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It's not the property taxes that scare off buyers, it's the asking price. This could apply to anything. Imagine a $200k townhouse in Nashua that had gold-plated-diamonds embedded in the toilet seats and were asking $600k. "Turn it into a resort"?!. WTF...no. Lower the price until someone buys it.
Is there currently a really upscale resort in northern NE? Talking $1000/night.
I believe only the Omni Mt. Washington is in that stratosphere. A Luxury Tower King room in the middle of February ski season is $1049 a night per their website.
I forgot about Twin Farms. It used to be a ski area open to the public. My friend's SO works there. They're busy all the time and have been for years. I guess there is a market for really upscale resorts up here.
For those of you that are lottery players, the Mega is up to 470mm and the Powerball is 282mm so for $4 you could buy a ticket for each of those games and if you win you would have more than enough money to buy the Alton mansions!
Over 3/4 of a BILLLLLIOOON dollars (in my best Dr Evil voice)
It's not the property taxes that scare off buyers, it's the asking price. This could apply to anything. Imagine a $200k townhouse in Nashua that had gold-plated-diamonds embedded in the toilet seats and were asking $600k. "Turn it into a resort"?!. WTF...no. Lower the price until someone buys it.
ding ding ding we have a winner!........asking prices on these properties have dropped 80% from original 50mm asking price. Now they are 5.6 and 5.2mm each and one of the houses is listed as "pending."
Even at these fire sale prices the homes are still double the next most expensive listing in the town. 200K+ a year in property taxes should hopefully drop significantly with the low prices but if they don't you will lose another 1mm over the next 5 years just in taxes. I'd suspect the taxes are just the tip of the home expense iceberg.
Houses went on the market in 2014 for 50mm, current asking prices total 10.8mm.
Owners have probably blown 2mm to carry these homes just during the for sale time period. Did they really expect to lower the asking prices by almost 80%?
I was losing my mind about losing $90,000 on a property nevermind 40mm plus 2mm in carrying costs!
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