February 20, 2012
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.