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Door County's First Real Estate Blog
WHY USE A BUYER'S AGENT TO BUY YOUR DOOR COUNTY REAL ESTATE?
February 20th, 2008
What is a Buyer's Agent and when and why might you want one? A Buyer's Agent is a licensed real estate agent with whom you have signed a contract-a WB-36 Exclusive Buyer Agency Agreement. In this agreement, the Buyer (you) agree pay the agent to find a property for you to buy. In this agreement you agree to pay the agent, although in most cases the agent is actually paid a portion of the sales commission by the listing broker. Also in the agreement you can specifically indicate what properties you want to find, be it Door County shore front, water view, condominiums, vacation homes, vacant land, price ranges, or any other criteria that you desire.
What is the difference between a Buyer's Agent and a Seller's Agent? BOTH owe the following duties to BOTH buyers and sellers:
1. Provide fair and honest services and answer all questions fairly and honestly.
2. Disclosed any and all material adverse facts known to the agent.
3. Keep in confidence all information that a reasonable person would want to be kept confidential or any information that the buyer or seller instructs the agent to keep confidential (unless that information must be disclosed by law).
4. Provide buyers and sellers with accurate market information requested by them.
5. The agent must make an objective and unbiased presentation of all offers, and indicate the advantages and disadvantages of each.
6. Every agent must be knowledgeable concerning real estate law, public policies, current market conditions, and the physical characteristics of the property being sold. Because the agent is not an expert in every field, the agent should recommend you seek third-party advisers such as attorneys, home inspectors, contractors, accountants when appropriate.
So what else does a Buyer's Agent do for a buyer?
A Buyer's Agent helps you get the best possible price, negotiates for beneficial contract terms, and puts the buyer's interests ahead of any other party. Only a Buyer's Agent can give you a negative opinion of a seller's property, give you an opinion of whether the property is priced too high or too low, structure the offer with the buyer's best interests in mind, and recommend negotiation strategies for price and terms.
By signing a Buyer Agency Agreement, you agree to work exclusively with that one agent. In return, that agent will work extra hard to find a property for you because the agent knows they have your loyalty just as you have theirs.
Mary Jo Ehnert, an experienced member of our Wilson-Shaffer sales team, had earned the "ABR" designation- Accredited Buyer Representative - and can be reached to answer you questions about Buyer Agency or assist you as your Buyer Agent at maryjo@dcwis.com.
So remember, whatever type of real estate you want in Northern Door County--condominiums, inland homes, shore homes, inland vacant land, acreage, vacant shorefront, or commercial properties-a Buyer Agent can help you find it and help you negotiate your offer.
Posted in Notes from Kathy, Real Estate Info | No Comments »
DOOR COUNTY CONDOMINIUM FOR SALE
February 11th, 2008
JUST LISTED! HIDDEN MAPLES CONDO! A condo that fits the bill for most everyone! Hidden Maples condos are all single-story duplex units, so every unit is a ground-floor unit with a nice yard area and an attached 2-car garage. This one has an open-concept floor plan with a cathedral ceiling over the living room, kitchen, and dining area, a stone fireplace, a sunroom accessing the outdoor deck, two bedrooms, and two baths. There is an outdoor swimming pool PLUS all Hidden Maples owners have the use of the recreation facilities at the nearby Scandinavian Lodge Resort (indoor and outdoor pools, tennis courts, and exercise room). It's like having your health club located right next door to your home!
Now, are you ready for the price? $214,900. So what more do you need to know??? Come see it today!
Posted in Door County Listings, Real Estate Info | No Comments »
DOOR COUNTY WISCONSIN HOMES, LAND, CONDOMINIUMS - INVESTMENTS FOR THE RECESSION-PROOF?
February 2nd, 2008
A recession in my little part of the world, "Northern" Door County, Wisconsin - the little communities of Egg Harbor, Fish Creek, Jacksonport, Baileys Harbor, Ephraim, Sister Bay and all points north????
Let's be clear. I am certainly not an economist. However, with 29 years of experience in real estate, at least a modicum of common sense, and a compulsion to read everything I can get my hands on, I've come to this conclusion about northern Door County real estate. IT WILL CONTINUE TO SELL - no matter what the national economy does in the next couple of years.
That's a pretty bold statement, but I believe it. Granted, sales will be slower; and, because there is so much for sale, properties will languish on the market for long market times. However, this is primarily a recreation second home market, a market for those affluent enough to afford such a luxury - a market for the recession-proof. Why buy real estate now, particularly Door County real estate?
(1) Over the long term, real estate appreciates in value; and, unlike stocks, you can never lose it all. There are ups and downs, but what better time to buy than now when prices are soft?
(2) Interest rates are really low, and one perk of purchasing a second home is that the mortgage interest is tax-deductible. Using it as a rental property can mean even more tax benefits. At the very least, rent income can help pay the expenses of ownership.
(3) Investing in vacant land is an easy, no-maintenance investment. No worries, land just sits there and takes care of itself. Simply pay a nominal property tax bill every year while the land appreciated in value.
(4) Compared to other real estate in the U.S., particularly those where many of our typical buyers reside, properties in Door County are a bargain!
I'm not saying Door County is going to get a free ride through this economic downturn (I won't use the "R" word), but there are enough savvy buyers out there to keep us afloat.
Posted in Real Estate Info | No Comments »
DOOR COUNTY REAL ESTATE VALUES DEFY LOGIC
June 11th, 2007
Today yet another person called my office with the impression that since real estate sales are "slow" in Door County the values must be coming down. That is a totally understandable assumption. Keep in mind that my focus is on "northern Door County, and by that I mean all of Door County that lies north of the shipping channel (except the actual city of Sturgeon Bay). In that area, my version of northern Door County, the number of sales is indeed down from last year-174 compared to 228 as of May 31st (24%).
However, the average sale prices are up-only slightly, granted, but still up! For example, the average sale price of an inland home as of 5/31/06 was $219,595. This year as of 5/31/07 it was $282,393. Last year on 5/31/06 the average sale price of a condominium was $383,235. This year it was $397,837. Across the board for every type of property, it is the same story.
Why? I don't have that answer. I'm simply clearing up one misconception.
Posted in Real Estate Info | No Comments »
CONDOS-GOOD OR BAD FOR DOOR COUNTY?
May 28th, 2007
Ask this question in any crowd, and you are bound to start some arguments! Lining up on one side (con) are the folks who say condos have ruined the vistas along some the the bluffs and shorelines. They say condos are making the county look too urban and have destroyed the quaintness of the villages, especially Fish Creek where they seem to be popping up like mushrooms, the shoreline of Sister Bay, and the bluff above the village of Egg Harbor. One of the things that makes Door County special is its rural quality, the quaint villages, and the beautiful countryside and scenery. The condos, especially the ones with very large buildings, just don't seem to fit into that picture.
On the other side (pro), there is the argument that growth is inevitable, so how better to contain it, cluster it, than condominiums? Doesn't that help to keep the countryside open and rural looking? Also, almost all condominiums are on municipal sewer systems. Another contention on this side of the aisle is that more people are actually moving to Door County to live here year-around, mostly aging baby boomers who like the "no maintenance" aspect of condos. Condos offer retirees the freedom to come and go without worry.
Is there or can there be common ground? I think so, but only if the planning departments of the various municipalities start to regulate the condominiums sites and locations more aggressively. Some condominiums-Half Mile Bridge Condominium and Fish Creek Condominium in Fish Creek and Fox Point Condominium and Ridgewood Condominium in Egg Harbor are good examples-are either located in such a way to be out of the public view or designed to blend into the site. Ridgewood Condominium, for example, is on the bluff above the village of Egg Harbor, but because the buildings are stained brown and are behind trees, they blend into the panorama. Northhaven Condominium is a good example of how a simple landscaped berm can hide a huge development.
So, can we have our cake and eat it too? I happen to think so. And homeowners, it just might also be that all those condo owners property taxes are helping to keep your taxes down!
Posted in Real Estate Info | No Comments »
DOOR COUNTY'S "AFFORDABLE" HOUSING ISSUE
May 23rd, 2007
"Affordable" housing is an on-going issue in Door County, one that every municipality has been addressing in their planning processes. What exactly is it though? Whose definition of "affordable" prevails? To me, affordable means housing that is within the reach of ordinary working, year-around residents of the county.
When you look at actual sales prices, certainly they vary by area. Pricing is certainly not the same in southern Door County as it is in northern Door County. Instead of generalities, let's look at actual sales statistics. In today's world, homes selling for less than $150,000 should, in my opinion, be considered affordable to most employed people. Let's look at Door County home sales from January 1st, 2006 to today, May 23rd, 2007. During that period, 487 homes were reported sold the the Door County Board of Realtors MLS. Of those, 168 sold for $150,000 or less-about a third. For a division of "northern" and "southern" Door County, draw the line at the Sturgeon Bay shipping canal. Consider everything north of the canal (except that area within the Sturgeon Bay City limits) to be "northern" Door County and the actual city of Sturgeon Bay and everything else south of the canal to be "southern" Door County. Of the 168 homes sold for $150,000 or less, 43 were in northern Door County and 125 in southern Door County. My conclusion is that, yes, there are homes available to buyers in this price range.
Home sales do not include residential condominium sales. There were 213 condos sold in Door County during that same time period. Only 23 of those were sold for $150,000 or less. Of course, most of the condos sold are in northern Door County (191 out of 213), and most were not sold to year-around residents. Condominiums do not really qualify as affordable housing in Door County, especially not to average working residents.
Northern Door County has the biggest housing shortage for "ordinary folks," and it's my observation that is due mainly to lack of rental housing. While new apartment buildings are being built in Sturgeon Bay, there is very little rental housing in northern Door County. THAT is the issue I would like to see the northern towns and villages address in their Comprehensive Planning. It will not happen unless incentives of some sort are offered to developers. Otherwise, they will simply continue to build one condominium project after another. It is my opinion that apartment rental housing is a huge issue in northern Door County, one that is largely ignored except when business owners cannot find summer workers because those workers can't find a place to live!
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