the elusive lake trout “Walter” (or actually his descendant) is still out there. I read that “Walter” was brought over to Squam for the movie from a trout pond at the Castle in the Clouds. Ahhh, he wasn’t a Squamy after all…

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47 Advent Cove, Meredith, NH

MLS #4061667

Take this High Definition Virtual Tour

First Time Ever Offered

Priced at $3,995,000

It’s very rare that a Lake Winnipesaukee waterfront property offers the privacy, views, and overall serenity that this very special property radiates. The “old lake” feel is all around you. Check out this video tour and you’ll agree!

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There were just four sales on Lake Winnipesaukee in May 2011 but that does equal last May’s tally although the average sales price was lower at just $1.053 million compared to an average of $1.727 last May. Last May there were three sales over a million, one of which came in at $3.9 million helping to boost that average.

The least expensive sale on Winnipesaukee last month was at 20 Railroad Ave in Alton. This is an updated two bedroom, 744 square foot seasonal camp sitting on a .16 acre lot with 40’ of waterfront. The big selling feature here is that this small cottage has really big, panoramic views from the large deck. This lakeside retreat was listed at $429,000, reduced to $389,000, and sold for $355,000 after 266 days on the market. The current tax assessment for is Alton waterfront is $401,500.

Another completely renovated waterfront home at 177 Kingswood Road in Wolfeboro also attracted a new buyer. This 1980 vintage, 3,400 square foot, three bedroom, five bath contemporary home was put on a new foundation and stripped right down to the studs. The only thing reused were the beautiful fir floors. Everything else is new-inside and out. The home features a custom kitchen with beautiful cabinetry, granite countertops and stainless steel appliances, a lakeside living room with gas fireplace, a family room in the walk out basement, and three bedrooms all with private baths. The home sits on a level one acre lot with southern exposure and gorgeous views. There is 119’ of frontage, a sandy beach, and a forty foot dock for the new owners to enjoy now that summer is finally here. This home was on the market for 305 days starting at a list price of $1.995 million, with several price reductions down to $1.595, with an offer accepted at $1.47 million. The current tax assessment for this property is $1.352 million.

The largest sale for the month was at 112 Hopewell Road in Alton. This is a 3,192 square foot, four bedroom, three bath, classic lake home with a large wrap-around porch that is perfect for telling tales on. The home was built in 1999 on a 2.18 acre lot on Roberts Cove that offers great privacy, westerly views, stunning sunsets, 296’ of frontage, plus a U-shaped dock with breakwater. The tale of the sale on this home is a long one. It was first offered in December 2005 at $3.9 million, in October 2006 for $2.995 million, in 2008 for $3.1 mil, and in 2010 for $1.6 as a short sale. This year it was listed for $1.595 million and found a buyer at $1.5 mil after 168 days. The listing doesn’t say that it was a short sale, but the fact that it was under contract for only 39 days before closing would mean that it wasn’t. It probably just felt that way to the seller…The property is current assessed at $1,46,200.

Over on Winnisquam there were five sales which is actually a banner month for this lake! That puts the tally for the first five months up to fifteen sales compared to ten for the same period last year. Three of the five sales occurred on Leighton Ave in Laconia which is a little unusual. The largest sale was at 140 Leighton Ave North in Laconia. This Japanese influenced contemporary home built in 1980 has 1,580 square feet of living space, three bedrooms, two baths, a massive stone fireplace in the living room, a sauna, and a newly remodeled kitchen with granite countertops, cherry cabinets, and Jenn–Air appliances. The home literally is on the water as the decks actually overhang the lake. You can imagine how great the views are! The house sits on a .85 acre lot with 369 feet of frontage. There is even a Japanese Tea House straddling a babbling brook that is accessed by a small bridge. Kind of makes you want to watch a rerun of Karate Kid. It was a bit of a struggle to get this property sold. It was listed originally in 2009 and 2010 at $799,000 and at $749,900 this year. It was reduced to $649,000 with a deal accepted at $605,000 after a total of 977 days on the market. The current tax assessment on this property is $645,200. I bet the former owner was happy to finally say “Sayōnara” to this one…

Right now there are about 275 waterfront properties available on Winnipesaukee and 27  on Winnisquam from as little as $189,000 to just over $10 million with lots of deals in between. Maybe you can find your own great deal on the water this summer!

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47 Advent Cove, Meredith, NH

MLS #4061667

First Time Ever Offered

Priced at $3,995,000

It’s very rare that a Lake Winnipesaukee waterfront property offers the privacy, views and overall serenity that this very special property radiates. The “old lake” feel is all around you. So how did this all come about?

In 1988, John and Virginia Stabile purchased 47 Advent Cove Rd as a house lot of 6 plus acres with 300 feet of frontage on Lake Winnipesaukee. This parcel of land is a rectangle of approximately 300’x1250’. The lot was bought from Fred Fuller, a statewide fuel dealer. Stabile and his wife lived on Blackcat Island at the time and spent the next year working with a team of professionals to design and build their home. The architect, Don Lavallee, of Lavallee and Brensinger worked with George Matarazzo, a nationally renowned land planner to situate the house so as to maximize the view of the lake and mountains. The house was designed as an Adirondack retreat, whereas, Mrs. Stabile grew up in the Adirondacks. The house itself was designed for the Stabile’s and their 3 boys and surrounding family, hence the large eat-in kitchen area and living room activity center.

The house was built with the finest materials. One should note that the exterior siding and wood is redwood. High end Marvin windows were utilized. The interior walls are plaster and the floors are a fine grade of white oak. At the time the house was designed to be as energy efficient as possible. There are five separate air handlers that work off a forced hot water boiler system. Kohler plumbing fixtures were used throughout the home .Kitchen cabinets were hand made on site as well as all the trim work and was done by Stabile’s finish carpenters. An 18 KV backup generator will handle the entire house in the case of power outages.

The house was originally designed so that the Stabile’s could live on the first floor and shutdown the upper floors if they were there alone. That never seemed to happen. All five bedrooms are generally filled on weekends. The kids especially enjoy the recreation room up on the second floor which has bunked many a pajama party. The master suite has a large walk in closet and luxurious bath. The living room features a fieldstone fireplace built with stone coming from an area wall and individually laid by a master stone craftsman. The den was originally going to be a dining room and can be reconverted to same, but it has served well as a secondary downstairs TV location with hand crafted built-ins.

While still on the 1st floor, one will notice the gazebo room off the rear kitchen deck. This room works beautifully in summer evenings after dark so the bugs don’t get you. It also has slip in glass windows to extend the spring and fall usage. The roof is copper roof and you’ll see copper trim throughout the house elsewhere. Upstairs you have three large bedrooms with built-ins as well as the infamous bunk room where the kids held all their sleepovers. Many a story could be told about that room. It’s a kid’s delight.

The basement is prepared to be finished and everything is sized accordingly. There is a wood stove in the basement for emergencies. And if you are golf nut, the basement also has a built in indoor driving range and all utility services.

Even the magnificent two bay boathouse, which boasts a registered heliport above it, has been designed to be part of the landscape. This could come in handy in case you need to commute to and from your day job. The boathouse has the capacity to hold 2 boats in the air during the winter months.

This 5,000 plus square foot home is of the true and timeless Adirondack design and the setting is one of a kind. An offering such as this is truly rare and unique, so schedule a private showing today. Memories are waiting to be made…

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February was a pretty good month for waterfront home sales on Lake Winnipesaukee with six propertiessold at an average price of $467,667. The monthly sales average was low because there were no million dollar sales last month. Last February there were only three sales on the lake, and two of the three sales were over the $1 million mark so the average was considerably higher at $1.248 million.

Not surprisingly, the least expensive waterfront that sold last month was an island property and it was located at 291 Cow Island in Tuftonboro. This home was a built in 1980 and it has 1,424 square feet of living space, three bedrooms, and a bath. The home has some upgrades and some work yet to be finished. The 4.17 acre lot is very private and has a newer three bedroom septic, dock, and 104 feet of frontage. This property was Fannie Mae owned and was originally offered at $250,900, reduced to $179,900, and then sold for $180,000. It was on the market only for about three months. The current tax assessment is $364,600, so I am sure the new owner is quite happy with his purchase.

Over at 3 Stonedam Island Road in Meredith, a property that was originally listed way back in April of 2007 for $1.49 million finally attracted a buyer. Unfortunately, the buyer came far too late to help the owner because he didn’t own it any more…the bank did. At the time the property was listed back in 2007 it assessed for $946,700. The home was then relisted in 2008 for an even higher t price tag of $1.649 million and then again for $1.399 million. The home is a 2,842 square foot contemporary built in 1974 and has three bedrooms, three baths, large family room with brick fireplace, and a huge master suite. The home sits on a .17 acre point of land with 180 degree views and 145 feet of shoreline. The home was foreclosed on and listed at an even $1 million with subsequent price reductions that brought it down to $629,900. It finally sold for $595,000 which is 62% of the current tax assessment is $960,200.

The largest sale for the month was at 9 Worcester Island Road in Wolfeboro. This 1969 vintage home has 2,374 square feet of living space with four bedrooms, two baths, an open floor plan, two fireplaces, finished lower level with guest quarters, a screened porch, and a large deck to sit on and gaze out at the lake . The home sits on a level .81 acre lot with 150’ of shorefront, permanent dock, and a sandy beach. It sounds pretty perfect to me. This home was originally listed at $1.09 million, was reduced to $899,000, and then sold for an even $800,000 which is 85% o the current tax assessment of $944,700. This property was on the market for 553 days.

There was only one sale on Winnisquam last month, which is one more than last February. That sale was a 3,341 square foot cape located at 70 Weed Road in Meredith. This well maintained home was constructed in 1988 and has three bedrooms, four baths, a first floor master suite, lower level family room, a deck, and patio. The beautifully landscaped .33 acre lot offers long views of Winnisquam, a perched beach, a dock, and 100 feet of shoreline. This property was originally listed back in July of 2008 for $827,000, relisted in February of 2010 for $719,000, and then reduced to $679,000 enticing a buyer to do a deal at $624,000. This property sold at about 12% higher than the assessed value of $555,300.

So all in all, February was a pretty good month for waterfront sales. And there were some bargains, or they were at least perceived to be, by the buyers. But when someone buys a property for one half of the assessed value is it really a steal or is the tax assessment way too high? When someone pays more than assessed value (as is often the case with waterfront property) did he pay too much? That is hard to answer because every property is unique and the market is forever moving. Sellers (and owners that aren’t selling) are always unhappy when their properties are assessed for more than they can sell it for and others are equally unhappy when they are assessed lower than what they have invested in the property. All I can tell you for sure is that a property is worth exactly what someone will pay for it and that can be more, or less, than the tax assessment. That kind of sums up Real Estate 101…

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