Winnipesaukee Waterfront Cottage
Friday, August 14th, 2009
The Winnipesaukee Waterfront Cottage.
Every real estate agent invariably gets a call this time of year from someone looking for their little piece of the Lakes Region of New Hampshire. It goes something like:
Caller: “Hello, I’m looking for a waterfront cottage on Lake Winnipesaukee, do you have anything available?”
Agent: “Sure, there are lots of properties on the lake right now. It’s a great time to buy! What are you looking for?”
Caller: “Well, we’d like to be on right on the lake with a beach, a dock, at least a couple of bedrooms, preferably three, and some privacy. We don’t want to be real close to another house. And condition doesn’t matter so much. We can fix it up.”
Agent: “That’s nice. What were you thinking that you might be willing to spend?”
Caller: “Oh, I don’t know. Probably $100,000 to $150,000″
Agent: “Groan, Uh, Ma’am, I’m sorry you are not going to find anything on Winni for that kind of money. Generally speaking, you’re probably going to have to spend $400,000 to $500,000 for a little camp on a small lot. You probably will have to look on some of the smaller lakes and then you are still not likely to find much, if anything, in that price range.”
Caller: “You’re kidding. All we want is a little cottage. Nothing much. We can fix it up. What about just a piece of waterfront land?”
Agent: “Ma’am, I’m sorry, but you can’t even buy a waterfront lot for that kind of money. Let me see what I can find you on another lake….”
Unfortunately, many buyers don’t know how expensive that little cottage on the big lake, or any lake, is these days. The average asking price on the lake right now is $1,897,188 with a median price of $1,324,450. The average sales price for a Winni waterfront (including island properties) for the 1st half of 2009 was $838,858. That’s a long way from $150K! On Winnipesaukee, the least expensive, mainland waterfront is at 128 Mount Major Highway in Alton at $249,000. It is a 2 bedroom seasonal cottage on the opposite side of the road with a 1 bedroom seasonal cottage on the lake. It has 121′ for frontage but you are sandwiched between Rt. 11 and the lake. The next one up the price line is another seasonal, 1930’s vintage, 2 bedroom cottage with 50′ of waterfront on 12 Haven Lane in Alton for $344,900.
The least expensive waterfront on Lake Winnisquam at this point is at 907 Laconia Road in Tilton. This 5 room, 3 bedroom cottage was built in 1948, has 100′ of waterfront, is billed as needing some TLC and is offered “as is” at $299,000. Next up is a rehabbed 3 bedroom property built in 1960 at 38 Eastman Shore in Laconia with 80′ of shorefront for $334,900. The average asking price for Winnisquam waterfront homes is currently $656,126 and the average sales price for the 1st half of ‘09 was $341,250. Over on Waukewan, the least expensive waterfront is at 25 Chapman Point in New Hampton for $469,000. It is a 5 room, 2 bedroom cottage built in 1965 and sits on a .25 acre lot with 100′ of frontage. But you can find some less expensive cottages on some smaller lakes. For $199,900 you can get the 1 bedroom cottage at 3 Cove Lane in New Hampton on Lake Winona. It sits on .1 acres with 45 ft of frontage. On Locke Lake in Barnstead there is a 3 bedroom cottage at 276 Varney Rd offered at $214,900.
The point is that the dream, perhaps the myth, of owning a little cottage on the water for cheap money on the bigger lakes has evaporated over time and the inexpensive ones on the smaller lakes generally aren’t much to brag about. Prices may drop a little more during this difficult market period, but the days of a $150,000 waterfront get-a-way are sadly long gone…
Caller: “Well, if you come across a deal on a waterfront in our price range could you give me a call?”
Agent: “Sure thing, Ma’am, will do…”
