Hey! There were fourteengwaterfront sales on Winnipesaukee in March! That’s a pretty good month in my book. The average sales price came in at $797,086 and there were three sales over the million dollar mark. Last March there were just six sales at an average price of $986,667. For the first quarter of 2011 there have been twenty six sales on the lake at an average of $807,469 compared to seventeen sales at an average of $857,471 for the same period last year. That’s a 52% increase in total sales and a great start to the new year! 

The least expensive home sold on the lake last month was at 24 Notla Lane in Alton. This 1950’s cottage looks like a place where you can really kick back and relax. It has 2,014 square feet of living space with three bedrooms, two baths, a living room with the requisite stone fireplace, lots of windows, and is finished in knotty pine paneling for that lake feel. The third acre lot has 100’ of waterfront and a great little boat house with a deck up top to watch the sunsets from. Pretty cool. This home was listed at $549,000 and was only on the market for 34 days before being snapped up at $497,500 by a happy buyer. The property is assessed by the town at $481,500.

Over in Moultonborough at 7 Blackey Cove there is a beautiful 5,000 square foot contemporary home that also has a happy new owner. This home has a bright open concept floor plan with a wonderful great room with cathedral ceilings, pine flooring, floor to ceiling stone fireplace, and fifteen sets of French doors that open to the large deck with beautiful westerly views on Blackey Cove. The kitchen/dining area has wood ceilings, granite countertops, a continuation of the pine flooring, and lake views as well. There is a first floor master suite, three guest bedrooms upstairs plus a large game room over the attached garage. The walk out lower level has a family room, den, and three “additional” rooms. I wonder what goes on in there? This home sits on a level .7 acre lot with 100’ of shore front, sandy beach, dock, and great westerly sunset views. This property was originally listed at $1.499 million, reduced to $1.499 million, and sold for $1.14 million after 190 days on the market. The tax assessed value is $1,343,100.

The largest sale of the month was also in Moultonborough at 39 Gregson Lane which is also on Blackey Cove. This 3,000 square foot Adirondack was just completed and has the sought after open concept floor plan with the large great room with cathedral ceiling, stone fireplaces, lots of natural woodwork, and a first floor master. There’s an office and a bedroom on the second level and a family room and exercise room in the lower level walkout. The house is listed as a two bedroom home because the size of the lot constrains it to a two bedroom septic, although it says that a three bedroom septic was installed. Confused? Me, too. But I bet the buyer wasn’t. Anyway, this home was originally listed at $1.65 million, was reduced to $1.595, and sold for $1.45 million. The tax assessed value is listed at $985,000 because the home was under construction. It won’t stay at that number long…

There were no sales on either Winnisquam or Squam in March which is kind of unusual, but things have been slow on both lakes. In fact there has only been one sale on each lake so far this year. I think we gotta start using better bait…

The residential home inventory in the twelve Lakes Region towns in this report jumped up again from 994 properties on the market last month to 1080 as of April 1. That total is also up from 1018 last April 1st. The average price for homes on the market stands at $515,577. Remember, that’s just the average asking price. With the average selling price in February at just $209,000, you can kind of tell what is selling…

I saw a movie on the Netflix steaming service which may be the earliest and best movie about real estate. It should be required viewing for anyone contemplating getting their real estate license. This early silent movie was filmed in 1921 in Germany and was set in the fictitious city of Wisborg where a real estate broker named Knock had his firm. He was marketing property in the nearby sate of Transylvania to get buyers. Since Al Gore hadn’t invented the internet, he was using the Transylvania Sun to reach prospective new clients in this remote area. You can probably guess where this is leading…

Anyway, Knock gets a letter from a buyer named Count Orlock who wants to buy a home in Wisborg. Knock gets one of his rookie agents, a handsome guy named Hutter who desperately needs a sale, to go to Transylvania to seal the deal on a run-down split level house which happens to be directly across the street from his own home. Hutter travels by boat to Transylvania and then by carriage into the mountains to meet the buyer at his castle. Why a guy in a castle wants a split level in Wisborg will become clear later.

On his journey, he stops at an inn to eat and rest. He had left his Kindle at home but happens to find a book in his room to read himself to sleep. Unfortunately, it was a book on vampires so the sleeping part didn’t go so well. The next morning he takes the carriage further into the mountains. But the drivers refused to go anywhere near the Count’s castle so he has to walk the final few miles. He is furious that there are no Dunkin Donuts shops anywhere along the way. When he finally arrives at the castle the Count greets him outside. He seems nice enough but he is one of the creepiest, ugliest little dudes you have ever met. He was very gaunt looking and had a big bald head, huge ears, piercing eyes, gnarly teeth, and fingers about a foot long. But Hutter is a determined agent (i.e. starving.) He shows the Count the MLS listing info and after a wonderful dinner the Count signs on the dotted line to buy the property.

Hutter retires to his room for the evening. In the middle of the night the Count appears in his room and scares the daylights out of him. This scene is probably as spooky as anything you’ll see in any movie anywhere! Really. The next morning he awakes with what appear to be a couple huge mosquito bites on his neck. Hmmm… He leaves his room to talk to his new client but can’t find the Count anywhere. He finally goes down to the basement and finds the count lying dormant in a coffin. He realizes this guy is a vampire. Being a new agent, this scares him as he has never had a buyer that bites. He’ll learn to get used to that after a while.

Now he’s really scared and hides in his room. Later that evening he looks out the window and sees the Count loading coffins onto a TUPS wagon (that’s Transylvania United Parcel Service—that’s where UPS got started). The count climbs into the last coffin and ships himself to Wisborg via a TUPS schooner. Hutter finds he is locked in the castle but climbs out a three story window on a ripped up Garnet Hill sheet and makes his way home by horseback. He arrives home at the same time as the Count’s ship enters port. Everyone on the ship has disappeared except the captain who is dead but tied to the wheel (unlike that Italian ship captain who tipped his ship over.) The count sneaks of the ship with his coffin and moves into the split level across from Hutter. The harbor master arrives to inspect the ship and chalks up the carnage to the plague.

Hutter gets to his house and tells his beautiful wife, Ellen, what has been going on. After reading the book on vampires that Hutter stole from the inn, she realizes they’re in deep trouble. The book says that the only way to kill a vampire is for a beautiful woman who is pure of heart to distract the vampire until the sun comes up and the sunlight will kill him. She can see the Count eyeballing her from across the street. She realizes that she has been chosen and sure enough Count Orlock comes to her room in the moonlight. Hutter was apparently so tired from trying to make a living he never wakes up until it is too late. Count Orlock is so taken by Ellen, he keeps munching on her neck until the sun comes through the widows and he goes up in a cloud of smoke.

The moral of the story here is that if you market real estate in a neighboring state and you get a buyer, be careful not to sell them a house across the street as they might suck as a neighbor. Seriously, the movie is called “Nosferatu” and is an unauthorized adaptation of Bram Stoker’s Dracula. While lacking the Spielberg special effects, it is considered to be one of the best vampire movies of all time and worth watching if you are a horror film fan or a budding real estate agent.

29 Prides Point Lane, Laconia NH

MLS #4144787

Offered at $659,00

Listed By Roy Sanborn

Have you been looking for vacation or primary home in the Lakes Region of NH? Well you should check out this great home in at 29 Prides Point Lane the prestigious gated community of Long Bay in Laconia NH!

This meticulously maintained, like-new, contemporary cape has fantastic views of Lake Winnipesaukee and is located just a short walk from Long Bay’s beautiful pool, tennis courts, and fabulous beaches!

This one owner home has a bright, open floor plan complemented by upgrades like granite counter tops, soaring cathedral ceilings, cherry cabinetry, and Brazilian cherry flooring throughout the living areas.

The well appointed kitchen flows nicely into the dining room and great room making this a perfect home for entertaining. The great room and lower level family room have gas fireplaces and views of the lake. The first floor master features a tiled bath with Jacuzzi tub and shower. There’s a nice three seasons enclosed porch finished in bead board and a large covered deck for barbequing. You will undoubtedly find yourself sitting here enjoing a meal or just watching the boats go by.

Come and enjoy all of Long Bay’s fabulous amenities from this wonderful low maintenance home!

There were 59 single family homes sold in February in the twelve towns covered by this Lakes Region real estate report. The average sales price came in at $209,025 with 72% of the sales coming in under the $200,000 mark. That’s an 18% increase over the 50 sales last February although the average sales price took a slight drop from the $216,025 amount posted last year. For the first two months of 2012 the total number of sales in these towns are up 22%. Not a bad way to start the year off!

I watched some of the Jeff Foxworthy, Larry the Cable guy, and Bill Engvall’s HBO comedy special the other night. It was called “Them Idiots, Whirled Tour. ” Jeff Foxworthy is well known for his “You might be a redneck if…” jokes. These guys are extremely funny. Maybe not to the Madison Avenue crowd, but to “blue collar” folks that make up a lot of this country. Anyway, it confirmed my opinion that even in this part of the “whirled,” the Lakes Region that is, there are plenty of rednecks. I consider myself at least part redneck and I’m proud of it. But as a REALTOR® I am keenly aware that sometimes redneck habits and housekeeping can be a bit of a deterrent when it comes to selling a home. But sometimes not…

Here are some key indicators to help you determine if you are a redneck homeowner and some recommended corrective measures if you are trying to sell your home. You might be a redneck home owner if: You have two snow machines in your front yard…and it is July. Definitely remove them. If you have three cars in the driveway and two of them are on blocks. Remove the disabled ones or put the wheels back on. If you have a tree that has grown up through the camper trailer in the yard please remove the tree and the camper. If there is more crap in your yard than in your house please go to the dump. The crap in your yard is not going to sell and neither is your house while it is there.

You might be a redneck home owner if you have more than one blue tarp covering articles of questionable value in your yard. Blue might be a nice color, but remove the tarps and the junk underneath them. If the blue tarp is covering your roof because it leaks call Lakes Region Roofing and you will increase your odds of selling by 100%. If your home still has Tyvek showing on one or more sides, finish the siding on your home! While rednecks consider Tyvek a low maintenance siding, most other buyers don’t. If you used old license plates to side a part of your home or the garage, remove them.

If you still have one of those six foot wire mesh satellite dishes in your yard you might be a redneck homeowner or at the very least technologically obsolete. Remove it. The same goes for the three antennas on the roof. If your grass is taller than your dog, cut it. Get rid of the six foot tall “burn pile” in the back yard. I know you wanted to wait until the 4th of July, but you can’t.

The inside of your castle is also important. If you have more than three dead animals on the wall it could be an issue. It could offend some, but you don’t necessarily have to remove them. This is NH after all. If duct tape is the main tool in your arsenal to repair things inside the home you have a problem. Call, or use your CB radio to call, a professional and get things fixed correctly. If the only light bulb in your basement is the one at the end of a twenty foot long, frayed extension cord near the back of the room, no one is going down there and no one is going to buy the place. Varnished plywood is not an acceptable flooring alternative.

Now there are places in this “whirled” where redneck homes are totally acceptable; in neighborhoods of redneck homes that is. I call them “pockets of redneck lifestyle.” Redneck homes are often bought by other rednecks without a second thought. But it can still be tough to sell a redneck home, especially if you are the only one in the neighborhood. If you feel that you could be a the lone redneck homeowner in your neighborhood, take a step out your front door and look both left and right. If there are no cars on blocks or snow machines on the front lawns of your neighbors and you have one or both you are definitely the Lone Ranger here. This might also explain why your neighbors have never talked to you…

Post written by George Hurt, MSL - Realtor & Broker Associate at Roche Realty Group, Inc.

office: (603) 279-7046

cell: (603) 620-1732

gfhurt@gmail.com

Recently, the real estate market has been making headlines in most news reports as either a product of continued mortgage foreclosures, or people seeking re-financing to save their homes. Then there are others willing to invest in the Real Estate Market at reduced financing rates.  My fellow Real Estate Broker Roy Sanborn, markets an informal but important Real Estate newsletter published in the local newspaper of how certain trends such as price and locations influence the real estate market.  To his credit, Roy’s humor and comparative analysis of how everyday living makes for an interesting read and in my opinion, is the gist of what motivates buyers and sellers in this market.   Moreover, as many of us in the business of selling real estate know, the daily vicissitudes and the nation’s economy dictate how buyers and sellers of real estate react to such trends.

A real estate transaction accomplishes several things when a willing buyer and willing seller agree to terms within the Purchase and Sales Agreement.  Or as we say in law: Inter-Alia, (as in among other things) a meeting of the minds in contract law, also commonly known as “An offer and Acceptance”.  The contract between the parties establishes the price and the terms of the sale along with the framework of when and where the transfer of the said property will take place.

In most instances when the property is transferred from one party to another, the buyer seeks to protect his/her investment with an insurance policy.   Thus, in real estate transactions that involve new or existing residential buildings, it is imperative that the buyer secure insurance.  There is a generic term used in the insurance business called “replacement cost insurance”.   This will be the cost of replacing the dwelling due to a fire, wind, or some other peril that is covered within the insurance policy.   The antiquated term of insuring the property to “80 or 90 %” of replacement cost is no longer required or used.   Furthermore, most, if not all insurance companies now require full-100%-replacement cost of the structure. This means—in short terms—what it would cost to re-build the structure if it were totally or partially destroyed.   It is important to realize, insurance companies will have within the insurance contract a term known as “inflation guard”—or some similar term—that refers to a percentage the company will automatically use to increase the value of the building.  Again, if the policy stipulates that the annual “inflation guard” percentage to be 4%, the company will automatically increase the dwelling amount to reflect a 4% increase on each renewal date the policy is in force.   This is a good thing because it removes the need for the homeowner to re-calculate what it would cost to replace the dwelling if indeed there was a full or even a partial loss. Keep in mind this reflects only the building value. A homeowner’s policy is a package insurance contract that provides additional coverages on personal property, contents, and other enhancements such as additional living expenses and personal liability protection. There is however, a caveat to all of this, and that is, the homeowner must be aware of the settlement conditions of the insurance policy.  Should there be a loss, is the insurance value on the dwelling adequate to re-build and remove all of the existing debris due to the loss?

The real estate brokers at Roche Realty Group including yours truly are professional real estate people who consistently strive to improve our skills in the betterment of providing a superior service to our customers and we always look forward to talking or meeting with prospective clients.  For those who are not familiar with me, George Hurt, here is a brief bio. I have been a Lakes Region Resident since child hood and attended local schools with the exception of college and graduate school.    Prior to placing my real estate license with Roche Realty Group, I owned and managed a multi-million dollar insurance agency in Laconia, New Hampshire known as Hurt and Forbes Insurance for thirty-plus years. I also have studied the law and recently received a Masters Degree in Law.

The next Blog will be a short course on Commercial Insurance (101) and how at times it influences the sale of real estate-in general terms. As a matter of course since reading about insurance is akin to watching—as they say—paint dry, or someone having a tattoo being removed from their forehead, I will attempt to include some humor as Roy Sanborn does, but it may not be as glamorous or even humorous!

There were seven waterfront sales on Winnipesaukee in February at an average price of $606,429. That doesn’t sound real impressive but there were just six sales last February at an average price of $467,667 so we are one up for the month. Obviously, you have to the more expensive homes selling to get a high average sales price and that was just not the case last month.

The highest sale of the month honors go to a tastefully remodeled contemporary home at 9 Garden Park Road in West Alton. This 1970’s vintage, four bedroom, three bath, 2.837 square foot home was totally rehabbed in 2004. The main level features a living room with wood fireplace, dining room, gourmet kitchen, plus two bedrooms while the master suite and an office are found on the second level. The walk out lower level has a family room with another fireplace, a second kitchen, and an additional guest bedroom. There are panoramic views from most rooms in the home and from the large deck. The house sits on a .2 acre lot with 68 feet of frontage and a covered boat slip. This property was originally listed in 2008 for $1.3 million, relisted in March of 2011 for $995,000, was reduced to $969,000, and then sold for $875,000 after 277 days on the market. The property was assessed by the Town of Alton for $746,800 when listed last year but has since dropped to $699,000.

I really like the property that sold at 176 Castle Shore Road in Moultonborough. This high quality, custom built, 1,900 square foot, two bedroom, contemporary ranch features a warm pine interior with post and beam construction and has a really great look. The open concept floor plan features a great room with soaring ceilings and fieldstone fireplace, dining area, and gourmet kitchen. The master suite also has beamed ceilings and a gas fireplace. The three season porch, as well as every other room, has fantastic lake views. There is also a detached one car garage with a bedroom above for your unexpected guests. It sits on a .83 acre lot with 100 feet of shorefront, sandy beach, and dock. This home was originally listed at $1.15 million, reduced to $899,000, and sold for $875,000 after 139 days on the market. It is assessed for $868,700. This home is one of those places that looks like it really belongs on the lake–a place that you can really escape to!

Also in Moultonborough at 131 Sunrise Drive a buyer got a particularly good deal on a seven room, two bath, 1,152 square foot contemporary cape in the community of Balmoral. This 1978 vintage home was solid but needed some updating. I suspect the new owner is already making changes and getting the place ready for summer. This home has an open concept main level with a closed in porch that is by now part of the main living room. The lower walkout level has a one car garage plus some unfinished space that will soon be a family room. It sits on a .2 acre level lot with 70 feet of frontage with a fantastic sandy beach. I think the buyer got a particularly good deal on this property as it was originally listed at $399,000, reduced to $365,000, and sold for $335,000. The town has it assessed for $421,000 and it was actually appraised for $465,000. The buyer is extremely happy with this purchase!

Unfortunately, there were no sales on Winnisquam or Squam in February. This means that I have less to write about this week which makes my job easier although I’d rather report on a record number of sales on each lake. That’s a lot more exciting. I do expect that sales and property values will pick up on Winnisquam when the new canal opens connecting it to Winnipesaukee early next summer. Smile, we can dream can’t we?

By Roy Sanborn, Roche Realty Group

The residential home inventory in the Lakes Region is beginning its annual trek up to the higher summer elevations. The number of single family homes available in the communities in this report rose marginally from 975 available last month to 994 homes this month at an average asking price of $529,574 and a median of $255,000. Last March there were 957 homes on the market at an average price of $552,033 and a median price of $279,900. The current inventory represents a 15 month supply of homes on the market which is still over double the amount considered for a healthy market.

So what is a CMA? If you Google “CMA” on your computer to find out what it stands for, the first thing that comes up is the Country Music Association. We mostly recognize that for the annual awards show, Johnny Cash, George Jones, and Sugarland. It also stands for “Certified Management Accountant”, the “Cabinet Maker’s Association”, the “California Medical Association”, the “Columbus Museum of Art”, and the “Connecticut Maritime Museum.” Two others that you wouldn’t necessarily think of are the “Christian Motorcycle Association” and “Crystal Meth Anonymous.”

In the real estate world, “CMA” stands for “Comparative Market Analysis” but that didn’t seem to come up in my Google search until about the seventh page. The “Colorado Mining Association” came up well before “Comparative Market Analysis.” A real estate CMA is an estimate of a home’s value in the current marketplace. The CMA is usually offered free of charge and prepared by real estate agents for home owners that are considering selling their property.

How do agents determine the value of your home? In the past, some agents used the tried and true Acme Real Estate Pricing System. This fine product is available only to licensed agents and can be purchased on Amazon.com for $59.95. It comes with five cork pricing boards with one for each kind of property; residential, waterfront, condo, mobile homes, and land. The newer, improved version comes with seven tungsten steel darts instead of usual five. By using the appropriate board and averaging the prices hit, an appropriate value for the home can be ascertained. Expert agents could also bump up the price of any home by scoring a bulls eye which adds a bonus of $10,000 to the price. An optional soft tip set is also offered as there were too many on the job injuries and several lawsuits filed recently. This CMA System worked very well when the market was strong. Now, not so much.

The way most of us determine a home’s value in today’s market is more accurate but can also be difficult. We rely on the examination of recently sold and currently offered properties that are in the proximity and are similar to the subject property. But because each property is unique and there are so few sales in most categories it is often difficult to find enough comparable properties to utilize. Experienced agents will determine where a home “fits” in the marketplace and price it to be competitive with what’s on the market while making sure that there are comparable sold properties to justify the sales price during the bank appraisal process. More weight should always be given to the comparable sold properties as some of the currently listed homes invariably had their prices computed using the dart board method.

I really don’t like the term “Comparative Market Analysis” very much. Sometimes it’s called a “Comprehensive Comparative Market Analysis.” Why not call it the “Complete, Colorful, Comprehensive, Comparative Market Analysis?” I would prefer to call it a “Broker Price Opinion” as it is simple and to the point. But that term seems to be reserved for pricing opinions done by agents on behalf of banks and mortgage companies that have foreclosed on a property. They’re just trying to figure out how much they lost on that deal. I thought of “Compendious Market Analysis” but that sounds the same. “Embracive Pricing Estimate” is all encompassing but sounds to abrasive. In keeping with the times, we could call it an “Omnibus Opinion of Offering Price Options” but that’s too wordy and sounds political.

How about, the “Right Price Right Now Report?” Clean, simple, and to the point. No fancy words, just facts.

Just about everyone knows what a “Lake Effect” is. Well, maybe some of the people in the Southwest might not know. But certainly, if you have been to Chicago, Buffalo, or Syracuse you know how much more snow and bad weather you can get along the shores of the Great Lakes. Winnipesaukee has a Lake Effect, too. The big lake can have its own weather. It can have a calming effect on most people and it can also cause some people to drink excessively and act foolish. But that is not the Lake Effect I am talking about.