I was out with clients the other day looking at properties along Belknap Point Road and Scenic Drive in Gilford. They were continually remarking about the magnificent views overlooking the vast expanses of Winnipesaukee towards Mount Washington and The Ossipees. When we drove by Broadview Condominiums, Samoset, and others, it reminded me of the ‘go-go 1980s’ with the huge number of condominium developments that were started during those 10 years of rapid growth. In total, there were somewhere between 40-45 new condominium developments. They were popping up like dandelions in the spring.
One of those communities was Broadview Condominium. In the fall of 1980, John Goodhue and I represented both the Sellers and the Buyer of this landmark property. Operated for many years as the Chanticleer Motor Inn on Scenic Drive in Gilford. The original resort complex includes a good number of chalets, cottages, a large inn, a fabulous sandy beach, and a 32-slip marina on 10 acres of land with 640’ of shorefront on Lake Winnipesaukee. The property was truly a magnificent sight. The State of New Hampshire used a picture from its vantage point in its tourism guide with arguably one of the best views on the ‘Big Lake.’ We sold the property to a developer, Dick Anderson, from Amherst, NH. Attorney Rodney Dyer of Laconia, represented the Buyer in the closing details and obtained all of the necessary permits and approvals from The Town of Gilford and the State of New Hampshire as well as the Attorney General’s Office for the condominium approval. I always referred to my good friend Rod as the ‘Condo King’ of the Lakes Region because he represented the developers in so many beautiful communities throughout the Lakes Region, including South Down Shores and Long Bay on Winnipesaukee.
We sold the property for $500,000. As you can see prices were much different in those days. Right after the closing, we sold off many of the cottages, chalets and had the Gilford Fire Department have a practice burn at the old inn. It was a challenging time for a developer to take on a project of this magnitude. The early 1980s let off with a recession, high unemployment, and a number of business failures. Could you 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. You could not obtain a fixed-rate mortgage at that time, but that was the reality for homebuyers throughout the Lakes Region in the early 1980s because the Federal Reserve was waging a war with inflation.
At Broadview Condominium, the developer created 50 two and three level townhouses with attached garages featuring several floorplans and a marina with a large stone breakwater, 34 boat slips contained with a stone breakwater, a large natural sand beach with an oversized sun deck and tennis court. We started marketing the upper units not directly on the lake, and it was difficult because of the market conditions and interest rates. Luckily for all of us, the Federal Reserve gradually lowered the interest rates and the economy started to accelerate. As a result, the developer was finally able to make money on all of the units fronting on the lower level directly along the lake. Prices were different in those days; the original units sold went for $117,000 - $120,000.
Over the past 38-years, the association at Broadview has done a remarkable job upgrading the overall appearance and keeping up with maintenance at this first-class waterfront condominium. In recent years the association has upgraded the original wood vertical siding with beautiful custom vinyl shake exterior siding, new roof shingles, and attractive standing seam metal roofing over the entrance, new drainages, asphalt parking, wonderful landscape improvements, improvements to the beach area as well as the marina. It is truly a remarkable property with a location and view that will never be duplicated. So many people are looking at waterfront developments like this. There is a real shortage of available inventory for projects of this type in the Lakes Region.
Here is a breakdown of the sales activity in recent years:
The average selling price of $420,000
The average selling price of $425,000
The average selling price of $457,000
Price range of $457,000-$499,300
At the present time in 2020, 1 home has sold for a selling price of $499,000, and there are 0 properties available for sale.
It’s amazing to see how much has changed in the Lakes Region over the past 40-years with the multitude and quality of lakes, mountains, and attractions to draw people from all over. We’re all blessed to be living in such as truly amazing place. Let’s all get out this summer and enjoy what we have in this beautiful region.
This article was written by Frank Roche. Frank is president of Roche Realty Group with offices in Meredith and Laconia, NH, and can be reached at (603) 279-7046. Data was compiled by a NEREN map search on 06/18/2020 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.