Surprisingly, the value of high quality, year-round properties with deeded access to Newfound Lake in Alexandria, Bristol, Bridgewater and Hebron held up well in 2008 and selling prices were in a narrow range. On the other hand properties that were priced outside of this range or were not in prime condition were passed over by the few buyers in the market last year. Supply and demand have remained in good balance with last year's inventory of unsold properties representing about one year of typical sales.
Selling prices for undeveloped land with deeded access to Newfound Lake were 25-35% below what sellers had in mind as an initial asking price and there were very few sales. Starts of new homes are off more that 60% in general and the new construction market for second homes is even slower. There are several factors affecting the market for this land. The costs of construction services and materials remain fairly high and site preparation work can be a budget buster. At the same time, there are good values in existing homes priced at or below replacement cost.
Since January 2009, there have been more buyers in the market for land and second homes than were active in 2008. More buyers are hoping to find a distressed sale, but there have been few short sales or foreclosures among land and second homes with deeded access to Newfound Lake. If you would like more information, I have a detailed report available for buyers and sellers. Best Regards, Chuck Braxton, REALTOR GRI