A daily journal concerning Lake Vermilion and surrounding areas
Selected real estate, notes, stories, musings, and anecdotes
------------ Comments and links welcomed ------------
Monday, March 30, 2009
Free Money.
Are you considering a home purchase for the first time?
Then you should know about the First Time Home Buyer Tax Credit as modified by the American Recovery and Reinvestment Act.
Some notable changes to the credit include:
1) The credit is increased from $7,500 to $8,000! 2) The credit is now truly a credit. The previous credit had to be repaid. Now it does not! 3) You do not have to be a first time buyer! There is an exception. You can be a previous homeowner but you cannot have owned a principal residence for 3 previous years. 4) The program ends December 1, 2009.
You can view and print the significant details (highlighted in red) as compiled here.
I suppose this is not really "free" money. It's a credit on your income tax liability for the current tax year so you effectively get to keep more of your own money.
This is, however, that other time of year when ice conditions change rapidly. With my acute sense of the obvious, I would attribute the daily changes to the fact that our daily air temperatures are now swinging to both sides of the freezing point.
Today's lake surface was wet and sloppy. Later in the week that description will change to dry and slippery.
It is also safe to say that the ice is not safe. Or, at least, it should not be considered safe.
So... if you are not able to gather your lake ice condition data by actually visiting the lake... here, again, are the related links to gather the information from wherever you are now.
The Minnesota Department of Natural Resources has an ice-out status website for Minnesota lakes. The Minnesota State Climatology Office offers their version of the ice-out information here. That site also explains how lake ice melts. And it also has the link to the Moderate Resolution Imaging Spectroradiometer, a.k.a. MODIS, polar-orbiting satellite that takes daily Earth surface images.
I believe there are many reasons to be optimistic about the days ahead.
But I do wonder how hindsight will serve us when we eventually have the chance to contemplate this period in our human history.
I would agree that the following three elements will be identified as common to our current collective predicament.
Arrogance... that attitude of superiority which helped to breed the complementary attitude of entitlement. Indifference... the laissze faire-like involvement of too many individuals and groups who did not perform their watchman responsibilities. Greed... undoubtedly the common thread that motivated all to believe the end justified the means.
So... as mentioned, better days ahead.
And hopefully history will show that our response to the arrogance, indifference, and greed produced a positive change in how we manage the financial side of our world.
What a minute... arrogance, indifference, and greed?
Please note, in the right side bar, that the number of road access lake properties, both homes and lots, has been reduced.
This is due to increased scrutiny of the listings to eliminate those that are not actually road accessible. (The problem is the result of less than complete property data within the MLS database.) It's tough to guarantee 100% accuracy but the list now reflects the actual inventory.
The country is in a recession. The real estate market is depressed. The future offers more questions than solutions. And... it's 18 below zero. That's a short economic slash weather summation for March 12, 2009.
Our local real estate market is somewhat of a niche market.
Many transactions involve recreational-type properties that typically sell during the summer season. So... with warmer weather in the not-to-distant distance, what must occur to bring buyers and sellers together in this coming market?
Here's my (short) answer.
Both buyers and sellers need to be more aggressive!
Sellers, if in a position to do so, should consider an asking price adjustment. Preferably, that's a formal and advertised price correction. At a minimum, sellers should adjust their mindset to expect and consequently consider lower priced offers.
Buyers should not be bashful about approaching a seller with a reduced price offer. In this market, an asking price is much less likely to reflect an acceptable final selling price by the seller.
The current condition of the market is no longer a secret to anyone. Numerous sellers would love the opportunity to negotiate a less than ideal purchase offer. I believe we have a situation where both sides are waiting for the other to take the initiative. My observation is that both buyer and seller would be surprised at the willingness of the other to work out a mutually agreeable transaction.
Access to the blogosphere was limited by a continuing education session and a pretty intense local snow storm. In an effort to salvage an entry for the day, I offer this:
Our Federal Government is pulling out all the stops to encourage a reversal in our recent economic misfortunes.
One facet of the effort is job creation.
The official job website of the U. S. Government is USAJOBS.gov. The site currently lists 42,782 federal job openings.
There are numerous ways to search for jobs. It tried a search using the word "fish".
The photo in the previous post was not taken on Lake Vermilion.
It was taken on a lake located north and west of Vermilion. To find the exact location of the photo go to the Current Listing Map and look for the white marker!
Or... copy and paste these GPS coordinates (48.0123, -92.6978) into Google Maps.
(One loyal visitor guessed the correct location. Unfortunately, no prize is available.)
I mean an official, unplanned day off for everybody with no exceptions.
Today would have been a great day for a surprise holiday.
It was the first day since the on-set of winter where the hint of spring was obvious. It was sunny and pleasantly warm. It would have been the perfect day for an universal "sick day".
I, conveniently, had an out-of-doors off-the beaten-path task today. The perfect situation for a spontaneous half-day hiatus. So... after the job was done I become covert. I had the camera and, long story short, 50 shutter trips or so later... this photo.
I like it. I hope you like it, too. (In fact I liked it enough to post a bigger image here.)
It's a picture of a recently thawed river draining a Lake Vermilion area lake. Can you tell where this photo was taken? (Reply with the comment link.)
The answer here tomorrow (or maybe the day after)!
Here's some facts for anyone who would like to improve their knowledge of how the Lake Vermilion area real estate market performed over the last several months.
I have had a couple of requests to provide information on previous sales activity. This data on completed sales may shed additional light on the values buyers and sellers have found agreeable from the time span of January 1st, 2008 through today. That time period did see a continued shift towards a buyer advantaged market with lower than normal activity levels. I cannot guarantee this list to be 100% accurate but it's pretty darn close. (The categories match those found in the links listed in the right side bar.)
The information includes final sales prices only.
If you are interested in additional details, please contact me.
Lake Vermilion area real estate sales January 1, 2008 through March 4, 2009
Do you have a home for sale? Consider yourself fortunate if your listing is not in the City of Detroit.
The American Recovery and Reinvestment Act, a.k.a. the Stimulus Bill, will immediately fund numerous transportation projects in Greater (rural) Minnesota. Use these links to view a map and a list of those "shovel-ready" projects.
About 30% of these stimulus funds will be managed as local projects. Lake Vermilion residents will be happy to know that Highway 77 (the old section, I assume) is slated for resurfacing and new shoulders at a cost of $800,000.
The west end equivalent of Highway 77 is Highway 24. It is also a roadway that screams for an upgrade. I would guess it missed the list because it was not in a "shovel-ready" position.
Property owners on the west end of Lake Vermilion will soon have improved fire and rescue response via the efforts of the newly formed Lake Vermilion Fire Brigade. For additional information see this Timberjay News story. For details on the Brigade's new fire boat see this technical specification on a similar boat currently being built by the manufacturer.
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Buyers!
Surface Analysis.
To The Future.
My Opinion.
(Mostly) On The Job.
