Tag Archives: nashua nh real estate

Q&A Timberframe Value for Construction Loan

Posted on by
Reply

I received an email asking about the potential value difference between a new construction timberframe (post and beam, timber-frame, timber peg) home and the cost to construct it.Beam Timber Wood

Question:

  I plan to build a small timber frame home on a lot I own in NH but I am worried about the appraisal for the construction loan. In your experience, do new construction timberframe homes appraise significantly lower than cost to build? Thank you.

Hi Gene,

  There are so many variables that go into valuing a home.  Quality of construction is one of them…timberframe homes are certainly one of my personal favorites, and would typically merit a quality adjustment.  I say typically because some towns do not lend themselves to custom built homes so therefore no quality adjustment would be given.   

  Try to keep the value close to the median of that town, don’t be the most expensive home.  Seeing as it’s a small home, and perhaps a more simple frame, you may be fine. 

  So my answer is that “it depends” but most likely a timberframe home would not appraise lower than typical construction…if anything it may be slightly higher due to the unique construction.

041213_1459_NashuaNHRea3.jpgWhen building a new home there are many things you need to keep into consideration if you need to get a loan.   Don’t over build in size, in upgrades, in amenities…just don’t overbuild.  If you are building your dream home, plan on living there for a long time, and have the extra cash when the appraisal comes in low then go for it.  The timing for new construction has to be right too, with values going down over the last few years you could buy a existing, prebuilt, home for far less than new construction.  That’s changing now that the housing market has been stable in most areas in southern and eastern New Hampshire.  Housing starts are starting to increase!

-Just my thought.  –Jenn Cote

Post Footer automatically generated by wp-posturl plugin for wordpress.

Nashua’s Central Fire Station Repurposed?

Posted on by
3
Banner Nashua Central Fire Station

How about we do something with this downtown building?

I enjoy taking pictures of interesting buildings. This one was once the Nashua Arts and Science Center. Look at the corbels, the arched window headers, the brick detail on the gable, and what’s with that window air-conditioner? Yikes

I liked the picture so much I used it on my Facebook Page for a while, and started to look into the significance of the 1870 date.

Well, I learned quite a bit of Nashua history in my search, but I’ll focus on this picture. It’s the original Central Fire Station, which is on what’s now known as Church St. I wish it had a better use, looking a bit run down now.

Central Station in Nashua, NH back in time.

The Nashua NH Central Fire Station

Going by the Central Station countless times in the previous 3 decades,  I never noticed the tower on the back left of the building until I saw this picture.  Old fire houses had a bell tower…that was the fire alarm for the neighborhoods around it. Most bell towers have been removed due to structural deterioration. Look at the bell tower in this old postcard photo of Central Station.

 

Lowell Central Repurposed
Lowell Central Re-purposed

 

Here’s a good example of a re-purposed fire station in Lowell, MA.  It’s now a restaurant and offices.  Beautiful building from the street.  Notice the bell tower is still there.

You can find a great history of Lowell firefighting:  Lowell Fire Fighting by: J.T.Strunk.  My uncle Gerry was a Captain at this station before it (and he)retired.   I would love to see Nashua do something with the old fire house.

Hmmm, Visualize Nashua?

If you’d like to know when I post another article on this topic “like” my Facebook page: Facebook.com/TopNHhomes

Just my thoughts. -Jenn

Resources:

www.nashuahistory.com

“Nashua’s Central Station to Close” -11/12/1970 Nashua Telegraph-

http://www.firenews.org/nh/n/nashuanh.html

http://www.nh.searchroots.com/documents/Hillsborough/History_Nashua_NH_7.txt

http://news.google.com/newspapers?nid=2209&dat=19701112&id=0JgrAAAAIBAJ&sjid=p_UFAAAAIBAJ&pg=5756,1378818

http://www.TopNHhomes.com

http://www.JACoteAppraisals.com

Homes of Character in Nashua, Hudson, Hollis, Milford, Merrimack, Pelham, NH Real Estate, Land and Homes, Windham property.

Post Footer automatically generated by wp-posturl plugin for wordpress.

Negative Environmental Influences in Real Estate

Posted on by
1

We’ve all heard the saying that when buying real estate it’s about location-location-location.  Houses in some towns have higher predominant values than others, the same with some neighborhoods, but what I’m talking about is more specific: negative environmental influences.

An appraiser looks at surrounding lots to determine the uses and influences that would affect the subject property.  It could be a positive influence like conservation land or a park.  In many cases there can be negative influences such as commercial or industrial businesses, high-tension power lines, or even contaminated or Superfund sites.

What is a Superfund site?  It’s a site where toxic waste has  been dumped and the Environmental Protection Agency has designated the site to be cleaned up.  Typically the area has restricted access and is fenced in.

A more detailed explanation on the differences between a Superfund site and a Brownfield site can be found on this post: www.jennifercote.info/superfund-or-brownfield/

The typical buyer wouldn’t know how to begin a search on site influences other than what they see driving by.  Would your typical real estate agent know this information?  If they know, they should be disclosing it to you, but they don’t always know.   The appraiser would be reporting site influences in the appraisal report…you need to read that report thoroughly.  Unfortunately, by the time you get a copy of the appraisal you will be near your closing date, or worse, you find out after you move in!  In many cases these sites have been cleaned up, but it could affect the marketability long-term.

Whether it be buying a house, stocks, or even a Doctor’s diagnosis, you need to be your own advocate.  Do your own due-diligence.  Research, research, research…takes time and practice but the more you do it the better you get.  I happen to do it for a living, and my endless curiosity pushes me to take extra steps in researching a property…be it for an appraisal or a client.

The reason for this post is because I did an appraisal on such a property in Nashua, NH.   The state owns the property behind this lot, the tax records do NOT indicate it’s a Superfund site, but town has the owner as the State of NH, Dept of Environmental Services.  Hmmm, so I went on the EPA site and found out it indeed is a contaminated brownfield.

contaminated site in Nashua NH

A well labeled site in the picture to the left is very obvious.  The Mohawk Tannery Site is located in a neighborhood close to downtown Nashua and adjacent to the Nashua river. 

The EPA defines a brownfield site as: “the redevelopment or reuse which may be complicated by the presence, or potential presence, of a hazardous substance…”

 

Check it out to see what’s near you. EPA website: http://www.epa.gov/swerosps/bf/index.html

Just my thoughts.  Jennifer Cote- Everything Real Estate

Post Footer automatically generated by wp-posturl plugin for wordpress.

Is there a contaminated site next door?

Posted on by
2

Would you?  Do you even know what that is?  How would you know?  When I do an appraisal I look at surrounding lots to determine the uses and influences that would affect the subject.  It could be conservation land, commercial or industrial businesses, high-tension power lines, or a Superfund site.  A Superfund site is a site that has been SUPER contaminated…my definition, not the actual one.

The site I dealt with did not have frontage on the street. I didn’t see any signs.

 

The typical buyer wouldn’t know how to begin a search on site influences other than what they see driving by.  Would your typical real estate agent know this information?  If they know, they should be disclosing it to you, but they don’t always know.   The appraiser would be reporting site influences in the appraisal report…you need to read that report thoroughly.  Unfortunately, by the time you get a copy of the appraisal you will be near your closing date, or worse, you find out after you move in!  In many cases these sites have been cleaned up, but it could affect the marketability long-term.

Whether it be buying a house, stocks, or even a Doctor’s diagnosis, you need to be your own advocate.  Do your own due-diligence.  Research, research, research…takes time and practice but the more you do it the better you get.  I happen to do it for a living, and my endless curiosity pushes me to take extra steps in researching a property…be it for an appraisal or a client.

The reason for this post is because I just finished an appraisal on such a property.   The state owns the property behind this lot, the tax records do NOT indicate it’s a Superfund site, but town has the owner as the State of NH, Dept of Environmental Services.  Hmmm, so I went on the EPA site and found out it indeed is a contaminated brownfield.  EPA website: http://www.epa.gov/swerosps/bf/index.html check it out to see what’s near you.

Post Footer automatically generated by wp-posturl plugin for wordpress.

Foreclosures

Posted on by
Reply

Wow!

The wave of foreclosures has everybody talking.  Right now there are so many foreclosures out there that it’s creating an oversupply of homes for sale.   There are times I’m doing an appraisal and the only comparable sales I have are foreclosures and these are not what I would use for a typical refinance or purchase.  Why, you say?

The problem is that typically homes that have been foreclosed on have issues with deferred maintence, interior elements have been removed such as lighting fixtures and even sinks, they are typically filthy, and many times the house becomes stigmatized to some extent.  Some would call it bad energy or just bad Fung Shui (http://www.redlotusletter.com/) that comes from a foreclosed property.  People like homes that had a owner who raised a nice family there…a feel good home.

The quantity of foreclosures is creating a downward pressure on prices.  We appear to be at the bottom of this “Foreclosure Tsunami” and in the next few months there will most likely be a leveling off.   Once this happens the market will start to stabilize and hopefully people will stop being afraid to put their feet back in the real estate market.

Just something to think about.

Post Footer automatically generated by wp-posturl plugin for wordpress.