|
Home | Forums | Gallery | Webcams | Blogs | YouTube Channel | Classifieds | Calendar | Register | FAQ | Donate | Members List | Today's Posts | Search |
|
Thread Tools | Display Modes |
11-01-2020, 04:21 PM | #1 |
Member
Join Date: Oct 2008
Posts: 32
Thanks: 10
Thanked 10 Times in 8 Posts
|
Hot Market ... Will Waterfront Values Drop?
The waterfront property market on Winnipesaukee is obviously very hot with lots of demand and little inventory. Some of that demand is fueled by Covid with many people looking to move to NH. At some point all hot markets cool off, but I was curious if there is any evidence of what tangibly happens in a market like this. Do waterfront values just not increase as fast? Stay flat? Or have there been instances when they actually decline significantly?
|
The Following User Says Thank You to Eagle54 For This Useful Post: | ||
Fastfury (11-30-2020) |
11-01-2020, 04:30 PM | #2 | |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,209
Thanked 1,007 Times in 648 Posts
|
Quote:
Back in 2007 after the mortgage crisis prices dropped significantly but that was nationwide not just exclusively waterfront. Sent from my iPhone using Winnipesaukee Forum mobile app |
|
11-01-2020, 04:55 PM | #3 |
Senior Member
Join Date: Aug 2015
Posts: 834
Thanks: 261
Thanked 262 Times in 160 Posts
|
I think prices may have peaked by September. Properties are now staying on the market longer, and some prices are even beginning to drop. It was a seller's market, but it slowly may start becoming a buyer's market as the inventory starts to rise.
Hopefully this won't be the beginning of the end of the current market. Last time this happened in 2007 turned into a long, ten year issue for all the financial markets (as well as the Real Estate Market). A healthy Real Estate Market will mean a regular "slow" increase in prices year after year. Prices increasing at 2% a month can't be healthy for the long term and can spread havoc thru out the economy. |
The Following User Says Thank You to TheTimeTraveler For This Useful Post: | ||
ApS (11-02-2020) |
11-01-2020, 06:05 PM | #4 |
Senior Member
Join Date: Oct 2019
Location: Ice in = CT / Ice out = Winnipesaukee
Posts: 449
Thanks: 120
Thanked 267 Times in 142 Posts
|
We're likely closing in on another mortgage crisis as the economic recovery won't happen fast enough to forestall a flood of foreclosures. With lots of foreclosures comes many homes on the market at discounted rates (at least compared to present ones).
|
The Following User Says Thank You to Winilyme For This Useful Post: | ||
MRD (11-02-2020) |
11-01-2020, 06:23 PM | #5 |
Senior Member
Join Date: Nov 2016
Location: Waltham Ma./Meredith NH
Posts: 3,793
Thanks: 2,006
Thanked 1,078 Times in 683 Posts
|
Property in the lakes region always slows this time of year and this year has seen a big run up in prices. I think people are just throwing properties out there right now to see if people will bite.
Prices are absolutely over inflated but from what I've seen, people are flush with cash and many sales are going through with cash offers so I don't see foreclosures being an issue. It will be an interesting spring market. I'm just happy I can sit back and watch. I think the only thing that will negatively affect the real estate market would be a recession. |
Sponsored Links |
|
11-02-2020, 05:45 AM | #6 |
Senior Member
Join Date: Jan 2006
Posts: 6,459
Thanks: 724
Thanked 1,394 Times in 967 Posts
|
I will predict right now that it will depend on the results of the election. It can be another 08-09 or it can be a boom.
|
11-02-2020, 06:35 AM | #7 | |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,209
Thanked 1,007 Times in 648 Posts
|
Quote:
Sent from my iPhone using Winnipesaukee Forum mobile app |
|
The Following 2 Users Say Thank You to joey2665 For This Useful Post: | ||
TheTimeTraveler (11-02-2020), tis (11-02-2020) |
11-02-2020, 07:27 AM | #8 | |
Senior Member
Join Date: Jun 2014
Posts: 660
Thanks: 196
Thanked 222 Times in 143 Posts
|
Quote:
House just went up next to me that was delisted for legal reasons and just relisted. It was listed for $1.25 million. They had 14 viewings the first day the first time around. I suspect it would have sold for $1.35 million -ish. We’ll see what happens this time. I saw several drive by yesterday. It’s a decent property. One house up in Hebron 3 season cottage. With HOLDING TANK. No way to have septic. Listed for $2.0 million. Way way over priced. They sold it for $1.7 million. That was like 4 weeks ago. It’s a very nice location with water on 3 sides and good sun exposure. Prices might be lower because people are asking for way more. I use % of town appraisal vs actual sold price as a gauge. Lots of stuff has consistently SOLD (not asking) for around 60% over appraisal. I use 2019 appraisals because some towns have recently applied the “COVID” markup. |
|
11-02-2020, 08:27 AM | #9 |
Senior Member
Join Date: Nov 2016
Location: Waltham Ma./Meredith NH
Posts: 3,793
Thanks: 2,006
Thanked 1,078 Times in 683 Posts
|
There is pent up demand for real estate. Young people have been renting in the big cities and sitting on the sidelines. They were enjoying their single city life until Covid hit.
After 7 months of sitting in their 600 sq ft apartments with nothing to do they are on the move out and their wealthy parents are helping out with the costs. Now that the can work remotely they can live anywhere. The biggest problem is many of their parents are reluctant to move and new building has slowed, the result is a shortage of properties for sale. I think what you're seeing now is the homes that are being listed are way over priced because these people are not really motivated to sell unless they can score an enormous profit. Obviously historically low interest rates help. Many baby boomers are taking advantage of these low rates and a run up in property values to refinance their homes and help their kids buy homes. My brother inlaw just did this and bought a home for his daughter in cash. |
11-02-2020, 11:43 AM | #10 |
Senior Member
Join Date: Apr 2004
Location: Kuna ID
Posts: 2,755
Thanks: 246
Thanked 1,942 Times in 802 Posts
|
Not that there is EVER a good reason to tap the equity in one's house, but now especially is playing financial suicide in order to float more debt on historically low interest rates.
Have no sympathy for people that do this kind of stuff and find themselves later on down the line financially ruined as a result. It's not a matter of if - but when. |
11-02-2020, 12:23 PM | #11 | |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,209
Thanked 1,007 Times in 648 Posts
|
Quote:
Sent from my iPhone using Winnipesaukee Forum mobile app |
|
11-02-2020, 02:20 PM | #12 | |
Senior Member
Join Date: Apr 2004
Location: Kuna ID
Posts: 2,755
Thanks: 246
Thanked 1,942 Times in 802 Posts
|
Quote:
Low interest rates and the very accommodating Fed can't be sustained forever. Fed is out of options so anything they do will put pressure on interest rates and thus the entire credit market. Housing prices will have to fall as the glut of cheap credit will dry up and many will be financially wrecked as a result. For the monthly payment culture debt becomes far more expensive, all that debt being carried becomes worth more than face value, their borrowing (aka buying) power shrinks and the entire house of cards starts to come down. Those leveraged the most are the first casualties. Roll the dice if you wish, no freaking way I would at this point in time. I don't think it will matter who wins the election the day of reckoning is coming and there is no avoiding that. The only difference will be how bad it will be. I think it will be very difficult to grow out of this and anyone that thinks we can tax our way out of it just needs to go back and take basic economics for dummies. The virus is a non issue - at this point it is pure politics. Shall be interesting! |
|
11-02-2020, 02:43 PM | #13 | |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,209
Thanked 1,007 Times in 648 Posts
|
Quote:
We certainly are reading the tea leaves differently. The fed already stated rates will hold where they are for the forceable future. If there is another shutdown from the virus the market will be crushed especially in urban markets. Sent from my iPhone using Winnipesaukee Forum mobile app |
|
11-02-2020, 03:00 PM | #14 | |
Senior Member
Join Date: Apr 2004
Location: Kuna ID
Posts: 2,755
Thanks: 246
Thanked 1,942 Times in 802 Posts
|
Quote:
One thing I would not be doing however is taking any equity and turning it into debt. Refinancing yes, piling on, hell no! |
|
The Following User Says Thank You to MAXUM For This Useful Post: | ||
Wentworth06 (11-02-2020) |
11-02-2020, 03:12 PM | #15 | |
Senior Member
Join Date: Jul 2014
Posts: 5,988
Thanks: 1,154
Thanked 1,971 Times in 1,219 Posts
|
Quote:
Sent from my SM-G950U using Winnipesaukee Forum mobile app |
|
11-02-2020, 03:54 PM | #16 | |
Senior Member
Join Date: Mar 2006
Location: Merrimack and Welch Island
Posts: 4,094
Thanks: 1,240
Thanked 1,538 Times in 996 Posts
|
debt management
Quote:
|
|
11-02-2020, 04:13 PM | #17 | |
Senior Member
Join Date: Jun 2016
Location: Tuftonboro and Sudbury, MA
Posts: 2,238
Thanks: 1,136
Thanked 943 Times in 585 Posts
|
Quote:
|
|
11-02-2020, 04:15 PM | #18 |
Senior Member
Join Date: Nov 2016
Location: Waltham Ma./Meredith NH
Posts: 3,793
Thanks: 2,006
Thanked 1,078 Times in 683 Posts
|
When there's blood in the water the sharks will be circling.
That blood won't be mine! I'm finally debt free and want to stay that way. |
11-03-2020, 07:33 AM | #19 | |
Senior Member
Join Date: Nov 2016
Location: Waltham Ma./Meredith NH
Posts: 3,793
Thanks: 2,006
Thanked 1,078 Times in 683 Posts
|
Quote:
|
|
The Following User Says Thank You to Biggd For This Useful Post: | ||
KPW (11-04-2020) |
11-03-2020, 09:14 PM | #20 |
Senior Member
Join Date: Aug 2017
Posts: 204
Thanks: 8
Thanked 82 Times in 47 Posts
|
For what its worth, I am in the construction industry with a Fortune 500 company that is not worried about the economy tanking or which way the election goes. I had to redo my budget for 2021 three times because I was being told I was not forecasting in enough growth for them. Granted we play mostly in the industrial/commercial markets, residential and mixed use developments are a growing segment.
I don't have all the warm and fuzzies about what is to come, but there are people a lot smarter than me saying things are going to be great for a while so I guess I'll just take their word for it..... |
11-09-2020, 04:24 PM | #21 |
Senior Member
Join Date: Aug 2013
Location: Bedford, NH; Meredith, NH
Posts: 869
Thanks: 234
Thanked 769 Times in 303 Posts
|
Wow...
...got one of those "JUST SOLD" cards in the mail from a local realtor. A place on Waukewan for $260K ABOVE asking price.....
Great for the sellers, but that is just nuts... |
11-09-2020, 04:35 PM | #22 | |
Senior Member
Join Date: Nov 2016
Location: Waltham Ma./Meredith NH
Posts: 3,793
Thanks: 2,006
Thanked 1,078 Times in 683 Posts
|
What property was that? I'm on Waukewan and I'm always checking sales but I didn't see that one.
Quote:
|
|
11-09-2020, 04:46 PM | #23 |
Senior Member
Join Date: Aug 2013
Location: Bedford, NH; Meredith, NH
Posts: 869
Thanks: 234
Thanked 769 Times in 303 Posts
|
Card says, "28 Brookside Lane, Center Harbor"
|
11-09-2020, 04:48 PM | #24 |
Senior Member
Join Date: Mar 2006
Location: Merrimack and Welch Island
Posts: 4,094
Thanks: 1,240
Thanked 1,538 Times in 996 Posts
|
Where from?
I'm very curious where these buyers are from--That's a huge overbuy and would add considerably to the down payment if a mortgage is involved because of the loan to value ratio requirements Can 't see that somebody local would be in a rush to move, at least not a $200K rush. Of course, that buyer info isn't easily available in many cases.
|
11-09-2020, 07:41 PM | #25 | |
Senior Member
Join Date: Aug 2015
Posts: 834
Thanks: 261
Thanked 262 Times in 160 Posts
|
Quote:
|
|
11-09-2020, 08:43 PM | #26 |
Senior Member
Join Date: Oct 2019
Location: Ice in = CT / Ice out = Winnipesaukee
Posts: 449
Thanks: 120
Thanked 267 Times in 142 Posts
|
I certainly would question the expertise of a realtor that recommended pricing my home so far below what it ultimately sold for. I understand it's a crazy market and that any given realtor might miss the mark on the low side due to a level of uncertainty...but $260K worth of uncertainty?
|
The Following User Says Thank You to Winilyme For This Useful Post: | ||
tis (11-10-2020) |
11-09-2020, 09:23 PM | #27 | |
Senior Member
Join Date: Feb 2005
Location: Gilford, NH and Florida
Posts: 2,922
Thanks: 656
Thanked 2,166 Times in 908 Posts
|
Quote:
How do you know the value was low without seeing an appraisal? What difference does it make where the buyers are from? |
|
11-10-2020, 03:57 AM | #28 | |
Senior Member
Join Date: Jan 2005
Location: Florida (Sebring & Keys), Wolfeboro
Posts: 5,807
Thanks: 2,099
Thanked 749 Times in 536 Posts
|
Voter Demographics?
Quote:
2) Wealthy city apartment dwellers, facing a Governor's directive to move to a nursing home might jump at an "overbuy" to move here. |
|
11-10-2020, 07:15 AM | #29 | |
Senior Member
Join Date: Jun 2014
Posts: 660
Thanks: 196
Thanked 222 Times in 143 Posts
|
Quote:
|
|
The Following 3 Users Say Thank You to mswlogo For This Useful Post: | ||
11-11-2020, 02:49 PM | #30 | |
Senior Member
Join Date: Jul 2016
Posts: 510
Thanks: 234
Thanked 88 Times in 73 Posts
|
Quote:
https://www.coldwellbankerhomes.com/.../pid_37873814/ |
|
11-29-2020, 12:41 PM | #31 |
Senior Member
Join Date: Dec 2016
Posts: 1,920
Thanks: 198
Thanked 603 Times in 406 Posts
|
Just received my 2nd half tax bill from Laconia. Increase of $800 from first half. Evaluation raised 90k. Who should I thank or be angry with?
Sent from my iPhone using Winnipesaukee Forum mobile app |
11-29-2020, 12:54 PM | #32 | |
Senior Member
Join Date: Jan 2006
Posts: 6,459
Thanks: 724
Thanked 1,394 Times in 967 Posts
|
Quote:
|
|
11-29-2020, 01:02 PM | #33 | |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,209
Thanked 1,007 Times in 648 Posts
|
Quote:
Sent from my iPhone using Winnipesaukee Forum mobile app |
|
11-29-2020, 01:28 PM | #34 | |
Senior Member
Join Date: Nov 2016
Location: Waltham Ma./Meredith NH
Posts: 3,793
Thanks: 2,006
Thanked 1,078 Times in 683 Posts
|
Shoosh!
Quote:
|
|
11-29-2020, 01:46 PM | #35 | |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,209
Thanked 1,007 Times in 648 Posts
|
Quote:
Sent from my iPhone using Winnipesaukee Forum mobile app |
|
11-29-2020, 08:19 PM | #36 | |
Senior Member
Join Date: Dec 2006
Posts: 342
Thanks: 116
Thanked 42 Times in 39 Posts
|
Tax Bill
Quote:
Anyone have a notice yet? |
|
11-29-2020, 09:32 PM | #37 |
Senior Member
Join Date: Jul 2019
Location: The Weirs
Posts: 208
Thanks: 159
Thanked 65 Times in 48 Posts
|
Got ours from Laconia on Friday and it actually was $50 less than the last bill.
|
11-30-2020, 07:31 AM | #38 |
Senior Member
Join Date: Feb 2005
Location: Gilford, NH and Florida
Posts: 2,922
Thanks: 656
Thanked 2,166 Times in 908 Posts
|
Laconia and Gliford Taxes
Both Laconia and Gilford have new, lower tax rates.
https://www.laconiadailysun.com/news...nt=read%20more |
The Following User Says Thank You to TiltonBB For This Useful Post: | ||
joey2665 (11-30-2020) |
11-30-2020, 11:58 AM | #39 | |
Senior Member
Join Date: Jan 2006
Posts: 6,459
Thanks: 724
Thanked 1,394 Times in 967 Posts
|
Quote:
That's almost always what happens. But over the next few years watch it creep up again. |
|
Bookmarks |
|
|