With the sun coming out and the snow gradually melting it is easy to start dreaming of owning a waterfront property in the Lakes Region of New Hampshire. Unfortunately, that vision of owning a camp or family home on Lake Winnipesaukee, like the one in the movie “What About Bob?”, is probably out of reach for many residents. As of earlier this week, there were 155 properties listed as “Winnipesaukee owned waterfront” in our MLS system. These listings include waterfront homes, the island properties, as well as a few homes that are located directly across a street from the lake but that also have a waterfront lot for lake access and dockage.

Currently prices range from as little as $258,000 for an island camp on Rattlesnake to $12.8 million for a mansion on Umbrella Point in Wolfeboro. It seems like there should be some potential waterfront deals somewhere in between. After a review of the mainland waterfronts, here are a few properties under $1 million that stood out as potential buys with the key indicator being that the property is well below its tax assessment. While some might be torn down to make way for new construction you could use them as they are.

The property at 96 Black Point Road in Alton stood out as a potential bargain as it is offered at $760,000 or 79% of the assessed value of $961,000. Although this is an older, 1950′s vintage 3 bedroom, 1 ½ bath, seasonal home it is in pretty good shape.  It has 195 feet of frontage, a U-shaped dock, and a sandy beach. This is a modest camp that you can kick back and relax in and not worry about the kids making a mess. Maybe you can invite Bob over for a stay…

Over in Moultonborough at 44 Kim’s Alley there is a 1,656 square foot, recently remodeled, contemporary home that appears to be a good value. There are three bedrooms, two baths, cathedral ceilings in the living room with stone fireplace, cherry cabinets in the kitchen, and large deck overlooking 108 feet of frontage with a sandy beach. Originally offered at $825,000 it has been reduced down to $725,000 which is 83% of the town’s tax assessment of $872,500.

The property at 18 Dale Rd in Meredith is listed at $499,900 and assessed at $585,600. You won’t get lost in this 832 square foot, two bedroom cottage but it gets you on the lake for under $500,000. It sits on a nice .78 acre lot with 110 feet of frontage and a dock. It will need considerable updating for most buyers tastes but is reflective of properties in this price range on the big lake.

Waterfront properties vary wildly as far as the overall price per square foot of the property. This is in part due to the value of the lot itself which varies tremendously and is affected by its characteristics including lot size, amount of frontage, location, view, and orientation. Mainland waterfront properties in this latest search ranged from as little as $244.00 per square foot to $1,937 per square foot for a classic, 1925 vintage, waterfront family compound at 25 Gazebo Point in Wolfeboro that is on the market for $5,295,000. Unfortunately, at that price per square foot, most of us couldn’t afford more than a walk in closet…