Two apartment buildings on Maple Street in West Lebanon, N.H., photographed on Friday, Nov. 18, 2022, which were purchased by Growth Cap Management owner Robert Parpinelli in November 2022 with plans to renovate them and rent out the apartments at a higher rate. Parpinelli now hopes further develop the property.
(Alex Driehaus, Valley News/Report For America)
West Lebanon landlord reduces scale of planned housing project
The owner of a multi-family complex in a residential neighborhood said this week that he no longer plans to build an additional 30-unit apartment building on the property but will instead look to build a rental home for a single family.
The Lebanon Planning Board will hold a public hearing on Monday, Feb. 19, to consider a proposed subdivision of 22 Maple St., a 1-acre parcel in West Lebanon that houses two apartment buildings with a combined 14 units.
Growth Cap Management, a Merrimack, NH-based real estate company, purchased the property in 2022 from West Lebanon-based Chiplin Enterprises for $1.28 million, according to city property records.
Robert Parpinelli, who owns Growth Cap Management, said he hopes to build a single-family rental home on the new subdivision, which would be a .3-acre lot with public water and sewer access.
Parpinelli was initially interested in constructing a 30-unit apartment building, in addition renovating to the existing Maple Street apartments, according to a 2022 Valley News story. But in a phone interview on Friday, Parpinelli said that a large residential project in that location would not comply with city zoning rules.
“It’s just not suitable for apartments,” Parpinelli said.
The 14 existing apartments are all leased, including four that are rented by tenants who were living there when the property changed hands, Parpinelli said.
After the sale, tenants received an eviction notice, telling them to vacate to allow for the property to be renovated. Residents were told they would be able to renew their leases after the renovation, though the rents would be increasing.
Randy Purtteman, an Army veteran, has rented an apartment at 22 Maple St. for 12 years, and was one of the few tenants to continue a lease.
While rents increased under Parpinelli’s ownership — from $900 to $1,000 for a one-bedroom apartment to around $1,400 or $1,500 at present, depending on size — Purtteman said that Parpinelli also has invested in renovations, from repainting the exterior building, adding laundry facilities and bringing the residences up to safety codes.
The cost for the Maple Street apartments still sits below the $2,081 a month median rent for two-bedroom apartment in Grafton County, where Lebanon is, according to a study last year by New Hampshire Housing, an affordable housing agency. Grafton County’s rate was 18% higher than the statewide average, the study found.
Parpinelli also installed a wheelchair ramp and lighting outside the building, said Purtteman, who has Parkinson’s disease and has limited mobility.
Monday’s hearing may also include a discussion of two apartment units that, according to city planning staff, had been built without city approval.
Parpinelli “didn’t have a clue about that (issue) when he bought the property,” said Wayne McCutcheon, a surveyor from Claremont who is assisting in the subdivision plan.
Parpinelli said the extra units first came to his attention when seeing the property’s tax card, which only identified 12 apartments on the property instead of 14.
To rectify the discrepancy, Parpinelli will need a variance from the Zoning Board of Adjustment, as well as the Planning Board’s approval of a revised site plan, Deputy Planning and Development Director Tim Corwin said in an email on Friday. — Patrick Adrian/Valley News
Joseph Kelly Levasseur on Feb. 6, 2024. (Photo by Andrew Sylvia)
Aldermen approve ordinance change affecting future sober home requests
On Feb. 6 the Manchester Board of Mayor and Aldermen (BMA) ordained an amendment to the city’s zoning ordinance creating a new definition for disabilities and handicaps that could affect future variances for congregate housing.
In the change, the definitions of “handicap” and “disability” in the zoning ordinance reflect physical or mental impairment that substantially limits one or more major life activities of an individual, including recovery from chemical dependency, aligning with definitions in the federal Fair Housing Act and Americans with Disabilities Act.
Additionally, the ordinance officially adopts NH RSA 674:33 V, which exempts disabled people from having to show unnecessary hardship to gain a variance, one of the five normal criteria needed to gain a variance from a zoning board in the State of New Hampshire.
Manchester Department of Planning and Community Development Director Jeffrey Belanger told the BMA that while the city already follows these policies, codifying the polices within the city’s zoning ordinance would provide the city protection from potential lawsuits in certain situations.
During a special public hearing on the ordinance, only one member of the public provided their viewpoint: former Alderman and Board of School Committee Member Richard Girard.
Girard noted congregate housing variance requests, usually asked by companies seeking to begin operation of a substance abuse recovery center or “sober home,” are already allowed by right in over half of the types of zones in the city and thus it doesn’t need to be any easier for applicants to pursue variances for areas where they are not allowed by right.
He echoed his opposition during public comment of the BMA’s regularly scheduled meeting, also noting a case in the U.S. Court of Appeals for the First Circuit which upheld a lawsuit against sober home regulations in Fitchburg, Mass.
Members of the BMA were primarily seeking clarification from Belanger, with some exceptions such as Chairman Joseph Kelly Levasseur, who felt that the move would be disadvantageous for the city and required more deliberation.
“We’re already the dumping ground where everybody has to come with every single issue,” he said during the special meeting.
The vote to ordain the ordinance passed 9-5, with Levasseur being joined by Ward 6 Alderman Crissy Kantor, Ward 7 Alderman Ross Terrio, Ward 8 Alderman Ed Sapienza and Ward 11 Alderman Norm Vincent.
Initially ordainment was approved by a voice vote, but Alderman At-Large Dan O’Neil requested a roll call, leading to a verbal back-and-forth between O’Neil and Levasseur that had to be quashed by Mayor Jay Ruais. — Andrew Sylvia Civics/Manchester Ink Link
Billy Melone, The Dow Group
Billy Melone joins the Dow Group at Keller Williams
The Dow Group proudly announces the addition of Billy Melone to their esteemed team. Originally from central Massachusetts, Billy spent his childhood splitting time between there and the Lakes Region of New Hampshire. Eventually, he would end up living in Center Harbor and attending high school at New Hampton Prep. During this time, Billy could be found mountain biking, hiking, skiing, and doing anything recreation related on either Lake Winnipesaukee or Squam Lake.
Billy graduated from the University of New Hampshire in 2011 where he met his wife, Brittany. The couple then moved to Massachusetts, where Billy worked in concrete sales. At this time, Billy was also racing mountain bikes at a professional level, traveling around the US and Canada to compete in World Cup races.
In their spare time, Billy and his wife would spend as much time as possible around Lake Winnipesaukee, until they made the decision to return to New Hampshire full time in 2023 with their dog, Denny.
The Dow Group is confident that Billy Melone’s addition will contribute to the continued success and growth of the team. They eagerly anticipate the positive impact he will have on their mission to provide unparalleled real estate services.
Adam Dow says, “When you talk with Billy, his love of the area and our lifestyle shines through. Any buyer will be fortunate to work with him.
Neighbors turn out for West Hollis Street Corridor Study with questions, concerns
More than 30 people attended the first public meeting on Feb. 6 regarding the city’s West Hollis Street corridor study on Feb. 6.
Presented by city personnel and representatives of engineering firm Hoyle Tanner, the study began in summer 2023 concerning the 2.9 mile corridor from Riverside Street to the Hollis town line. The goal was to identify near- and long-term measures to improve safety and accommodations for pedestrians and bicyclists while maintaining or improving vehicle capacity and access along the roadway.
The purpose of the meeting was to review existing conditions, identify concerns, discuss potential mitigation strategies and solicit feedback from the public.
Senior transportation engineer Steve Haas presented an overview of the corridor study area, data collection, crash history, observations and potential traffic-calming and safety features.
Data collected concerned pedestrian, bicyclist and vehicle volume. Observations concerned vehicles, pedestrians and bicyclists. Observation findings for pedestrians and bicyclists were limited and disconnected sidewalks, limited formal bicycle and lighting infrastructure. Relating to vehicles, observations focused on travel speeds and limited gaps in traffic for left turning traffic. Speeding was an area of concern by many members of the community who attended the meeting, especially as it relates to the charter school, MicroSociety Academy, on West Hollis Street.
Slide from the Feb. 6 presentation on the West Hollis Street Corridor. ( Courtesy of NPTV)
Former elected official Paula Johnson said, “It’s so great to hear about what you want to do, but we can’t even fix what we have right now at a traffic light. … Our first priority should be fixing that one intersection so the parents and kids can get out safely from that charter school. … We need to fix that area before anything else.”
“Speed kills and that is the No. 1 problem in this stretch,” another member of the public said.
Merging, left-hand turns and unsafe conditions for walkers were other topics brought up by the public.
The president of the Westgate Village Condo Association said, “[In] 2019, one of our residents … decided to go over to Fotene’s [Market]. He didn’t make it. He was killed out here trying to cross the street because there was no traffic light out there.”
He added, “The volume of traffic coming down Westgate Crossing is ferocious. That’s a main corridor for traffic coming through … . Trying to take a left turn out here, you’re taking your life in your hands.”
Possible solutions offered by the public included signs that posted vehicle speeds as they passed, and having a traffic police officer in the area. It was suggested to build in spots where police can safely be pulled over and stop vehicles when necessary.
Potential traffic calming and safety features proposed in the presentation were a corner extension, roundabout, on-street parking, a median island or lateral shift, and a refuge island, lighting, a rectangular rapid flashing beacon and revision of lane use or pavement widths to use for other modes of travel or reduce cross-section.
“We’re … starting this study because it’s the first step toward trying to deal with these problems,” said Ernest Jette, Ward 5 Alderman, who was in attendance. “We can’t just go out there and make changes, we need the money to make the changes, and to get the money we need to have a plan and to support that plan we need this study.” — Mya Blanchard, Nashua Ink Link
More than 85% of metro areas posted home price gains in Q4 2023
More than 85% of metro markets (189 out of 221) registered home price increases in the fourth quarter of 2023 as the 30-year fixed mortgage rate dropped from 7.79% to 6.61%, according to the National Association of Realtors’ latest quarterly report. Fifteen percent of the 221 tracked metro areas experienced double-digit price gains over the same period, up from 11% in the third quarter.
“Homeowners have benefited from housing wealth accumulation. However, many homebuyers have been shocked at high housing costs, with a typical monthly mortgage payment rising from $1,000 three years ago to more than $2,000 last year,” said NAR Chief Economist Lawrence Yun. “This doubling in housing costs for recent home buyers is not included in the official consumer price index inflation calculations and contributes to the sense of dissatisfaction about the economy.”
Compared to one year ago, the national median single-family existing-home price grew 3.5% to $391,700. In the prior quarter, the year-over-year national median price increased 2.2%.
Among the major U.S. regions, the South posted the largest share of single-family existing-home sales (45%) in the fourth quarter, with year-over-year price appreciation of 3.2%. Prices also climbed 7.3% in the Northeast, 4.7% in the Midwest and 4.2% in the West.
“Sales were restrained due to limited inventory,” Yun said. “But increased homebuilding, along with lower mortgage rates, will not only improve housing affordability but also help bring more homes onto the market in 2024.”
The top 10 metro areas with the largest year-over-year median price increases, which can be influenced by the types of homes sold during the quarter, all recorded gains of at least 14.8%. Those include Dayton, Ohio (19.9%); Kingsport-Bristol-Bristol, Tenn.-Va. (19.2%); Fond du Lac, Wis. (18.6%); Trenton, N.J. (17.3%); Salinas, Calif. (17.1%); Newark, N.J.-Pa. (16.7%); Anniston-Oxford, Ala. (15.7%); Bloomington, Ill. (15.4%); Johnson City, Tenn. (15.2%); and Anaheim-Santa Ana-Irvine, Calif. (14.8%).
Eight of the top 10 most expensive markets in the U.S. were in California. Overall, those markets are San Jose-Sunnyvale-Santa Clara, Calif. ($1,750,300; 11%); Anaheim-Santa Ana-Irvine, Calif. ($1,299,500; 14.8%); San Francisco-Oakland-Hayward, Calif. ($1,251,000; 4.3%); Urban Honolulu, Hawaii ($1,069,400; -1.9%); Salinas, Calif. ($993,900; 17.1%); San Diego-Carlsbad, Calif. ($931,600; 8.7%); Oxnard-Thousand Oaks-Ventura, Calif. ($916,800; 7.9%); San Luis Obispo-Paso Robles, Calif. ($912,100; 5.7%); Los Angeles-Long Beach-Glendale, Calif. ($884,400; 6.7%); and Boulder, Colo. ($849,400; 11.8%).
Less than one-fifth of markets (14%; 32 of 221) experienced home price declines in the fourth quarter, down from 17% in the third quarter.
Housing affordability marginally improved in the fourth quarter on the back of declining mortgage rates. The monthly mortgage payment on a typical existing single-family home with a 20% down payment was $2,163, down 1.2% from the third quarter ($2,189) but up 10% – or $196 – from one year ago. Families typically spent 26.1% of their income on mortgage payments, down from 26.7% in the previous quarter but up from 24.2% one year ago.
Lack of inventory and affordability continued to impact first-time buyers during the fourth quarter. For a typical starter home valued at $332,900 with a 10% down payment loan, the monthly mortgage payment fell slightly to $2,120, down 1.2% from the prior quarter ($2,146). However, that was an increase of $190, or 9.8%, from one year ago ($1,930). First-time buyers typically spent 39.4% of their family income on mortgage payments, down from 40.3% in the prior quarter.
A family needed a qualifying income of at least $100,000 to afford a 10% down payment mortgage in 47.1% of markets, up from 45.7% in the previous quarter. Yet, a family needed a qualifying income of less than $50,000 to afford a home in 2.3% of markets, down from 2.7% in the prior quarter.
Areas are generally metropolitan statistical areas as defined by the U.S. Office of Management and Budget. NAR adheres to the OMB definitions, although in some areas an exact match is not possible from the available data. A list of counties included in MSA definitions is available at www.census.gov/geographies/reference-files/time-series/demo/metro-micro/delineation-files.html.
Regional median home prices are from a separate sampling that includes rural areas and portions of some smaller metros that are not included in this report; the regional percentage changes do not necessarily parallel changes in the larger metro areas. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Quarter-to-quarter comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns.
Median price measurement reflects the types of homes that are selling during the quarter and can be skewed at times by changes in the sales mix. For example, changes in the level of distressed sales, which are heavily discounted, can vary notably in given markets and may affect percentage comparisons. Annual price measures generally smooth out any quarterly swings.
NAR began tracking of metropolitan area median single-family home prices in 1979; the metro area condo price series dates back to 1989.
The seasonally adjusted annual rate for a particular quarter represents what the total number of actual sales for a year would be if the relative sales pace for that quarter was maintained for four consecutive quarters. Total home sales include single-family, townhomes, condominiums and co-operative housing. — National Association of Realtors
