HOLDERNESS, N.H. (AP) – Multimillion dollar homes are changing the complexion of New Hampshire’s largest lakes.

Economist Russ Thibeault says the real estate market in the state’s Lakes Region is drawing people with wealth and spending power. He says a blue-collar family can’t afford to buy property on the lake any more.

Thiebeault says homes that used to cost a million dollars are now considered “tear downs” that are replaced with a homes costing millions more.

Realtors say some of their customers use Laconia Airport to fly into vacation at properties with average selling prices of $2 million to $4 million.

They say some long-time residents are selling because they can’t afford the high property taxes their lakefront homes are assessed.