Island property prices

[codeman671]

Leaving politics out of it... Here is my take:

We sold an island property last season that was on the higher end price-wise and tried to buy something more economical. We made offers on 2 properties and could not come to terms on either. One of them had some issues which we were willing to work around and made what I felt was a fair offer mid season. The sellers didn't even counter, they snubbed their noses at us even though they had no other activity in the pipeline. At the end of the season they did get a deal on the property and it closed for about $15k more than my offer. I was pretty irritated being that we were close enough that we could have made it work. I believe it was sold by the listing agent though instead of through a buyers agent. I'll get to that later.

The other one had been on the market for ages. We tried a few different times to work with the sellers on it and were stonewalled by their agent, who was working frantically in the background to find a buyer of their own, which they finally did. My last offer was higher than what they took elsewhere, but again, sold by the listing agent.

Sold by the listing agent to their own buyer= full commission

A few agents out there, one in particular, really work in their own interest and not the interest of their client. They will pass on a well qualified buyer working with in agent to take a deal that is solely theirs, sometimes for less money. And some are extremely lazy and wont even get on a boat to go out for showings.

I think the season in general was slow for sales, some of the properties that sold were leftover properties from the previous year or two. There was a lot of overpriced material that did not go anywhere and will probably pop back on this season. Some of the more unique properties were the ones that sold, such as entire islands. Ours was a very sweet (not biased at all ) property and we had an offer within 48 hours of listing. We were also priced fairly.

We will be back at it this spring, looking to buy.

[MAXUM]

Originally Posted by codeman671

Leaving politics out of it... Here is my take:

We sold an island property last season that was on the higher end price-wise and tried to buy something more economical. We made offers on 2 properties and could not come to terms on either. One of them had some issues which we were willing to work around and made what I felt was a fair offer mid season. The sellers didn't even counter, they snubbed their noses at us even though they had no other activity in the pipeline. At the end of the season they did get a deal on the property and it closed for about $15k more than my offer. I was pretty irritated being that we were close enough that we could have made it work. I believe it was sold by the listing agent though instead of through a buyers agent. I'll get to that later.

The other one had been on the market for ages. We tried a few different times to work with the sellers on it and were stonewalled by their agent, who was working frantically in the background to find a buyer of their own, which they finally did. My last offer was higher than what they took elsewhere, but again, sold by the listing agent.

Sold by the listing agent to their own buyer= full commission

A few agents out there, one in particular, really work in their own interest and not the interest of their client. They will pass on a well qualified buyer working with in agent to take a deal that is solely theirs, sometimes for less money. And some are extremely lazy and wont even get on a boat to go out for showings.

I think the season in general was slow for sales, some of the properties that sold were leftover properties from the previous year or two. There was a lot of overpriced material that did not go anywhere and will probably pop back on this season. Some of the more unique properties were the ones that sold, such as entire islands. Ours was a very sweet (not biased at all ) property and we had an offer within 48 hours of listing. We were also priced fairly.

We will be back at it this spring, looking to buy.

Sounds like Island Real Estate.

There are good agents out there and reputable agencies. Unfortunately the listing agents can get in the way of getting a deal done if they so choose even though they are obligated to look out for the best interest of their client not their commission check.

[LFODMatt]

Originally Posted by codeman671

Leaving politics out of it... Here is my take:

We sold an island property last season that was on the higher end price-wise and tried to buy something more economical. We made offers on 2 properties and could not come to terms on either. One of them had some issues which we were willing to work around and made what I felt was a fair offer mid season. The sellers didn't even counter, they snubbed their noses at us even though they had no other activity in the pipeline. At the end of the season they did get a deal on the property and it closed for about $15k more than my offer. I was pretty irritated being that we were close enough that we could have made it work. I believe it was sold by the listing agent though instead of through a buyers agent. I'll get to that later.

The other one had been on the market for ages. We tried a few different times to work with the sellers on it and were stonewalled by their agent, who was working frantically in the background to find a buyer of their own, which they finally did. My last offer was higher than what they took elsewhere, but again, sold by the listing agent.

Sold by the listing agent to their own buyer= full commission

A few agents out there, one in particular, really work in their own interest and not the interest of their client. They will pass on a well qualified buyer working with in agent to take a deal that is solely theirs, sometimes for less money. And some are extremely lazy and wont even get on a boat to go out for showings.

I think the season in general was slow for sales, some of the properties that sold were leftover properties from the previous year or two. There was a lot of overpriced material that did not go anywhere and will probably pop back on this season. Some of the more unique properties were the ones that sold, such as entire islands. Ours was a very sweet (not biased at all ) property and we had an offer within 48 hours of listing. We were also priced fairly.

We will be back at it this spring, looking to buy.

We had a similar situation a few years back but from the other end of the deal. Our agent "had a buyer" and didn't even list our property until we had a written offer in hand. In the end, the deal fell apart (for many reasons - only some of which I blame the agent), and we are happily still in the same property.

Early ice out this season?

[MAXUM]

Originally Posted by LFODMatt

We had a similar situation a few years back but from the other end of the deal. Our agent "had a buyer" and didn't even list our property until we had a written offer in hand. In the end, the deal fell apart (for many reasons - only some of which I blame the agent), and we are happily still in the same property.

Early ice out this season?

If I had an agent that tried to pull a stunt like that - I'd first sever that relationship real fast. The is no point to even using an agent if they are playing both sides of the deal anyways, they are "supposed" to be a neutral party. So zero value add - unless they will take half the commission. Of course that defeats the purpose.

[codeman671]

Originally Posted by MAXUM

If I had an agent that tried to pull a stunt like that - I'd first sever that relationship real fast. The is no point to even using an agent if they are playing both sides of the deal anyways, they are "supposed" to be a neutral party. So zero value add - unless they will take half the commission. Of course that defeats the purpose.

Sounds like we are all talking about the same person....

[Woody38]

Back when we lived on Cape Cod there was an agent who had a buyer and didn't actually list the property. The buyer came and offered full price and the seller cancelled the listing. Seller turned around and increased the price considerably. I do believe vest pocket listings became illegal after this. As a broker I have seen almost every kind of trickery imaginable. Some people find it impossible to conduct themselves honestly.

_____________________________________________

I am a retired workaholic and continuing aquaholic

[MAXUM]

Originally Posted by codeman671

Sounds like we are all talking about the same person....

We most certainly are! I'll just leave it at that......

[CaptT820]

Originally Posted by MAXUM

We most certainly are! I'll just leave it at that......

I just had a similar experience with our last transaction involving "that agent".
We had a handshake deal with the owner of the property if he ever sold it. He told the agent to tell us that he had an agreement before the property went public.
The agent never said anything to us, and the property actually made it to the market.
Once we told the seller what was going on he took the listing off the MLS and fired the agent. Extremely shady and unethical behavior by the agent.

Thankfully we got the property.

[tbonies]

Originally Posted by CaptT820

I just had a similar experience with our last transaction involving "that agent".
We had a handshake deal with the owner of the property if he ever sold it. He told the agent to tell us that he had an agreement before the property went public.
The agent never said anything to us, and the property actually made it to the market.
Once we told the seller what was going on he took the listing off the MLS and fired the agent. Extremely shady and unethical behavior by the agent.

Thankfully we got the property.

So if you had a handshake deal, why did he use an agent? For some reason, it feels like we are only hearing part of the story..


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[Formula260SS]

Originally Posted by tbonies

So if you had a handshake deal, why did he use an agent? For some reason, it feels like we are only hearing part of the story..


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Isn't there three sides to every story?....

[CaptT820]

We started discussions with him back in August, there was difficulty with communication due to distance and technology, so at some point he felt like we were taking too long to get back to him (two parties involved in the purchase), so he hired an agent with the contingency to still be able to deal directly with us. In the end it all worked out, even though the agent supposedly had a phantom 3rd party interested in the property at the last minute which confused her seller. More shady tactics.

Hope this clears it up.

[Biggd]

Island properties are going to increase in value this spring as everyone is going to want to be isolated from the coronavirus.

[MAXUM]

I would be very disappointed to find myself quarantined on Bear Island for the entire summer.

[Wifi-1]

Originally Posted by MAXUM

I would be very disappointed to find myself quarantined on Bear Island for the entire summer.

True, but you have an alternative, something others might not have.

[Biggd]

Originally Posted by Wifi-1

True, but you have an alternative, something others might not have.

I think he was being sarcastic with that comment.

[jazzman]

I always though the islands might be a good way to survive the zombies. Food, water, isolation.... Good until the guy with the ar-15 shows up and takes it from me.

[WinnisquamZ]

Originally Posted by jazzman

I always though the islands might be a good way to survive the zombies. Food, water, isolation.... Good until the guy with the ar-15 shows up and takes it from me.

You live on a island in NH. Should you not have your own AR-15?


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[Descant]

Originally Posted by WinnisquamZ

You live on a island in NH. Should you not have your own AR-15?

Awww. Now everybody knows.

BTW, NH RSA's prohibit the "discharge of firearms" on Lake Winnipesaukee islands. It appears potato launchers and RPG's are OK.

[MAXUM]

Originally Posted by Descant

Awww. Now everybody knows.

BTW, NH RSA's prohibit the "discharge of firearms" on Lake Winnipesaukee islands. It appears potato launchers and RPG's are OK.

Can you provide this RSA?

There are rules in regards to discharging firearms in relation to permanently occupied dwellings, and rules that prohibit hunting on islands but I have not seen anything that prohibits target shooting. Just curious to see as I cannot find anything that says as much.

[lakershaker]

Originally Posted by Descant

Awww. Now everybody knows.

BTW, NH RSA's prohibit the "discharge of firearms" on Lake Winnipesaukee islands. It appears potato launchers and RPG's are OK.

Actually, I think the prohibition is on hunting deer and bear on islands (with either firearms or archery) with the exception of Long and Governors Islands in Winni. Hunting turkey's are ok, and when I was speaking with a Conservation Officer in the past he was saying he's always wanted to turkey hunt on a specific island but hasn't had the chance yet.

[codeman671]

Originally Posted by Descant

Awww. Now everybody knows.

BTW, NH RSA's prohibit the "discharge of firearms" on Lake Winnipesaukee islands. It appears potato launchers and RPG's are OK.

If potato launchers were not allowed I would have been in a lot of trouble...

Tip- clear pvc barrels rock!

[Juiced06GTO]

Originally Posted by CaptT820

I just had a similar experience with our last transaction involving "that agent".
We had a handshake deal with the owner of the property if he ever sold it. He told the agent to tell us that he had an agreement before the property went public.
The agent never said anything to us, and the property actually made it to the market.
Once we told the seller what was going on he took the listing off the MLS and fired the agent. Extremely shady and unethical behavior by the agent.

Thankfully we got the property.

Would someone PM the name of said agent so I know who to avoid when I start looking! Thanks!!

[JEEPONLY]

If you live in the area, you know who Randy Parker is- regularly praised as the #1 real estate agent around. I have no doubts that he is very good at what he does.

However...
Every time his company sells in my area, I get a nice, formal notice (with pictures) stating how great that transaction went, and how he (the company) can enhance my (future) experience- always with a personal offer for a free appraisal of my property.

I finally took him up on his offer (you know how they send out the postcard with the offer)?! I even spoke to him on the phone.

He told me that he lived nearby and could stop at the property even if no one was around.

Time went by- no response. So I called.

Turned out he decided not to comply.

Really, my point is, no matter how great you think (know) who your people are, the onus is still on you to do your homework.

[MAXUM]

Originally Posted by Juiced06GTO

Would someone PM the name of said agent so I know who to avoid when I start looking! Thanks!!

PM sent to you.

[Woody38]

What one needs to understand is that real estate agents do not do appraisals.
They do market assessments based on what previous sales dictate. There is a difference. If an appraisal is desired there are people who actually do appraisals. They do not do these for free. Usually well worth the money.

_________________________________

I am a retired workaholic and continuing aquaholic

[Mr. V]

Originally Posted by Woody38

What one needs to understand is that real estate agents do not do appraisals.
They do market assessments based on what previous sales dictate. There is a difference. If an appraisal is desired there are people who actually do appraisals. They do not do these for free. Usually well worth the money.

A comparative market analysis by a realtor is of zero value in a court case.

Courts require reports / testimony from a trained, licensed specialist, a real estate appraiser.

[FlyingScot]

Originally Posted by MAXUM

If I had an agent that tried to pull a stunt like that - I'd first sever that relationship real fast. The is no point to even using an agent if they are playing both sides of the deal anyways, they are "supposed" to be a neutral party. So zero value add - unless they will take half the commission. Of course that defeats the purpose.

Worse than that--agents represent the seller except when explicitly contracted as buyer's agents. This includes the vast majority of agents who help buyers look for houses to buy.