No Powa – The Lakes Region Real Estate Market Report
No Powa – The Lakes Region Real Estate Report – November 2017
What to do when the “powa” goes out…The dedicated members of the Lakes Region Professional Porch Sitters Chapter 603 are truly a tough group. Neither snow nor rain nor heat nor gloom of night stays these members from swiftly setting in their appointed rockers. And so, the historic rain and wind event last week did little to deter the gathering of this prestigious body on the porch of a new member, Mike “The Spence” Spencer. The only exception was Johnnie “Leadbelly” Goode who had a tree fall across his driveway and the hood of his Explorer that had to be removed before he could come. He was not happy…
Other members in attendance included myself and other regulars; Dewie Cheatum, Dirk Davenport, and Little Stevie Prestone. Rollie Rollins and Travis D. Coletrain also turned up for the meeting and were quite amazed at the fact there was no paperwork involved in joining our group. “This ain’t like real estate! No Dues, no paperwork!” Travis said. We all had to take a few detours along the way due to downed power lines and trees in the road. But the mail must go through, so to speak. “The Powa,” as they say in “Gilmington” and “Sanbinton” was out everywhere (the locals know that Gilmanton and Sanbornton are incorrect pronunciations.) Thus, we were all a little amazed when we reached Spence’s house to find all the lights on and the TV tuned into a rerun of “Fixer Upper.”
It turns out that “Spence” owns NuWave Electric in Laconia which coincidentally is in the same space that the NuWave Skate Board store was in at the light at McIntyre Circle next to Jon’s Roast Beef. The name was purely coincidental. I don’t believe Spence has ever been on a skate board at least not for the past thirty or forty years that is. But he has been hooking wires together since 1985 so he rarely gets them crossed up now. NuWave Electric provides all the standard services any electrical contractor would provide but a big part of their business is selling and installing generators…hence he has plenty of juice at his house when the power goes out.
Leadbelly asked “The Spence” if he was busy during the storm and he said they had sold every generator they had in stock and received three more truck loads which also went right out the door! He said they had buyers standing in his store cautiously guarding the generator they had chosen while their spouse went to get the money to pay for it. Kind of like people fighting over the newest electronic gadget on Black Friday. The lack of “powa” can drive people right to the brink. Gotta keep the food cold, the TV on, and the sump pump running.
Rollie asked, “So what’s one of these things going to set me back and which one should I buy? I don’t know what size to get!” Spence said, “Well, the cost depends on the size which is dictated by whether you want to handle the entire house or just the main circuits like the refrigerator, stove, furnace and well pump. A portable Kohler 7,500 to 8,000-watt generator, manual transfer switch, and outside box to hook it to you are looking around $2,800 to $4,000 installed. Kohler is our number one seller, but we have Generac, Briggs and Stratton, and Winco as options as well.”
“What about these whole house automatic units that run on propane?” Dirk asks. Spence replies, “Those will run you $6,000 or so to cover the basic essential, around $8,000 for a medium size house, and my $10-12K for a lakefront mansion. It all depends on the size.” Travis piped in, “You know, as a real estate agent, I see a whole house generator as a big asset when you are selling a second home. Home owners that are away for most of the winter want to know that their home is protected from freeze ups and water damage that can cost many, many times more than the price of a generator!”
Dewie (who is a bit of a penny pincher) says, “Well, I probably can get one at one of the big box stores a lot cheaper!” Spence replies, “At Nu-Wave we are a one stop shop and you get the benefit of personalized service. We come out and look at the property and make sure you get the right generator and set-up. We are master electricians, so you know the job is done right and we can handle everything from the electrical components, to excavation for a pad placement, running propane lines, and landscaping the area afterward. And, unlike the box stores, we back up our installations with service after the sale!” “That’s right, Dewie!” Little Stevie says, “Remember that chain saw from the big box store you bought that you had to take all the way to Concord to get fixed?”
Spence says, “My best advice to any homeowner is; Don’t wait for the powa to out to go generator shopping…buy it before it goes out! Winter is coming and it is a lot worse to lose your powa when it is ten below outside!”
There were 704 homes for sale in the eleven Belknap communities (plus Moultonborough) as of November 1, 2017. The average asking price was $698,520 and the more meaningful median price point was $329,949. The current inventory level represents a little over a six-month supply on the market. According to the MLS system, 47 of these homes have a generator. Given the recent powa outage, do you think maybe these homes will sell the fastest?
Data compiled using the NEREN MLS system.