Housing Market (& Mea Culpa)
 

I apologize if I grenaded the other housing market thread (it's locked now). I messaged the Webmaster asking him to delete my comment and reopen it, as I thought it was a fine thread, but I've not heard back.


Anyway: does anybody know roughly how many homes are typically on the market in a given area in fall? Someone mentioned there's only one in Wolfeboro—for $1M or something—but I don't think there's ever a lot of inventory at this time?

I know for Arcadia that almost all sales are completed by August and don't really resume until late winter/early spring, but I'm wondering if that's simply because we're a seasonal place.

Sent from my SM-G950U using Winnipesaukee Forum mobile app

Are you thinking of the one that is for sale for $10 million in Wolfeboro?

I thought there was one for $1M, too, but maybe. A quick run-through of realtor.com just now is a series of "pending" with only a few "new."

Sent from my SM-G950U using Winnipesaukee Forum mobile app

There are about 30 listed on Zillow right now, from about $80K to the $10M one

80k or 800k? I’m sure there’s not much in Wolfeboro for 80 K.[emoji4]

Sent from my iPhone using Winnipesaukee Forum mobile app

Land?

Sent from my SM-G950U using Winnipesaukee Forum mobile app

Could be good point.

Sent from my iPhone using Winnipesaukee Forum mobile app

It’s a small trailer.

last I looked only 1 Winni waterfront listing and its 10 million. I would guess its pretty tight off the water as well but I have never seen literally no inventory on water.

Thanks! I was gonna look but was torn between a son asking about his Halloween costume, a daughter asking about making French toast, and a book I had 20 pages left in. The book won!

I happened to talk to a few people yesterday, and two couples mentioned they had friends lined up for places if they could only find them. I'll be interested to see if the market slows down in the off-season or if limited options will keep it hot. A crazy year, for sure.

Sent from my SM-G950U using Winnipesaukee Forum mobile app

I feel very fortunate that I bought 6 years ago.
This year esp, its been a great escape from the city.

Just had seen an add on a winnipesaukee Facebook page by a broker looking for homes in the 1M range for a client in the wolfboro area.

Sent from my iPhone using Winnipesaukee Forum mobile app

Zillow shows about 125 “waterfront” properties for sale around all the lakes. That might include ponds and rivers.

I don’t know what’s normal. Many over priced. Many have been listed for a good while.

Land
 

In addition to the 30 homes mentioned, there appear to be 28 land listings in and around Wolfboro.

Most expensive building lot is a little over an acre/100 ft waterfront on Crescent for 495K

Transform in 15 Years...
 

The $10M house is on Wolfeboro Neck--facing the Broads. At the time if its construction, it was a strange apparition built on the prior "nestled-cottage" 50-foot "footprint", maybe a decade ago.

You would be hard-pressed to indoctrinate these readers. :look:

Hence, the price appreciation.

A house across the street from me on Lake Waukewan in Meredith that sold in Feb for 715K and used as a AIR B&B, just went on the market for 1.15 Million. :eek:
They have made no improvements to the property at all so that would be a hell of a profit for 8 months ownership if it sells.
I hope they get it because anyone that is willing to pay that for it will most likely use it for themselves.

Never going to get that price. I keep tabs on the market in Laconia and Meredith. It is starting to slow down a bit and asking prices have been dropping. Check out Realtor.com or Zillow in the range of 700k-2M

Sent from my iPhone using Winnipesaukee Forum mobile app

They are obviously just fishing but I could see it selling in the 9's, still would be a tremendous profit for 8 months esp sinse it was bought as an investment property.
The A frame directly across the street from me sold a few months ago at 550K and is going through a complete gut job rebuild. By the time she is through she will have close to a million in it and it's still an A frame.
Some crazy people out there!

Unless you plan on staying for a very long time and getting the use out of the home, over investing in a property is a bad financial move.

Sent from my iPhone using Winnipesaukee Forum mobile app

Oh, I agree but some people just have too much money. The A frame should have been torn down but builders were telling her it would take 2 years to get her in a newly built home on that lot. She just didn't want to wait that long.
I was going to buy the A frame and rent it out but my wife said no. I never would have done what she is doing to it.Sent from my SM-G950U using Winnipesaukee Forum mobile app

Yes, I agree. Look at all those folks who purchased in 2007. It took them almost 10 years before they could possibly break even.....

Capital gains?
 

I'm not a tax guy, but I can see buying AMZN a couple of years ago at $850 and spending some weeks at a vacation "rental", later sold at a loss. Shore front vacation property is a commodity, like any other.

True but even in a great location you can overbuild and or overspend

Sent from my iPhone using Winnipesaukee Forum mobile app

We're Facing Rapid Eutrofication...
 

We will ALL have "overspent" if the lake goes kerpluey...:(

22 Sawmill Shores Rd. is under agreement, crazy! I have noticed some properties that are way over priced are taking additional conditional offers. I wonder if these places are having trouble getting apprasials high enough to qualify for the mortgages?Sent from my SM-G950U using Winnipesaukee Forum mobile app

I wonder what the contract price is. Oddly enough and I know the numbers are perfect but the asking price is equal to the Zillow estimate.

Sent from my iPhone using Winnipesaukee Forum mobile app

They bought it in Feb for 715K after it was on the market for a while at 785K. Anything over a million is a great ROI for 10 months ownership. It was purchased as a rental, and it was rented all summer long.Sent from my SM-G950U using Winnipesaukee Forum mobile app

Could be purchasing as an investment property also and used a cap rate to arrive at the sale price.

Sent from my iPhone using Winnipesaukee Forum mobile app

I hope it's not a rental any longer. We didn't have any major issues but there were a few Saturday night noisy parties into the early morning hours. Sent from my SM-G950U using Winnipesaukee Forum mobile app

What will go kerpluey first the country or the lake . I think it is a close race!

Zillow
 

I don't really get Zillow. Like many, I check out Zillow's Zestimate of my property periodically and it can vary by hundreds of thousands in very short periods of time (months). I've seen it go up or down in single $50,000 spurts.
Others, Realty Trac, Redfin, etc., always seem lower, more stable and more in line with what I'm thinking makes sense. This isn't just in the current market...it always seems to be this way. Zillow is typically a lot higher.

It would be interesting to know what goes into their algorithm and what makes it so different from the others. Anyone have any insight into this?

ZilloweNOT!
 

Over the last several years I have talked to real estate professions. Nobody had kind words for Zillow.

I agree that Zillow is usually inaccurate. There are alot more accurate ways to determine the value of a property.

Here is what they say about their method for determining value:

A Zestimate is an estimate of a home’s value based almost entirely on publicly available information. So what’s the formula? Think of it as Zillow’s version of 11 herbs and spices, or our secret sauce. That is, it’s a proprietary calculation based on past sales, mortgage records, tax assessments and building documents, including the age and size of the home. And the formula changes as new data and information emerges.

All that data gets crunched and calculated by a computer program and turned into a best-guess Zestimate of your home’s value. Zestimates include in a low to high value range with your home’s true market value likely to fall somewhere within that range. What the secret formula can’t factor in are any upgrades and intangibles that don’t make it into county records.

I like the Zillow site because it's more user friendly, IMO. But I don't put much stock in their Zestimate. They usually are much higher than other sites but obviously that's what sellers like to see.
This market has gone up so fast it's tough to keep up.
My wife said yesterday, "let's put the place up for sale and see what we could get". But then what?
Even if I got double what I have into it what would it take to buy something better?
I'm perfectly happy with what I have.

Looks like things are still pretty hot

Nice house with rental but on a Postage stamp lot, crowded, across the street for $1.575m

People can ask what ever they want but 1 day on Zillow 1300 views 40 saves

Curious what it ends up selling for.

https://www.zillow.com/homedetails/5...86710446_zpid/

Considering they only paid $950K for it in June of 2019 then that's a great return on their investment!

Nicely done on the inside, plenty of docking and it does have a rental (maybe 2?) but I can't imagine paying that money to be across the street from the lake. Then again I couldn't imagine any of the numbers I see lately. I love my place but gosh its tempting to just cash out. If I ever succumb to that rational or greedy side I will come here first and I ask that you folks please talk me out of it.

Just because they get looks and saves doesn't mean it's going to sell.
I look at RE every day and save homes too but I'm not a serious buyer at todays prices.
I've noticed a lot of properties with a "contingent" label. When you click the tab it says "an offer has been accepted but owners are taking back up offers".
Is it contingent on the owners not being able to get the highest $$$$$$$$. What's that about?
A house on my street has been "continent for about two months now because it's sooo over priced.

It means that there are items in the contract that haven’t been satisfied, such as financing, home inspection, septic inspection, radon, asbestos, as examples. The backup offers are there in the event that the buyer walks as a result of unsatisfactory solutions to the contingencies in the contract.