End of an Era

Saturday, December 31 marks an end of an era for Paula and I. On this day we closed on the selling of our Condo in Plymouth, NH.

We had bought the condo back in 1997. We would spend weekends and vacations there. Our boys would snow ski in the winter and we would all go out on our boat in the summer on Newfound Lake. Or we would just sit out one the deck and watch the sun go down over Tenney Mountain. Overall, we had a great time at the condo. Every time that we headed south on rte 3, we looked forward to the time we would be coming back.

The last time that we spent any time at the condo was the summer of 2012. We lived there for a short period after we sold our house in Billerica, MA.

We would have preferred to sell the condo back in 2012 but that wasn’t possible. We were underwater on our mortgage and the market for vacation homes hadn’t recovered from the economic woes of 2008.

So instead of selling, we put the condo on the rental market. We had a great real estate agent (Diane Masessa) at Old Mill Properties in Bristol, NH.

At best, renting it was a break-even proposition. The rent would about cover our mortgage payment, but not condo assoc. fees. I had to chase the tenants for the propane usage because Dead River Propane wouldn’t give them their own accounts.

So rent it we did. First, to a pair of grad students at Plymouth State (PSU). Then, to a pair of Saudi’s doing graduate work at PSU. And finally, to another Saudi grad student from PSU.

The last renters were the ones that broke the camel’s back. They moved out 1.5 month early this past August. They left the place a mess. Needless to say they didn’t get their security deposit back. So in September, we decided to try our luck at selling the place.

So we got it cleaned up, got rid of a lot of junk and added a coat of paint here and there. Then, declared it ready for the sales market.

The sales situation had changed for the better. We had paid down our mortgage principal to about $90K and the vacation real estate market had recovered somewhat.

So we put it on the market in November with an asking price of $119,900. So we had two offers within the first few days on the market at full asking price. WOOT!!!

Selling a property from 3000 miles away can be a real challenge. We have been lucky to have a great real estate agent. We have been working with Diane over the past 6 years in managing the property. Most documents that needed to be signed (leases, purchase & sales, etc.) have been executed using an app called “DocuSign“.

The only documents that we could not use DocuSign were the closing paperwork which had to have live signatures that had been notarized. The document package had been emailed to me last Wednesday. Printed them out and called in our Notary Public, Patrick Sullivan in San Pedro. Patrick witnessed all of our signatures then we put them in an envelope and Fedex’d the package back to the closing attorney in Mass.

I expect to get the final closing doc’s back via FedEx on Jan. 2, 2019

Next steps will be to figure out how much capital gains taxes we will have to pay this Spring.

Happy New Year,

Joe

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