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September 2, 2010

You’ve heard the news, “home sales drop by 25.5 % in July nationwide.” Well there is one little corner of the nation where home sales continue on their steady pace. According to the reports from the NNEREN M.L.S. the single family home sales pace in Windham NH in July of 2010 was exactly the same as it had been in July of 2009. There were 14 single family closed sales in both July of 2009 and 2010. Condominiums sales did slip with only 3 sales in July 2010 vs. 7 in July 2009.

Sales in August 2010 have been even better! There were 20 single family home closed sales in August of 2010 vs. only 16 in August of 2009. Condominium sales were slightly slower with 2 sold in August of 2010 vs. 3 sold in August of 2009.

There is a one part of the Windham market that is slower in July and August. The lower end of the market has been affected by the end of the tax credit and job uncertainty. Of the 34 single family sales in July and August of 2010, 27 sold at $300,000 or above. This represents 79% of the sales. Only 2 home sold between $200,000 and $300,000 during these two months (with 4 selling below $180,000) and there is a substantial of inventory of homes available for sale. However, for the year, closed sales of single family homes under $300,000 are up substancially with 32 closed sales in 2010 vs. 21 in 2009. 

For the year to date from January through August, Windham single family home sales are up sharply in 2010 vs. 2009. There were 126 single family closed home sales in Windham in 2010 which compares to only 85 sales in 2009. This is almost at 50% increase. In the condominium market there have been 26 closed sales in through August in 2010 vs. only 18 through August in 2009.

At the upper end of the market 3 homes sold between $800,000 and $900,000 in July and August of this year. There were no sales above $900,000.

Overall, the market in Windham has remained strong throughout the summer. Windham is a desirable community with newer, upscale homes in many neighborhoods and the town has just built as state of the art high school. It also remains one of the best commuting locations in southern New Hampshire with easy access to interstate 93 and the greater Boston area. Recreational opportunities abound with town amenities such as Griffin Park and the Windham Rail Trail. There is waterfront living on Canobie Lake and Cobbett’s Pond with easy access to Boston. All of these factors and more add to the appeal of Windham to potential home buyers.

This representation is based in whole or in part on data supplied by the Multiple Listing Service of the Granite State South Board of REALTORS, Inc. Neither the board or its M.L.S. guarantees or is in any way responsible for its accuracy. Data maintained by the Board or its M.L.S. may not reflect all activity in the market. Sales of Windham Homes and Condominiums from 01-01-2010 to 06-30-2010

If you want to borrow money to buy or refinance a house in southern New Hampshire, this is an incredible opportunity. Freddie Mac is reporting fresh new lows for average mortgage rates.

As reported in “MarketWatch:” “Low rates are helping to heal many battered local housing markets by increasing home-purchase activity,” said Frank Nothaft, vice president and chief economist at Freddie Mac, in a news release.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.56% this week, down from 3.63% last week and 4.75% a year ago. The ARM is at its lowest since Freddie Mac began tracking it in 2005.

And 1-year Treasury-indexed ARM averaged 3.53% this week, down from 3.55% last week and 4.72% a year ago.

To obtain the rates, the 30-year fixed-rate mortgage and both of the ARMs required payment of an average 0.7 point. The 15-year fixed-rate mortgage required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.”

Windham is known for its upscale image with many prestigeous homes and neighborhoods located within the town. What is less well know is there are some excellent opportunities for you to own a really nice home in Windham at a very affordable price. So don’t rule Windham out just because you are looking in the lower end of the market. All of the amenities Windham has to offer including a new state of the are high school, open space and recreational opportunities come with being a resident of the town. Here are two examples of excellent values in our listing inventory.

Windham $264,900

This really great home has been completely renovated. There is a dramatic custom kitchen with burlwood contemporary cabinetry and stainless steel appliances. There are wood laminate floors in the spacious great-room with a new propane fireplace with handsome surround. There are two bedrooms on the second floor plus a third floor loft that would make a great kids room. All new baths. Set on 1.14 acres. This is a great condo alternative! All you have to do is move in.

Windham $269,900

The second affordable, new, Windham listing is located on a 2.75 acre lot in a quiet area. This distinctive colonial home has three very spacious bedroom and 2.5 baths. There is a beautiful kitchen that opens to the familyroom with a fireplace. There is also a formal diningroom for those holiday and special occasions and a big livingroom. One of the nicest features is the sunroom with it’s cathedral ceilings, skylights and window walls overlooking the wooded yard. This great home can be yours for the very affordable price of just $269,900.

So if you’re looking for an affordable home, don’t rule Windham NH out. Contact us so we can tell you about everything that is on the market.

Peter Francese, an economist with the New Hampshire Association of REALTORS says in his recent press release regarding the New Hampshire Real Estate market that, “Homes sales and prices are rising here contrary to the nation yet again.” 

As I reported recently, home and condominium sales were up over 75% in Windham NH in the first half of 2010 vs, the first half of 2009 with many sales in the upper end of the market. This trend appears to be statewide. Francese states, “You wouldn’t know it from reading the gloomy national real estate news, but both home sales and median sale prices are increasing in nearly every New Hampshire county. Statewide, residential home sales rose 10 percent over June 2009 and median price in June was up 2 percent over last year. Condominium prices rose 6 percent, but sold listings jumped 14 percent over June 2009.

It must be increasingly difficult to deal with potential home buyers and sellers who only look at national news. But perhaps the most troublesome thing is how risk-averse mortgage lenders can become after seeing scary but misleading headlines. It’s an uphill battle fighting negative perceptions with mere facts, but here are some anyway.

The central fact: in so many ways, our state is not like the rest of the nation.

During the first six months of this year, statewide residential home sales reached almost 5,300 units, up 18 percent from the first half of last year, and the over 1,400 condos sales in the first half were 28 percent above last year. First half median residential and condominium prices rose 4 percent and 3 percent, respectively, over same period last year…”

Francese says many unique factors with population demographics in New Hampshire may be contributing to the sales surge. He goes on to detail all of the interesting things that make NH unique at this time.

We will see in the future if New Hampshire continues with it’s unique real estate market.

July 12, 2010

Fixed rates for 30 year mortgages at 4.6+/-%. 15 year fixed mortgage rates near 4+/-%. You have to travel back more that half a century to find a bank that would offer you a mortgage at these rates. For most of the 1950’s the average rate for conventional mortgages was between 5 and 6 percent.

Taylor Street in Salem NH just prior to 1950

THE SARASOTA HERALD TRIBUNE, JULY 23, 1950: “4 percent mortgage financing is available from private lenders for V.A. loans.”

THE SARASOTA HERALD TRIBUNE, JUNE 22, 1966: “No Mortgage Shortage. ‘I see no reason for any shortage of mortgage money locally in the near future, although it is true that the cost will be higher. Today the average rate of mortgage loans in the United States is 6.09 per cent up from 5 3/4 per cent little more than a year ago.’ ”

THE SARASOTA HERALD TRIBUNE, MAY 8, 1981: MORTGAGE RATES HIT 16% “ Mortgage rate in Sarasota jumped to an all time high of 16% this week but it hasn’t stopped buyers from buying new homes…We went to 16 percent on negotiable mortgages and 16 3/4%per cent on fixed-rate mortgages Wednesday, said Scott Gettemy of First Presidential Savings and Loan Association…”

Noyes Terrace in Salem NH "Post War Building Boom."

In the summer of 2010, home-buyers have a once in a life time opportunity to lock in a low fixed rate. You may have missed the home buyer tax credit but you will more than make up what you “lost” with the interest savings on your payments over the life of your loan. Plus you will see the savings in your monthly payments not as a one time credit which is really a huge affordability advantage.

Now is the time to sit down with a mortgage representitive to see exactly how much home you can afford. The sales professionals at Prudential Dinsmore Associates, REALTORS would be gald to give you a few names so you can compare rates and terms.

The pictures are from Salem New Hampshire just prior to 1950 during the post war housing boom. They show Noyes Terrace and taylor Street in Salem.

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Visit houselogic.com for more articles like this.

Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®

Overall the New Hampshire real estate market is showing signs of recovery as the new year begins. The numbers from the New Hampshire Association of REALTORS are reflecting what we are seeing in our own real estate business in southern New Hampshire. While the median sales price is up, that should not be misinterpreted by buyers or sellers that the sales prices of individual homes have had large price increases. Instead, what is happening is a shift in the type of home buyer in the southern New Hampshire real estate market. At this time last year, the real estate market was totally dominated by first time home buyers. This meant that the were a large number of low price home sales which naturally brought the median sales price down. This year, the market has returned to a more normal balance of home-buyers. There are a large number of buyers in the upper price ranges again, which were totally missing last year. We are seeing buyers in the $300,000 to $600,000 range which were non-existent in 2009. These include buyers that are again being relocated by their companies and people who are making a discretionary purchase to move up to a larger home.  We are also seeing a large increase in traffic and pending new homes sales in Spruce Pond Estates. The fact that these buyers are in the market again is a very positive sign for the real estate market in general in southern New Hampshire.

That being said, buyers need to know that there are still excellent values in the market. Home prices are well off their highs of 2004 and 2005. Sellers need to be aware that only competitively priced homes are selling and there is still a great deal of negotion required to put a sale together.  Appraisal issues are also affecting some sales. Some lenders are requiring comparable sales within a mile of the subject property that have sold within 3 months. This is a burden of proof that cannot be met in many places in southern New Hampshire where homes are on large lots and where good comparables are commonly found several miles from the subject property. Buyers should ask their lenders about their appraisal standards before making a committment or they may not be able to buy a home that is well worth what they have offered but which “doesn’t appraise” because of  underwriting requirements.

This is a portion of the the February 16, 2010, press release from the New Hampshire Association of REALTORS: “The positive momentum felt in the New Hampshire housing market during the second half of 2009 continued into January 2010, with the state’s residential home sales ahead of January 2009 by 16.5 percent.  This time, there is additional good news on the price side as well, as the median price of residential homes increased by 7.5 percent over the same period last year – the first month-over-month median price increase in 26 months and the largest such jump in 52 months.

According to data released this week by the New Hampshire Association of REALTORS® (NHAR), 529 single family homes sold in January 2010, a substantial gain from the 454 home sales in January 2009.  And the median price in that same period was $215,000 this year, compared to $200,000 of a year ago.

The last time home prices showed an increase for a single month over the same period from a year prior was November 2007, and the last time that increase was better than 7.5 percent was September 2005…”

Remember, there is still time to qualify for federal tax credits but you must act soon.

The Journey to Bethlehem is a Christmas Tradition in Windham, New Hampshire every year. The members of the Windham Bible Chapel offers this presentation as their Christmas gift to the region. I have attended the event many times over years past with my family.  It is a very enjoyable and low key way to bring the real meaning of Christmas into your family celebration. If you have young children they will especially enjoy the event. My two boys were always a little worried by the Roman soldiers seeking their identity scrolls. Thousands of local people have attended the event over the years. There is a short presentation given inside the Bible Chapel while you wait for your guide to arrive. Then your travel to Bethlehem along illuminated trails in the woods begins. along the way you stop and hear about Joseph and Mary’s journey to Bethlehem by various characters in front of a warming fire. All of the characters are in period cosutmes.   Especially this year, when many of us are down playing the materialistic side of Christmas, this offers a free way to experience the Holiday.

As a resident of Windham I would just like to thank the members of the Windham Bible Chapel for putting this production on free of charge. If you want more information click here for the Windham Bible Chapel  site and once there click on the “Journey” tab. In 2009, the presentation will be Thursday, December 3, 7 to 9 PM, Friday, December 4, 7 to 9 PM and Saturday, December 5, 5 to 8 PM. This is an outdoor drama so be sure to dress warm!

Merry Christmas to all of the customers and friends of Prudential Dinsmore Associates.

The extension and expansion of the home-buyer tax credit is good news for buyers, sellers and REALTORS in southern New Hampshire. The federal government hopes that the extension will have a positive effect on the real estate market. The first time tax credit had a big impact on the lower end of the market in southern New Hampshire towns like Derry, Salem and Londonderry. The expansion of the credit to move up buyers means that the upper end of the market should benefit, especially in a town like Windham NH with higher priced homes.  At one point in October there was only two home available for sale in the $200,000 to $275,000 range in Windham. The inventory was depleted as a result of first-time buyers rushing to put homes under agreement before the November 30th deadline. Now all buyers have a chance to benefit from the program. This should help with the inventory of higher priced homes in town. Here are the details:

The time limit for the program has been extended. You must have a home placed under agreement before April 30, 2010. The closing on the property must take place before June 30, 2010. First time buyers will still qualify for up to $8,000. Income limits have been raised so that single buyers can earn up to $125,000 and still get the full credit while a married couple can earn $225,000. A FIRST TIME BUYER MAY NOT BE WHAT YOU THINK! Under the program, you are a first time buyer if you have not owned a home during the last three years.

Now, buyers that want to trade up can also qualify. Those who have owned and occupied a residence for the at least five of the past eight years can claim a $6,5000 tax credit if they close on a purchase before the end of June.  Also, this program does not require you to pay the money back to the government as earlier versions did. Prudential Dinsmore Associates, REALTORS are not accountants or tax advisors and if you plan to participate in the program we urge you to consult with a tax planning professional before you purchase a home. Here is the IRS link to the program information.

If you want to explore your options, why not contact Prudential Dinsmore Associates, REALTORS today.

Cobbett’s Pond, in Windham New Hampshire, has experienced a dramatic transformation over the past twenty years. The summer cottages and seasonal lifestyle have been totally replaced by upscale homes with year round residents.  

My great-grandfather’s farm ran to the shore of Cobbetts Pond in Windham and my grandfather rented summer cottages along the shore. I grew up on Cobbetts and still live there today. The changes that are taking place along the shoreline are simply amazing to me.  The old summer cottages are being replaced by luxurious waterfront homes and the recession has had little impact on the pace of change.

A little history first: Cobbett’s Pond was named for the Reverend Thomas Cobbet, a minister from Lynn and Ipswich, Massachusetts who received a grant of 500 acres on its northern shore in 1662. The first summer cottage was built in 1886. From then until the 1970’s the pond remained largely a summer community with public beaches, a dance hall over the water and a thriving summer theater nearby. When I grew up on Cobbetts most of the residents disappeared after Labor Day. There were a smattering of year round residents but all my lake buddies were gone in the fall.

All that began to change in the eighties when a few cottages were demolished to make way for modest year round homes. The real change occurred in the early 1990’s. Prudential Dinsmore Associates sold 3 waterfront lots on the “big pond” that had remained vacant for years.  The prices in the $225,000 to $250,000 range raised the bar at that time. At that same time, we also sold quite a few summer cottages in the $300,000-$350,000 range which were torn down for new upscale homes. This was the beginning of the changes on the lake. Today, it seems that a cottage is being torn down every time you go out in your boat being replaced by a lavish new home. 

The increased desirabilty of the town of Windham has raised the cache of Cobbetts. The main appeal is that you can enjoy waterfront living close to work. If you are going to make a large investment it is nice to know you can enjoy your lake house each and every day without having to travel two hours to the north. Many business owners and professionals from southern New Hampshire and northern Massachusetts call the lake home. A good many of the new homes are being built by Windham residents who want to stay in town but want to live on the water. Of course Boston is a straight shot down Interstate 93, less than 35 miles to the south.

The market for waterfront property on Cobbetts remains strong in spite of the current downturn. Waterfront properties that are priced correctly are selling to the pool of buyers who want to be on the lake.  

Imagine enjoying your ”front” yard by the water as the warm sun rises over the lake while a Great Blue Heron flys by, low over the water.  Savour the drive home from work, turn onto your narrow road, knowing the day is done, and walk barefoot to a lakeside patio to enjoy the an evening cocktail. That is until the kids start begging to go tubing or water skiing. There is a firework display over the water on the fourth of July. Even the winter is enjoyable watching the carnival of ice fishermen, skaters and snowmobilers. This is lakeside living at its best and it all can be yours.

Cobbetts Pond is a 302 acre spring fed lake with an average depth of about 30 feet and with 50 feet being it’s deepest. The “Big Pond” and the “Little Pond” are divided in the middle by the “Narrows” giving the outline the lake an hour glass shape. There is a seperate village district that taxes for lake improvements and water quality initiatives. All waterfront construction is governed by local Windham zoning laws and the state of New Hampshire Shoreline Protection Act.  More information about waterfront living in southern New Hampshire here. 

Overlooking the “Narrows” this exquisitely appointed residence offers crown moldings, hand-crafted cabinetry and designer fixtures. Incredible custom kitchen features granite and opens to the great-room which offers panoramic lake views. Luxurious master bedroom suite with fireplace an spa bath overlooking the water. Over 6,000 Sq.ft with ten rooms. 3 car attached garage plus a 3 car carriage house with an unfinished bonus room above. A unique lot with over 100 feet of frontage and offering beautiful views and sunsets.  Offered at $1,395,000. Click here for full details and more pictures.

Waterfront elegance can be enjoyed in this beautiful custom home. 114 feet of lake frontage allows you to enjoy sweeping lake views. Impressive entry with leaded glass doors and handsome wood and cast iron staircase design.  Designer kitchen with granite counters. Beautiful master suite and attached two car garage. Offered at $1,150,000. Click here for full details and more pictures.

BUILDING LOT WITH ALL APPROVALS ON COBBETT”S POND.  $349,900 CALL OR E-MAIL FOR FULL DETAILS

See all of the current homes for sale on Cobbetts Pond in Windham NH.