Julie Sells Dreams in Wisconsin's beautiful Northwood's: January 2011

Market Statistics for 500K plus properties in the Greater Eagle River WI areas of Vilas and Oneida Counties in 2010

I have been hearing a lot of questions regarding the higher end markets in my areas lately and there is bittersweet news for those sellers as well as those buyers.

The market statistics for the $750,000 plus market in the greater Eagle River WI areas of Oneida and Vilas Counties showed improvements over the 2009 year in volume but not in price. Here are those statistics:

•  In 2010 there were 19  over $750,000  list price homes sold. The average sale price was $855, 789.  the average sq footage in those homes was 3516.  The average lake frontage was 198 feet and the average original list price was $1,057,403.  That gives a list to sell ratio of roughly 81%
•    In 2009 there were 17  over $750,000  list price homes sold. The average sale price was $1,032,205.  the average sq footage in those homes was 3600.  The average lake frontage was 290 feet and the average original list price was $1,238,352.  That gives a list to sell ratio of roughly 83%
• Of the homes sold in 2009 two were on the Eagle River/Three Lakes Chain.  In 2010 there were also two sold on the Eagle River/Three Lakes Chain. 
• Overall, in 2010 twelve of those homes sold were in Vilas County and seven of them were in Oneida. 

Now for the plus $500,000 market in the Oneida and Vilas County markets. Again, volume was up but price was down.  Here are those statistics:

• In 2010 there were 58  over $500,000  list price homes sold. The average sale price was $638,455.  the average sq footage in those homes was 3080.  The average lake frontage was 208 feet and the average original list price was $821,371.  That gives a list to sell ratio of roughly %79.6.
•  In 2009 there were 41  over $500,000  list price homes sold. The average sale price was $756,421.  the average sq footage in those homes was 3177.  The average lake frontage was 254 feet and the average original list price was $880,226.  That gives a list to sell ratio of roughly %86
• Of the homes sold in 2009 five were on the Eagle River/Three Lakes Chain.  In 2010 there were eight sold on the Eagle River/Three Lakes Chain. So, our chain over the last 2 years has held about 12% - 14% of the plus 500k market.
• Overall, in 2010 28 of these homes were sold in Oneida County and 30 of them were in Vilas County.

What does this mean?  Well, the higher end market for the Greater Eagle River WI areas of Vilas and Oneida Counties in 2010 did show signs of improvement in regards to volume.  Properties priced to sell are selling and volume is clearing our. 

As a Seller you need to do a lot of work on the front end regarding pricing,  staging  and in understanding the mind set of today's Buyer so you have  realistic expectations as to what to expect from them.

As a Buyer you need to understand that there is NO BETTER TIME to buy and that when you see something priced well - jump on it. Other buyers are looking for the same things as you and they will recognize it also. Interest rates are still down and if you don't get off the fence soon, you will miss the boat!  You can ask for Buyer's Agency if you need guidance in our complicated market

As always it is in everyone's best interest to hire a local professional - like me - to help guide you through the process.  Remember - I am a Michigan licensee and also work in Forest County so if you have questions about those markets and not just Vilas and Oneida Counties please feel free to give me a call or visit www.eagleriverhomefinder.com  for additional information .

So, again, here are the Higher end Market Statistics for the Greater Eagle River WI areas of Vilas and Oneida Counties in 2010,  please contact me with any additional questions you might have.

Copyright©by Julie Paez, All Rights Reserved, " Higher end Market Statistics for the Greater Eagle River WI areas of Vilas and Oneida Counties in 2010".

Each winter, volunteers headed by the area firefighters, put in more than 700 "man hours" to cut nearly 3000 12-inch-thick ice blocks from a local lake, haul them to downtown Eagle River, Wisconsin, and build a huge ice palace.

Eagle River's Ice Palace has become a popular attraction for motorists, snowmobilers, locals and visitors, as dozens of people stop each day to photograph the 20-foot high structure along Highway 45 North.

I visited it recently in the afternoon and while I attempted to photograph and do a video of it ( attached here below )  at least 3 cars pulled up to get their photo op.  A great site to see!  It sits right off the main snowmobile trail so everyone has access to it's splendor. Please click here to see my video of the 2011 Eagle River WI Ice castle.

The ice palace is a cool facade that is at once transparent and opaque, depending on the light, and it comes in a variety of shapes and sizes, different each year.

Locals have been constructing this castle on and off since the late 1920s, with a few years missed in the '40s, probably due to World War II, and is now constructed annually, weather permitting, on the weekend closest to New Years, according to Pat Weber, chief of Eagle River area's Volunteer Fire Department.

When asked how the ice palace got its start to, Thomas speculates, "there probably weren't a lot of things to do in the winter back then; and, since my grandfather was cutting the ice anyway, and probably had some ice leftover, he began building the early structures."

Hanke may have begun modestly, but the ice palace has grown, developed and evolved ever since.

According to Thomas, the local Lion's Club took over construction of the ice palace when it became too big of a project for a small group of individuals. Then, about 10 years ago, the Eagle River volunteer Fire Department took over the project for the same reasons.

"It's a wonderful project," comments Fire Chief Weber. "We take pride in our community - and we do the ice castle for the same reasons were volunteer firemen - to serve the community and the people of the area," he says.

For more Information on the Eagle River WI  local ice castle, pelase go to this website for additional information: http://www.eagleriver.org/icecastle.asp