Lake Vermilion Real Estate

The Other Up North.

A popular story concerning the current “Up North” lakeshore real estate market was published in the Minneapolis Star Tribune this past weekend.

I would think there would be others from this neighborhood who would question the lack of detail offered about the actual geographic area depicted in the headline, “For sale: The good life Up North”. We would consider the Lake Vermilion area as an “Up North” market. But the markets detailed in the story would be viewed as “Down South” from the local perspective.

The facts and figures contained in the story are, undoubtedly, true and accurate, but they do not necessarily reflect this market. 20% to 30% value reductions and inventory levels that have increased 10 fold may not be valid numbers for our version of the “Up North” recreational real estate market.

It is said that all real estate is local. Let’s just make sure that the Lake Vermilion area version of “Up North” is recognized as it’s own unique market.

Read the article here.

Exit Polling.

It is really too early to come to any conclusions.

But in an attempt to answer the nearly daily question of… “Is anyone buying?”, here are some very preliminary indicators from the current local lakeshore market.

1) First of all, 2008 was the worst sales year of the previous 5 years.

2) To date this year, closed and pending sales have doubled from 2008.

3) In the last 5 years, anywhere from 10% to 30% of the total year sales were posted before the Memorial Day holiday.

4) Using the facts in #2 and #3 above, it would be reasonable to project that 2009 will, at least, be a better sales year than 2008, or, at most, be the best sales year since 2004.

I’m gonna call it. The bottom is in.

The American Larch.

It’s the middle of May. And our collective attention should be on the lake.

But… in our clime the woods, bogs, and fields are just now showing visual signs of renewed life.

After the persistent and mostly colorless Winter, Mother Nature rewards us with regenerating plants that emerge with the brightest colors we will see all year.

This weekend, after the snow flurries ended and the sun broke through, I walked the wooded edge of a Spruce bog and the green tint in the woods was… well, everywhere.

It’s easy to just walk and not look. But the once a year events of Spring deserve a higher level of observation.

This image is of the young regenerating shoot of the American Larch. You probably know this tree by it’s more popular name of Tamarack. (It’s the tree that doesn’t know if it’s coniferous or deciduous.)

It offered the good example of how easy it is to walk through the newly re-greened woods without noticing the unique details that only these Spring days offer.

So… remember to visit the woods on your way to the lake. And enjoy the green!

6:35PM

The local real estate market activity level is on the upswing.

Keeping the new, reduced price, and current listings up to date is proving to be a bigger daily challenge. That’s not a complaint. There are some very nice offerings around the lake. Please let me know if you need help sorting through the list.

Also, a personal note to J. Welsh… The email address you sent was not correct. Please resend your address so I can provide the information you requested. Click this link.

Thanks!

HydroClim Minnesota.

Each season brings new reasons to watch the weather.

The Minnesota State Climatology Office produces a monthly newsletter that summarizes what has happened, what is happening, and what might happen with the weather. The summary also tells us how the weather impacts the state’s water resources. The site offers numerous links to additional resources and maps. If you’re a weather watcher, you’ll find it to be interesting stuff.

For the May Edition, go here.

It’s Official.

You heard it here last! Lake Vermilion has been declared ice-free as of last Thursday, April 30th.

Local Shovel Ready News Bonanza.

The local newspaper, The Timberjay, is stuffed full of news related to Lake Vermilion area improvement/development projects.

Here are a few links that may be of interest:

First, Marshall Helmberger considers the likelihood of the US Steel Three Bays shoreline development. He uses practical logic and current real estate market conditions to arrive at a reasonable conclusion about the project’s financial viability. US Steel shareholders might consider his rationale.

The newspaper also reports that the St. Louis County Board, after an eight year process, has approved the Lake Vermilion Plan. It takes effect on July 1st. (Read the Plan here.)

The City of Cook, MN can look forward to a new water tower (with 3 times the storage capacity) thanks to funds from the American Recovery and Reinvestment Act.

The Lake Vermilion area towns of Cook, Orr, and Tower will need to consider options for consolidating their existing school facilities. Thoughtful discussion and compromise will bring better educational opportunities for our rural students.

New power transmission lines will bring needed electrical service to the Lake Vermilion area.

And finally, the “world’s most advanced neutrino experiment” begins in the Ash River Area.

Hats off to the Timberjay for providing excellent local news coverage!