No time is better than the present for second home buyers

Realtors are certainly becoming popular, at least at gatherings and parties. Not for their entertaining personalities, perhaps, but for what opinion they might venture regarding the direction of the real estate market.

Now, man is a gregarious social creature, not a herd animal mind you, but one who is aware of time and therefore timing. Is this the “bottom”?  I don’t know. I do know that home prices have come down significantly in the past year or so, while financing rates have been more or less firm. While I embrace time, I prefer to exclude timing, championing Newton over Leibniz.

Buyers seeking second homes usually do so for the fundamental desire of establishing a personal alternative to their familiar routine, no matter how interesting and stimulating. Picking the absolute market nadir for a second homebuyer becomes almost antithetical to their true interests. And, the total variables determining a “market bottom” are so numerous and diverse that picking it becomes more a matter of chance than any realized action.

At the same time, sellers have their own time tables and they may be quite different from most buyers. They, if they wish to follow classic market precepts, need to position their property competitively to the general market to attract the buyer. But, waterfront homes in the Lakes Region present unique market conditions; for the buyer pool is large, diverse and can exert unanticipated influence on the actual selling prices on the local market.

My advice, therefore, which I offer to one and all, is that if you see something you like and have the means, don’t hesitate, but make it your own. After all, time as we experience it proceeds in only one direction.

Jim Ferriman            Jferriman@spencerhughes.com (603) 267-9866

Lakes Region Docks MLS# 2778813

As a metaphor it might be a stretch but in actuality this is where the lake experience begins, at the dock. Think of them a transition points, allowing for a natural and gradual introduction from a static familiarity to an ever changing medium.

We, at Spencer Hughes, are much attuned to dock pricing on the Big Lake. Because of state legislation the value of lake side properties are greatly affected by any existing, “grandfathered” dock.

Crib docks, boat houses, breakwaters, permanent docks, floating docks and seasonal docks all have a very strong influence on the appraised and assessed value of waterfront properties. A focal point of waterfront property, this is where we all gravitate eventually, for entertainment, curiosity or simply to maintain contact with the lake.

Waterfront homes with docks in need of attention have, at times, a worth exceeding their appraised value, though a question can arise of at what point do repairs become new construction and perhaps prohibited. Regardless, any repair, alteration, or new construction concerning a dock may require both local and state and permits.

Jim Ferriman
603-267-9866

I reviewed a new study of 90 global equity investors last week. The report by Prequin, a London group, indicates that institutional investors intend to commit more capital to private equity funds in 2010 than they did in 2009. The long term view is predominantly bullish and rather than chase emerging property markets in Asia and India they are likely to shift their interest to debt-burdened and distressed property.

Foreign investors, 51% of respondents, view the U.S. market as the best opportunity for real estate appreciation, according to the Association of Foreign Investors (AFIRE) in a report released January 18, 2010. One of the significant portions of the survey detailed that of the top 5 U.S. cities reflecting the best investment opportunities 3 are on the East coast; Washington D.C., New York, and Boston. Multi-family properties led as the preferred investment type followed by office, industrial, retail and hotel properties. read more »

Goethe’s last words reportedly were “Light, more light”, and boy was he right. Here in the Lakes Region in February, many of us share his plea for more light. In winter, we often find our calls answered in architecture with good southern exposure.

At present there is an abundance of land on the market here in the Lakes Region. From a Realtor’s standpoint land sales appear to be the first to suffer and last to recover in a real estate cycle. Opportunities abound, forested land strewn with glacial boulders, mountain slopes offering wonderful views, secluded creeks tumbling down picturesque vales.

read more »

Lake Winnipesaukee in Winter (photo courtesy of The Lake Winnipesaukee Watershed Association)

The very names are beguiling, intriguing, beckoning – Bearcamp, Shellcamp, Mirror, Crescent, Crystal, Great East, Dan Hole, Halfmoon, Hermit, Huntress, Lily, Locke, Merrymeeting, Sunrise, Suncook, Sunset, Loon, Province, Silver, Horn, Rust, Wentworth, Pine River, Saltmarsh.

The Indian names – Chocura, Wicwas, Pemigewasset, Winnisquam, Paugus, Winnipesaukee, Waukewan, Winona, Ossipee, Squam, Kanaska, Opechee.

They all can be found in this area. By this area I mean the Lakes Region of New Hampshire. Glacier gouged, spring fed, interconnected by subterranean rivers each lake carries a history and fondness in the heart for those that have spent time on their waters, be it a vacation or a lifetime. Second home buyers immediately feel they somehow belong here, have always belonged here. The capacity for the homing sentiment is not something to be denied.

I have no complete information but the newspaper at times makes reference to various famous residents of the Lakes Region, usually in the obituaries. People who have, or had, the wherewithal to live anywhere yet chose New Hampshire. Not surprising to me, after all I did. Our Spencer Hughes website, recently remodeled, is a very good place to start a search for your ideal Lakes Region home or property. I look forward to assisting you in your discovery of what some believe to be the most beautiful place on earth. Check the comments section to register your opinion.

Jim Ferriman
(603) 267-9866

On the Waterfront - here in the Lakes Region it is often about loyalty, too.

Lakes Region statistics for 2009 are coming in with gains in virtually all the categories of real estate measurement from the previous year.

The jump in sales volume was welcomed by Lakes Region realty firms and began in earnest the second half of 2009. The continued low interest rates throughout the year were a chief factor in motivating buyers, both local and out of state. That along with a price reduction in across the board of listings and a pent up level of buying interest fueled the market.

Wary as I am of predicting the future, I’d rather consult history than a crystal ball, I do feel comfortable making the following assumptions for 2010 based upon current market conditions which will support and grow the local market.

- The continued attraction to high end properties by well qualified buyers.

- Strong interest in the Lakes Region even if the recession continues.

- An expansion of home buyer tax credits.

- The stability of real estate investments compared to the stock market.

- The population shift from states with punitive tax structures.

Lastly, the thought occurs to me that when we are able to look back on 2010, some investors, buyers and those presently unfamiliar with the Lakes Region will be left only with the remorse of “what if” and “if only” and “I could’ve been an owner”.

Jim Ferriman
jferriman@spencerhughes.com
603-267-9866

Learn more about this Lakes Region Waterfront home on Ossipee Lake - before it's listed

Take this opportunity to own Lakes Region waterfront for $420,000. This spectacular home on Ossipee Lake was owned by a family member of one of our New Hampshire Realtors. Learn more about it before it’s listed in the MLS:

Located on the main lake in the desirable community of Mountview in Freedom, this four-bedroom home is on .32 acres and has 75 ft. of waterfront on Ossipee Lake. For you’ll own Lakes Region waterfront.

And as a member of Mountview you’ll  enjoy the community beach, tennis courts, and playground and have the opportunity to participate in the lottery for moorings.

Take delight in beautiful sunsets from your deck and gorgeous views across the lake. Contact Nicole Shamlian for more information about this waterfront home before it’s listed in the NH MLS.

Miami International Airport reported a high of 36 today, the coldest day in 86 years. And I suspect it was far more difficult for the huddled Miamites to deal with their weather than it is for us in the Lakes Region of New Hampshire to deal with ours. Everything may be relative, but we embrace winter and welcome it. This past weekend Alton Bay Sea Plane Base (B18) became operational when it froze sufficiently for snow plows to clear an ice runway. I saw a light plane land this afternoon, first of the season for me.

The Lakes Region boast extensive cross country ski trails thanks to the numerous centuries old forgotten roads and the maintenance of snow mobile clubs. The world of the woods can be very quiet at this time of year. The white bark of the birch and the darker forest of pine, fir and spruce exaggerate the stillness making a stark contrast to what must be taking place in the Sunbelt. At the same time I can feel some concern for the Mid-westerners and the minus 50 degree wind chills. New Hampshire is certainly a grand place to be in the winter.

Fresh snow on Mount Washington and other peaks gleam in the sunshine and softly glow at sunset. Grandeur, color and spaciousness beyond the ability to fully grasp. A new friend of mine recently relocated from an eastern city which I won’t name, though familiar to the whole world, to an Adirondack cabin near Lake Winnipesaukee. He has since affirmed to me what he had already suspected, namely that a home office with a lake and Mountain View far outstrips a corner office in a skyscraper. Balanced accessibility, a new sociological phenomenon.

Jim Ferriman      Jferriman@spencerhughes.com    my home office 603-267-9866

One of the popular features of the Spencer Hughes website are the live video cam shots of Lake Winnipesaukee. Charitably, the out of state second home owner can stay in touch with the seasonal changes of the lakes region or not so nobly, increase their enjoyment of the warmer climes they have since fled to. Nothing like a live computerized view of Winter Carnival activities on the frozen surfaces of Wolfeboro or Alton Bay while boating in the Caribbean.
At the same time he can switch to live closed circuit videos of his New Hampshire home on his computer or his cell phone.

 A Centralized Control System can activate not only smoke and fire detectors but also monitor water, carbon monoxide, freeze, and intruder sensors. Appliance Control Systems activate interior LED lighting systems and television/radio operation that will give the impression that the home is fully occupied. I know one couple who relied on live video to check on babysitters and later when their children arrived home from school to an empty house. Another couple provided for their elderly parents with a movement monitor worn on the wrist.

The possible configurations are enormous for the homeowner. Always losing your keys, then Biometric Locks may be the solution. Incredibly sensitive Motion Sensors and DVR hidden cameras provide a high level of criminal deterrence. I suppose that the biggest improvement in Home Security is the fact while options have increased prices have declined. Basic and efficient systems are now affordable for even the seasonal cottage owner, and I recommend them.

Jim Ferriman  jferriman@spencerhughes.com  603-267-9866/ 603-52-5385

I admire the results of planning and forethought. And every time I tie up at the Meredith town docks I’m impressed by the effort of the town fathers in creating this quintessential white New England village. Prior to 1830 almost every structure in New England was unpainted. But, at around that period, entrepreneurs began manufacturing paint and distributing it in containers. White paint became the paint of choice because it was easier and cheaper to produce than colored paint. Early promoters shrewdly marketed white as the “tint of wealth” and thereby increased their profit margin. No matter, it lent itself to the classical appearance of an apparent prosperity of villages then as it does now.
The current town fathers of Meredith certainly have taken those lessons to heart. The result is a strikingly beautiful town on the shores of Lake Winnipesaukee and one that is becoming a worldwide destination resort. The town offers accommodation and dining choices which are among the finest in New England. And access to the wide world is a Gulfstream V away at the Laconia Municipal Airport. The homes along the shoreline on Meredith Neck are some of the most impressive on the lake with wonderful views down the length of Lake Winnipesaukee. Especially in winter, Meredith evokes a memorable experience for all who can spend some time here. Check out www.meredith.com, you’ll see what I mean.
Jim Ferriman jferriman@spencerhughes.com 603-520-5385