When you drive around the Lake Region this summer, you will notice a considerable number of new condominium developments that have sprung up like dandelions in the spring. The majority of activity has been in the greater Laconia area because of the availability of city water, city sewer, and higher density zoning ordinances in place.
This translates into hundreds of new condominium units, and when you add the Laconia state school development with 2,000 housing units proposed conceptually, that’s a lot of activity for a city the size of Laconia. It brings into question what the absorption will be, and if we will lose the small-town atmosphere if developments are not thoughtfully managed.
I look back to the 1980s, when we experienced tremendous growth of new condominium developments in the Lakes Region. That decade certainly produced more new construction than we’re seeing today. Roughly 45 new developments surrounding Lake Winnipesaukee were developed, with each community featuring multiple units with varying architectural designs and amenities.
I had so much fun during those years, being involved in the sales of many parcels of land, including the conceptual design, infrastructure, architectural designs, amenities, and approval process of so many communities. I coordinated on-site agents from our office who would market and sell each development with me.
In the early 80s, interest rates were the major problem. Imagine paying 18% interest on a 30-year variable rate mortgage with a 5 cap over the life of the loan. It’s almost unthinkable, but that was the reality back then in 1981.
When I sold the land to Dick Anderson, the developer of Broadview Condominiums in Gilford for $500,000, it included 10 acres with 640’ of shorefront on Lake Winnipesaukee and a stone breakwater with boat slips, sandy beach, and spectacular views. The unit prices back then were $117,000-$121,000 for the upper road units. Today, the same unit would sell in the $850,000 range.
Samoset in Gilford on Lake Winnipesaukee was another great project. I sold the land to General Investment + Development out of Boston for $250,000. The parcel included 22 acres with 850’ of shorefront on the lake with fabulous views. 130 condominium units were constructed, and last year the median sales price for one unit was $888,180, and the average was $910,800. Can you imagine the land cost at $250,000 back then, what would it be today?
The Grouse Point Club in Meredith was another waterfront parcel I sold to CMB Construction and Savers Bank. The 82-acre parcel included substantial shorefront on Lake Winnipesaukee and dramatic views. It was exciting to watch the 7,000 sf clubhouse with indoor pool, 3 sandy beaches, and a yacht club with 36 boat slips and moorings were created. Approximately 80 luxury custom homes were constructed. This past year, one of the homes sold for a record $3.25 million.
When I was marketing Broadview, I met Peter Hare from Hamilton, Massachusetts, who was considering developing the Dudley Hare Family waterfront parcel in the Kona Farm Area of Moulonbrough. Peter wanted to create a one-of-a-kind community on Lake Winnipesaukee. We worked as a team with Jim Mardis and the finest land planners and architects in the business. The magnificent 4 ½ story historic boathouse became the focal point with a 44-slip on-land marina, and a pavilion building. Windward Harbor included 36 acres with 1,000’ of frontage on Lake Winnipesaukee. 36 Unique homes were constructed resembling turn-of-the-century architecture. The execution of this community resulted in Windward Harbor winning the Builders’ Choice 1984 National Award in Design and Planning in Builders Magazine with an 8-page spread.
Wildwood Village in Laconia was another quality community that was the brainchild of Kent Locke, the general manager of Keewadin Properties. I worked with Kent at the time. This beautiful community included deeded beach rights to the 345’ natural sand beach at Wildwood Shores and tennis courts. The condominium homes were beautifully landscaped around an attractive pond with varying architectural designs and floor plans. As a result of great planning, Wildwood Village won a design award in Professional Builder Magazine.
Mallard Cove on Lake Opechee was another fun project. Buddy Daw and I purchased the land on Lake Opechee in Laconia, with 10 acres and 988’ of shorefront with 2 sandy beaches across from the Laconia Country Club. We had our design team create a unique land plan with 30 condominium homes (single-family and duplexes). We created varying architectural designs and floor plans. We took the entire project through the permitting process and sold it, and today the community is an example of conservative planning.
There was Christmas Island and Stonecrest in Laconia, Brookside Crossing, Country Village Way, and Dockham Shore Estates in Gilford. The Hillside Inn on Newfound Lake was a fun project involving 61 acres with 1,200’ of shorefront plus an 18,000 sf. inn that we converted into 14 condos and then constructed new single-family homes and cottages, totaling 26 units.
Northern Heights, Opechee Shores, Stonewall Village, Waldron Bay, Weirs Crossing, Windover Condominium, Granite Ridge Condominium, Canterbury Crossing, Breakwater on Paugus Bay, Badger Brook, Aqua Terrace Condominium and many marina condo slip conversion projects like Gilford Yacht Club, Bay Shore Yacht Club, Mountain View Yacht Club, and many other cottage colony and motel conversions, plus many other projects.
The biggest granddaddy of all during the 1980s was the start of South Down Shores and Long Bay on Lake Winnipesaukee in Laconia. Encompassing 36 acres with almost a mile of shorefront. Today, both communities include approximately 640 homes and condominiums. Both communities’ assessed valuations are over $406,141,100, which represents 9.36% of the entire city’s valuation, amounting to $5,535,703 in annual tax revenue for the city.
I’m very proud to have been involved in all of the above communities, which were started in the 1980s. There have been many others since that date; however, I think it will be a difficult task to match the amount of construction activity we created during that decade.
This article was written by Frank Roche. Frank is president of Roche Realty Group, located in Meredith, and can be reached at (603) 279-7046. Sales Data was pulled from PrimeMLS and is subject to change. Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market.
From Vision to Legacy: See Where Our Success Continues
Decades ago, we helped shape the Lakes Region skyline with thoughtfully developed condo communities that still stand strong today. That same dedication to quality, value, and results continues in every property we represent.
