What effect are Bank Owned Properties having in the real estate markets in the Northern WI counties of Vilas and Oneida?
I often get asked about bank owned properties and "What effect are Bank Owned Properties having in the real estate markets in the Northern WI counties of Vilas and Oneida?" . They do present tantalizing values and they do have an effect on Northwoods’ real estate. The good and bad news is that we have not had the number of foreclosures that they have had in Florida, Arizona or Nevada. The above chart shows homes sold in Vilas and Oneida Counties, non-bank owned, bank-owned waterfront and bank-owned off-water in 2010. Of the 755 homes sold in Vilas and Oneida Counties, 103 homes were owned by a financial institution. Of those 103 bank-owned homes, 33 were waterfront homes. Of those 103 homes, 6 were purchased above $300,000.
This works out to the following. Of the 755 homes sold in Vilas and Oneida Counties in 2010, 13.6% were bank owned. Of those 755 homes sold, 4.3% were waterfront homes owned by financial institutions. And of those 755 homes sold, 0.8% were premium priced lake home foreclosures.
It is always hard to draw conclusions but I will make my best effort. It appears that the higher priced homes have less of a chance to be foreclosed. Or if they are in trouble, they find a different means to get themselves out of trouble. As far as the effect on the market, it is spotty. If a bank-owned home sells for thousands less than comparable homes on the lake or in the neighborhood, it will bring those neighboring homes’ values down along with it. Some good news here is that the supply of foreclosures may be dropping in 2012.
The weather is warming but we still have lots of ice. We are hopeful that warmer temperatures will also heat up the Northwoods real estate market. The chart below is a graph of the overall effect these properties havein our MLS overall.
Please contact me or visit my website for video updates or to search current active listings at www.eagleriverhomefinder.com for specific properties in this market that are bank owned call me at 715-891-1236 or see my blog at : www.juliesellswisconsin.com for additional information about today's market in Northern WI.
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Julie Winter-Paez Broker/Owner, CRS, GRI
ReMax Property Pro's, LLC
602 Michigan St. PO Box 1058
Eagle River WI 54521