Homes for Sale in North Conway NH 03860
New Log Homes
Keller Williams North Conway NH Bill Barbin Real Estate - Homes for sale in North Conway NH can range from modest neighborhood homes to hilltop estates with massive views of the surrounding mountains. Condo options start as low as $80,000 +/- (realistically) and can run up to the mid $500,000 range. Those high end units are likely to be trailside at the only ski resort in North Conway proper: Cranmore Mountain Resort. As one of the longest operating ski resorts in New England, ski in ski out condos here have shaped many of the ideas we all have about slopeside resort condos. Today, Cranmore is taking a HUGE leap forward again by building some of the only new construction condos in the Mt Washington Valley, and the highest values we have seen here ever, all based around the concept of base lodge living. The concept has been executed successfully elsewhere and really makes a lot of sense. You see, anyone that has stayed at a slope-side condo can tell you, if you need to ski back to your condo you NEED to get on the last lift of the day. The evolution of the ski resort now has base living, where you are never stranded at the bottom or on the hillside. Evening activities and resort functions are all accessible by foot if your condo is at the base lodge. Base living has come to the North Conway!
North Conway Village grew alongside the skiing and tourism industry associated with the proximity of Cranmore Mountain Resort and the rail lines that once brought skiers and weekenders North from Boston and New York. The famous Ski Trains of the mid 20th century really put North Conway on the map for the economic growth center of the Eastern Seaboard cities. In turn, North Conway has grown into a vacation epicenter for the White Mountains of NH and even the nearby towns of Western Maine. Being within a 3 hour drive of most of the Boston-Providence metro region and at the very feet of the Presidential Range, North Conway is positioned in just the right place to continually appeal to the people of the surrounding suburban and urban regions, as the quintessential vacation destination.
Vacation Investment Properties for Rent
No North Conway area real estate related article would be complete these days without mentioning a change in the landscape. The change isn't just the new construction booming within the commercial district. The change that is changing the landscape the most is the rise of owner-friendly rental services. Once upon a time the rental service providers located here in the Mt Washington Valley held all of the cards. It was possible to dominate the marketing channels, especially when charging in excess of 50% of the gross rental income, to owners that simply live too far away to manage their property on their own. Today, Airbnb and Homeaway and other online rental services, as well as the modernization of the people owning potential rental property, have changed the way that people rent for vacation. Ease of use and the general access to services has created a much more profitable model for owning vacation investment property.
There was a time where I had my story down pat, for those calls/inquiries that were looking for a condo that would "pay for itself" (including the 90% financing). It just didn't exist when folks had to pay almost 60% of the gross income out to a rental agency. Today, expenses can get as low as about 25% of the gross, with or without a local listing service and with interest rates so low it IS possible to gross enough to cover ownership costs. This is true so long as the prices stay just a bit off pace with our parent market of metro Boston - Providence.
Maybe I should call it my guess....
The secret is out. 9 out of 10 inquiries are asking for rental income information. Someone told someone that there is money to be made from vacation-investment properties in The White Mountains of NH and W Maine, with as little investment as about $15k, AND you can use it as your vacation home too!
The people with a desire to be real estate investors don't always want to tie up the amount of money it takes to buy and rent/or flip a suburban Boston property, especially if buying is resulting in bidding wars among construction companies. Vacation markets are now becoming vacation-investment markets. A professional that rents in Cambridge MA, near work, may make a good living but may still not be able to afford the cost of a home in Cambridge or the lack of mobility that owning a home can bring to one's life. Owning a vacation-investment property puts that person in a real estate investment with rental income and the flexibility to move wherever work takes them, without the NEED to sell to move. Genius!!
One of the most mobile groups of investors are starting to discover the White Mountains and North Conway as well. Parents of foreign students have been coming to the Mt Washington Valley in bus loads for the past few years. Just now I am seeing an increase in interest from parents of foreign students attending school in Boston. Apparently, coming to NH for school holiday is a lot more fun than going home, for everyone. Rental income just makes it a smart business as well.
What am I predicting? A rise in prices that may soon outstrip the income. Inventory is low and demand is high and rising. The 2016-2017 winter has had historically low inventory and sales were brisk. Many listings that came on the market, at the right price, had multiple offers. Sellers typically hold off until Spring based on an internal wisdom that all property owners receive by osmosis once they own a home. With all of the real estate agents clammoring for new listings and touting low inventory as a driving motive to list, a bunch of real estate will come on the market this Spring, with inflated prices. The best of those values will go under contract quickly and at a slightly higher price than would have previously been possible. The tide will rise all boats. Once the surge of new inventory passes, the properties that are just priced fairly will also start to sell off. By mid-summer those owners that were watching and waiting will see the higher tide and list slightly higher as well. Unless we have a sustained surge of incoming listings, prices are going to rise steadily in the next 12 months. 1 year from now I may not be able to say that rent can pay the mortgage.
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Updated: 14th November, 2018 10:15 PM.