Vol.42, No.04
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W E E K O F M O N D A Y, J A N U A R Y 2 7 , 2 0 2 0
THE REGISTRY REVIEW NEW HAMPSHIRE’S STATEWIDE REAL ESTATE & FINANCIAL NEWSPAPER A Publication of The Warren Group
WEEKLY SALES OF NOTE
HOUSING CRUNCH
Swanzey 740-744 W SWANZEY RD. . . . . . . . . . . . . . . . . . . . . $11,500,000 B: Princeton Swanzey LLC S: Route 10 Heights LLC Mtg: Brookline Bank $8,284,987 Use: 2fam-5fam Residence, Lot: 319730sf
Portsmouth 175 MARKET ST U:201. . . . . . . . . . . . . . . . . . . . . . . . $2,225,000 B: Eileen M Rullo S: Eport Properties 1 LLC Use: Condo
Salem 45 S BROADWAY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,775,266 B: SPP Citizens Nlref 5 LLC S: ARC CBSLMNH001 LLC Mtg: Sunflower Bank NA $39,500,000 Use: Bank Building, Lot: 38768sf
Rye 0 WENTWORTH RD. . . . . . . . . . . . . . . . . . . . . . . . . . . $1,700,000 B: Anders Ragnarsson Tr, Tr for Anders Ragnarsson RET S: Meghan M Neville Tr, Tr for Meghan M Neville RET Use: Residential Developable Land, Lot: 109336sf
Laconia 14 ANDOVER PL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,130,000 B: Patricia A Hoepp Tr, Tr for Patricia A Hoepp RET S: William F Contardo & Alice M Contardo Mtg: Peoples United Bank $904,000 Use: 4 Bdrm Contemporary, Lot: 24573sf
Portsmouth 579 SAGAMORE AVE U:107 . . . . . . . . . . . . . . . . . . . . $1,100,000 B: Jeffrey D Gilbert & Penelope W Gilbert S: Jackson Hole Ranch 2 LLC Mtg: Cambridge Tr Co $880,000 Use: 3 Bdrm Condo
Gilford 90 SUMMIT AVE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,075,000 B: Margaret A Bahder S: Zachary Bedrick Mtg: Northpoint Mortgage $860,000 Use: 5 Bdrm Contemporary, Lot: 69696sf
New London 75 BARTONS ROW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $912,533 B: Richard Wendell-Hall & Tammy K Hall S: Helen P Tucker
Windham 56 TURTLE ROCK RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . $900,000 B: Edward J Saab Tr, Tr for Pamela S Saab RET S: Sean Welch & Joanne C Welch
Amherst 74 STATE ROUTE 101A. . . . . . . . . . . . . . . . . . . . . . . . . . $899,933 B: Samantha Lake Enterprises S: Frank A Reynolds Tr, Tr for Frank A Reynolds T Mtg: Lowell Five Cent Svgs $454,950 Use: Commercial Building, Lot: 35284sf
Answers Still Elusive to Solve North Country Housing Problems Restrictive Zoning, Allure of Luxury Projects Are Factors BY JAY FITZGERALD REGISTRY REVIEW STAFF
A
friend of Lincoln real estate broker Brent Drouin’s recently analyzed what he might be able to build on approximately 10 acres of vacant land in Woodstock. There was certainly enough space to construct a number of smaller, 1,300-square-foot housing units on the Grafton County property. But the friend concluded it would probably be simpler and more profitable to just build a single “second home,” perhaps for an affluent Massachusetts vacationer who could afford a larger and more expensive abode with all the bells-and-whistles amenities. “He couldn’t make the numbers work,” Drouin, owner of Century 21 Mountainside Realty, said of his friend who was interested in building smaller and more affordable housing units. “They [home builders] just can’t do it with today’s high labor and constructions costs. It’s tough to build and still keep things affordable.” Welcome to New Hampshire’s North Country, where residents and business owners are experiencing a shortage of affordable housing as bad or worse than the shortage southern towns and cities are also seeing these days.
Crunch Hobbles Businesses The housing problem in the mountains and lakes region may arguably be more acute than in other areas of the state, for a variety of reasons, not least due to the region’s more remote
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TO OUR READERS
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REAL ESTATE RECORDS
3 Belknap �������������������������� 01/14/20 3 Carroll ���������������������������� 01/14/20 4 Cheshire ������������������������ 01/14/20 4 Coos �������������������������������� 01/14/20 4 Grafton ���������������������������� 01/14/20 5 Hillsborough ������������������ 01/14/20 6 Merrimack ���������������������� 01/14/20 7 Rockingham ������������������ 01/14/20 8 Strafford ������������������������ 01/14/20 9 Sullivan �������������������������� 01/14/20 9 Bankruptcies 10 Lien & Attachments 10 Foreclosure, Mortgagee & Other Lien Auctions 10 Requests for Bids & Proposals
To be clear, Thibeault, whose economic and real estate consulting firm is based in Laconia, said there’s an affordable housing shortage in just about every corner of New Hampshire, with the statewide vacancy rate for apartments now running at about 1 percent. There’s only a three-month supply of homes for sale on the market today, he added, compared to the more traditional six- to ninemonth supply of homes.
Single-Family Sales By Month 2,000 2000
TRANSACTIONS THRU
nature and the difficulty of getting contractors to build smaller housing units that average workers can afford, industry officials say. “The further north you go, the worse it gets,” Russ Thibeault, president and founder of Applied Economic Research, said of affordable housing challenges in New Hampshire. “Housing prices and rents up north may be lower than in other parts of the state, but the incomes are also lower – and yet it’s still expensive to build.”
New Hampshire Market Statistics
INDEX PG COUNTY
With construction costs in line with much of the rest of the state, but incomes far below that of Southeastern New Hampshire, developers find it a struggle to profitably build workforce housing in the White Mountains area.
Number of Sales
Change Prior Year
1,138 1,410 1,397 1,362 1,234 1,176
4.88% 23.9% -0.92% -2.51% -9.4% -4.7%
q Statistics based on single-family home sales of $1,000 q Source: The Warren Group
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