Second home surge

Want to buy a vacation home? Join the crowd. From North Conway NH to Miami FL, the second-home market is on a tear. Sales of resort condos and single-family houses around the country have been strong for the past five years, and we see no signs of slowing. Second homes in the U.S. sold for a record high median price of $162,000 last year, up 27% from 1999, according to the National Association of Realtors.

Low mortgage rates are the power behind the surge, but it's not the only fuel on the fire. A slow stock market is prompting some to grab second and even third homes. With the largest poulation segment, ever, reaching middle age, when people traditionally buy a second residence, the vacation home market continues to see steady gains. In addition, a fear of flying is prompting some who used to splurge on distant vacations to use the money for a getaway they can reach by car.

In the last 7 yrs., the hottest second-home markets are in resort areas that are a tank full of gas from big cities. They include areas like the Poconos and Catskills(N.Y.), as well as lesser-known areas like the Rangeley Lakes Region of Maine (Boston), The Outer Banks of NC (Atlanta), and New Hampshire's world famous White Mountains (Boston). Resort-home prices in these areas are up 10% to 15% in the past year, local brokers say. On the Outer Banks barrier islands, prices for beach houses in upscale towns such as Duck have jumped around 25% since last summer, thanks to an influx of buyers from the Atlanta area.

Is it too late to find a great deal? Not yet. Sure, the market is unpredictable, but with 50 million baby boomers set to retire in the next ten years, housing in destination locations will only get more expensive. Many popular resort areas have a limited amount of land available for new development, which should keep vacation home prices firm.

A second home may be especially affordable for empty nesters who have built up equity in their homes. Realtors in resort areas say many recent buyers are couples who trade down to a smaller dwelling, then use the profit to finance a vacation home where they may eventually retire. That strategy has been popular since the late 90s, when tax laws changed so that married couples no longer have to pay capital-gains tax on the first $500,000 of profit when selling their primary home.

This may be the time to act! If interest rates rise later this year, as some economists expect, second-home demand could slow. Also, vacation homes are luxury items. So pick a place you'll enjoy returning to often. Investment considerations should be secondary.

Find out which type of properties are easiest to rent or resell. On Cape Cod (Mass.), condos aren't as popular as traditional New England clapboard houses. In New Hampshire's White Mountains, Dick Badger, a real estate broker in North Conway, recommends prime properties on lakes and golf courses because they are easiest to sell.

Local realtors can help you research ways to estimate maintenance and other costs. Homeowner's insurance rates, for instance, could be stiffer if the property is more than six miles from a firehouse. You might also need to arrange for driveway plowing or to have repairs made when you're not there.

If you need rental income, take a hard look at what you can earn. In many of the hottest markets, rental rate hikes haven't kept pace with home prices. In the Outer Banks, buyers who rented out their homes during the summer used to count on annually grossing an amount equal to 10% of the purchase price, local realtors say. But with rents continuing to rise 3% to 5% annually while home prices have climbed around 15% in the past year, rental income is proportionally less. Also, count on paying 20% to 50% of rental income to a management agent who arranges rentals and maintenance.

Still, renting out a vacation home can be lucrative. Five years ago, Janice and Barry Barnes of Beverly, Mass., purchased a $158,000, two-bedroom condo in Bartlett, N.H., for family ski weekends. Three years later, they wanted more space, so they bought a three-bedroom condo in Bartlett for $189,000. Instead of selling the smaller unit, they opted to rent it out year-round, earning $13,000 last year after management fees. "It didn't pay to sell," Janice says. Another plus: The two-bedroom condo has increased in value since they bought it.

Buying a second home can be tricky. But if you're smart about it, and work with a reputable realtor like Bill Barbin at Badger Realty in North Conway NH, you'll wind up with a getaway that's also a dream investment.

Target areas in New Hampshire and Maine are: Bartlett NH, Jackson NH, North Conway NH, Chatham NH, Albany NH, Freedom NH, Tamworth NH, Ossipee NH and areas in Maine around Fryeburg, Stow, Lovell, Brownfield, Bridgton and Naples.

Snow capped peaks mean business for the North Conway - Ossipee NH area

On my way into work this morning I noticed that the snow line is creeping down from the peaks. As of about 9am today the snow line seems to be around 3000 ft above sea level. The towns of Bartlett, Jackson and North Conway must be gearing up for the 2007-2008 winter ski season. Property managers must be getting the winter rentals at the valley condos and chalets all ready for the alpine and ski touring customers that will be here in force soon. Attitash / Bear Peak and Mount Cranmore have already fired up their snowguns and are about to start serious snowmaking efforts. Wildcat Mountain in Pinkham Notch has already had some skiers on their hill.
Before you know it the AMC ski touring trails and the Jackson Ski Touring Foundation will be opening their trails for another fun New Hampshire winter. The southern parts of the Mount Washington Valley may take a good bit longer to be ready but the Chamber of Commerce and the retailers are ready for the holiday shopping season now. It might take another month or so for snowmobile treks on Ossipee Lake in Freedom NH and Ossipee NH or Silver Lake in Madison, but the stores in the villages and the outlet stores at Settler's Green are ready for plenty of holiday shoppers. FYI- The Veteran's day weekend ( 11/10/2007 - 11/12/2007 ) is the biggest shopping weekend of the year in North Conway and the area. The numbers have topped black friday for several years in a row.
The evidence can also be witnessed by the number of cars parked at the Comfort Inn, The Holiday Inn, The Red Jacket, The North Conway Grand Hotel and all of the other lodging and accomodation options. If you come up to visit make sure you check out the valley restaurants too. We have your favorites like Appleby's and The 99 and Pizza Hut but we also have a host of valley originals like: The Muddy Moose, Cafe Noche, Bellini's, The Up Country, Horsefeather's, The Red Parka and many, many more. More area info is available at http://www.billbarbin.com/ .
Other blogs are available at http://www.homesaregood.com/ , www.northconwaylife , http://www.realtown.com/NewHampshirerealestate/blog

Commercial development supports North Conway and Ossipee area Real Estate

As news of plummeting home prices across the country continues to be plastered on the front page of the media outlets, it's comforting to know that the Mt. Washington Valley and it's surrounding areas of Fryeburg - Bridgton Maine (ME) and Freedom - Ossipee NH, haven't been quite so unlucky.
The recent boom in North Conway NH commercial development may be the factor giving a boost to second home real estate sales in the Mount Washington Valley.  The opening of Home Depot may not have had a tremendous impact but the domino effect of Christmas Tree Shops, Loew's ( December 1, 2007 ?) and Starbuck's imminent arrival are indicators of a trend in retail development. As we have seen in southern NH and across the region, is that the big names attract other big names. Where there is a Christmas Tree Shop, a Linens-n- Things is bound to follow. 99 and Appleby's are here and who knows who they will attract.
The North Conway area is known across the globe for it's mountain backdrop, area campgrounds, scenic highways and clear, running waters. In the retail world it has become a hotspot for outlet shopping. Mix clean mountain air with beautiful scenery and outlet shopping, within a 2 hour drive of Boston and Providence, and you have the areas largest tourist attraction: shopping. Now add in the secret formula for big business: Build regional hubs of big retail and they will come from far and wide to get the best prices and all their shopping done in 1 place. It's a formula repeated again and again across the country. It's not a coincidence that every place that has a Border's Books has an Olive Garden, Pizzeria Uno or a TGI Fridays within a half mile of eachother.
This regional approach attracts the homeowner on Ossipee Lake and the ski chalet owner in Jackson, the farmer in Chatham, artist in Tamworth, Silver Lake vacationer in Madison, Inn owner in Eaton, fairgoer in Fryeburg Maine and on and on. It also shows a type of cultural growth and an economic confidence in the White Mountain region. This economic confidence has helped this real estate market continue to thrive. It's not the same market it was in 2005 but it has stayed somewhat insulated from the downward spiral that is being experienced in other parts of the country.
The insulation is enhanced by the retailism but is founded in the type of property ownership that makes up most of the Mount Washington Valley, North Conway NH and Ossipee Nh areas. Second home ownership is a mix of those that have kept family property and owe nothing to boomers that can afford the property as well as plenty of Gen X (and some Ys) that want to have some fresh air fun and can afford it too. This type of somewhat more affluent owner has a lower risk of foreclosure now or in their near future. With the bottom still intact, there is little chance of a major slide in the real estate prices locally.
For more information from this local real estate broker, covering New Hampshire and Western Maine, check out Bill Barbin's personal real estate website at http://www.billbarbin.com/ . Coverage areas include Harrison ME, Naples ME, Bridgton ME, Fryburg ME, Brownfield ME, Denmark ME, Lovell ME ( Kezar Lake and the Kimball Pond area ), Stow ME, Chatham NH, The Conways, including North Conway NH, Bartlett, Jackson and Hart's Location, Hale's Location, Albany NH, Tamworth NH, Freedom NH, Ossipee NH, Sandwich NH, Moultonboro NH, Tuftonboro, Wolfeboro, Effingham and Wakefield NH. Bill is a member of the White Mountain Board of Realtors, NH Assoc. of Realtors, National Assoc. of Realtors, The Buyer Agency Council of America, NHCIBOR (The New Hampshire Commercial Investment Board of Realtors, NH Commercial Property Exchange, Realtor Commercial Alliance. Bill is an Acreditted Buer's Representative and a designated ePRO broker. Bill's is on the NNEREN MLS Board of Directors. In his spare time Bill is a Level 1 Firefighter and Wilderness EMT-B with the Conway Village Fire/Rescue/Ambulance and an American Red Cross CPR Instructor. Bill's other blog is http://www.homesaregood.com/ . Cellphone is 603-986-0385. Bill is Blackberry 8830 enabled.

North Conway and Ossipee see a surge in real estate sales

As the housing market starts to heat back up, one of the hardest decisions facing home sellers is how to price their properties.

Traditionally, brokers have set listing prices by reviewing how much comparable homes sold for in a neighborhood. Now, with prices edging lower in many places and the number of homes on the market climbing, checking comparable sales is becoming less useful. At the same time, many would-be buyers are sitting on the sidelines, waiting to see how far prices will fall. Bigger inventories of unsold homes also are making it harder for sellers to figure out how to make their house stand out amid the competition.

For sellers, a seasonal surge in sales means that this is the time to be priced accurately. This does not mean only $15,000 over the probable selling price. This means that the property that are obvious bargains will sell before the end of the season. So make your property an obvious value.

 For buyers, this means that sidelining could result in the loss of the property that you have decided to watch and wait. Unlike stocks and bonds, each house is unique and therefore subject to it's own type of supply and demand. All it takes is 1 other buyer to want the same property and suddenly there is more demand than available supply. The thing to keep in mind is that the entire market is representative of the recent slump in values. If you buy now, you may not be at the very bottom of the curve: It may have already come and gone, or it could still be ahead. Your goal should be to buy somewhere near the bottom of the curve and that is where we are right now. 

Real estate is still a long term investment. The recent boom years are not the norm. Keep this in mind as you look at minute by minute snapshots. Just ask anybody that bought a home in 1986 and DID NOT try to sell it until 10-15 years later. 

Things to do in the North Conway NH and Ossipee NH area of Carroll County

Chatham NH AMC Cold River Camps are an assortment of waterfront camps along the Cold River. Call Bill Barbin, your Chatham NH Real Estate agent, for more info.

Bartlett NH Bartlett Historical Society Museum: Every Saturday from 12pm until 2:00 pm through sept. 17, 2007. Call Bill Barbin, your Bartlett NH Real Estate agent, for more details.

Conway NH Guided tours of the Eastman-Lord House Museum: Every Saturday June 2, 2007 through Oct. 10, 2007 from 1:00pm until 4:00pm. Call Bill Barbin, your Conway Nh Real Estate agent for other times and dates.

Freedom NHFreedom Activities: Waterfront and home safety courses from June 1, 2007 through Sept. 1 2007. Call Bill Barbin, your Freedom NH Real Estate agent, for more info.

Fryeburg ME Fryeburg Fairgrounds: always a great place to walk the dogs (except fair week) and also host to numerous events through the summer of 2007. Call Bill Barbin, your Fryeburg ME Real Estate agent, for a schedule of events.

Ossipee NH Ossipee Lake waterfront tour by kayak. Call Bill Barbin, your Ossipee Lake Realtor, for tour dates and times through 9/1/07.

North Conway NH The Valley Train- The Conway Scenic Railroad: All trips depart from the historic North Conway Depot. The Valley Train includes the 11-mile, 55-minute roundtrip Conway (C) excursion and is ideal for visitors wanting to experience the enjoyment of a "shorter" train ride. The 21 mile, 1 hour roundtrip Bartlett (B) excursion offers you a longer and more relaxing train ride. on Sat. throughout June July and August 2007 and Again on Sundays. 11:30am to Bartlett NH, 1:30pm for Conway NH

Jackson NH - Public Golf at The Wentworth Golf Course: 06/03/07 through 09/03/07. Call Bill Barbin, your Jackson NH Real Estate agent for tee times.

North Conway NH -Weekend entertainment at The Red Parka Pub (Glen NH - Bartlett NH) on Saturday Evenings throughout the summer of 2007.

Brownfield ME - Stone Mountain Arts Center presents a variety of musical talent, just a 15 min drive from Ossipee NH or North Conway. The summer 2007 schedule looks great. Give me a call: Bill Barbin, your Brownfield ME Real Estate agent

Albany NH - Tin Mountain Conservation Center hosts interactive walks from 10:00 am until Noon every Saturday throughout the summer. Also demonstrations and information on living green and use of solar power, recycling and composting and more. June 1, 2007 - Sept. 6, 2007

Tamworth NH The Barnstormer's Theatre is celebrating it's 75th anniversary this year. Call Bill Barbin, your Tamworth NH Real Estate agent, for a playlist.

Madison NH Madison Boulder Natural Area is the home of the largest glacial erratic (boulder) in New England. Call Bill Barbin, your Madison NH Real Estate agent, for more info. on the self guided trails.

Updates for the coming months of June, July and August 2007 are being researched and will be posted ASAP.

North Conway NH Homes Ossipee NH Homes

This would be a great time to point out that anyone looking for direct access to all of the NH MLS can use my primary website: White Mountain Homes

My coverage areas include: Conway NH, North Conway NH, Tamworth NH, Bartlett NH, Hart's location NH, Hale's Location NH, Jackson NH, Gorham NH, Shelburne NH, Chatham NH, Eaton NH, Madison NH, Freedom NH, Ossipee NH, Sandwich NH, Moultonborough NH, Effingham NH, Parsonsfield ME, Bridgton ME, Brownfield ME, Fryeburg ME, Stow ME, Lovell ME, Lincoln NH, Woodstock NH, Bretton Woods NH

NH Home Sales are a Regional Market

Yesterday's report from the New Hampshire Association of Realtors reported that home sales in NH were up about 2.4% in February. The Maine Association of Realtors reported a similar stat for Feb. and also noted that the median sale price in Feb. 06 was $185,000, while in Feb. 2007 the median sale price was $200,000. So, why, with numbers like these do I have to start my day with Good Morning America reporting information that is bound to slow buying? GMA had a story, like many other news outlets, about the housing slump. National stats show that Feb. 07 was actually down 2+/-%. However, the only report the bad news and do not put it in perspective: Housing costs are and always have been a regional issue.

To look at home sale stats nationally is like shopping for the best priced gas in NH based upon the prices at the pump in California. They are 2 completely different markets. The product is the same but local conditions and influences effect the value. This is a great example of how the media can twist the truth and shape the economy for better or worse. While NH is still an appealing purchase option, for many local reasons, the average first time buyer in NH will hold off until "things look better." Unfortunately, they are the people most hurt. Many of these people are the same potential buyers that decided to "wait until the market cools." All the time not knowing what that really means: The market only cools because buyers aren't buying. These folks on the fringe of home buying are making the same money that they made last year, jobs and unemployment have remained stable, interest rates are still very low and now the home prices have even dipped a little bit because of competition (supply and demand). However, due to media hype, these are the people with cold feet.

It's not clear what other factors play into the decision but it is safe to say that the most prevalent fear is the fear of buying at the wrong time and losing money on the home purchase. Based on facts, we know that the population is continually growing and that baby boomers are continuing with their retirement plans. Other than a total economic collapse, there is no real reason to believe that the bulk of the population is going to switch to renting and therefore eliminate the demand for property ownership. In addition, the financial ramifications of renting are so clearly poor compared to home ownership, that it is impossible to believe that long term ownership is going to be a loss. Therefore, I think it really all boils down to timing: When is a person going to take charge of their finances and going to move forward? Is it going to be when the media, and then the masses, come back to the market like they were in 2004? Or is it going to be when things look really low and buying is still slow enough to make sellers remain flexible?

Ossipee NH Home of Ossipee Lake

Ossipee Lake is the 8th largest lake in New Hampshire and is often considered to be a hidden gem of the Mt. Washington Valley/ North Conway NH region. At 3,092 acres Ossipee Lake is dwarfed by it's close neighbor, Lake Winnepausaukee at just over 44,000 acres. However, when you compare Ossipee Lake to the second largest lake in NH (Lake Umbagog at 7,850 acres) you can see that there is plenty of room for fun and sport.

Development on Ossipee Lake has been much slower than many of it's other southern NH neighbors. The lake sits on the Ossipee NH and Freedom NH town line. Both communities have waterfront access and an assortment of private homes along the water. Even today, the waterfront property comes at a premium. However, your vacation/investment dollar buys a lot more home here than on any other lake south of Pinkham Notch. Waterfront homes and land are a limited market and will often have a more stable appeal. Another option for enjoying the lake without the purchase cost and taxes of waterfront homes is to purchase in a shared waterfront community. Lake Ossipee Village in Freedom NH and The Bluffs in Ossipee NH are both excellent examples of communities with off-water homes that enjoy a shared beach and/or boat ramp. The home owner can enjoy the benefits of lakefront without the high tax burden.

Activities on the lake range from winter snowmobile trails and cross country skiing networks to spring fishing. Summer activities range from days at the beach and swimming to the raft to water skiing and power boating. The lake community is considered to be part of the Mount Washington Valley. The hub of the valley is North Conway NH, where you will find every type of restaurant and  shop you could need to fill your shopping and dining needs. Other towns that could be considered local to Ossipee Lake NH: Tamworth NH, Chocorua NH, Madison NH (ask about Eidelweiss Village), Eaton NH, Albany NH and Effingham NH. Home developments in the area include: The Bluffs on Ossipee Lake, Long Sands Association, MountainView Village, Lake Ossipee Village, Freedom Village Condos, Totem Pole Campground, White Lake Estates (at White Lake State Park), Chocorua Meadows, Silver Lake, Moore's Pond, Chocorua Ski and Beach, Sokoki Pines.