Residential home sales in the Lakes Region are off to a bit of a slow start in 2011 with only 37 sales posted in the towns in this report. That’s 16% off the total of 44 sales posted last January but one month doesn’t make a trend…at least I hope. The average sales price was also down from $377,781 last January to $305,926. This January, as well as last, 50% of the sales were below the $200,000 mark, but last January there were four sales over $1 million and this January there was only one, hence the lower average sale price. Sales were off in every community across the board. Hopefully, this has more to do with the holiday season taking precedence over home shopping more than anything else. Given the extremely snowy January that kept home buyers busy shoveling instead of home shopping, I do expect low sales numbers for February.
There were some great deals on properties last month. Take, for example, the bank owned home that sold at 9 Olde English Lane in Gilford. This 4,069 square foot contemporary has four bedrooms, five baths, an open floor plan, maple floors, a first floor master suite, a finished lower level, and a three car heated garage all on 4 acres in an upscale neighborhood. The property is currently assessed at $548,320 and sold for 62% of that at $342,000! Sounds like someone really got a fantastic deal!
Another Freddie Mac owned home at 765 Middle Route in Gilmanton sold for $160,000 which was 54% of the assessed value of $299,100! This colonial home was built in 1978 and has 2,076 square feet of living space, three bedrooms, two baths, and sits on ten acres of land. When you can buy a home for almost half the assessed value there would seem to be some tremendous upside potential and instant equity.
Homes don’t necessarily have to be bank owned to be a good deal either. The home at 700 Cherry Valley Road in Gilford which had been on the market some 499 days finally found a buyer for $185,000. That is 66% of the current assessed value of $279,7100. This solid home built in 1948 has 1,980 square feet of living space, four bedrooms, a lower level family room with a fireplace, a two car garage, and a beautiful 2 acre lot across from Gunstock.
Over at 45 Ashley Drive in Laconia, a beautiful 3,350 square foot farmhome built in 2005 sold for $313,500 which is 68% of the current assessed value of $461,800. The home has four bedrooms, five baths, a first floor master suite, granite countertops, a bonus room, front and back covered porches, and a two car garage for the horses. Another good deal!
If you are looking for a good deal, don’t worry, there are plenty more out there to be found. The other day I found forty listings in the towns in this report that were offered between 32% and 70% of their tax assessment. While that alone doesn’t make them a good deal, it is a reasonably good place to start. You have to go look, see what kind of condition the home is , and see if the property fits your individual needs. So what can you buy at, say, 63% of assessed value? Well, there’s a 1,200 square foot three bedroom ranch at 32 Barbara Drive in Alton for $129,900, a 3,159 square foot, four bed, three bath home at 37 Penny Lane in Laconia for $233,000, or a turn of the century, 4 bed, three bath farmhouse at 1071 Suncook Valley Road in Barnstead for $145,000 These are but a few of the great deals available right now in the Lakes Region. Spring is coming (I think) and it’s a great time to start thinking about a new home…