October Bargains in the Lakes Region of NH
I was looking through an MLS spreadsheet to see what might be out there for bargains when I ran across an unusual listing in Center Harbor that had an assessed value of $713,300 and a list price of just $299,900. I thought to myself that this might be a steal on a waterfront until I saw the address listed as 41 Kelsea Ave. While Kelsea Ave may be close to the bay, if it were to become waterfront we would likely be praying for the rain to stop. It just so happens that this property would be the perfect place to do that because it is a church! So if you are looking for a truly unique residence at a great price, this might be it!
The property at 41 Kelsea Avenue consists of a quintessential white Catholic Church built in 1907 and an attached two bedroom, custom built home built in 2004. The 63′ x 34′ church hall features beautiful stained glass and woodwork while the home features a top-of-the line kitchen with Viking appliances, custom cabinetry, stone fireplaces, walnut flooring, and a sunroom that contains a 12′ x 7′ lap pool. There is a total of 5,600′ of heavenly living space. The property is zoned residential/commercial so what would you run for a business here? I’m thinking of establishing a church for those who have faith in real estate. There must be a tax deduction in there somewhere.
This property is not new to the market and was listed by the previous owner for $917,000 back in March of 2010 and it was listed several more times and found no buyers even when reduced down to $695,000. It is now owned by the friendly Bank of America who could no longer wait for a miracle on earth and foreclosed on the property thus it is now offered at a mere 42% of the tax assessment.
Another property that appears to be a potentially good deal is at 869 Province Road in Gilmanton. This 1,286 square foot, open concept cape was built in 1994 and while it has just one bedroom and one and a half baths it has an unfinished second floor that’s ready for sheet rock. The home features a large eat-in kitchen, master suite, a great four-season sunroom with cathedral ceilings and a gas stove, and a two car garage. The house sits on a 6 acre country lot. The home is on the market for $175,000 which is 80% of the tax assessed value of $219,800. This is a short sale so third party approval is required.
Another property worth a look is at 26 Mountain Vista Drive in New Hampton. This is a three bedroom, three bath, contemporary home with 2,464 square feet of living space that was built in 1986 on a 2.86 acre lot. This home is just minutes to downtown Meredith and features an open floor plan, lots of light, beamed ceilings, a master suite, fireplace, three decks, and some great mountain views. This home is also a short sale and is on the market for $189,900 or 70% of the tax assessed value of $270,700. Might just be worth a look?
Finally, if you are looking for a waterfront cottage on a great little lake, check out the property at 98 Upper Suncook Lane in Barnstead. This 40’s vintage, two bedroom, seasonal cottage has 1,000 square feet of space and sits just steps to the water. It sits on a .19 lot with 85′ of frontage that affords beautiful views of the lake and gorgeous sunsets. This property is offered at $199,000 or 62% of the tax assessed value of $318,900. Don’t wait until next spring, it will be gone…