Here is a very quick review of the New Hampshire Purchase & Sale agreement.  Every state is a little different, so it's helpful to be familiar with this document prior to making your first offer.

Here are this week's properties with rental potential :) 

Here is a link to the listings

When exploring the real estate market around North Conway and beyond, it's essential to grasp the nuances between traditional condominiums and Planned Unit Developments (PUDs), especially since the distinction can significantly affect ownership responsibilities and lifestyle. Here is a look into the key differences, with a particular focus on who owns what.

Condominiums: Understanding Shared Ownership

Condominiums, or condos as we often call them, are unique in their approach to ownership and shared spaces. Here's the lowdown:

• Ownership Dynamics: In a condo setup, while you own the interior of your unit outright, the association holds ownership over much of the building's exterior and common areas. This includes the land the building sits on, the building facade, hallways, amenities, and any recreational facilities.
• Responsibility and Fees: Because the condo association owns these areas, it takes on the responsibility for their upkeep. As a condo owner, you contribute to this through monthly HOA fees, which cover maintenance, landscaping, and sometimes utilities for these shared spaces.
• Lifestyle Considerations: Opting for a condo means embracing a community-centric lifestyle with less personal responsibility for maintenance. It's ideal for those who value convenience, accessibility to amenities, and a hands-off approach to exterior upkeep.

Planned Unit Developments (PUDs): A Closer Look at Individual Responsibility

While PUDs might resemble condos in appearance, especially in regions around North Conway, the ownership structure introduces a significant twist, particularly regarding the exterior of the buildings.

• Ownership and Responsibility: In a PUD, you don't just own the interior of your unit; you're also responsible for the exterior and the land it sits on. This means that exterior maintenance, from painting to roofing, falls squarely on your shoulders. It's a setup that offers more control but comes with added responsibilities.
• HOA Fees and Coverage: Although PUDs also have HOA fees, these often cover the maintenance of communal facilities and common areas rather than the exterior of individual homes. The scope and scale of these amenities can vary widely but typically include pools, playgrounds, and community land.
• Lifestyle Flexibility: Choosing a PUD can be appealing if you're looking for a blend of community living with the independence of a single-family home. You'll have more say in your property's exterior appearance and maintenance, offering a balance between autonomy and community benefits.

Navigating Your Real Estate Choices

In the North Conway area, where PUDs often mirror condos in appearance, understanding these distinctions is crucial. Here's a recap to guide your decision:

• Condos are a great match if you prefer a community-oriented lifestyle with minimal personal responsibility for maintenance. It's about owning your space inside and sharing everything else.
• PUDs appeal to those who like the idea of community amenities but want more control and responsibility over their property, including the building's exterior.

I hope that helps distinguish between the two formats.  As always, please reach out to North Conway Realty with any questions.

2024 Real Estate Market Update: Bartlett, Conway, Madison, Jackson, and Tamworth

In our latest update, we're providing a concise overview of the real estate market trends in these key areas for the year to date. Here are the highlights:

Single Family Homes

• Sales to Date: 25
• Selling Price: Homes are selling at 96% of their list price.
• Days on Market: Median of 56 days.
• Sale Price Range: $290,000 to $2,350,000 with a median sales price of $466,500.
• Cash Purchases: 44% of sales were made in cash.
• Current Market: 34 homes on the market, prices range from $179,900 to $1,725,000 (Median: $497,400). 35 homes under agreement, ranging from $172,000 to $1,650,000 (Median: $529,000).

Condos

• Sales to Date: 21
• Selling Price: Condos are selling at 98% of list price.
• Cash Purchases: 10 out of 21 sales were cash purchases.
• Sale Price Range: $190,000 to $1,234,400 with a median of $435,000.
• Current Market: 25 condos for sale, ranging from $185,000 to $1,725,000 (Median: $425,000). 23 condos under agreement, prices from $199,000 to $1,650,000 (Median: $399,900).

Some properties in the analysis above are listed as both condos and single-family homes

Summary

The market is showing a healthy mix of activity across both single-family homes and condos, with a steady pace of sales and a strong presence of cash buyers.  For more detailed insights or assistance, feel free to contact us at North Conway Realty.

Navigating the Digital Terrain: A Guide to Avoiding Cybercrime and Wire Fraud in Real Estate Transactions

In the ever-evolving landscape of the real estate industry, an alarming trend has taken root that demands our immediate attention. Across the nation, lenders and borrowers alike are facing a significant uptick in instances of cybercrime and wire fraud. These sophisticated scams not only pose a threat to the financial security of individuals but also undermine the integrity of the real estate transaction process. As the owner of North Conway Realty, I feel it's crucial to address this issue head-on and equip our clients with the knowledge and tools they need to protect themselves.

Understanding the Threat

The digital age has brought about many conveniences, especially in how transactions are conducted. However, it's also opened the door for cybercriminals to exploit vulnerabilities in the communication between lenders, real estate professionals, and their clients. By intercepting emails or masquerading as legitimate parties, these fraudsters deceive borrowers into wiring funds to fraudulent accounts. This not only results in the loss of hard-earned money but can also derail the dream of homeownership.

The Front Lines of Defense

Awareness is the first step in combating cybercrime and wire fraud. Here are essential strategies to help keep you and your finances safe:

- Double-Check Email Addresses: Pay close attention to the email addresses of senders. Fraudsters often use addresses that are very similar to those of your real estate agent or lender, with minor alterations that can be easy to overlook.

- Verify Information: Before transferring any funds, take the time to verify the instructions with your lender or real estate agent directly. Use a phone number you know to be correct—not one provided in a potentially fraudulent email.

- Secure Your Information: Be cautious about sharing sensitive information over email. Ensure that any financial information is transmitted through secure, encrypted channels.

- Be Skeptical of Urgency: Fraudsters often create a false sense of urgency to pressure their targets into acting quickly. If you receive an email urging immediate action, view it with skepticism and verify its legitimacy.

- Educate Yourself: Stay informed about the latest trends in cybercrime and wire fraud. The more you know, the better prepared you'll be to spot a scam.

Creating a Culture of Vigilance

At North Conway Realty, we're committed to not just facilitating real estate transactions but also ensuring the security and peace of mind of our clients. We encourage an environment where questions and double-checks are welcomed, understanding that vigilance is key to preventing fraud.

Reporting and Recovery

In the unfortunate event that you suspect you've been targeted by a scam, it's crucial to act swiftly. Contact your bank immediately to attempt to halt the transaction. Following this, report the incident to local law enforcement and any relevant financial authorities. While recovery of funds is not always possible, prompt action improves the chances significantly.

The email addresses below are KNOWN scammers:

Here are this week's North Conway properties with rental potential:

Here is an exceptional opportunity with this .69-acre parcel in Hale Estates, located a mere 20 minutes from the heart of North Conway. This prime land promises a quiet atmosphere, backed by 15 acres of common land to ensure lasting privacy. Ideal for creating your dream home, it combines the peacefulness of a quiet neighborhood with the convenience of North Conway's amenities. The growing prestige of Hale Estates is evident, with two homes currently under agreement, each listed over $800,000, highlighting the substantial value of this area. Whether you're ready to build now or planning for the future, securing a parcel in this sought-after community is a wise decision. The property comes with access to community water, and a community leach field simplifying the development process.

Ever wonder why mortgage rates go up and down? One key factor is the 10-year U.S. Treasury note. Think of the 10-year Treasury note as a reflection of how the government borrows money. Its yield, or the return investors get, is a big deal for setting mortgage rates. Here's a straightforward breakdown:

The Connection

• Benchmark Buddy: The 10-year Treasury note is like a benchmark or a standard for long-term interest rates, including mortgages. Since mortgages are often paid back over 30 years, they're seen as having a similar risk and duration to the 10-year Treasury.

• Economic Crystal Ball: The yield on the 10-year Treasury gives clues about what investors think will happen in the economy. If they expect inflation or higher interest rates, the yield goes up. Mortgage rates often follow suit because lenders want to make sure they're offering competitive rates that also reflect economic conditions.

• Investor Appeal: Mortgages get bundled into securities that are sold to investors. These need to be attractive compared to the safe and steady 10-year Treasury. So, if Treasury yields go up, mortgage rates often need to rise to attract investors.

What It Means for You

When the 10-year Treasury yield moves, mortgage rates tend to move in the same direction. It's not a perfect match, but it's a reliable trend. However, other factors like the Federal Reserve's actions and the overall demand for mortgages also play a role.

So next time you hear that the 10-year Treasury yield has gone up or down, you'll have a hint about where mortgage rates might be headed. It’s a bit like the financial world’s version of predicting the weather – not always perfect, but useful for planning ahead.

Bartlett is the latest town considering regulating short term rentals.  Below is a copy of the proposed amendment to Bartlett's zoning ordinance:

SHORT-TERM RENTAL: A dwelling where transient lodging is provided for compensation for stays of between one and thirty consecutive days and where the dwelling would normally be considered a residential living unit not associated with regulated commercial activities such as hotels, motels, etc.

A conditional-use permit to operate a short-term rental must be obtained from the selectmen’s office using the prescribed form and after paying the required application fee. The permit is owner-specific, and a change in ownership, density, or number of bedrooms will require a new application. The owner will submit a copy of the permit to the selectmen’s office and post it in a prominent location in the rental unit.

Signing a conditional-use permit will indicate that the owner is aware of and will adhere to the NFPA health and safety requirements listed on the permit. Failure to comply with the safety conditions can result in revocation of the permit for a period of one year. A new permit can be applied for after that time. A 30-day grace period will be allowed to correct any violations prior to revocation of the permit.

Short-term rental occupancy is based on the number of approved bedrooms listed on a town- issued building permit or as listed on a state-approved septic plan. A limit of two (2) people per approved bedroom, plus two (2) additional people will be allowed. For example, eight (8) people would be permitted to occupy an approved three-bedroom dwelling. A short-term rental will not be listed or advertised as offering sleeping accommodation that exceeds the above-mentioned limits.

Adequate on-site parking will be provided for all guest vehicles. On-street parking will not be allowed.

A short-term rental does not include boarding houses, inns, and bed & breakfast establishments which are required to be owner-occupied or manager-occupied by Bartlett’s zoning ordinance.

Accessory dwelling units (ADUs) will not be used as a short-term rental as approval of ADUs is based on decreased septic capacity.

The short-term rental use of a condominium unit may require the assent of the condominium association.

A dwelling or dwelling unit used as a short-term rental will at all times be covered by a short- term rental insurance policy.

The owner of a dwelling or dwelling unit used as a short-term rental shall register for the State rooms and meals tax and will pay all required taxes, unless the owner uses a rental platform that pays and forwards the taxes to the state of New Hampshire.

The Crucial Importance of Egress in Short-Term Rentals: Ensuring Safe Escapes for Your Loved Ones

Imagine your loved one vacationing in a picturesque short-term rental, their room cozy and inviting. But then, pause for a moment and ask yourself – in an emergency, is there a safe escape? This is a vital question often overlooked in the hustle of travel excitement. Let's look into the critical importance of proper egress in short-term rentals and why it should be a top priority for both hosts and guests.

The Life-Saving Role of Egress:

Egress, simply put, is a means of exit. In the context of short-term rentals, it's the difference between a safe stay and a potentially tragic situation. Proper egress routes ensure that in case of an emergency, like a fire or natural disaster, occupants can quickly and safely evacuate the premises. It's not just a building code requirement; it's a fundamental aspect of guest safety.

Picturing the Scenario:

Visualize someone close to you, perhaps a family member or a dear friend, staying in a charming rental. Now, imagine a fire breaks out. Smoke begins to fill the room. Panic sets in. They rush to the door, but what if it's blocked or jammed? Is there another way out? A window large enough and accessible to escape through? If the answer is no, the unimaginable could happen. This scenario is not meant to scare but to highlight the gravity of having proper egress in any rental property.

Egress Essentials:

A safe egress route in a rental property typically includes:
1. Accessible Windows and Doors: Every sleeping room must have at least two exit routes, usually a door and a window. These exits must be easy to open without the need for keys or tools.
2. Clear Pathways: Exits must be free from obstructions. A cluttered or blocked escape route can be fatal in an emergency.
3. Adequate Size and Height: Windows should be large enough to pass through and not too high off the ground. This ensures that children and adults alike can use them in emergencies.

The Ultimate Test of Safety:

As a property owner, manager, or guest, the ultimate test for safety is simple: Would you feel confident having your loved ones stay in a room with no easy means of escape? If your heart hesitates even slightly, then it's a clear indication that the safety measures are not up to par.

Responsibility and Awareness:

For hosts, ensuring proper egress is not just about compliance, but about moral responsibility. It's about providing a safe environment where guests can relax without worrying about their safety. For guests, it's about being aware and vigilant. Always check for available exit routes upon arrival and report any safety concerns immediately.

The importance of egress in short-term rentals cannot be overstated. It's a critical element that ensures the well-being and safety of guests. As the industry continues to grow, let's collectively raise the bar for safety standards, starting with the basics like proper egress. Remember, the ultimate test of a safe rental is envisioning your loved ones in it – because everyone deserves a safe escape. 

Summary of the Article

The article discusses a petitioned warrant in Conway that aims to regulate short-term rentals (STRs) in residential neighborhoods. Filed by Sun Publisher Mark Guerringue, the warrant, if passed, would restrict one- and two-family homes from being rented out for more than 30 days a year unless they meet state safety code standards. This rule would not apply in commercial zones. Short-term rentals are defined as properties rented for more than 30 nights a year that are not long-term leases. Properties rented for shorter periods, like 15 weekends or four single weeks a year, don’t fall under this definition. The regulation demands that STRs conform to various state safety and fire codes. Guerringue's objective is to balance property rights with community interests, aiming to slow down the increase in property values driven by investors and to improve the housing situation in town. The article also mentions opposing views from the Mt. Washington Valley Association for Responsible Rentals and highlights the challenges in enforcement and legal complexities.

Opinion on Life Safety in All Homes

The principle of life safety is fundamental and should be uniformly applicable to all homes, regardless of their rental status or frequency. A home rented for 25 days a year should not be less safe than one rented for 30 days or more. The safety of occupants should be a paramount concern, and it should not fluctuate based on rental patterns. It's perplexing why homes in commercial zones are exempt from these safety standards. If the intent of the regulation is to ensure the safety and well-being of residents and guests, then this principle should be universally applied. Allowing certain zones or rental frequencies to bypass safety regulations creates a loophole that compromises the overall intent of these laws. Ensuring life safety in all homes, irrespective of their location or rental duration, is not just a matter of regulatory compliance, but a moral imperative to protect the lives and well-being of all individuals who reside in or visit these properties.

An article in today's Conway Daily Sun discusses the reaction of Freedom's selectmen to the NH Housing Appeals Board at a recent meeting.
Here is a link to the full story: https://www.conwaydailysun.com/news/local/freedom-reacts-to-housing-appeals-boards-verdict/article_adfec3a6-b9ee-11ee-a91e-7377288f242e.html

Here is a quick summary of the key points:

• Les Babb, Selectmen’s chair of Freedom, New Hampshire, expressed his "disgust" with the N.H. Housing Appeals Board's ruling in favor of James and Susan Cotter, Massachusetts residents who own a short-term rental (STR) in Freedom.
• The case involved the Cotters versus the Town of Freedom Zoning Board of Adjustment.
• In October, the Concord-based Housing Appeals Board held a hearing on the merits of the Cotters’ case, with the decision announced on January 12.
• Freedom's short-term rental ordinance, enacted in March 2022, led to cease-and-desist letters to STR owners like the Cotters. Their property is listed on VRBO as "Charming Pet Friendly Ossipee Lake Vaca Home."
• The board's ruling implies that STR owners who rented their properties before 2022, including the Cotters, are exempt from obtaining a conditional permit and from the additional health and safety requirements of the new ordinance.
• The ruling indicates that Freedom’s ordinance applies only to STRs established after the 2022 town vote. STRs created since then must comply with a 90-day rental cap and obtain a conditional use permit.
• Babb criticized the Housing Authority for exempting some STR owners from life safety standards, which are mandatory for long-term landlords and foster child parents.
• Florio noted that some STR owners voluntarily comply with the permitting process for life safety reasons. Permit holders are listed publicly, allowing potential renters to verify.
• Matt Johnson, the lawyer for the Mt. Washington Valley Association for Responsible Rentals, questioned if the STR ordinance is truly about public safety, citing its focus on issues like parking and quiet times.
• About 40 conditional use permits have been issued in Freedom, costing $50 each. The application process involves review by the planning board, fire chief, and building inspector.
• Babb noted there's a criteria checklist for permit applicants, but no inspection is required. Town staff assist with application processes.
• Howlett inquired if the selectmen plan to appeal the ruling to the New Hampshire Supreme Court, but Babb indicated uncertainty about the town's potential success in an appeal.
• Babb expressed frustration over the Housing Authority assuming liability for life safety standards and suggested moving on to other meeting items.

If you are a short term rental owner, life safety items should always be on your mind, regardless if mandated by the town. With such little oversight on construction and code in New Hampshire, it is definitely something owners need to consider before inviting any guests (renters or friends) into their homes.

An article in the Conway Daily Sun (link below) discusses the NH Housing Board's decision that will not allow Freedom's new STR policies to impact owners who were renting prior to the March 2022 rental ordinance.  Here is a link to the VRBO listing

Here is a link to the full story:
https://www.conwaydailysun.com/news/local/state-board-finds-against-freedom-on-strs/article_a69e1f12-b3a9-11ee-a139-8b007c7781a0.html

Apparently, this ruling means that the Cotters, and other owners who rented their properties before 2022, will not have to get a conditional permit, are exempt from health and safety requirements of the ordinance and are not subject to a 90-day rental cap per year.

Here are the key points from the article:

• The New Hampshire Housing Appeals Board ruled in favor of James and Susan Cotter against the town of Freedom regarding its short-term rental (STR) ordinance.
• The Cotters own an A-frame house on Ossipee Lake and have rented it out since 2004. They were represented by Matt Johnson of Devine Millimet & Branch.
• The town of Freedom was represented by Diane Gorrow of Soule Leslie Kidder Sayward.
• The Housing Appeals Board was established in 2020 as an alternative to the Superior Court for planning and zoning cases.
• The board's decision means pre-2022 property owners like the Cotters are exempt from obtaining a conditional permit and are not subject to the 90-day rental cap or health and safety requirements of the new ordinance.
• Johnson previously defeated the town of Conway in a similar case at the New Hampshire Supreme Court.
• The board stated there was no evidence the Cotters' property use was a nuisance or harmful to public health.
• Jerry DeCristofaro, president of the Association for Responsible Rentals, supports safety measures but opposes different treatment for STRs.
• The case centered on the Cotters' property at 440 Pequawket Trail, listed on VRBO. Here is a link to the VRBO listing
• Freedom enacted its STR ordinance in March 2022 and began enforcing it against properties like the Cotters'.
• The board agreed with the Cotters that their rental use of the property was a pre-existing, nonconforming use.
• The town's argument about health and safety requirements was rejected by the board, citing specific legal precedents.
• The board found no evidence of nuisance or public harm from the Cotters' STR use, and suggested traditional enforcement mechanisms for any issues.

If you're in the market for a new home and the buzz of short-term rentals (STRs) isn't your cup of tea, you're in luck! There are some fantastic neighborhoods that keep the STR scene at bay. Let's dive into the areas around Bartlett and North Conway where peace, quiet, and a sense of community reign supreme.

1. Bartlett Place, Bartlett

Located in Bartlett & right on the Saco River, this neighborhood is a hidden gem for those seeking a serene living environment. It's far enough from the hustle and bustle to offer a tranquil retreat, yet close enough to local amenities for convenience.  60 day minimum rental period.

2. Cranmore Woods, North Conway

Cranmore Woods is the perfect spot for skiers who don't want new neighbors every weekend.  Just minutes from Cranmore and has an outdoor pool & tennis court.

3. Saco Woods, Conway

This neighborhood is a peaceful haven for long-term residents. Saco Woods offers a comfortable and stable living environment away from the frequent turnovers of STRs.

4. Mount Cranmore Condos, North Conway

A unique blend of convenience and regulation, Mount Cranmore Condos limit STRs to just five rentals per year. This means fewer new faces and more familiar neighbors, perfect for those who value consistency in their community.

5. Northface, North Conway

With a 30-day minimum rental policy, Northface strikes a great balance. It's ideal for those who prefer longer-term neighbors over the ever-changing crowd of STRs, yet it still allows for some flexibility for homeowners.

6. Partridge Woods, Bartlett

Also enforcing a 30-day minimum rental policy, Partridge Woods in Bartlett is another excellent choice for stable, long-term living. The neighborhood prides itself on its strong community bonds and quiet, relaxed lifestyle.

Each of these neighborhoods offers its unique charm and a respite from the bustling STR scene. Whether you're looking for a family-friendly environment, a tranquil retreat, or just a place where you can know your neighbors, these areas around Bartlett and North Conway have got you covered.

Looking for more info on these neighborhoods or others that are not STR-friendly in the North Conway area? Feel free to reach out to me - I'm always here to help!