Vol.45, No.20
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W E E K O F M O N D A Y, M A Y 1 5 , 2 0 2 3
THE REGISTRY REVIEW NEW HAMPSHIRE’S STATEWIDE REAL ESTATE & FINANCIAL NEWSPAPER A Publication of The Warren Group
WEEKLY SALES OF NOTE
FINDING FINANCING
CRE Financing Still Available – If You Can Afford It
Dover 44 SADDLE TRAIL DR. . . . . . . . . . . . . . . . . . . . . . . . . $3,750,000 B: John S Craig & Judith L Craig S: Daniel A Meyers Tr, Tr for D A & Carla J Meyers RET
Laconia 822 WEIRS BLVD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,550,000 B: Pasquale Todisco 3rd & Melissa Todisco S: Baopeng Bai & Xiujuan Chen Mtg: Salem Five Mtg Co $1,785,000 Use: 5 Bdrm Conventional, Lot: 14229sf
Credit Unions Show Higher Appetite for Loans than Banks BY JAY FITZGERALD
Newbury
REGISTRY REVIEW STAFF
Dover 21 LITTLE BAY DR. . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,550,000 B: Dwight L Allison 3rd T & Dwight L Allison 3rd Tr S: Little Bay Dev LLC Use: Condo
Hampton 430 HIGH ST. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,500,000 B: Victoria Inn Inc S: Chateau Sylvia LLC Mtg: Enterprise Bk & Tr Co $1,125,000 Use: Mixed Use-prim Comm & Other, Lot: 220414sf
Rye 411 WASHINGTON RD. . . . . . . . . . . . . . . . . . . . . . . . . $1,401,000 B: Robert Clark & Brittany Tartarilla S: Michael R Alkus Mtg: Movement Mtg LLC $700,000 Use: 4 Bdrm Colonial, Lot: 72310sf
Gilford 72 VARNEY POINT RD. . . . . . . . . . . . . . . . . . . . . . . . . $1,400,000 B: Guy C Nickerson Tr, Tr for Guy C Nickerson RET S: Catherine M Mullane
Atkinson 1 ROCKY POINT LN. . . . . . . . . . . . . . . . . . . . . . . . . . . $1,300,000 B: Scott T Bilodeau Tr, Tr for Scott & G Bilodeau LT S: Russell G Kinnear Tr, Tr for Russell G Kinnear RET
Hooksett 200 TECHNOLOGY DR. . . . . . . . . . . . . . . . . . . . . . . . . $1,280,000 B: 200 Technology LLC S: Tarrytown Re Holdings Inc Mtg: Rockland Tr Co $1,705,000 Use: Commercial Building, Lot: 324086sf
79 SPINNEY RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,220,000 B: Russ Kawaguchi Tr, Tr for Kawaguchi FT S: Michael McDonnell & Ida E McDonnell 405 PLEASANT ST..................................$1,175,000 B: Michael Mcdonnell & Ida E Mcdonnell S: James Martin & Christine Martin Use: 2 Bdrm Antique, Lot: 1742sf
lending standards. This puts it in a distinct minority among American banks according to the most recent Federal Reserve survey of senior loan officers that showed around 4 in 5 U.S. banks had tightened their commercial real estate lending standards to some degree. The real problem is simply higher interest rates and inflation in general driving up the costs for new developments, major renovations and acquisitions, Logan said. “We haven’t tightened or loosened our standards,” he said. “But costs have risen and
real estate is simply not as profitable.” The overall lending slowdown isn’t the same for every CRE sector. Financing for office properties, which have been hit hard by the rise of remote working, is more difficult to obtain. On the surface, the office sector in New Hampshire is holding steady, with a vacancy rate of 10.7 percent across the state in the first quarter, the same level for the same period in 2022, according to data from Colliers.
Number of Mortgages for Single-Family Homes 4,000 4000
INDEX
4000
Both Refinance
3000
3,000 3000
REAL ESTATE RECORDS COUNTY
Besides higher interest rates and escalating construction costs, the fear of a possible recession is also causing unease and hesitancy within the entire development sector.
NEW HAMPSHIRE MARKET STATISTICS
Portsmouth
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ocal bankers and commercial real estate players say there’s clearly been a slowdown in commercial real estate lending in recent months, as higher interest rates and more cautious banks have discouraged developers and investors from proceeding with many new projects across the state. But bankers, developers and CRE brokers say there’s still activity on the lending front in New Hampshire – especially for industrial and multifamily properties – as long as developers and investors can afford higher costs associated with rising interest rates and more expensive construction materials. “The lending market has slowed down a bit,” said Ron Magoon, chief executive of Franklin Savings Bank in New Hampshire. “Everyone is being more cautious in terms of lending. It’s a normal thing at this point in a [business] cycle. I know we’re more cautious.” Besides higher interest rates and escalating construction costs, the fear of a possible recession is also causing unease and hesitancy within the entire development sector in New Hampshire, Magoon said. Chris Logan, CEO of the Bank of New Hampshire, agreed that the CRE lending market has “definitely softened” of late. But Logan, whose bank has about $1.4 billion in commercial loans on its books, said his bank hasn’t gotten more cautious with its
31 LAKEWOOD MANOR RD. . . . . . . . . . . . . . . . . . . . . $1,640,000 B: Emily A Pearl S: Yvonne Cheung Tr, Tr for Ambrose Cheung RET Use: 2 Bdrm Cottage, Lot: 33541sf
Purchase
2000 1000
TRANSACTIONS THRU
3 Belknap �������������������������� 04/28/23 3 Carroll ���������������������������� 04/28/23 4 Cheshire ������������������������ 04/28/23 4 Coos �������������������������������� 04/28/23 4 Grafton ���������������������������� 04/28/23 5 Hillsborough ������������������ 04/28/23 7 Merrimack ���������������������� 04/28/23 7 Rockingham ������������������ 04/28/23 9 Strafford ������������������������ 04/28/23 9 Sullivan �������������������������� 04/28/23 10 Bankruptcies 10 Lien & Attachments 10 Foreclosure, Mortgagee & Other Lien Auctions 10 Requests for Bids & Proposals
Want to see your news Both featured in a Refinance future issue of Purchase The Registry Review?
00 Mar. Apr.
May June June July July Aug. Aug. Sept Sept. Oct. Oct. Nov. Nov. Dec. Dec. Jan. Jan. Feb. Feb. Mar. Mar. Mar. April May ’22
7000 7,000 6000 6,000 5000 5,000 4000 4,000 3000 3,000 2000 2,000 1000 1,000 00 Mar. 19
’23
Both
6000
BothMonth
Purchase
Refinance
Both
Mar. 2019
Refinance
821
1,396
2,217
Mar. 2020
880
3,065
3,945
Mar. 2021
735
5,625
6,360
Mar. 2022
605
2,858
3,463
Mar. 2023
486
1,346
1,832
Refinance
5000
Purchase
4000 3000 2000 1000
Mar. 19
Mar. April May June July Aug. Sept Oct. Nov. Dec. Jan. Feb. Mar.
1,000 1000
7000
0
0
2,000 2000
Continued on Page 12
Mar. 20
Mar. 21
Mar. 22
Purchase
Mar. 23
Mar. ’19
Mar. Mar.20
Mar. Mar.21
Mar. Mar.22
Mar. Mar.23
’20
’21
’22
’23
❑ Statistics based on single-family home sales ❑ Source: The Warren Group
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