New Construction Activity Blossomed in the Lakes Region During 2016
2016 was a good year in the Lakes Region for the sale of New Construction homes and condominiums. It has been a slow build up since the financial crisis in 2008, because there was a considerable amount of excess resale product that had to be absorbed throughout the region. It is a great feeling to drive around various towns and hear the sounds of heavy equipment, nail guns, and hammers. All of the subcontractors involved have been very optimistic this year and many of them have back logs of new work coming up the pipeline. Its becoming increasingly difficult to find a good tradesman available on quick notice. The saying goes, if you need a plumbing repair, you need to be married to one.
Here are a few examples of what has been happening:
According to Joe Macdonald – Listing agent Roche Realty Group, Inc “all of the sales at Natures View have been consummated. It’s been a great run the last several years and all 51 homes have been sold.” Located off of Elm Street and Mass Ave in Laconia, the development consists of a community of single family detached homes, that were ideally suited for semi-retirement living. So many consumers today were looking to scale down their housing needs and still wanted a maintenance free lifestyle, with a master suite on the first floor, geared for easy living. Steve Welch, also with Roche Realty Group commented “We had a great group of people purchase homes at Natures View and they absolutely love it over there.” The homes range in size from 1,400 to approximately 1,900 sq ft, with attached 2 car garage. Macdonald stated “These homes had a great variety of floor plans with an emphasis on architectural design and open concept living. “ The average selling price was generally in the $268,000 area. Romeo Lacasse was the developer.
Again, I talked with Joe Macdonald of Roche Realty Group, the listing agent for this new waterfront condominium community on Paugus Bay of Lake Winnipesaukee. “We had an exciting year in 2016, where we offered 18 luxury waterfront condominium homes for sale and we experienced brisk sales activity this past summer and fall, with only four townhouses remaining available for sale on the water.” The Lakehouses include 1,000 ft of shorefront on the lake, with two natural sandy beaches and a deeded private boat included with each individual home. The townhomes ranged in size for 2,220 sq ft to approximately 3,000 sq ft with 3-4 bedrooms and 3-4 baths, on three levels with an attached garage. All of the townhomes were directly on the water with gorgeous westerly views overlooking the bay. The majority of the new home owners were second home buyers. The huge kitchens, gorgeous master suites and cathedral ceilings with detailed interiors really captured the attention of buyers. The developer, Romeo Lacasse did a great job pulling everything together in this upscale community.
With the completion and sellout of the 36 home Willow Pond development at Long Bay in Laconia on Lake Winnipesaukee, the developers moved forward and constructed approximately 7 single family homes within the same community. Additionally, several other builders teamed up and put up some new construction. All of this activity was well received and sales activity was very strong because of the superb amenity package and vast amount of common shorefront along the shores of Lake Winnipesaukee. Click HERE to view a video overview of South Down Shores.
Linny Lane – Laconia
This 20 lot subdivision located off of Elm Street in Laconia had great success this past season. According to Gus Benavides and his partner Carly Howie of Roche Realty Group, “17 individual homes have been sold, with only 3 lots remaining available for sale. “ Gus indicated the average home consisted of 1,700 sqft., including a 2 car garage. The average selling price was in the $289,000 price range, with upgrades. Again the theme seemed to be consumers looking to downsize with a low maintenance, quality built home, and a number of them looking for semi-retirement with one level living. Kevin Morrissette was the developer who has built over 150 homes in the Lakes Region during his career. Benavides indicated that they are presently offering four new single family homes on Cherry Valley Rd in Gilford, across from Gunstock Ski Area, as well as 7 new single family homes which are under construction on the corner of Pendleton and Endicott in Laconia. Benavides indicated that most of the buyers were able to customize the design, layout and finishes of their new homes.
Meredith Bay – Laconia
2016 brought close to 18 sales at Meredith Bay overlooking Lake Winnipesaukee. This sprawling hilltop community overlooking Lake Winnipesaukee has seen considerable new construction in the past couple of years, with some impressive architectural designs. The townhomes directly along the waterfront were in strong demand, as well as some of the Bluegill Lodge, which sits along the sloping hillside overlooking the lake. Additionally the developer, Southworth Development built several impressive single family homes, many with views on the hilltop. Sales prices ranged from the $540,000 to $1,295,000.
If you drive around Lake Winnipesaukee, you will be amazed at the amount of New Construction, as well as substantial additions to existing homes scattered around the lake. This also includes the islands, where there has been brisk activity. In Moultonborough, you will see evidence many existing single family homes which were torn down and replaced with luxury waterfront residences. In Meredith, again a number of tear downs along Sachem Cove, Pinnacle Park Rd and other streets off of Meredith neck rd. On Governor’s Island alone, there is a nice handful of magnificent large homes, which were constructed during the past year. Likewise in Alton and Wolfeboro, the same can be found with construction crews and a multitude of sub-contractors putting their finishing touches on some spectacular homes.
With fewer opportunities and limited selection of inventory, it is clear why this market has become primed for new construction. However, there are still some great values out there in existing resales. Based on the demand we are seeing, we feel 2017 will be another strong year for the Lakes Region real estate sales.
Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market.
This article was written by Frank Roche, President of Roche Realty Group in Meredith & Laconia, NH. Frank can be reached at (603) 279-7046.