May 27, 2009
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.