April 23rd, 2008
Recently I and one other Sturgeon Bay Realtor were quoted in an article in the Milwaukee Journal Sentinel and caused a minor uproar among some of the other Door County Realtors. Apparently, it is taboo to even insinuate all might be less than perfect here in Door County. Well, here is the reality check-we simply told it like it is - sales are down and the inventory of homes, land, condominiums, and all Northern and Southern Door County real estate is up. Is this a shock or even news? Real estate sales and mortgage foreclosures have been in the forefront of the national (and international) news for months. Google "The Economist The American Economy" and read the article "The Long Hangover." The Door County real estate market is simply a very small part of the big picture.
All doom and gloom? I don't think so. Sales are down but have not stopped. Values will decrease somewhat, but perhaps an adjustment was in order. The more stagant inventory of properties on the market may discourage some developers from starting new projects. In my humble opinion, that would be a good thing. As for buyers of vacation properties, second homes and condos in Northern Door County-the choices and opportunities couldn't be better. Sellers who are serious about selling are realistically pricing their properties (without "giving them away"), and the increase in buyer activity in the last month is the result. It remains to be seen what the rest of the year will bring.
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