Centrally located within the state, Manchester finds itself within just one hour from the scenic mountains and pristine lakes, the seacoast beaches and Boston with all the cultural events it has to offer. Manchester, N.H. is the largest city in New Hampshire and in Northern New England. Just shy of a population of 110,000 (2007), Manchester has been rated #8 for the "Top 10 Cities: Where to Buy Now" (Money Magazine, 2006) and the #7 "Best Small City for Doing Business in America" (Inc. Magazine, 2005).
Manchester has quickly become a hub for a highly skilled workforce. It offers employment opportunities and a quality of life to its residents and business owners that cannot be surpassed. With no personal income tax, no sales tax and moderately low business taxes the state offers a draw to businesses. Many are finding Manchester provides a tremendous opportunity. And come they have.
Known by most residents as the "Queen City," Manchester is more than just a city on the rise. It also carries with it a heritage that is recognized as a symbol of most of New England cities and towns. Incorporated in 1846, Manchester was home to the Amoskeag Manufacturing Company, which was the largest textile company in the world. The location of the historic mill buildings is now a prosperous business opportunity offering nearly 4 million s/f of office space overlooking the Amoskeag Falls.
Soon, the city will see a revitalization project on the site of the former meatpacking plant Jac-Pac, with the construction of The Elliot at River's Edge. The approximately 500,000 s/f project will feature an ambulatory care facility, a medical office building, a three-story residential building, a commercial building and a 4-acre riverfront park.
Manchester is afforded the privilege of "access" not only for its central location within the state but also for its transportation. The expansion of the Manchester/Boston Regional Airport now offers a convenient alternative with non-stop service to over 15 cities in the central United States and Canada. The city is in close proximity to 4 major interstates providing easy access to each "corner" of the state with relative ease. Manchester is also a mainstay for higher education and is home to nine colleges and universities.
There is never a lack of pastimes to partake in. In the last few years the city has seen the formation of the Manchester Monarchs, a minor league hockey team and the Manchester Wolves, an arena football team. The New Hampshire Fisher Cats, a minor league baseball team, also came to town and with them the construction of a 6,500 seat baseball stadium and the Hilton Garden Inn. Most recently the city also added its very own basketball team, the Manchester Millrats.
Culturally speaking the city offers something for every age and interest. Whether it is an opportunity to view fine art at the Currier Museum of Art, visit to the Zimmerman House, the only Frank Lloyd Wright designs in New England open to the public, or take in a show at the Palace Theatre, an 840 seat performing arts center built in 1915. Outdoor recreation is also accessible with a round of golf at the Derryfield County club, an 18-hole municipal golf course or hitting the slopes at McIntyre Ski Area. There is never a dull moment at the Verizon Wireless Arena, a 10,000 seat stadium that hosts an array of sporting events, concerts, tradeshows, conventions and other public gatherings on an almost daily basis.
Despite the downturn of the real estate market around the country New Hampshire has sustained a comparatively healthy position with a mere 15% drop in home sales in 2008. In Manchester, the total units sold in 2008 was 900 of which 623 were single-family homes with a median price of $209,000, and 277 were condominiums with a median price of $150,400. Although residential sales and prices where below average from what we have seen in recent years they are still consistently stronger then other parts of the country.
There has been a startling amount of foreclosures throughout the country and yet New Hampshire finds itself in a much stronger position then some of its counterparts. The New Hampshire Housing Finance Authority reports that in 2008 New Hampshire's foreclosure rate was only at about 1.2% (about 1 in every 80 or 3,563) of the approximated 290,000 homes currently mortgaged in the state.
There are still some very affordable options to prospective homebuyers and an abundance of options to choose from. Currently there are close to 270 single family homes and 190 condominiums on the market in the city. The listing prices range anywhere from $85,000 to $1 million for single families, and $65,000 to $510,000 for condominiums.
So, what does that mean for Manchester? Given that median family income in New Hampshire is still the fifth highest in the nation at $74,600, interest rates remaining low with an average 5% APR, and the Federal tax credit up to $8,000 for qualified first-time home buyers, the real estate market in Manchester is not only surviving this recession, but it is faring very well.
Manchester has proven itself to be a flourishing metropolis with its array of attractions, entertainment, business ventures and revitalization efforts all grounded by the city's strong historical roots. A prospective move to Manchester will not only confirm the city to be an up and coming location to reside in, but that it also provides a wealth of opportunity to individuals and businesses alike. In the spirit of the New Hampshire state motto, "Live Free or Die", the city offers a superior quality of life and is thriving with accomplishments.
Maxine Goodhue, CRS, GRI, SRES, ABR, PMN, is president of the Greater Manchester/Nashua Board of Realtors, Bedford, NH.