Amazing island values

[Biggd]

Originally Posted by Juiced06GTO

My dream of owning an island place has died too......

A few on Cow went up today, but they are so over priced for what you are getting I can't believe it. There was also one on the mainland in Alton that went up today, 699k for 600sq ft and 43ft of waterfront.....

I fear that our time with the family place down on Upper Suncook is coming to an end soon as well. Too many family members wrapped up in the trust, taxes just doubled to about 14K/year, and the family is talking about trying to extract every penny out of it if we decide to sell as a trust and I can't afford the almost $800k it would be to buy them out

Sad times....I may be a one week renter in the lakes region from here on out shortly...

Never say never. We've had a long expansion, we are overdue for a recession.
Everything contracts during a recession. You just have to be in a financial position to jump in. I'm 70, been through quite a few!

[John Mercier]

Originally Posted by Biggd

Never say never. We've had a long expansion, we are overdue for a recession.
Everything contracts during a recession. You just have to be in a financial position to jump in. I'm 70, been through quite a few!

I don't know.
If the FED lowers interest rates that should put at least some support under the prices.

And the last tax reevaluation for Meredith didn't show waterfront or island homes rising in value as much as other property designations.

[Biggd]

Originally Posted by John Mercier

I don't know.
If the FED lowers interest rates that should put at least some support under the prices.

And the last tax reevaluation for Meredith didn't show waterfront or island homes rising in value as much as other property designations.

Not saying it will happen soon, but it will happen. It always does!
Let's hope the Fed hasn't waited too long. Once that ball starts rolling downhill it picks up speed quickly.
I don't need any more property at my age but if I was younger and a buyer, I would wait it out, JMO.
50 years of buying and selling real estate, I only lost money once because I bought at the top of the market.

[codeman671]

Demand is still high. I keep a close eye on the island market as I tend to wheel and deal a bit- always looking. A few that just popped on are already under agreement. Overpriced? Not if people are paying it and they are going under that quickly.

[Biggd]

Originally Posted by codeman671

Demand is still high. I keep a close eye on the island market as I tend to wheel and deal a bit- always looking. A few that just popped on are already under agreement. Overpriced? Not if people are paying it and they are going under that quickly.

All of New England is still pretty strong but it's getting soft around the rest of the country. We just may be the last domino to fall.

[DRH]

Originally Posted by John Mercier

I don't know.
If the FED lowers interest rates that should put at least some support under the prices.

And the last tax reevaluation for Meredith didn't show waterfront or island homes rising in value as much as other property designations.

The Fed only influences the overnight Fed Funds target rate, not long term (i.e. mortgage) rates. When the Fed begins lowering the short-term Fed Funds target rate (currently at 5.25% - 5.50%), it will likely take some time for long term rates to adjust downward. Historically mortgage rates have been influenced mostly by the 10-yr Treasury bond yield which is currently at 3.76%, significantly lower than the target Fed Funds rate. So it may take a while for mortgage rates to come down significantly. Not a prediction, just an observation of the historical relationship between mortgage rates and bond market rates.

[John Mercier]

It can change investment outcomes that induce the ''wealth effect''.

[ApS]

Originally Posted by Biggd

Never say never. We've had a long expansion, we are overdue for a recession.
Everything contracts during a recession. You just have to be in a financial position to jump in. I'm 70, been through quite a few!

While not an island property, here's a message...

The family scrounged-up $200K in 1994. Yesterday, I was told this lakefront "acre of dirt" could fetch $5M...!



OTOH, a friend's widow sold her three lakefront lots for much less, upon assurance that the buyer/contractor would refurbish the 1949-built family camp.

[Biggd]

Originally Posted by John Mercier

It can change investment outcomes that induce the ''wealth effect''.

As does, the market crashing.
Let's hope the Fed isn't too late!

[Juiced06GTO]

Originally Posted by Biggd

Never say never. We've had a long expansion, we are overdue for a recession.
Everything contracts during a recession. You just have to be in a financial position to jump in. I'm 70, been through quite a few!

Unfortunately my timing stinks haha! We had 3 kids in daycare running us 4k a month back pre Covid, that would have been a decent chunk towards a mainland property back then! My guess is I’ll have three in college at the same time when the market is prime for buying next time haha!

I guess they do have loans for them though…..and they’d really enjoy a lake house