July 27, 2006
If you are currently an active Buyer or Seller it is not news to you that the mid-summer 2006 real estate market is, in a word, soft.
The recreational/lake property market is usually not as susceptible to broad-based real estate market fluctuations. But, at this time, there are a number of issues affecting the Lake Vermilion area marketplace. We could probably include influences such as interest rates, fuel prices, inflation concerns, as well as the fact we have had a very good market for a very long time. If you are currently a Buyer you might consider some of the opportunities of this temporary market. Review some of these properties taken from our existing inventory:
A 3 bedroom, 4 bath year round Lake Vermilion home reduced from $825,000 to $750,000. A 2 bedroom Lake Vermilion vacation home reduced from $625,000 to $599,000. A 4 bedroom Lake Vermilion wilderness home reduced from $559,000 to $499,000. A large Lake Vermilion water access parcel with cabin reduced from $750,000 to $695,000. An entry level Lake Vermilion road access building lot reduced from $215,000 to $195,000. A Lake Vermilion island cabin that now includes a $10,000 allowance for a septic system. A Lake Vermilion road access cabin with a new $20,000 allowance for a septic system. A Pelican Lake road access lot now offered at $205,000, reduced from $239,000. This Lake Vermilion area 3 bedroom rural home has a motivated seller. The owner of this entry level one bedroom home (located just 2 miles from Lake Vermilion) would like to sell as soon as possible.
There are others. It could be a good time to make an offer!