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Not too surprised, there are other towns in the Lakes Region that have lower property taxes than Alton. It probably would have sold for more if it was in Moultonboro...
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Not too surprised, there are other towns in the Lakes Region that have lower property taxes than Alton. It probably would have sold for more if it was in Moultonboro...
I'd bet the town is going to choke when they can't get the same taxes as last year being the house was grossly over assessed. Then they can't charge the Bahre's the same tax rate on the house they still own if the market is only 5.6 on the neighboring house that just sold.
Any idea who the new owner is and what they'll do with the property?
My guess?
Buyer is either trying to evade state income taxes from a surrounding state OR they are going to attempt a mega flip thinking they were the ultimate deal maker and will be able to re-market the place for 2-3mm more than they paid.
House was a steal per sq foot buuuuuuut the carrying costs are HUGE even without a mortgage. But compared to Boston or NYC you could run this whole house for what a luxury apartment would cost you.
Its probably 200 miles from NYC so you could get there via chopper in less than an hour from the Big Apple and land on your own front lawn.
From another Lake Winni forum, someone posted the buyer as a General Contractor from Windham. I'm thinking a polish/update and then a flip attempt but they get to enjoy the property this summer as owners.
After a 4 yr marketing period and taking 80% off asking price I'd say the plan is a courageous one.
The towns are definitely going to get crushed next year when their budgets need to be adjusted, this house was over assessed by 3.5mm, so between the two mansions the town will probably lose 100K in property taxes next year.
Remember these houses listed for 50 million back in 2014, so for sale 5 years, 1mm in property taxes spent and they still only got 20% of the original list price minus commissions.
His passing was pretty well publicized in ME and NH when it happened. Why are you so obsessed with this property and the Bahres?
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