Lake Vermilion Real Estate

It’s that time of year when consumers do what they do best.  They consume.

The collective efforts of the consuming masses have motivated the media to label our most productive days of consumption.  We are now well aware of the days called “Black Friday” and “Cyber Monday”.

It may be appropriate to add one more day for the determined real estate consumer.  Why not add a day after the other two?  We might call it “REO Tuesday”.

REO Tuesday will be THE day to consider a lender owned real estate offering.  As of today the local MLS system has about 2000 listings offered for sale.  Of that group about 4.5% are noted as bank or lender owner.  (The common term to note lender owned is “REO properties”.)

So here, with respect for REO Tuesday, is the total list of bank owned properties for your review and selection.  The listings cover an area from Ely to Grand Rapids to International Falls and the towns in between.

Shop early for the best selection.

67 residential properties priced from $9,900 to $324,900
9 waterfront residential properties priced from $29,500 to $749,500
9 vacant land parcels (including waterfront) priced from $29,900 to $249,000
1 multifamily property priced at $15,000
7 commercial properties priced from $39,900 to $1,390,000

Lake Vermilion is slowly progressing towards winter ice up.  (See it here.)  The local real estate market follows a parallel path with slowing activity and reduced Buyer and Seller interaction.

The coming winter months are regarded as a time of dormancy in the natural world.  Confirmation of that is easily found as one stands in the middle of a frozen lake with subzero temperatures and a brisk northerly breeze.  There’s not much going on!

In the real estate world Buyers and Sellers should not concede these darkened days to hibernation.  Why?  Because serious Buyers and Sellers should use this time for preparation.  Buyers can educate themselves to the opportunities and values in their market and properties of interest.  Sellers can refine their property presentation and plan a strategy to a successful sale.

So plan ahead!

The days get longer in about 3 weeks.

The new October 2010 Minnesota Monthly Indicator Report is available for your review.  This Report, authored by the Minnesota Association of Realtors, will enlighten you to the trends in the Minnesota real estate market.  Read it here.

Here’s one more graph that illustrates real estate sales activity for Lake Vermilion over the last 5+ years.

The data was sourced from the local MLS System and it reflects all closed property sales with “Vermilion” noted as the waterfront name.  Each year reflects the total 12 month period except for 2010 which, of course, is year to date.

Please draw your own conclusions.  And contact me if you would like additional information.