How the Grouse Point Club was developed on Lake Winnipesaukee

When you drive through the Lakes Region, there are many fine water access communities. One special one that stands out is the Grouse Point Club on Lake Winnipesaukee in Meredith. Back in the 1980s, I was fortunate to sell the 82-acre wooded hillside setting on Lake Winnipesaukee to the future developer of the Grouse Point Club. I was representing Dick Burchell, who owned this large parcel of waterfront property with amazing views. I had recently completed the sales of boat slips at a marina he owned in Gilford called Gilford Yacht Club, which included 64 boat slips that were converted into a condominium form of ownership. He asked me if I had any buyers for his choice lakefront parcel. After showing the parcel a number of times, bushwhacking through the woods to the lakeside, and getting a good case of poison ivy, I sold the parcel to CMB construction out of Campton. The partners were Bill Cargill, Tom Mullen, and David Blake. I knew each of them from Waterville Valley and years back, I worked at the same company in Boston with Bill Cargill at Coopers and Lybrand. To finance the project, they teamed up with Savers Bank as a partner. I remember going out to Tom Mullen’s camp on Welch Island with the bank representatives, where Tom gave the bankers a detailed vision of the project.

The original development plan envisioned 133 distinctive townhomes and single-family homes on the 82 acres with substantial shorefront along Lake Winnipesaukee. As the development progressed, the development team decided to cut the density down to 80+ or so units and build single-family homes versus townhouses to reflect market conditions. Obtaining all the required state and local approvals was a mammoth undertaking that would be hard to duplicate in today's environment. Complicated topography engineering plans, drainage, water and sewer lines, underground utilities, extensive ledge extraction, and massive stone retaining walls were built. Variances were obtained, and special railroad crossings were obtained from the state and the railroad. Very elaborate plans were submitted for the construction of three sandy beaches, stone breakwaters, and 35 individual boat slips within the yacht club, plus a mooring field. Paved golf cart trails to a spectacular 7,000 square feet clubhouse with indoor heated pool, hot tub, fitness and locker rooms, function room with kitchen, and expansive rooftop deck overlooking the water, with two lighted tennis courts adjoining the clubhouse.

The Grouse Point Club became a luxury landmark community on the Big Lake in the scenic resort town of Meredith. As the late 1980s unfolded, New Hampshire entered a severe real estate downfall with five of New Hampshire's largest banks failing in 1991. Because of the savings and loan crisis, these failures accounted for approximately one-quarter of the state's banking market. Ultimately, it was a real estate “boom to bust” economic cycle driven by a severe regional real estate crash because of the banking collapse. In 1991, Savers Bank decided it wanted to cut its involvement in the real estate development at Grouse Point. At that point, Charles Hugel formed a close relationship with Bill Cargill and made a commitment to acquire ownership, complete the development under the new ownership name Leguh Cooperation, and invest millions into the project. Hugel brought tremendous credibility to the community. He was the former chairman of the board of R.J. Nabisco and was featured in the book and movie sequel “Barbarians at the Gate." It was difficult to sell property in the early 1990s because of the banking crisis. There was so much foreclosure activity occurring in the Lakes Region, and prices were depressed. Roche Realty Group started marketing a new phase at “Hawk Ridge,” and we were selling lots back then for only $45,000-$75,000. Cargill and Blake Construction custom-built all the homes we sold. It was a great team, and they created some innovative architectural designs with excellent quality throughout.

As time progressed and the real estate recession gradually decreased, we were able to extend the community up South Watch Road and then up to the “Ridge,” offering panoramic lake and mountain views with spacious, luxurious homes.

Today, the Grouse Point Club is Meredith’s premier gated community on Lake Winnipesaukee.

It is a real gem and the amenities are truly first class. Additionally, the vibrant Town of Meredith is recognized by Travel + Leisure as “one of the best small towns on the East Coast.” We are very proud at Roche Realty Group to have been involved in this outstanding community over the years, where we have marketed and sold the individual homes and townhouses, as well as many resales.

It’s amazing to look at the property tax revenue that the Grouse Point Club has contributed to the town of Meredith. I totaled all of the tax assessments at Grouse Point from this past year and came up with an amazing $115,500,600 in assessments representing 82 properties at a tax rate of $10.62 per thousand, it amounts to $1.2 million in annual property tax revenue for the town of Meredith. Meredith's proposed budget for fiscal year 2025 is approximately $21 million. Grouse Points contribution to Meredith’s overall budget amounts to approximately 5.8%, which is remarkable.

Here’s a breakdown of sales activity for the past 5 years:

2020: 7 sales; Median Days on Market: 6; Median Sale: $627,500; Range: $408,333-$1.4 million

2021: 2 sales; Median Days on Market: 42; Median Sale: $746,250; Range: $662,000-$830,500

2022: 6 sales; Median Days on Market: 5; Median Sale: $1.5 million; Range: $725,000- $2.6 million

2023: 3 sales; Median Days on Market: 34; Median Sale: $820,000; Range: $504,500-$935,000

2024: 2 sales; Median Days on Market: 8; Median Sale: $862,500; Range: $835,000-$890,000

2025: 4 sales; Median Days on Market: 28; Median Sale: $2 million | Range: $815,000-$3.2 million

2026: There is currently one active listing for sale, 29 South Watch, listed at $3,350,000.

It’s highly unlikely that another gated lakefront community of this caliber will ever be developed on Lake Winnipesaukee in the future. Grouse Point offers a rare blend of beautiful homes, situated in a natural landscape on the “Big Lake” with exceptional amenities. The office of Roche Realty Group is located right at the entrance of the Grouse Point Club in Meredith, overlooking beautiful Lake Winnipesaukee.

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This article was written by Frank Roche. Frank is the president of Roche Realty Group, located in Meredith, and can be reached at 603-279-7046. Data was compiled from PrimeMLS and is subject to change. Visit rocherealty.com to learn more about the Lakes Region and its real estate market.