Quote:
Originally Posted by hemlock
It seems to me that Island property prices have gone through the roof! As I look at listings it seems that 2-3 bedroom cottages are being priced in the 4-500 k range with some fancy places up to 900 k. Is this temporary or is it going to be the new normal?
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As an island property owner, my unscientific observation is that island property values were significantly stagnant since the early 2000s until the last 3-4 years. So perhaps this is just the market catching up. There seems to have been a bit more island inventory this past year than the past couple years, which suggests that the higher prices are here to stay (vs. low inventory years where supply/demand would seem to drive up prices).
I would be interested to hear what realtors think. My perception has been island prices have been either stagnant or increasing over the last 20 years, but don’t think I’ve seen any indication that island prices have ever dropped significantly, even around the 2008 bust. If accurate, that would suggest the current prices are the new normal.
If the recent tax assessments in Moultonborough and Tuftonboro are any indication (huge increases on island properties this year), you’re not the only one taking notice of the higher prices...