$1 million needed to find the perfect new home in Bedford
By KIMBERLY HOUGHTON
Union Leader Correspondent
September 07. 2017 11:40PM
This home at 18 Bartlett Drive in Bedford is on the market for $1,025,000. It includes four bedrooms, five bathrooms, an in-ground pool, stone patio, recreation room and more.
This home at 2 Champagne Terrace in Bedford is selling for $880,000, and includes four bedrooms and six bathrooms. (Kimberly Houghton/Correspondent)
— With developers and builders snatching up what is left of Bedford’s vacant property, land is now selling at a premium, and the homes being constructed are worth close to $1 million or more.
“In Bedford, I have built multiple million-dollar homes. People are looking for a combination of elegance, size and quality,” said Robert Morin of Morin Custom Homes LLC in Bedford.
And just what are buyers receiving for a $1 million pricetag? It all depends on the neighborhood and the age of the home, according to housing experts.
“Ten years ago the homes that were $700,000 would be $1 million today,” said Morin, explaining much of the cost difference is because of the land prices.
A decade ago, Morin said he could purchase a residential parcel for about $160,000, but now that same parcel is selling for closer to $250,000.
In Bedford, a typical home on the market for $1 million is about 3,700 square feet to 4,200 square feet with high-end finishes and quality construction, Morin said.
The homes usually include four bedrooms with an elaborate master suite and multiple bathrooms.
Kate Rice, a Realtor with Keller Williams Realty Metropolitan, agreed with Morin. She said a $1 million home in Bedford four or five years ago is now selling for about $1.25 million. New construction homes in that price range usually sit on a 1.5-acre lot and include wood-working details and custom finishes.
New homes in the $1 million price range are about to be constructed on Cobtail Way in Bedford, and other homes in that range are on the market on Burgundy Terrace, Chablis Court, Whiskey Rebellion, Lilac Court and Bartlett Drive.
“The price can vary. It is very builder specific and neighborhood specific,” said Rice. Buyers are searching for classy, simple style homes with entertaining, gourmet kitchens, high-end appliances, granite countertops, crown molding, wainscoting and finished basements, she said.
Outdoor space is essential with beautiful landscaping, patios and stonework, she said, adding buyers may not find an inground pool with a $1 million home, especially if it is new construction.
Buyers are also searching for houses with a home office, or possibly two, said Rice. They are also intrigued by clean and energy efficient houses with gas fireplaces rather than traditional masonry fireplaces, according to Morin.
“A lot has changed with the time. People like the gas — they like to flip a switch,” he said.
Wherever there is open land in Bedford, Rice said the homes being constructed on those properties are typically selling for about $750,000 or more.
“We are getting to the point where we are running out of buildable land,” she said. “So for builders to make a profit on the lot, they need to put in a very custom home to make that lot-price work.”
Still, Rice said there have been many $1 million properties that have sold this year in Bedford, and there are still buyers searching for that perfect, upscale home.
“The design lately is more toward a simple, farmhouse look rather than super ornate with columns and bling,” she said. firstname.lastname@example.org