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In recent days, one of Vestfold's most spectacular coastal properties has been put up for sale. After being in the same family's possession since 1952, the lighthouse and stone hut at Ølbergholmen outside Larvik is now on the market for 9.5 million kroner. Estate agent Kristine Grønn, who grew up nearby, is familiar with both the location and the owners.
She acknowledges that market conditions and the property's unique features make it difficult to determine its exact value. While the owners are experiencing good times, they are open to listening to market signals. The agent believes they understand that the property is unlikely to compare with others and that its amenities could make it challenging to value.
On Saturday, there was a viewing with 12 interested parties. Grønn does not expect the holiday home to remain on the market for long, despite the fact that bids have been postponed provisionally. She believes three to four serious interested parties exist, and predicts the sale will occur in August or September. The hut is 77 square meters in size, featuring standard amenities and four bedrooms, with 300 square meters of living space.
Parking and an adjacent double garage for elderly double garage are also included. A short, footpath through the small seaside village leads to the last 100 meters of the property. Grønn notes that two out of three coastal huts have been sold at a discount so far this summer, coinciding with an increase in listing times. Grønn believes this could be due to sellers often having time to wait.
Typically, sellers have several seasons' horizons, although some may compromise on price to secure a deal. The individuality of each sale varies, but openness to meet market demands at the right price is crucial, as with all markets. Today, holiday homes can be sold tax-free after five years of ownership. Recently, the government's tax commission considered imposing a tax.
While the details are unknown, the signal has caused the real estate industry to steep. While Grønn has not noticed the tax being a significant factor for sellers, she believes the effect would be very limited if introduced. Discussions have centered around assessing future gains, so the impact is expected to be minimal. Grønn is supported by estate agent Henning Hesselberg in Fredrikstad, who has sold holiday homes in the Fredrikstad area and Hvaler municipality for years.
They have not noticed any tax-related selling, and the number of holiday home sales in their area remains near normal. While Finn.no reports that summer sales often occur at the final announced price, which could hide earlier price cuts, it is a fact that prices are lower than last year. According to Eiendom Norge, average prices for coastal huts fell 5.4 percent in the first six months of the year compared to the same period last year.
Since summer months July and August are not captured by the statistics, it is too early to determine the trend for the year. The sale of a beach property in Lyngør gives a clue to the state of the market. Odd Nordstoga, the artist, secured a 3.6-meter large property right on the water in Askerøya for 9.5 million kroner in summer, according to Agderposten.
At a premium of 2.5 million kroner, or more than 20 percent below the initial asking price of 12 million kroner, Norwegian football captain Martin Ødegaard purchased two holiday homes, one 240 square meters and another 120 square meters, including garages, deep-water docks, and five-and-a-half acres of land in Eikelandsfjorden. The property was sold after just two weeks on the market, according to Agderposten.
Estate agent Kristin Elisabeth Lunde, who sold the Askerøya property to Nordstoga, acknowledges that the coastal market is not as hot as it once was. "In our market, we sell very much to one buyer, and negotiations become important," Lunde told E24. She notes that prices are set higher to allow for negotiation. However, she believes that if the price is not reached, one loses a significant number of buyers.
Lunde recognizes that areas without solid land connections are less attractive, but many buyers have ties to the area from before. August and September could be good times to sell, she says, as many homes will need to be replaced next year. However, there are still many huts that will need to be replaced in the coming year, according to the estate agent.
Written by urgent.news from E24 Norway's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.