There were 4 sales in April of 2009 for the town of Northwood as compared to only 2 in April of 2008. The average days on market was only 133 days vs. 353 days in 2008. The average selling price for April of 2009 was $204,975 as compared to $103,000 in April of 2008. In April of 2008 we had 3 new properties go on the market as compared to this past April we saw 6 new properties listed for sale. [click to continue…]
Northwood, NH
There are currently 9 properties for sale on Northwood Lake which spans between Deerfield, Northwood and Epsom that offer direct waterfront. There are a fair range of prices for all buyers with a property starting as low as $178,900 up to $750,000. If shared access or ROW is what you are looking for there are 2 properties that offer access to a shared private beach. They are priced between $89,900 (bank owned) and $320,000 (with a water view).
Pleasant Lake, which is also located in the towns of Deerfield and Northwood, has 4 properties for sale with direct waterfront that are priced between $359,900 up to $1,190,000. For shared access or a right of way to Pleasant Lake there are 2 properties that are near the town public boat launch. These are priced between 389,900 and $539,000.
Bow Lake, located in the towns of Strafford and Northwood, has 6 properties for sale and one currently under agreement. The price spread for Bow is currently $375,000 to $799,900. If shared access or a right of way fits your requirements there are 13 properties for sale ranging from $126,900 to $454,900 with one under agreement.
One might ask why such a big difference in price depending on the lake? Things to consider are:
1. Is the property year round or seasonal? Seasonal can mean it does not have the property heating or insulation, water would freeze in cold temperatures, camp may draw water from the lake vs a well.
2. What type of access is there to the water? Sometimes you will see waterfront of 10 or 15 feet… That typically means you have a deeded dock vs your very own private beach. The property could be located across the street for instance but it has direct waterfront via the dock.
3. Which lake is the property located on? Some lakes command a higher price due to size, depth and water quality. Pleasant Lake for instance is around 495 acres but its water quality is one of the best in the state of NH. Bow Lake is around 1,160 acres. Northwood Lake is about 650 acres but its maximum depth is only about 20 ft.
If you are considering buying waterfront when searching property it’s important to watch for the total number of waterfront frontage in feet. If there are not feet listed the property may have shared access to a private/association beach or a ROW to the water. The only way to know for certain is to review the deed for the property. Another important factor to consider is the septic and well. Some of the older cottages may have holding tanks and ensuring that a replacement septic system could be installed, especially if the size of the lot is nonconforming is important to ensure you protect your investment. Also take a look to see if the property is drawing water from the well. That would mean you would need to bring in your drinking water. Finally, it’s always important to see if the seller has a permit or submitted the “Seasonal Dock Notification” form for the dock. Some could be grandfathered but depending on how extensive the dock is and how many feet the seller owns typically will limit length of the dock a property can have.
If you are considering selling waterfront property, it’s important to be aware of the shore land rules and what is required of you when selling.
Of course the value of any waterfront property is the waterfront. Preserving that waterfront will help protect that investment. The State of NH has taken considerable care to ensure that we protect our beautiful lakes, rivers or tidal waters with the Shoreland Protection Program.
In the end, owning waterfront can be one of the best investments you make. It’s a limited resource and there is nothing like coming home on a Friday night to the call of a loon and some wine on the deck.
Based on information from the Northern New England Real Estate Network, Inc as of April 23, 2009.
Contributed by Lisa Lentz, Associate Broker, Bean Group
