Realtor's Say it Is A Buyer's Market

[fatlazyless]

In my neighborhood.....68 Cattle Landing Rd, Meredith NH 03253 sold for $712,500 on Dec 16, 2011, after having a for sale sign out front for maybe 18-months.

Directly next door at 70 Cattle Landing Rd, there's been a for sale realty listing sign out front for maybe two years or something......would be interesting to take a look at the asking price history of these two homes, 68 & 70 Cattle Landing Rd, one got sold, and the other is still for sale.....just for drills.....to get a small peek into the local real estate market?


Just up the street at 22 Cattle Landing Rd......no for sale sign out front but still for sale as far as I know......has been up for sale since 2006 when it was built as a speculative for sale house.....as far as I know.....with no buyer? Anyone know what's that latest with this great big, huge, expensive, supercalifragilisticexpialidocious waterfront home......22 Cattle Landing Rd, Meredith NH 03253?

[webmaster]

Roy Sanborn regularly posts interesting information about the local real estate market in our blogs:

http://www.winnipesaukee.com/forums/blog.php?u=12870

[songkrai]

It's a fickle market for lake front RE.

One just sold on Black Cat Island for over $3,000,000. Nice home with built in movie theater. Small lot but beautiful home with great landscapping.

Some state that for the real expensive ones the "Adirondack" style is the "in" presently. For new or nearly new ones anyway.

[BroadHopper]

Thibeault says it is a buyer's market yet Sanborn a while back says otherwise.


I do know that many condo units end up leased when they don't sell. My development a decade ago did not allow leasing of properties. Now a good share are leased and the association will not take a stand after a couple of foreclosures left the association absorbing the back payments of dues.


The downward spiral of unit prices have slowed down but have not hit bottom.


I am looking to sell but at a big lost. I am also looking at another association, where one unit was sold two years ago for $190K. A similar unit is on the market today for @224K. Is the owner dreaming? Or he has a realtor that sucks him in with a dream?


My family sold the lakefront property in 1998 for $300K, The new owner ‘flipped’ the property around 2005 for $1.3M. The property was foreclosed in 2008 and the bank received $700K. Then the property was sold for $500K in 2010. The current owner tore down the 1892 fishing camp that was once the brakeman’s house for the old Lake Shore Railroad. I was told the new structure price was about $400K. Will the current owner get his investment back? Or will he take a bath? I was told he is in the business of ‘flipping’ properties.

[fatlazyless]

Originally Posted by BroadHopper

Thibeault says it is a buyer's market yet Sanborn a while back says otherwise.

I can recall reading via google an article in the Laconia Evening Citizen from the early 1970's where Russ Thibeault said the recent urban renewal demolition-reconstruction of downtown Laconia would soon turn downtown Laconia into a vibrant commercial area so who really knows when the real estate market values will bottom out?

[Winnisquamguy]

Originally Posted by fatlazyless

Just up the street at 22 Cattle Landing Rd......no for sale sign out front but still for sale as far as I know......has been up for sale since 2006 when it was built as a speculative for sale house.....as far as I know.....with no buyer? Anyone know what's that latest with this great big, huge, expensive, supercalifragilisticexpialidocious waterfront home......22 Cattle Landing Rd, Meredith NH 03253?

From Roy Sanborn's article...........

The highest sale on the lake in September was at 22 Cattle Landing Road in Meredith. The sale of this property was another long ordeal as it was listed prior to construction back in June of 2006 at $2.995 million with construction to be completed in 2007. The price escalated to $4.25 million in June of 2008, then was reduced to $3.2, to $2.895 in 2010, and finally down to $2.695 million this year. Anyway, this exquisite 6,000 square foot Adirondack has all the features one would expect in a Winnipesaukee waterfront estate home including Brazilian Cherry hardwood floors, a great room with cathedral ceilings and floor to ceiling fireplace, lots of glass, six bedrooms including a sumptuous master suite with its own private deck, the requisite gourmet kitchen with all the goodies, a home theater, and an attached, three car, heated garage for the toys. The home sits on a .72 acre peninsula lot with 328' of frontage, amazing landscaping, beautiful patios and walkways, a perched beach, and, of course, a dock. The home also has 50% interest in another 8.5 acre lot to provide additional privacy. So, this home was marketed for 1,450 days with the sale coming in at $2.2 million. The assessed value by the Town of Meredith is at $2.577 million.

[fatlazyless]

Originally Posted by Winnisquamguy

From Roy Sanborn's article...........

One important item that is not mentioned in Roy Sanborn's article here and probably would be a concern to a prospective buyer is that the actual distance between the house at #22, and a very, very similar house at #24 is they are situated indeed very, very close, to one another, like maybe just 20' distance between the end wall of the garage area on one, and the end wall of the kitchen area on the other, or something like that. If my memory is correct, these two residential waterfront structures at 22, and 24 Cattle Landing are considered to be condominiums by the town.....some more informed input on this would be appreciated.....thankyou & goodknight!

[Rattlesnake Gal]

Is there a way to see how close the selling prices are to the assessed values? Do the tap usually match?

[Grant]

Our place went on the market in April, and papers were traded last week. There was no shortage of people parading through from April through September. A few offers along the way and, ultimately, the buyer got a steal. Lots of waterfront signs up this year. More to come, I'm sure, with the taxes at current rates (which certainly won't come down).

[secondcurve]

Originally Posted by Grant

Our place went on the market in April, and papers were traded last week. There was no shortage of people parading through from April through September. A few offers along the way and, ultimately, the buyer got a steal. Lots of waterfront signs up this year. More to come, I'm sure, with the taxes at current rates (which certainly won't come down).

Congratulations on the sale. Hopefully, you are buying another property in the area!!

[BroadHopper]

Assessed values for taxes is a pick a number out of the air proposition. As a financial analyst I still find it confusing how they got that number. For instance the assessed value for taxes of three properties that I owned remain at the price I paid for the properties. They are in three seperate towns, all in NH. All bought in the early to mid 2000. When they reevaluate the properties, the numbers don't make sense nor are they close to appraised market value of the properties. We can thank the goons in Concord for this one!

Appraisals for insurance or market values depends on who does the appraisal and what data base that they use. With today's falling prices it is usually on the optimistic side.

[AC2717]

One thing to note here is an insurance value is a rebuild/repair value
not market value

[ishoot308]

"Assessed" values are strictly used for tax purposes. Every town is different in how they assess and then tax on that assessment. The town of Gilford assessed value are way below market value.

[Woodsy]

Property tax in NH is based on the towns collecting taxes at whatever the property's full cash value is. That being said I think a tolerance of +/-5% applies. See the RSA below!


RSA 75:1 How Appraised. Except with respect to open space land appraised pursuant to RSA 79-A:5 (current use) and residence appraised pursuant to RSA 75:11 (in commercial zone), the selectmen shall appraise all taxable property at its full and true value in money as they would appraise the same in payment of a just debt due from a solvent debtor, and shall receive and consider all evidence that may be submitted to them relative to the value of the property, the value of which cannot be determined by personal examination.

There was a HUGE push by the lawmakers in Concord a few years ago when they realized the property tax revenue was not keeping track with what properties were actually selling for. Add in a budget deficit and well, you get the picture!

I think most of the online appraisals you see (Vision Appraisals etc) are pretty accurate within the tolerance above.

Woodsy