A Sale of Two Cities

Golden Gate Bridge, San Francisco

In San Francisco, “If it’s close to $500,000, it’s a joke.” In Laconia, NH a similar investment secures a personal paradise with peaceful water and mountain views…Brent Metzger compares home values in San Francisco and Laconia, NH

I recently spotted a story about the cheapest home for sale in San Francisco, the most unaffordable city in the United States. If Charles Dickens had been a real estate professional he might have opened the listing remarks with: “It was the most affordable of homes, it was the most unaffordable of markets.”

The median price for a one bedroom home in the “City by the Bay” is estimated at $820,000 (meaning half of comparable homes cost more). The most affordable home listed in San Francisco in February was an uninhabitable (hey, what do you expect?) 1,085 square foot, one bed, one bath single family home on a 0.06 acre lot about five miles from the city’s center.

San Francisco Property for SaleOriginally built in 1900, this property was listed for $399,000.

Like all good real estate professionals, the listing agent did what he could to tactfully describe the home in order to drive both interest and perceived value. “Very poor condition,” the listing bragged. “Very little likelyhood (sic) of buyer obtaining a loan,” it boasted. Hey, even Charles Dickens may have been at a loss for words when it came to describing this property charitably.

Naturally, the agent complemented his literary listing remarks with photos designed to highlight the property’s best features.

Unfortunately, the most appealing photo, a landscape shot designed to provide supporting evidence for the claim of “Terrific Bay Views!”, looks to me like a terrific view of the world’s most expensive shanty town.

The images quickly went downhill from there.

Now, I’m no remediation expert but I’ve discovered enough fuzzy, gray/green leftovers over the years to know mold when I see it, and one glance at the picture of the home’s dark sooty and battered entrance hall suggested a ceiling festooned with growth like last Thanksgiving’s forgotten cranberry sauce.

The rusty, moldy and otherwise dilapidated bathroom (with an avocado green tub) looks like a perfect location for a scene in the next installment of the “Saw” horror movie franchise. The one bedroom home’s kitchen photo inexplicably features six befouled mattresses.

Finally, had you spoken with the listing agent, he would have disclosed that none of the appliances worked, that the plumbing was not functional, and that the heating system, flooring, and interior sheetrock were all severely damaged.

With all that going for it, San Francisco’s most affordable house naturally attracted multiple competitive offers from prospective buyers. Of the 23 offers received, 12 were over $520,000 (for a property listed at $399,000), and the winning offer was for $565,000, cash.

“This is ‘affordable housing’ in San Francisco,” the listing agent said during an interview. “When you have a property that’s below a million, it’s a steal. If it’s close to $500,000, it’s a joke.”

Now that we’ve addressed the City by the Bay, let’s cover the City on the Lakes.

 

The median list price for a one-bedroom, single family home in the Laconia is presently $80,000 (about one tenth of San Francisco’s median). The highest valued one bed, single family home listed at this time is an immediately inhabitable 674 square foot one bed, one bath, four season cottage on a 0.61 acre lot (more than ten times the size of the lot in San Francisco) with a boat slip and 125 feet of Lake Winnipesaukee waterfront.

Lovingly updated since its original construction in 1966, this home is listed for $524,900 (that’s over $40,000 less than the uninhabitable home in San Francisco sold for).

The listing agent (full disclosure: his barber cuts my hair) evoked the spirit of Charles Dickens and wrote:

“You just can’t get much closer to the water than 87 Harglen Lane in Laconia NH…”

This adorable four-season waterfront cottage could be a playhouse for your inner child, a happily-ever-after home for your retirement years, or both. This personal paradise is located on one of the best lots in quiet, private, no-wake Pickerel Cove, which connects you to over 45 thousand acres of beautiful Paugus Bay and Lake Winnipesaukee water… With a nearby private beach for the community, snowmobile trails and skiing, there are infinite recreational possibilities outside, and easy-to-maintain single floor living with no stairs once you’re back inside…The property also features an external 12’ x 16’ multipurpose room which could serve as a bunkhouse for guests, an art studio, personal workshop or more…”

Naturally, the agent complemented these literary listing remarks with photos designed to highlight the property’s best features.

If you were to search MLS # 4682787 or visit www.87HarglenLane.com, you’d see that this home has legitimately terrific interior and exterior views of the water (which is literally steps away) and the Belknap Mountains.

The entrance to this property is a bright 17 by 8 foot heated lakeside sunroom with views of water and mountains.

The bedroom easily swallows a king-size bed, the bathroom is nicely finished, spacious and well tiled, and the bright, open kitchen flows naturally from the living room and is well-appointed with exotic granite countertops, high end laminate flooring and new cabinets.

If you spoke with the listing agent, he’d disclose that the appliances—including the Deco All-in-One Compact Electric washer/dryer—all function and can convey with the sale. He’d also tell you that 87 Harglen Lane in Laconia is a special property that offers a million dollar view for half the price and proves you can live large in a small home.

So there you have it, a tale of the sale of two cities. In San Francisco, “If it’s close to $500,000, it’s a joke.” In Laconia, a similar investment secures a personal paradise with peaceful water and mountain views that will make you feel a million miles away from the hustle and bustle of modern life.

Brent Metzger is a saleBrent Metzger, Realtor at Roche Realty Group in Meredith NHs associate at Roche Realty Group in Meredith, NH.  He can be reached on his cell phone at (603) 229-8322, at the office at (603) 279-7046, or by e-mail: brent@rocherealty.com

Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market.

Share on facebook
Share on twitter
Share on reddit
Share on pinterest

Roche Realty Group Reports Record of $170 Million in Sales

Meredith- Frank Roche, President of Roche Realty Group, Inc, with offices in Meredith and Laconia, has …

Read More →
Meredith NH

Gilford and Meredith NH – How Do They Compare?

There are 25 towns and cities comprising the Lakes Region. This week I thought I …

Read More →

EM Heath, LLC Acquires 1084 Union Ave in Laconia

The future of Ace Hardware EM Heath LLC in Laconia became solidified this past week …

Read More →
Roche Realty Group Sells Landmark Commercial Building in Gilford, NH

Roche Realty Group Sells Landmark Gilford Commercial Building

Gilford- One of the most visible, historic landmark commercial properties in New Hampshire’s Lakes Region …

Read More →
New Commercial Constructioin in Lakes Region

Commercial Sales Increasing in the Lakes Region

Recently I’ve been outlining the sales activity for residential, waterfront, and multi-family apartments in the …

Read More →
Laconia NH Commercial Building Sale

New Owner for 8,447 Sqft. Commercial Building in Laconia

Laconia— Exciting news for the downtown Laconia district. Another substantial commercial building, including approximately 8,447 …

Read More →

Strong Demand for Multi-Family Apartments in NH’s Lakes Region

Last week I was driving through Loudon Road in Concord in the busy heights area, …

Read More →
NH Lake

Area Lakes Show Considerable Appreciation

Below you will find data and insight into what’s happening in sales activity on 8 …

Read More →
inflation in shopping center / grocery store

More Inflation Concerns

More Inflation Concerns I submitted an article a while ago titled “Is Our Current Inflation …

Read More →
Alpenrose Village Retail Center located at Rte. 11 B / Rte. 3 in Weirs Beach, Laconia

Roche Realty Group Sells Alpenrose Village Retail Center

Laconia, NH – Tom Drouin of Roche Realty Group in Meredith represented both the seller and the …

Read More →
As the Real Estate Season Turns

As the Real Estate Season Turns

“There’s hope for buyers on the horizon, with more real estate opportunity to come.” This …

Read More →

10 Things to Consider if You’re Buying in a Seller’s Market

Anyone looking to buy a home today knows they are in a seller’s market, which …

Read More →

Third Quarter Update – Lakes Region Real Estate Activity

I’ve pulled up some data to provide all of you with some current insight on …

Read More →
Home Maintenance - Person repairing wall in house

Home maintenance the difference between sold and stuck

Be honest… is your home in need of some repairs? Because the truthful answer to …

Read More →
Coins stacked up indicting inflation

Is our Current Inflation “Transitory?”

The Federal Reserve officials have described the current period of high inflation as “transitory.” In …

Read More →
ABBA Tribute performing at the Lakeport Opera House

Meet you at the Lakeport Opera House

Last Saturday, Nancy and I were invited to the Lakeport Opera House to take in …

Read More →
Picture of

The New Hampshire Advantage

All of us who live in New Hampshire’s beautiful Lakes Region certainly have lots to …

Read More →

Just like vacation seasons, vacation homes come and go

When you think about it, all homes are actually seasonal properties. Whether it’s a primary …

Read More →

Hunt for lower prices like a lone wolf

If you ever watched Saturday morning cartoons back in the day, you may recall Looney …

Read More →
Birds eye view of Lakes Region New Hampshire

Lakes Region Real Estate Market 6-Month Comparison

We are halfway through 2021 already, and as we head down the second-half stretch, I’ve …

Read More →
The "Village Store" in Gilford, NH

The “Village Store” in Gilford Has New Owners

Gilford— The “Village Store” in scenic Gilford Village, a Lakes Region landmark since 1836, was …

Read More →
Lakes Region NH - aerial view of Lake Winnipesaukee NH

Lakes Region Waterfront Sales Comparisons

I thought I would look at the real estate activity on the Lakes Region’s four …

Read More →
Island Living on Lake Winnipesaukee in NH - aerial view of Welch Island, Lake Winnipesaukee

Island Living on Lake Winnipesaukee

The thunder of motorcycles has arrived in the Lakes Region. After a long year of …

Read More →
summer fun in nh - swimming in the river

Summertime Adventures Around the Lakes Region

Memorial Day weekend has arrived, and all of us are excited to kick off the …

Read More →
Are we in a real estate bubble?

Are We in A Real Estate Bubble?

Back in April, the red hot search on Google™ was “when is the housing market …

Read More →

Roche Realty Group Sells Artie’s Subs & Pizza

Moultonborough, NH – Brian and Kara Dillard of Barrington, New Hampshire, have recently purchased Artie’s …

Read More →
Laconia, NH - City on the Lakes

Laconia— City on the Lakes

The 17,000 resident, “City on the Lakes,” is nestled on the shores of three of …

Read More →
Housing Bubble

What if it’s not a bubble?

It’s a mad mad mad world of real estate right now.  The frustrations of buyers …

Read More →
Alton, New Hampshire on Lake Winnipesaukee

Alton’s Treasures — Natural Resources

Alton, New Hampshire is a scenic community with wonderful natural resources. The town envelopes the …

Read More →
Moultonborough, New Hampshire

Moultonborough, NH — Low Taxes Attract!

Moultonborough, New Hampshire, is a scenic and idyllic community on the northern shores of Lake …

Read More →
Gilford, New Hampshire on Lake Winnipesaukee

Gilford Recognized For Its Quality of Life

Gilford, New Hampshire, has always been a popular destination and a great community to live …

Read More →
Meredith Village on Lake Winnipesaukee, New Hampshire

Meredith, NH—One of the Top 10 Best Small Towns on the East Coast

It’s always good to see our local towns highlighted in national publications, and recently Meredith …

Read More →

Economic Concerns for Real Estate

For the first time in decades, fiscal and monetary policy will likely remain easy during …

Read More →
The Ledges on Newfound Lake

The Ledges at Newfound Lake

     It is always with mixed emotions how we view the development of our natural areas. …

Read More →
Lakeview Golf Club in Belmont on 172 Acres Sold by Roche Realty Group

Lakeview Golf Club in Belmont on 172 Acres Sold

Belmont, NH- The beautiful 9-hole Lakeview Golf Club located at 89 Ladd Hill Road in …

Read More →
Nutmeg Inn in Meredith NH Sold

Nutmeg Inn in Meredith Sold

Meredith, NH- The historic country Nutmeg Inn located at 80 Pease Road in Meredith has …

Read More →
Housing Inventory Lacking - Lake Winnisquam, NH

New Hampshire’s Four Largest Lakes Lack Inventory

As we’re nearing the 1st quarter of sales activity in the Lakes Region, I thought …

Read More →
Lakes Region Real Estate Market - View of NH Lakes

Real Estate Tidbits in The Lakes Region

Here’s a quick update on the market and a few things I’ve observed that will …

Read More →

Roche Realty Group sells “The Anchorage at the Lake” Resort on Lake Winnisquam

Tilton, N.H. – “The Anchorage at the Lake” Resort located on Lake Winnisqaum and Route …

Read More →
New Construction in the Lakes Region

New Construction and Re-Sale Housing Dilemmas

I’ve seen a considerable amount of new construction and home remodeling taking place in my …

Read More →
Lakes Region NH

Lakes Region Market Competition is Fierce

We are now entering March, the unofficial beginning of our Spring Selling Season. We have …

Read More →
Home inspection report

Reasons Why You Should Not Waive a Home Inspection

We have a very competitive real estate market here in the Lakes Region due to …

Read More →
Photo of homes in New Hampshire's Lakes Region

NH’s Housing Inventory Needs One Thing — LISTINGS

This week I’d like to provide you with a summary of what New Hampshire’s Real …

Read More →
Wicwas Lodge and Lakeland School Property

Roche Realty Group sells the historic Wicwas Lodge / Lakeland School Property

Roche Realty Group, with offices in Meredith and Laconia, recently sold the Lakeland School property …

Read More →
Night picture of Laconia NH

Lakes Region—One of the Countries Hottest Neighborhoods in 2021

Imagine it’s Super Bowl weekend and there’s not a chicken wing or a pizza to …

Read More →
Hiking in New Hampshire

New Hampshire, Vermont, and Maine Peak Attractions

In my younger years in school, I always loved geography as a subject. Living in …

Read More →
Moving day

How to hand your home over to its new owner

Remember your first home? Whether it was a freshly painted rental or your first investment …

Read More →

Roche Realty Group Reports Sales of $146.5 Million for 2020

Frank Roche, President of Roche Realty Group, Inc with offices in Meredith and Laconia, has …

Read More →
Lakes Region NH vs San Francisco, CA

“Lifestyle Finder” For Your Move to or From The Lakes Region

Some studies place moving to a new location as one of the top ten most …

Read More →
Lake Winnipesaukee, NH

Winnipesaukee, Newfound and Squam Lake Accolades

Winnipesaukee, Newfound and Squam Lake Accolades It’s always fun to read articles where Lake Winnipesaukee …

Read More →

Leave a Comment