Recently I was on the phone with REALTOR® from the Brainerd Lakes area (cabin country for those in the Twin Cities north metro). We were discussing how affordable lake shore properties had recently become in Minnesota compared to just a few years ago. One of the tidbits he shared with me was that all predictions were pointing toward an abundance of lakehomes and lakeshore cabins that would be hitting the foreclosure market this year. This year seasonal and year round properties are available in every price point at rock bottom prices.
So this got me thinking and once again I decided to check on what was happening in the north and east Minneapolis/St. Paul market. What I found was phenomenal...home prices on local lake homes had dropped yet again and there are lakeshore deals all across the north metro in Anoka County. I was surprised that so many lake homes were hitting the market so late in the summer. Could it be that people think that since there is good activity in the lower starter homes, it will carry over to lakeshore? It is no surprise that in this economy, higher priced homes will have extremely long market times. In some communities that I serve homes in the half million plus price point have been on the market for YEARS. The housing tax credit did boost lower end sales but didn't do much for these higher end homes. So how does the recent upswing in low end sales affect lakeshore? Or does it have any affect at all?
Once again I think it is time to ask the question, Is NOW a Good Time to Make a DEAL on a MN Lakeshore Home? It's GREAT!
To see what kind of an impact the buyer's market has had Minnesota lakes; I did some research on lake homes sold in first half of 2010. As a REALTOR® working in the north east metro for several years, I knew it was difficult to find reasonably priced Minnesota lakeshore in just a few years ago...especially properties located in areas with a quick commute to downtown. Just last year, the Twin Cities market has been experienced some of the highest affordability rates it has seen in years. I wanted to see if the change in the market and affordability had made lakeshore more affordable too. What I found is that an in-town lake home is not only affordable, there are several lakeshore properties available at ALL price ranges.
Focusing on the north east metro counties of Anoka, Chisago, Ramsey and Washington, I discovered some interesting facts. I set up a quick search for lakeshore homes SOLD and closed after January 1, 2010. I found 93 single family lakeshore homes that met these criteria. I then took a closer look homes that sold for the lowest and highest price in each county. Since most homes sat on the market for several months. If a sold home was not a foreclosure, there were some unbelievable price concessions by sellers. The 94 listings were on the market an average of 209 days. But when I looked closer at the listings, I realized the cumulative days on the market was significantly higher. Many of the homes were cancelled and re-listed so the DOM would start again at zero. In my estimation, the average time on the market for north metro lakeshore is closer to 2 YEARS.
So where were the deals on Minnesota Lakeshore during the first half of 2010? All over the north metro!
Here are some of the highlights:
Anoka County
Lowest Sold Price $148,000 (Original list price $169,000)
Highest Sold Price $561,000 (Original list price $1,145,000)
Average $336,470
Total Homes Sold 27
The lowest priced Anoka County lakeshore home in the first half of 2010 was on Minard Lake in the northern community of East Bethel. It was a 1972 split level being sold due to a corporate relocation. It was 3BR/2BA and a 2 car garage. It sold for $149,000 after 148 days on the market for $20,000 less than asking and a $5,100 seller paid concession.
On the other end of the spectrum, straight south in the community of Centerville, a 2002 built executive rambler sold with picturesque views of the popular Centerville Lake. After a price drop to $850,000 and six months on the market the home was sold for $780,000. This 4BR/4BA home was chock full of the upgrades including a 3 car heated garage, master suite and in floor heat.
Chisago County
Lowest Sold Price $ 68,000 (Original list price $ 98,900)
Highest Sold Price $ 722,225 (Original list price $750,000)
Average $251,634
Total Homes Sold 32
The lowest priced home was a foreclosure bargain in Fish Lake Township on Lower Goose Lake with 100 ft of shoreline. It was a bank-owned, 1950's rambler with 2BR/1BA and a 2 car garage that sold in 91 days for $68,000.
On the high end, there was a 1996 built lake home on Chisago Lake with 100 ft. of shore located in Chisago City. This 5BR/4BA brick rambler with a 6 car garage was a beauty! The home was sold occupied and sold by a traditional seller without lender mediation. It originally was listed at $ 750,000 and sold in 61 days for $722,225.
Ramsey County
Lowest Sold Price $210,000 (Original list price $ 389,000)
Highest Sold Price $1,650,000 (Original list price $ 2,250,000)
Average $554,687
Total Homes Sold 23
Ramsey County is the heart of the east metro and is home to the capital city, St. Paul. On the low end of the spectrum, there was a 3BR/2BA/1 Car One and a half story in Roseville built in 1950 on McCarrons Lake. It originally listed in early 2008 for $389,000 but after going to the bank it was sold as an REO property for $210,000.
The spendy side of Ramsey County featured an Arden Hills executive home on Lake Johanna. The one story brick and cedar home was build in 2002 and sits on a 1.3 acres with 4BR/5BA/7Car and 6400+ finished square feet. After being on the market for just 189 days and a quarter of a million dollar price drop, it sold for just over $1.6 Million.
Washington County
Lowest Sold Price $ 95,000 (Original list price $ 99,900)
Highest Sold Price $1,501,069 (Original list price $ 1,799,900)
Average $465,493
Total Homes Sold 24
There were bargains at all price points in Washington County in the first half of 2010. At the low end a corporate-owned lakeshore home on Tanners Lake in the City of Oakdale. It sold for $95,000 cash after being originally listed for $195,000 in 2007. This 1BR/1BA/1 Car 1940's home was a short sale/lender-mediated property.
The Washington County high ticket home sold so far in 2010 is located in Stillwater with shoreline on Big Carnelian Lake. The 2003 two-story home was built on a 6 acre estate and full of all the upgrades. It sold after a whopping 796 days for $750,000 less than asking price...Yes a three quarters of a million price drop! The home has 5BR/5BA/6Car and 1200 feet of lakeshore!
Bargains are STILL out there!
Currently there are hundreds of single family lakeshore homes on the market throughout the Twin Cities north metro. As of today, there are 80 listed in Anoka County, 122 in Chisago County, 75 in Ramsey County and 134 in Washington County. Prices range from $ 84,900 to $2.65 million and everywhere in between! The deals on Minnesota's sandy shorelines are out there! Your Minnesota lakeshore dream home could be closer than you ever imagined!
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