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 Lake Vermilion Real Estate

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

April 29, 2009

Quick Fact.

The average asking price for a Lake Vermilion road access home/cabin remains at just over $600,000. (That excludes leased properties and common interest community property.)

The overall price range is from $200,000 to nearly $1.8 million.

FYI, with the current record low interest rates, the monthly mortgage payment on that $600,000 lake home is now about $461 less than it was last October.

2 Comments »

  1. Hey Bill

    What size of loan are you basing your monthly payment on?

    My wife and I look at the homes on offer and see some amazing price reductions – we currently have a small place on the lake but cannot afford to take advantage of the opportunities because our own place will probably not sell. Are any places selling?

    Comment by Tony — May 2, 2009 @ 3:55 am

  2. Tony,

    The example was based on a loan of $600,000. The $461 is the approximate amount saved each month by taking advantage of lower interest rates. Mortgage rates have come down about 2% in the last 6 months.

    Lake properties are selling. The number of sales, to date this year, is below average. The trend seems to be improving because buyer interest is on the upswing.

    Thanks for your comment and interest!

    Comment by Bill — May 2, 2009 @ 10:21 am

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