Lake Vermilion Real Estate

Well, it’s not going to happen.  Nope.  I just had that feeling.

We were promised a snow storm.  It didn’t happen in the Lake Vermilion area.  We were told to expect a dump of shovel-able snow.  The only thing that got dumped were the people who were anticipating the storm.

Count me in as disappointed.  Actually, I’m sure there are many more closet storm lovers who enjoy a good winter weather event.  These are people who secretly slip to a quiet place, rub their hands together, fist pump the air, and do a one-person high five when the weather professionals announce big snow.

But no.  Ain’t gonna happen.

So now we stoop our shoulders, lower our heads, spin in our tracks, and revert to our regularly scheduled lives.  I will continue efforts to track local real estate market activity as 2012 progresses. Historical sales trend comparisons, inventory levels, pricing adjustments, and other actions from the market should appear over the coming weeks and months.

Maybe, if we’re lucky, we’ll get a call from the National Weather Service with an invitation to a March snow storm.  Wait by the phone… just in case.

As of today, there are 161 properties offered for sale on Lake Vermilion.

(I use Lake Vermilion’s market data because it seems to offer a good representation of how our greater recreational property market is trending.)

The original total asking price for that group of 161 listings was $59,790,000.  As of today, those properties have had asking price reductions totaling $6,129,951.  The average asking price reduction for that group is 12.56%.  Price reductions ranged from 0% to 53.21%.

Price and price adjustments for an individual property are always the decision of the Seller.  It’s fair say that aged properties will typically have greater price adjustments than properties recently added to the market.  It’s also fair the say that the Seller of a recently added property may have more aggressive and realistic market pricing.

The average days on market for this group of 161 properties is a whopping 663 days.  The longevity winner of the group is a lakeshore parcel that has been on the market for nearly 10 years.

I believe the Seller of that parcel is open to offers.

Here’s a “heads up” for Buyers who are value oriented.  (I assume that would be an all-inclusive group.)

A fair number of new lender owned properties have recently entered the local real estate market.  In fact, the number of available bank-owned properties has nearly doubled from the previous typical quantity of  +/- 20 listings.

The link (as always) is located on the right side bar under “Must Sell Now”.

Let me know if something catches your eye.

It’s the dead of winter.

I know the missus believes I am capable of weird behavior in the month of February.  She thinks I have a low tolerance to cabin fever that reveals itself in unusual and non-typical activity.  I’ll reassure her.  I’ll spend some time in a common deep winter pastime.  I’ll read something.

Here’s a nice article… about shrews.

On second thought… maybe a quick visit to the Lake Home and Cabin Show is in order.  Maybe I’ll see  you there.