A daily journal concerning Lake Vermilion and surrounding areas.
Selected real estate, notes, stories, musings, and anecdotes.

August 22, 2006

Just A Reminder.

Not to beleaguer the point but the “local real estate market is soft”.

The Lake Vermilion area market has been largely unaffected by previous swings in the greater real estate market. That is not the case for the late Summer 2006 market.

We continue to see increased Seller motivation and ongoing price reductions on numerous current listings. Examples include this very nice Lake Vermilion vacation home that has now been reduced three times to a new asking price of $550,000. This home has to sell! Also, this starter home near Lake Vermilion has, over the last several months, been reduced 40%. It’s now offered at $54,000. (The St. Louis County market value on this property is $74,900.) This home has to sell!

There are numerous additional reduced price properties with motivated Sellers. This is a genuine opportunity for all Buyers. Interest rates are historically low. Call me (218/750-0299) or email me for more information.

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