Lake Vermilion Real Estate

noreply@blogger.com (Bill) — Thu, 12 Nov 2009 07:49:23 PST

Time For The Woods.

This time of year in Northeastern Minnesota offers many reasons to interrupt the routine and get into the woods.

Our annual gathering at hunting camp offers an excellent reason to do just that.

The recent warm and sunny days have added an unnecessary incentive to visit the woods but as noted at camp... "we'll take it".

Notable observations in the post-dawn and pre-dusk light include sightings of deer, fox, wolves, squirrels, rabbits, eagles, and grouse.

So walk into the woods. Find a nice place to sit. Enjoy the natural world. Your routine can wait.

noreply@blogger.com (Bill) — Thu, 05 Nov 2009 06:18:33 PST

Renewed Stimuli.

It looks like Congress is about to extend and expand the homebuyer tax credit.

Credits up to $8,000 for first time buyers will remain and credits up to $6,500 for existing home owners will be added. A purchase agreement must be signed by April 30, 2010 and the transaction must close by June 30th. These incentives apply to principal residences only� sorry, no vacation homes.

The Associated Press has the story.

noreply@blogger.com (Bill) — Tue, 03 Nov 2009 12:40:57 PST

USCG.

The United States Coast Guard has been in existence for about 95 years.

Their multifaceted mission includes the broad topic of marine safety. The Coast Guard has been a strong advocate of marine safety for many years and now� according to a recent announcement by the Coast Guard's Marine Safety Unit based in Duluth, Minnesota, our area border lakes, including Lake Vermilion, will soon have an increased Coast Guard presence to promote safer boating practices.

noreply@blogger.com (Bill) — Thu, 29 Oct 2009 11:45:51 PDT

Less Money Down The Drain.

Do you have an improvement project planned for your lake home or cabin?

Experts agree that money spent remodeling a kitchen or bath offers the best return in the investment.

Here's a few options for you if your project includes replacing that old bath tub. (I especially like Number 3, the "Stone Forest Tub", and Number 11, the "Boat Tub".)

noreply@blogger.com (Bill) — Sat, 24 Oct 2009 18:23:09 PDT

A Bigger Fish Story.

Here's a local big fish story that arrived via old-fashioned means� the local newspaper.

Ed Tausk from Vermilion Dam Lodge hosts an annual Fall Muskie Tournament called the Larry Ramsell Muskie Outing.

This year, two repeat and experienced attendees, by the name of Randy Porubcan and Gene Crowder, braved lousy weather conditions and were rewarded with a memorable catch. Randy boated a Muskie 59 inches in length and 29 inches in girth!

The current recorded Minnesota state record for Muskie (a fish caught in Lake Winnibigoshish in 1957) is 54 pounds. The dimensions of Randy and Gene's fish put it's weight in the 60+ pound range! In other words... a new state record! Randy and Gene, however, did what many Muskie fisherman would consider the right thing.

They released the fish.

Muskie fishermen are a dedicated, enthusiastic, persistent, and patient group who have to believe that the next cast is their chance at a 59" fish. Well, now they all know that Lake Vermilion offers a chance to do just that.

Congratulations to Randy Porubcan and Gene Crowder!

P.S. A recent and similar story from Michigan finishes a distant second.

Update: The Star Tribune now has the on-line story.

noreply@blogger.com (Bill) — Mon, 19 Oct 2009 20:07:03 PDT

More Charts.

For those of you who find value in statistics... please review the following:

This series of charts show the average selling price reductions for six property categories through mid-October from 2005 to 2009.

The information offers confirmation that pricing is related to sales activity. That become apparent to me when I compared each chart to the activity chart shown below. There's a definite correlation. It's kind for comforting to see the relationship but common sense would say it should be expected.

The lower line on each chart shows the average amount of reduction from the most recent asking price to the actual selling price. The top line shows the average amount of reduction from the original asking price to the actual selling price.

Lake Vermilion cabin and home sales have been trending below normal sales levels. But this category has had the largest uptick in activity to date this year.

This chart may indicate that this year's increased activity is due to price adjustments by the sellers or/and more aggressive offers by the buyers.

Vacant acreage sales activity remains in a downward trend. Sellers have adapted with continued price reductions since 2005.

The chart may indicate that seller adjustments are leveling off.

Other lake homes (other than Lake Vermilion) is a category that does not produce much data due to fewer listing numbers. This chart offers a very similar trend to the activity trend shown in the activity chart below.

That would seem to indicate that sales activity is related to price adjustments.

Lake Vermilion lake lots is also a category that does not produce a large amount of information. Lake Vermilion has historically not offered a large number of undeveloped lots for the buyer.

That may explain why this trend is relatively flat and near the 10% reduction range up until this year. (The 2009 data point should not be considered valid. The 2009 activity level is not high enough to produce a believable trend.)

Rural/residential homes does offer a more substantial group of information and should be a good indicator of how sellers are reacting to the market.

This trend may suggest that seller adjustments are moderating.

Other lake lots (other than Lake Vermilion) also shows that undeveloped lakeshore lots have sales activity with relatively lower price adjustments.

Questions? Comments?

noreply@blogger.com (Bill) — Fri, 16 Oct 2009 08:17:26 PDT

Comparative YTD (October 15th) Sales Activity 2005-2009

I thought the mid-month market update could use a little color so here's a graph to help us see how current market activity compares to previous years in six specific property categories. Please note that each of the six trends have no relationship to each other. View each category as a indication of how the current year-to-date sales compare, within that group, to the four previous years.

I would highlight the following:

1) Lake Vermilion cabins/homes- The most dramatic drop in sold properties since 2005 but also the largest rebound since last year.
2) Vacant acreage- Not a huge reduction is overall activity. The poorest year, however, is 2009.
3) Other lake homes- Most erratic of the group somewhat attributed to the fact that this is not a category that produces a comparatively large number of sales.
4) Lake Vermilion lake lots- A steady downward trend with 2009, to date, showing a very poor sales year.
5) Rural/residential homes- The most stable of the group over the last four years.
6) Other lake lots- Similar to Lake Vermilion lake lots with 2009 activity at very low levels.

Comments? Questions?

noreply@blogger.com (Bill) — Wed, 14 Oct 2009 18:02:57 PDT

Back Burner News.

The former front burner topic that evolved around the possible creation of a Lake Vermilion State Park has long since left the media spotlight.

News concerning the negotiations between the State of Minnesota and US Steel became scarce as growing economic issues reduced the priority of a new state park. But now� a guy by the name of Britt Robson has written an update of the situation with this article in the St. Paul Ledger's Capital Report.

The article was also mentioned in the Wilderness News Online blog.

noreply@blogger.com (Bill) — Thu, 08 Oct 2009 18:31:29 PDT

Picture < 1001 Words.

A picture is worth one thousand words.

That's an old one.

Wikipedia has the explanation and purported history of that phase including a version attributed to Napoleon Bonaparte� "A good sketch is worth a long speech".

In real estate, a simple sketch can be an excellent tool to explain a complex or unusual situation. A good illustration can clarify the features of a property for a prospective buyer and, perhaps, promote a possible sale. I think illustrations, if used appropriately, are a tool that could and should be used more generously in real estate advertising.

noreply@blogger.com (Bill) — Fri, 02 Oct 2009 09:21:08 PDT

OEDILF.

Do you like a good limerick? Here's a couple for your reading pleasure�

I'm not part of the wondrous elite,
But I do have a talent that's neat.
Neither hero nor god,
I'm a branchiopod
And can breathe through the gills on my feet!
..............................................

Got my boat hitched behind my jalopy,
My float plan (my wife's got a copy),
My poles, baits � and lights,
Because evening to night's
The best time to go fishing for crappie.

The OEDILF, that's The Omnificent English Dictionary In Limerick Form, has started to assemble "the absolute finest 5-line AABBA poetry being written in the English-speaking world today".

You can search and read the current list or submit a new limerick of your own. (They are currently accepting limericks based on words beginning with the letters Aa through Di inclusive only.)

Go here.

noreply@blogger.com (Bill) — Wed, 30 Sep 2009 06:58:36 PDT

Mark Your Calendars.

The Sportmen's Club of Lake Vermilion also reports this noteworthy event for all Lake Vermilion boaters�

The removal of hazard and navigation buoys on Lake Vermilion is scheduled to begin October 25th. That event, as of this year, has been pushed back from the previous removal date of October 1st. (The removal would begin sooner if the water surface temperature drops to 35 degrees Fahrenheit.)

noreply@blogger.com (Bill) — Mon, 28 Sep 2009 19:10:42 PDT

Be Aware.

The spread of invasive species in Minnesota's freshwater lakes is a persistent and difficult problem for all who care about lake quality.

The Department of Natural Resources reports today that Eurasian Milfoil has been introduced in Carlton County's Chub Lake.

Lake Vermilion is fortunate to have people and organizations whose commitment to lake quality is continual and thorough. This stewardship is priceless to all who enjoy the waters of Lake Vermilion.

The Lake Vermilion Sportmen's Club certainly leads the way in the diligent watch for invasive species. Their volunteer boat check program at Lake Vermilion's public boat ramps has, for the third year in a row, found no unwanted travelers on any boat or trailer.

The invasive species problem, at this point in time, has no absolute solution. The opinion page of the Star Tribune offered this "red tag, blue tag" idea as a possible method to address the problem.

As with many public issues, personal responsibility is a key element to problems the affect us all. Please check your boat and trailer when traveling from lake to lake.

noreply@blogger.com (Bill) — Wed, 23 Sep 2009 15:16:14 PDT

Attention Buyers!

I am aware of several sellers who share similar circumstances related to their desire to sell.

Each seller is hoping to sell a year-round, road access Lake Vermilion home they currently own and occupy. These homes are not perfect but they offer from 2 to 4 bedrooms, 1 to 3 baths, and 960 to 1720 sq. ft. of living space. These homes have seen significant asking price reductions. (Reductions up to $275,000.) All of these homes would have sold in the $500,000 to $600,000 range a year or two ago. Currently, all of these homes are priced in the $300,000 range. These sellers are openly interested in negotiating a sale this year and the sooner the better.

Are you a cost-conscious buyer looking for a great lakeshore value?

Contact me soon. I have the details.

noreply@blogger.com (Bill) — Mon, 21 Sep 2009 18:12:25 PDT

Solution unsolved.

Many folks in the real estate business are resourceful and creative. But sometimes, when confronted with a seemingly chronic problem, even a resourceful agent or broker can exhaust the available list of solutions.

Please consider this conundrum currently nagging real estate professionals.

The current market has forced many creative sales people to overextend the use of a certain appropriate word. What is that word? What word is getting glarspanobular usage in the real estate world?

It's the word "motivated" and we've all seen the ad:

"Motivated" is a word that certainly fills the bill when describing many of today's sellers. I suppose we could occasionally substitute other similar words, such as... Actuated? Propelled? Moved? Prompted? Incited?

Maybe� the solution to this word abuse is in the way we think about the current market. Certainly there are "motivated" sellers. But we should also consider the situation from the opposite perspective, as well. We should consider the buyers. We could share the word abuse with the buyers because� the current market also contains "unmotivated" buyers!

With this option our advertising might read something like this:

I think that kinda/sorta/almost solves the word usage problem!

noreply@blogger.com (Bill) — Fri, 18 Sep 2009 13:13:41 PDT

The End Of The Week.

Time to tidy up this place and then take advantage of more exceptional weather!

Mortgage rates are bouncing on the bottom again. Grouse season, a.k.a. small game season, starts tomorrow. These double cuff socks might make a good Christmas gift (I claim "first mention" of holiday shopping on the internet.) You never know� you may find yourself in a situation where you need to bake a loaf of survival bread.

noreply@blogger.com (Bill) — Tue, 15 Sep 2009 08:46:30 PDT

September's Mid-Month Update.

It looks like the 2009 Lake Vermilion real estate market is trending in a somewhat predictable direction.

The level of activity remains in the same relationship to 2008 and 2005 as previous reports.

That is� we continue to remain ahead of the 2008 sales levels while we watch the taillights of the 2005 sales numbers fade into the distance. Inventory levels have been nearly constant with new listings replacing those that disappear after a successful sale and closing. As confirmation for the lakeshore market, the rural/residential market (the highest volume segment) is producing a similar set of numbers with 2009 levels at the 2008 pace but, at the same time, well behind the 2005 sales rate.

Successful 2009 Buyers are commended for their diligence and goal-oriented attitudes! All 2009 sales have required some additional Buyer diligence to navigate a market with an abnormally high level of inventory and numerous motivated Sellers.

Congratulations to all new property owners!

noreply@blogger.com (Bill) — Sat, 12 Sep 2009 19:08:50 PDT

Weekend Reading.

Outdoor-related stories making the weekend news include the following:

1) A story about the man who saved a big fish and 2) a story about the man who fought a large cat in his garage and 3) a story about a portage that kicked a man's butt.

noreply@blogger.com (Bill) — Thu, 10 Sep 2009 14:50:31 PDT

Response Recommended.

There seems to be a growing number of cyberfolks out there with the need and ability to comment, tweet, post, and blog about the recent Lake Vermilion area weather conditions.

I can understand their enthusiasm because it has been absolutely perfect!

I'm sure many would agree that September and October can be the best time, in our area, to enjoy the out of doors. The September newsletter from the State Climatology Office has all the past, present, and future details. Read it here.

So please be advised� before summer goes south for the winter, get on the lake or in the woods and enjoy!

noreply@blogger.com (Bill) — Fri, 04 Sep 2009 15:32:35 PDT

Work.

This morning, as with most mornings, I went off to "work".

"Work" today required the cooperation of my older and (semi) reliable 25HP Evinrude outboard. To complement a day when the lake was smooth and the sky was cloudless, my (semi) reliable outboard performed flawlessly.

As I traveled east down the lake It felt more like July 4th than September 4th.

Nice.

Although I did not travel for more than 20 minutes, I counted four Bald Eagles in four different White Pines along the mainland shoreline and islands. You can see one here.

It was a good day at "work".

Enjoy the holiday weekend. See you on the lake!

noreply@blogger.com (Bill) — Thu, 03 Sep 2009 05:13:58 PDT

Three Plus Bars.

I can hear you now.

This willl be good news for all you AT&T cell phone users who are frustrated with cell phone reception on Lake Vermilion.

AT&T has enhanced the local coverage with a new antenna on the south shore of Frazer Bay. The improvement is obvious. The AT&T coverage map has not, to date, been updated with the new location.

(There's still no 3G service in the area.)

noreply@blogger.com (Bill) — Fri, 28 Aug 2009 15:00:21 PDT

Unintentional Letter P Use.

After a hiatus from daily chores it is always necessary to pay a penance for procrastination.

It was a fair undertaking but all the listing information shown on this site is now up to date. That includes the "Current Listings Map" and all category lists in the right hand column.

So... for your weekend reading please peruse the property particulars, ponder the possibilities, and then proceed to that perfect purchase.

noreply@blogger.com (Bill) — Fri, 21 Aug 2009 06:55:16 PDT

It's Knot Time.

I like the real estate business.

I like it because each day offers a fresh scenario. New agenda. New faces. New locations. New circumstances. New opportunities.

Plus... I get to work for me.

However, life does bring us those times when work is put into context. And this weekend we have such an event. The first of our three children is formally leaving the nest. He found a gal his seems to like (alot) and he asked for her hand in marriage.

She accepted.

So... activity here takes a back seat for a couple of days.

It's time for a celebration!

noreply@blogger.com (Bill) — Wed, 19 Aug 2009 10:18:30 PDT

Note.

Apparently the company that serves up the "Current Listing Map" (and others) has had a technical issue.

Hopefully, it's short-lived.

noreply@blogger.com (Bill) — Mon, 17 Aug 2009 05:12:14 PDT

Mid-Month Market Update.

Thirty days ago the Lake Vermilion area market was holding it's own when compared to stats from 2005 and 2008.

At this writing the 2009 market activity remains encouraging.

However, 2009 has now lost some of the momentum that, to this point, kept us more than on pace with 2005 and 2008. To this day, Lake Vermilion home/cabin sales remain ahead of last years rate although the margin has narrowed. The blockbuster year of 2005 saw very strong sales in July/August so we have now, YTD, fallen well behind the 2005 sales pace.

One, very curious and unexplainable, aspect of the current market is this... undeveloped lake shore lot sales are no where near the historical levels. That means the lake shore lot inventory levels are very strong. There are approximately 90 listings in that category!

Overall the total number of properties identified as "Vermilion" listings (cabins, homes, and lots) is now, in mid-August, at 208 total listings.

208!

(FYI, other lake and other property types produce their own stats. If you would like the details on some other lake, location, or category, please drop me a note.)

noreply@blogger.com (Bill) — Tue, 11 Aug 2009 12:30:57 PDT

Dock Talk.

It is common during the summer season to have current or future lakeshore owners inquire about the subject of docks.

Typical questions include: "Can I have a dock? Are there limitations on the size and shape of my dock? Who regulates dock construction and use? Where can I get additional information?"

Fortunately, the Minnesota Department of Natural Resources is on the case.

Please see their online information brochure here. Please see their Frequently Asked Questions document here. Also, please note their (not necessarily necessary) General Work Permit here.

Would you like additional information? Please let me know.

Also... when it comes to docks, is bigger better? If you agree, feast your eyes here.