January 2012 Lakes Region Waterfront Sales Report
As I reported last month, waterfront sales on Winnipesaukee were up for the year from 96 units in 2010 to 107 in 2011 for a solid 11.5% increase. Will 2012 be another big year for waterfront sales in the Lakes Region? We certainly hope so! Well, January of 2012 started out with five waterfront sales on the big lake which was the same as January of last year. The average sales price came in at $1.118 million which was just under the $1.17 posted last January.
The least expensive home that sold on the lake technically wasn’t really on the lake but on the Merrymeeting River at 7 Baker Road in Alton. I guess we’ll count it as you do have access to Winni from there and you’ve got a dock! This property is a small 462 square foot, two room seasonal cottage built in 1960 and it has only had one owner!. Hey, it has got a bathroom, screened porch, wood burning stove, and a garage, what else do you need? We are talking about affordable lake access here! The home sits on a .75 acre lot with 50 feet of frontage. The place has been well maintained and was a great way for the new owners to get onto the lake for short money. This property was listed at $189,900 and sold for $165,000 after 63 days on the market. It is currently assessed for $211,500.
The home at 282 Edgewater Drive in Gilford also found a new owner even though it was listed for about ten times as much as the little get-a-way in Alton . There’s no doubt it’s a lot nicer, but sometimes you wonder who might have more fun? Anyway, this Governor’s Island ranch style home was built in 1996 and has 3,339 square feet of beautiful living space. There are three bedrooms, three baths, a gourmet kitchen with granite countertops, a family room with cathedral ceilings, nice hardwood floors, natural woodwork, and a bright open floor plan. This easy living home sits on a level .91 acre lot with 150 feet of frontage, a perched beach, dock, and offers great sunset views. This home was first listed in October of 2008 at $2.4 million and then again in June, 2011 for $1.999 million. It found a buyer after a total of 1,229 days on the market for $1.515 million. The current Gilford tax assessment was listed at $1.531 million but was reduced to $1.299 million this year. This is a pretty nice home! I think I could get used to it and have some fun here, too…
The largest sale for the month was just down the street at 312 Edgewater Drive. This rather small and modest contemporary home has fifteen rooms, five bedrooms, seven baths with 10,336 square of living space. Its features include a grand entry, a palatial feeling living room, and a gourmet kitchen with granite counters and stainless steel appliances. It also has a lower level pub and game room (where I might feel more comfortable), gym, and a five car garage . The home sits on a gated .88 acre lot with 155 feet of frontage, a waterside deck, and covered docking for three boats. I think the story of this home is more about how long it took to sell than anything else. I won’t try to figure out the number of days on the market because my calculator doesn’t go that high. Suffice it to say it was first listed in 2004 at $4.995 million for a relatively short 140 days but was brought back on before the end of the year at $5.5 million. I guess sometimes you try to go up before you go down? It was on the market pretty much continually since then at $4.95, $3.99 million, and finally at $2.95 million in October of 2010 . It finally found a buyer for $2.5 million. The current Gilford tax assessed value is now $2.464 million. So, it took seven years and a $2.8 million reduction in price to attract a buyer for this home. That’s a long time, a lot of work, and not much fun. Maybe this seller bought that first house down in Alton? Probably not…
There was just one sale on Winnisquam last month equaling the one sale last January. This home is located at 628 Shore Drive in Laconia. It is a 4,218 square foot, three bed, four bath contemporary ranch style home. The home sits on a very private 1.2 acre level lot with natural landscaping with 154 feet of frontage and a “U” shaped dock. There’s also a gazebo to sit and watch the fabulous sunsets from this side of the lake. The home features a spacious living area with cathedral ceilings, hardwood floors, formal dining area, entertainment room, and a full finished basement. Large windows provide great views of the back yard and lake. This home was listed in February of 2011 at $949,000, relisted in August at $749,000, and found a buyer at $705,000 after a total 270 days on the market. The current tax assessment is $771,800.
There was also just one sale on Squam in January and that was at 4 Sunset Lane in Holderness. This beautiful, year round lake home has 1,784 feet of living space, three bedrooms, one bath. exposed posts and beams, red birch flooring with radiant in-floor heat, custom cherry kitchen, and finished loft area. The home sits on a .63 acre lot with 97 feet of frontage and a dock on Little Squam. It has a great location in that you can walk to town for dinner at Walter’s Basin or to pick up the mail. This property was listed in 2010 at $825,000, re-listed in 2011 at $749,000, and sold for $680,000. The current Holderness assessment on the property is $549,270. This is a great property and I’m sure the new owners are thrilled.
Right now there are over 180 properties for sale on Winnipesaukee ranging from mid-$200,000 range for island properties to the millions. It is a great time to take advantage of the large inventory. low prices, and great interest rates. Investing in Lakes Region waterfront properties is probably a lot safer now than stocks and is a lot more fun, too!