Lake Vermilion Real Estate

When real estate buyers are unmotivated the sellers typically become motivated.

Anxious sellers always have the option to adjust the asking price of their offered property. In the current market some sellers are utilizing that action to attract selective buyers.

Take, for example, the current list of 89 road access Lake Vermilion homes and cabins. Of that group almost half have reduced their asking price from the original offered price. Within those price adjusted listings, almost a third have done up to a 10% price reduction, slightly more than a third have reduce their asking price by 10% to 20%, and the remainder have adjusted from 20% to 30%. It would be logical to assume that time on the market is what drives increasingly greater price adjustments.

Buyers and sellers are adjusting to the current market forces. A willingness to negotiate, on both sides of the transaction, seems to be a common element of the most recent sales.

So buyers… do your homework, find a property that meets your needs, and bring a proposal to the table. Your seller is waiting.

I stumbled on this turtle egg several days ago.  It was in the middle of the road.

I had to take snap a picture.  The intent was to relate the photo of the egg to the subject of real estate.  Well… it’s a week later and I can report there is no relationship between turtle eggs and the real estate business.

So… I surrender.

Here’s the egg photo… in raw form with no story to tie it to Lake Vermilion Real Estate.

It’s time to move on.

Update. There appears to be some skepticism in the viewing audience regarding the origin of this egg. Apparently, most turtle eggs are round and soft shelled. This egg is not. It is egg-shaped, hard shelled and about the diameter of a half-dollar. It was not in a nest but on a gravel roadway. Some are convinced this is a duck or bird egg. I’m not sure.

Any thoughts?

The Minnesota Department of Natural Resources has assembled a group of links related to the successful creation of Minnesota’s newest state park, namely, Lake Vermilion State Park.

Here is a group of handy links that tell the full story:

• Timeline on how the park was created • News items related to the new Park • A map of Lake Vermilion State Park • MN DNR archived items for the Park • Frequently asked questions • Photos • Videos • Fun Lake Vermilion facts • The Soudan Underground Mine (adjacent to the new Park) • An article in the Minnesota Conservation Volunteer entitled “Vision for Vermilion”

Here is some additional verification on the condition of the area lakeshore market.

This information is gleaned from our local Multiple Listing Service and it reflects the year-to-date activity for 2005-2010 for waterfront residential properties on all area lakes.

Based on the information, I would conclude that 2010 summer selling season offers Buyers two complementary opportunities:  1)  The available inventory is 4 times larger than 2005!  2)  Seller motivation and willingness to negotiate are at very high levels.

The trend also seems to indicate that the market has started a reversal in which those Buyers advantages may be starting to diminish.