NH Lakefront Property

NH Lakefront Property, How do I know if my home is in a Flood Zone

Actual Flood Zone Map Two years ago FEMA went out and started surveying and plotting our New Hampshire lakes to determine if local properties were in danger of flooding. They teamed up with the National Flood Insurance Program.  This has turn into somewhat of a difficult situation for buyers and sellers this  year.  Our local real estate board has all sellers fill out a disclosure and one of the questions is?  Flood Zone?  Yes / No / Unknown.   You would think that the home owner would be aware that they are in a flood zone considering that the government sets the insurance rate and the typical home flood insurance coverage cost is somewhere between $2000 and $5000.

Sellers don't have a clue!  I worked with three buyers this year and on the disclosure " no " was checked for being in the flood zone.  The sellers had never paid for flood insurance and they were never notified by there insurance agent or mortgage company they were in a flood zone.  The new buyers were notified by the mortgage company that they needed flood insurance and the average cost for the year was $3000 for the flood insurance policy, not including typical coverage.  They can buy the insurance anywhere but  National Flood Insurance Program. is the only provider .  Either you buy it or you will not get the loan.

What can you do?  In all 3 of my sales the homes were not at water level and I told them to hire a surveyor to determine if they could get an elevation certificate.  With the certificate if granted they could move to a lower scale in the insurance rating or avoid the insurance totally.

I would have to say that in my opinion some of the maps are far from accurate.  The above map shows a row of condo's out on a peninsula and these homes are about 6 feet above the water level.  The home I was dealing with had only the deck in the flood zone but this home actually sat up on a hill 25 feet above the waterline.  My customer joked that the person drew the map with crayons and did no research at all.  The buyer had to hire a surveyor to get there new home  an elevation  certificate to avoid the $2500 insurance premium.

Please note that in Section 15 ( Due Diligence ) in the New Hampshire Purchase and Sales agreement there is a clause to review insurance.  The typical agreement has 10 to 15 days to do your Due Diligence.   Do it so you are not 2 days from the close stuck with an extra $3000 bill that may have been avoided by asking your insurance agent if your new lakefront purchase is in a flood zone.

Below are some additional questions from the National Flood Insurance Program taken from their website. http://www.floodsmart.gov/floodsmart

To be proactive about your insurance, you should ask your insurance agent the following questions:

  • What flood zone do I live in? What is my property's flood risk?
  • Is flood insurance mandatory for my property? Will the lender require it?
  • Even if flood insurance isn't required by my lender, do I still need it?
  • Do I qualify for a Preferred Risk Policy?
  • Does my community participate in the NFIP Community Rating System (CRS)? If so, does my home qualify for a CRS rating discount?
  • What will and won't be covered against flood damage?
  • Will my flood insurance policy be backed by the federal government?
  • How much coverage should I get for my building and for my contents?
  • What options do I have to reduce my premium?
  • Are there additional expenses or agency fees I should be aware of?
  • Will my policy provide Replacement Cost Value or Actual Cash Value? And what is the difference between the two?
  • Who should I call if I have a flood claim?
  • How can I pay for my policy?
  • How will my policy be renewed?

Original post and more information can be found on FloodSmart.gov

For help in Purchase or Listing your home in the NH Lakes Region Call Carl or Paula for expert advice. For additional information on lake homes call Lady of the Lake Realty  at 1-888-737-5550 or e-mail at info@nhlakesrealty.com or visit our website to view  lake homes in New Hampshire at www.nhlakesrealty.com or www.lakeorskirealestate.com.

Contact us today!

Does your future include a retirement home on a Lake?

You may not be ready right now but looking towards those golden years you might envision a lake home in your future.

 

nh lakes real estate

Newfound Lake at Sunset

 

In New Hampshire most people focus is on Winnipesaukee, Squam or Sunapee but we are surrounded by over 250 lakes all having unique qualities that may meet your future needs. ( fishing - boating - sailing - kayaking etc )  We have been specializing in lakefront sales in the lakes region for over 15 years and can guide you to a quality lake in the area. We cover all the lakes from Ossipee to Sunapee and can fit a lake and a home to your lifestyle. Cottages to Luxury Compounds.   Call me with your retirement or vacation home questions? For additional information on lake homes call Lady of the Lake Realty at 1-888-737-5550 or e-mail at info@nhlakesrealty.com or visit our website to view lake homes in New Hampshire at www.nhlakesrealty.com or www.lakeorskirealestate.com.

Contact Paula Hinckley or Carl Sack today, we can get started now by sending you homes for you to preview.

What State is the best Four Season Vacation & Retirement home Destination?

 

Most people would like a retirement or vacation home on the ocean that is close to major ski areas. Typically the ocean salt and snow don't mix well, from ocean shoreline to skiing the car ride can turn into hours. The alternative is a lake where you can sail, water-ski and fish in the summer and also use your vacation/retirement home as a ski or snowmobile house in the winter.

 

NH lake or ski homes

Right on the water with 25 acres & 30 minutes to Loon or Waterville

 

There are  literally thousands of beautiful lakes in the United States only a few states give you the opportunity for 4 seasons of activity.  Nevada, California, Washington are destinations that may work for you and your family but either you have limited lakes to choose from or  travel time can be prohibitive. Travel time from the lake home in California  to the ski areas may reach upwards to 4-5 hours. New Hampshire's Lakes Region on the other hand is where the lakes meet the mountains. We have over 250 lakes to choose from all just a short ride to a major ski area.

New Hampshire Lakes Region is just being discovered by executives on the West Coast. New York, Connecticut and Massachusetts residents have been enjoying NH close proximity to lakes and mountains since the turn of the century.

NH is just plain friendly, we don't even have a sales or income tax.

Commuting  to the Lakes Region - NYC 5 hours - Boston 2 hours - Hartford 3 hours - Manchester 1 hour, with major airports in Boston and Manchester NH.

Once you're at your lake home, Lakes house travel time to  a major ski resort is typically less than 45 minutes and often 15 minutes or less.  Pricing for a year round home on one of the smaller 500-1000 acre lakes runs $399,000 to $695,000. Homes on the larger lakes start at $700,000 and top out at $10 million for luxury 22,000 square foot  home just minutes to Gunstock Ski Area.

NH boasts over 250 crystal clear lakes in the Lakes Region alone, some of the major lakes include; ( Ossipee 3091 acres- Winnipesaukee 44,585 acres- Squam 6764 acres - Newfound 4105 acres - Sunapee 4090 acres - Winnisquam 4264 acres - Wentworth 3017 acres )    ( Merrymeeting - Bow - Silver - Waukewan all 1000 acres - Great East Lake 1706 acres )

 

lake winnipesaukee real estate

Luxury 22,000 Sq ft home on Lake Winnipesaukee 15 minutes to Skiing

 

Major Ski Areas Include: Sunapee - Loon - Cannon - Waterville - Ragged - Bretton Woods - Attitash - Cranmore - Wildcat and in the spring hike an ski Tuckerman's Ravine on Mount Washington.

NH is just plain friendly, we don't even have a sales or income tax. For additional information on NH Lake Homes call 1-888-737-5550, e-mail at info@nhlakesrealty.com  or visit our website to view  lake homes in New Hampshire at www.nhlakesrealty.com or www.lakeorskirealestate.com.

Contact Paula Hinckley or Carl Sack for NH Lakes Region Real Estate today!  #nhlakesrealty

Low Lakefront inventory will drive NH vacation home sales 2017

Low NH Lakefront inventory will drive vacation home sales in the NH Lakes Region 

Eager buyers:

Low-interest rates, desire for vacation option after rough winter are other motivating factors.

 

Great Waterfront Access to 44,000 acre Winnipesaukee

Great Waterfront on 13 Acre  Winnipesaukee Luxury Home

 

By BARBARA LEECH

Special to the Union Leader

With fewer vacation homes on the market than last year, and a resurgence of buyers motivated by low-interest rates and a difficult winter, Realtors in the Granite State are poised for several fast paced months of sales.

Market conditions generally vary from the Seacoast to the Lakes Region of the state, but overall agents say they expect it to be a hectic sellers' market this spring and summer. That occurs whenever inventory is less than the number of buyers who are out there searching. And even though there is still a little snow left on the ground, buyers have already started their search. Realtors say that vacation homes will be in high demand in New Hampshire unless there is a sudden boost to new listings.

 

Best Value at $2 mil and 7000 square feet with - Deep Water Docking - Sandy Beach

Best Value at $2 mil and 7000 square feet with - Deep Water Docking - Sandy Beach

 

Lakes Region buyer rebound

According to Frank Roche, president of Roche Realty Group, Inc., with offices in Meredith and Laconia, the months of January,

February and the first two weeks of March were slower than last year due to the extremely cold and snowy winter.

Roche said he see this as the calm before the storm when it comes to buyers.

"The Lakes Region market is poised for increased activity during 2015, in the vacation home market. Boston and surrounding areas experienced a record annual snowfall of 110 inches, making it difficult for buyers to embark on house hunting in the Lakes Region," he said. "But, we have seen a surge of recent activity. Our office has 61 pending sales, and that's a good headwind, heading into spring."

Roche noted strong interest in water-access communities, condominiums, and reasonably priced waterfront homes. He said the aging population and demographics of the baby boomers continue the demand for semi-retirement properties scattered throughout the Lakes Region. He also feels buyers today feel more comfortable about the economy and making that move.

"I think that today's consumer is benefitting from the lower rate mortgage environment and dramatic drops in prices at the gas pump, and home heating oil," Roche said. "Additionally the stock market has produced healthy gains during the past several years."

The harsh winter might be to blame, but prices and sales so far in the Lakes Region look lukewarm, even though they might be poised to boil this spring. Roche said the first three months of 2014, there were 20 waterfront home sales on Winnipesaukee, at an average selling price of $974,658. The average listing price was $1,047,820. For the first three months of 2015, there were 19 Lake Winnipesaukee waterfront home sales, at an average sales price of $843,789. The average listing price was $898,878. Comparing the above figures, it is easy to see that the average prices have trended downward for the first quarter, but Roche said that simply means today's buyers are picking up some good values.

Nicole Watkins, Lakes Region Realtor for Berkshire Hathaway Home Services Verani Realty, said it has become more difficult in the past three years to find Winnipesaukee lake homes with the more desirable list of amenities. This year inventory may make finding just the right home more difficult and when a buyer does they may have some competition from other buyers.

"In the price range of say, approximately $1.3 million or less, for example, I might have been confident that I could find a Winnipesaukee lakefront home in Meredith that had a certain level of fit and finish for $1.2 million last year," Watkins says, "But, I might be more dubious that I could do so this year."

Watkins said there is also a shortage of new or fairly new construction when it comes to vacation homes near Lake Winnipesaukee, and that goes for all price ranges. She said spec building, where a home is built on the speculation that a buyer will eventually purchase it, either during construction or shortly thereafter, has been fairly limited in the past three years or so in the Lakes Region, mostly due to the economy.

But the economy and the region real estate market has stabilized according to Watkins.

"In my opinion, sellers have had increasing confidence in the value of their properties in the past six months-to a year," she said. "Lake homes are as distinctive and idiosyncratic as individual people are, so it can take time to find the right person for a property. But, sellers are comfortable with that fact."

According to Watkins, the number of days on market do not necessarily translate into lower selling prices when it comes to Winnipesaukee waterfront properties.

What are buyers looking for?: Roche said when it comes to vacation home water access is still a huge draw. At South Down Shore and Long Bay on Winnipesaukee, he has seen very strong sales momentum.

"In these two communities, you see a wide variety of price ranges ranging from a low of $120,000 for a two bedroom, meadows condominium home with attached garage, to a high of $757,200 for a gorgeous home overlooking the water. Homes at the Grouse Point Club on Winnipesaukee in Meredith, likewise have been selling well. This high-end gated community offers views on the lake, sandy beaches, and a yacht club."

Mountain Region seeing demand

 

squam lake homes

New Construction at Squam River Landing - View Homes

 

Steve Loynd, managing broker of Alpine Lakes Real Estate in Lincoln, says that with 31 years in the business of rental and sales of vacation homes, he has witnessed the market in just about every possible condition. Right now, he said things are looking up in the White Mountain region and demand for vacation homes may be rising faster than new listings are coming in.

"In my immediate market near the Loon Mountain ski resort, I'm seeing more demand, earlier than usual this year," he said. "When winter leases start to come to an end, there is always a push to buy. Families have had a great winter and after renting, ownership is the next step. This spring shows strong attributes of sales volume."

But those sales will need to be supported by new listings coming on the market.

"There is a limited amount of inventory in many of the area White Mountain towns. The national and State Forest areas make for less growth and fewer developments, so scarcity and seller expectations will be a factor in negotiating price."

But some sellers can expect to get a little more than they would have in recent years depending on their type of property. Loynd said many of the homes and condos he deals with have risen in value over the past year, while land has remained somewhat stagnant. Like in all markets, he says, the best properties go first and the overpriced ones lag behind wishing for a greater market recovery than what is realistic.

What are buyers looking for?: According to Loynd, the typical buyer of mountain region vacation property is hoping to get the children away from electronic devices for new outdoor activities and more time with the family.

"Most of my buyers are from the suburban Boston area, southern New Hampshire, and Rhode Island.

Some have a connection to the state, because they attended college here, and we offer a comfortable safe place to come and play," Loynd said. "The lack of income and sales tax is a true New Hampshire advantage over other states "¦ and the hundreds of thousands of acres of Forest Service land is a big draw."

 

Winnipesauke lakefront real estate for sale - wolfeboro nh

One of the Many homes in Wolfeboro located on Winter Harbor

 

For additional information on lake homes call 1-888-737-5550 or e-mail at info@nhlakesrealty.com  or visit our websites to view lake homes in New Hampshire at www.nhlakesrealty.com or www.lakeorskirealestate.com.

Contact Carl Sack or Paula Hinckley   #nhlakesrealty

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