The Registry Review: July 4, 2022

Page 1

Vol.44, No.27

www.thewarrengroup.com

W E E K O F M O N D A Y, J U LY 4 , 2 0 2 2

THE REGISTRY REVIEW NEW HAMPSHIRE’S STATEWIDE REAL ESTATE & FINANCIAL NEWSPAPER A Publication of The Warren Group

WEEKLY SALES OF NOTE

HOT PROPERTIES

Final Offer Promises Buyers Transparency. Will Sellers Bite?

Seabrook

47 WEARE RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $14,650,000 B: Makor Windjammer LLC S: 47 Weare Road LLC Mtg: Berkeley Pnt Cap LLC $9,686,000 Use: Apartment Bldg - 9 + Units, Lot: 209500sf 11 COLLINS ST. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,600,000 B: Makor Manor LLC S: 11 Collins Street LLC Mtg: Berkeley Pnt Cap LLC $3,697,000 Use: Apartment Bldg - 9 + Units, Lot: 73616sf

New England-Grown Bidding War-Management Tool Launches

Concord

BY CAMERON SPERANCE

PENACOOK ST. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,323,000 B: 81 Hall Street LLC S: Chelmsford Concord LLC

SPECIAL TO THE REGISTRY REVIEW

A

group of real estate agents and technology experts launched a homebuying platform in Boston this spring that banks on the idea pulling back the curtain on the bidding process could be a disruptive success in residential real estate. But in the region’s hotly a competitive real estate market, it remains to be seen if total transparency ends up leaving money on the table for sellers wanting to maximize their profits. Final Offer, which bills itself as bringing greater transparency to the bidding process for a home, launched in April with a 3,368 square-foot home in a Boston suburb that listed on the local MLS at $1.75 million and ended up with a winning bid for $1.83 million. An over-asking sale in the suburbs may not seem like anything disruptive to the residential real estate space. But it’s how the home sold that Final Offer’s founders say can bring much-needed change to an industry that leaves a lot of people feeling like they’re left in the dark. “It just kept coming back to the whole

Exeter

1 FRANKLIN ST. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,400,000 B: AC Hospitality LLC S: Porches At Exeter LLC Mtg: Kennebunk Svgs Bank $2,080,000 Use: Mixed Use-prim Res & Comm, Lot: 27879sf

Conway

1814 WHITE MOUNTAIN HWY. . . . . . . . . . . . . . . . . . . $3,400,000 B: Olympia Golden Gables LLC S: Jan G Filip 4th Mtg: Bar Harbor Bk & Tr $4,100,000 Use: Mixed Use-prim Comm & Other, Lot: 165528sf

Claremont

73 PLEASANT ST. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,338,000 B: SJN Claremont Prop Assoc S: PJC Realty Co Inc Mtg: NBT Bank NA $2,333,333 Use: Retail-any, Lot: 61420sf

New Castle

34 OLIVER ST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,100,000 B: Richard Pressman TR, Tr for Ronald R Pressman RET S: Amy L Gworek Tr, Tr for Agnes L Palmer RET Use: 4 Bdrm Conventional, Lot: 78408sf

Concord

1 GRANITE PL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,882,000 B: 81 Hall Street LLC S: Granite Concord Prop LLC Mtg: Bank of New Hampshire $10,884,000 Use: Commercial Warehouse, Lot: 1797721sf 81 HALL ST U:2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,850,000 B: NHT 2022 LLC S: 81 Hall Street LLC Mtg: Enterprise Bk & Tr Co $5,650,000 Use: Condo

Strafford

45 BOW VIEW DR . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,707,000 B: Stephen J Walch Tr, Tr for Stephen J Walch RET S: Keith E Venezia Tr, Tr for Keith E Venezia RET Use: 4 Bdrm Contemporary, Lot: 15246sf

7,000 7000

3000 2000 1000 0

May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. April May

2,000 2000

Continued on Page 16

Want to see your news Both featured in a Refinance future issue of Purchase The Registry Review?

1,000 1000

00

May June June July July Aug. Aug. Sept. Sept. Oct. Oct. Nov. Nov. Dec. Dec. Jan. Jan. Feb. Feb. Mar. Mar. April Apr. May May May ’21

’22

6000 6,000

BothMonth

Purchase

Refinance

Both

May 2018

1,298

1,739

3,037

3000 3,000

May 2019

1,309

1,875

3,184

2000 2,000

May 2020

935

4,018

4,953

1000 1,000

May 2021

932

3,848

4,780

May 2022

925

2,481

3,406

Both

5000 5,000

5000 4000 3000

Refinance

Refinance

Purchase

4000 4,000

2000 1000

May 18

Purchase

4000

3,000 3000

6000

0

Refinance

5000

4,000 4000

TRANSACTIONS THRU

Both

6000

5,000 5000

REAL ESTATE RECORDS

Belknap �������������������������� 06/17/22 Carroll ���������������������������� 06/17/22 Cheshire ������������������������ 06/17/22 Coos �������������������������������� 06/17/22 Grafton ���������������������������� 06/17/22 Hillsborough ������������������ 06/17/22 Merrimack ���������������������� 06/17/22 Rockingham ������������������ 06/17/22 Strafford ������������������������ 06/17/22 Sullivan �������������������������� 06/17/22 Bankruptcies Lien & Attachments Foreclosure, Mortgagee & Other Lien Auctions Requests for Bids & Proposals

The Final Offer team looked to other parts of the world like the UK and Austra-

7000

6,000 6000

INDEX 3 3 5 5 6 7 9 10 12 13 14 14 14 14

Inspired by Overseas Practices

lia for how the platform would be modeled. Home listings in those markets offer a window on pricing and generally what a bid would need to be successful, Quirk said. Final Offer gives buyers an idea of the seller’s bottom price for consideration as well as their ceiling, or “final offer” price. Along with a listing price, sellers also include factors that can sweeten a bid like shorter closing windows and waiving mortgage or inspection contingencies – no, those buyer “love letters” all the rage these days

Number of Mortgages for Single-Family Homes

46 DINSMOOR POINT RD . . . . . . . . . . . . . . . . . . . . . . $2,650,000 B: Robert T Lancaster & Elizabeth A Lancaster S: David L Goolgasian Jr & Dianne E Goolgasian Mtg: Berkshire Bank $2,000,000 Use: 5 Bdrm Cape Cod, Lot: 56192sf

COUNTY

offer process and negotiation process and where things weren’t transparent,” said Tim Quirk, co-CEO of Final Offer, of how the platform came to be. “A lot of times, you could leave a transaction feeling a bit sour and wondering what happened there and asking, ‘Why couldn’t my client purchase the house, or did my client get the best and top dollar for their home?’”

NEW HAMPSHIRE MARKET STATISTICS

Gilford

PG

Final Offer, created by Boston-based real estate agents and tech experts, lets home sellers stipulate what they’re looking for from buyers’ offers.

May 19

May 20

May 21

Purchase

May 22

00

May 18 May

May May19

’18

’19

May May20

’20

May May21

May May22

’21

’22

❑ Statistics based on single-family home sales ❑ Source: The Warren Group

©2022 The Warren Group Inc. All rights reserved. No part of this publication may be reproduced without the written consent of the publisher.

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