The quiet beauty of winter’s frozen landscape surrounds us. It is a wonderful time to reflect on the year just past as we look ahead to the future.
For many, 2021 will be remembered as a year of lockdowns, Zoom calls, distance learning and remote work. We entered the third decade of the 21st century with much uncertainty and lifestyle changes required by pandemic protocols, and public health concerns dominated our conversations and thoughts.
In the year past, we also felt the loss of many great friends we have been blessed to know and who have shaped the character of our region, such as Dick Fernald, Al Roy, Steve Krook, Gloria Lodge, the Rev. Lewis Stone, Joe Cuddemi, Adrian Pinney and Reynold Belletete. The retirement of attorney Norm Mackechnie, and the anticipated sale of iconic local businesses and changes in ownership of area institutions, the reformation of the local chamber of commerce and reconstitution of other civic clubs all signal a time of change is upon us.
In the real estate industry, our region has been favored with historically high market demand. New Hampshire was declared the second-fastest-growing state in the nation recently, and little wonder with what our state offers in comparison with its peers.
Due to recent legislative action, the Granite State now can boast that in addition to no state income tax, sales tax, capital gains tax and estate taxes, the interest and dividends tax on unearned income is now also scheduled to be phased out. The tax burden in New Hampshire compared to any other Northeastern state is striking indeed. Add to this the advantages of low crime, clean air and water, superlative recreational amenities and a friendly welcoming culture. The lifestyle hereabouts is naturally of interest to many.
The desire to retreat from urban centers during the height of the pandemic, combined with a growing potential to realistically work remotely with high-speed internet service, has led many professionals and young families to explore living primarily in more rural environments. This is creating a “housing crunch” which we expect to continue into 2022, with the earmarks of rising property values and limited supply.
In response to this need, we do expect to see new housing coming online this year. In Peterborough, the Southfield Village Condominiums are progressing in phases, the “Woodmans” project is expected to be under construction soon and several affordable housing sites and projects for elderly residents are under active consideration. In addition, new single-family homes are regularly being built in towns across the region. With the interest in living in “walkable” locations near village centers, we also hope to gain approval for conversion projects that repurpose downtown properties and respond to this growing interest.
In a time of uncertainty and change, many investors and entrepreneurs are aggressively seeking out opportunities and looking ahead. In recent days, cutting-edge businesses interested in such fields as alternative energy, virtual reality, wellness, natural foods, fitness and health services have all been in contact about siting their firms locally. A new generation of innovative and talented professionals are coming to the Monadnock Region. The No. 1 reason a business is established locally is because the owner wants to live here and brings along a great enterprise in their wake.
Also, changes and expansions of existing firms portend positive developments for our local economy and expanded employment opportunities. Crotched Mountain Foundation’s sale of the Greenfield facility to Gersh Autism not only resulted in approximately 450 jobs being transferred to the new institution but created the opportunity for significant additional workers to be added on the mountain in the coming year to keep pace with the tremendous market demand for their specialized services.
Now, as in the past, the region we love is attracting a host of talented and energetic families committed to making their mark and contributing to the betterment of our communities. As a native son, I find that although I am imbued with a respect and nostalgic regard for our region’s proud history, I am more excited still for the time ahead, for I know that what we love best about this special region is the product of positive change, and this has been achieved by hard-working people with passion and integrity.
Thus, the welcoming attitude which is the hallmark of our area is perhaps our greatest strength. It bodes well for a bright future as we navigate the changing times ahead.
Andrew R. Peterson is a broker associate at Four Seasons Sotheby’s International Realty in Peterborough.