Julie Sells Dreams in Wisconsin's beautiful Northwood's: Wisconsin: Eagle River

December 2011 results for the Northern WI counties of Vilas and Oneida!

After a better than expected October and November, December was slightly disappointing.  Home sales dropped to 78 units in Vilas and Oneida Counties for the last month of the 2011 year.  That compares with 92 units in December of 2010.  However, we only sold 67 units in December of 2009.  I can offer little in the way of an explanation for the lackluster results as December sales represent the lowest volume since May’s volume of 74 units.  My thoughts are that it could be a reflection of the current economic environment BUT - again - if you look at the last quarter OVERALL we ended up in numbers and this, to me, is a far better indicator and shows a better reflection of the year overall. Sales units in my market segment are up!!

There is one very interesting point to be made.  I cannot recall a point where we had more homes being listed than sold.  In December, only 85 homes were listed.  We almost had more homes sell than were listed!  The chart above shows this and you can see where those lines almost overlap in December.... Sellers obviously do not have a great deal of confidence in the market.  I have first-hand experience with this as I have had to tell many sellers that I cannot sell their homes for what they believe to be a fair value.  The market appears to be working as the reduced number of sellers entering the market will reduce supply and in theory, will put upward pressure on prices.  Less Supply EQUALS greater demand!!!  I will watch this trend as we head into the New Year.  For more information or to watch my video blog check out my website www.EagleRiverHomeFinder.com.

We have good snow cover and plenty of ice.  The trails are marked and in good shape.  We hope that you have the opportunity to come up and see our winter wonderland!  Best wishes for the New Year!

Copyright©by Julie Paez, All Rights Reserved,  "Market statistics for December of 2011 in Vilas and Oneida Counties." 

Eagle River WI will be hosting this years Labatt Blue/USA Hockey Pond HockeyNational Championships again this year the weekend of Feb11-13,2011!

The 2011 Labatt Blue/USA Hockey Pond Hockey National Championships are set for Feb. 11-13, 2011 on Dollar Lake in Eagle River, Wis. The event is in its sixth year and is one of the highlights of the season.

This event takes place on tucked away Dollar lake just outside of Eagle River, WI.  Thanks to the local fire department and the MANY volunteers this community is able to clear OVER 800,000 sq. feet of ice and create approximately 24 hockey arena's for the big event!  Last year we hosted 250 teams equaling close to 1500 participants. This is an amazing undertaking and a truly wonderful community event!

The winter wonderland that IS Eagle River WI is really only a tank of gas away ( or two ) from Minnesota and Illinois and is a very affordable place to take your family for some good fun and some great entertainment!  I believe last year about 24 states had teams present so you can come and root for a local team or your own home town team. 

Affordable ... Fun and not far from home!  So, come to Eagle River WI and take place cheering on your favorite team, do some shopping and if you decide you want to get away here permanently CALL ME, your local real estate expert!  I would love to show you some great real estate buys so next year during pond hockey you have your own digs for the weekend!

To see more info about me and the real estate market in Northern WI click here.

Now here is a list of the events this weekend for The 2011 Labatt Blue/USA Hockey Pond Hockey National Championships are set for Feb. 11-13, 2011 on Dollar Lake in Eagle River, Wis.

If you want to see a video on how this event is shaping up as of February 8,2011 just click here and SEE YOU THIS WEEKEND!

Copyright©by Julie Paez, All Rights Reserved, "The 2011 Labatt Blue/USA Hockey Pond Hockey National Championships are set for Feb. 11-13, 2011 on Dollar Lake in Eagle River, Wis ".

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

Recent Market Statistics for the Northern Wisconsin Counties of Vilas and Oneida Counties.

Most common question that I continue to get is what are the Recent Market Statistics for the Northern Wisconsin Counties of Vilas and Oneida Counties? So, I did some searching and here are some statistics.

In Vilas County last year - up to October 31st - there were 102 off water homes sold to date in 2010 there have been 115 so we are up approx 15%.

In Vilas County last year -  up to October 31st - there were 96 waterfront homes sold to date in 2010 there have been 124 so we are up 20% + in this segment

In Oneida County last year - up to October 31st - there were 215 off water homes sold to date and in 2010 there have been 211 so we are down just under 10%

In Oneida County last year - up to October 31st - there were 99 waterfront homes sold to date and in 2010 there have been 137 so we are up about 35% in this segment...

• What does this mean .. I am not an expert but this appears to be signs of improvement..The only segment down is the Oneida County off water and that makes sense because Rhinelander is in Oneida County and they did very well with the First Time Homebuyers tax credit so when that ended that market slowed down which is what I think we are seeing...   so- some positive signs.. Don't get me wrong people are wanting to negotiate more than ever but there are some buyers out there and they are buying.  I have seen several buyers in the last couple weeks make an offer on one property with a "final offer" with a back up property waiting in the wings just in case they don't get their number one pick ... so... know your bottom line..

Now regarding our vacant land market:

Oneida County sold 75 off water parcels so far this year and 43 waterfront parcels.

Oneida County sold 94 off water parcels year to date last year and 41 waterfront parcels.

Vilas County sold 69 off water parcels so far this year and 37 waterfront parcels.

Vilas County sold 81 off water parcels year to date last year and 35 waterfront parcels.

• What does this mean for our vacant land market?   I think this is still a really tough market and from talking with local contractors and bankers I am hearing this as well.  Builders are having  a rough time financing new construction loans and buyers are expressing a desire to "deal" with a pre-existing home versus build and perhaps incur higher costs...

So, it continues to be a great time to buy no matter what market you are in!

Let me know when you are ready!!!!

• Also - one other quick item for anyone looking to buy bank owned properties...  Fannie and Freddie changed the rules a bit if you are a second home buyer in the bank owned market.  If it will NOT be your primary residence and you present an offer when the home is new to the MLS there is a 14 day waiting period once it hits the market that requires PRIMARY HOME BUYERS ONLY.. So- if you draft an offer as a second home you will be kicked out and have to resubmit after that 14 day period is up??? Call me with questions and feel free to pass this info on!

 So, there are some Recent Market Statistics for the Northern Wisconsin Counties of Vilas and Oneida Counties. Please contact me when you are ready to purchase AND to see some great properties out there.. just click here.

Copyright©by Julie Paez, All Rights Reserved, Recent Market Statistics for the Northern Wisconsin Counties of Vilas and Oneida Counties

Buyer's in today's market are hungry for DEALS and STEALS in Northern Wisconsin's Vilas CountyAND there are some truly great values out there! I am going tp outline a few that would be seen as a real deal to anyone form the actual buyer who wants a home up north to the investor. 

1080 Berry Lane on prestigous Cranberry lake on the 28 lake Eagle River WI chain of lakes MLS 111403

• Prices NOW at $479,000.  Originally priced at $579,000
• Priced NOW over $90,000 UNDER Fair Market Value.
• Seller's want an offer and are prepared to leave the majority of furnishings behind
• Mint condition, level lot with Southeast exposure and sand frontage!

Black Oak Lake Privacy Parcel on wonderful Black Oak Lake in Land O Lakes, WI MLS 114080

• Now priced at $499,000. Originally priced at $695,000 
• Priced NOW over $389,000 UNDER Fair Market Value
• Turn key recently renovated home in MINT condition
• OVER 350 feet of level frontage AND over 6 acres of land ... Total Privacy Parcel

Spring Lake Privacy Parcel on Spring Lake just outside of Eagle River WI MLS 112903

• Now priced for the entire parcel at $289,000.
• Priced OVER $70,000 under Fair Market Value
• Wonderful North wood's Home on over 750 feet of frontage and over 5 acres of land
• Turn key and in move in ready condition.

Eagle River Chain Condo on the famous 28 lake Chain in Eagle River WI MLS 100209

• Now Priced at $165,000 WAS $199,000!
• Now priced over $8,000 UNDER Fair Market Value!
• Walking distance to town and built in 2001! 3BR's( 1 master ) 2 BA's and in Turn key condition!
• Frontage on the Eagle River so you have access to everything!

St. Germain Leisure Lodge Condominiums on Wonderful Big St. Germain Lake in St. Germain WI MLS 113722,113718

• Combined they are listed at $269,000
• Combined they are listed OVER $130,000 UNDER Fair Market value!
• Combined they generate OVER $21,000 in INCOME per year
• Unit 4 has loads of upgrades and is priced at $169,000 OVER $50,000 UNDER FMV
• Unit 10 has 50% expansion room + room for a garage and is priced at $99,000 OVER $80k UNDER FMV
• Motivated Seller and turn key in the rental program

Eagle River Chain - Balsam Lane Lot/Trailer on the Eagle River Chain of 28 Lakes MLS 110337

• Now Priced at $159,000 a
• Now priced OVER 40K UNDER Fair Market Value!
• 200 feet of nice frontage on the chain of lakes with the mobile and a 2 car garage!
• Ready to use today and build your dream home on tomorrow! PRIVATE and close to everything!

Eagle River Second St. Charmer in downtown Eagle River WI MLS 88365

• Now priced at $119,000 was priced at $159,000
• Loads of recent upgrades and walking distance to EVERYTHING!
• Motivated Seller wants it gone by winter!
• 4 bedrooms - 2 baths and OVER 2000 sq. feet of home

Ohio St Roominess in Eagle River WI  MLS 110552

• Now priced at $105,900 was priced at $139,000
• In move in condition and ready to go!
• Seller WANTS an offer by SNOWFALL!
• 2 bedroom 1.5 baths 2+ car detached garage and could be the spot for a HOME based business!

For MORE great DEALS and Steals in Northern Wisconsin's Vilas County just click here

Copyright©by Julie Paez, All Rights Reserved, Deals and Steals in Northern Wisconsin's Vilas County

What is happening in the Northern Wisconsin's counties of Vilas and Oneida serving the greater Eagle River, WI area?  Well 6 months into this years market and here is where we are.

• We have seen growth not impressive growth but beggars can't be choosy!  98 homes were sold in Vilas and Oneida Counties in June.  That is the best month since October 2009.  In fact, when one looks at unit sales since November 2008, June's 98 units are the second most homes sold other than October 2009's 109 units, which is cause for some celebration!

• We` have put together 4 straight months of increases.  We still have a long way to go.  When one looks at the unit sales and then one takes a closer look at what is selling, it is clear that less expensive homes are selling.  Homes priced above $500K are sluggish and although we did sell a home for $900K in June, the Greater Northwoods MLS still has not sold a home above $1M in 2010.  Three large tracts have sold above the $1M mark this year and that is good news.

Will the premium priced home market warm up?  Will the mid-term elections loosen up some of the money in the market?  I am optimistic that the fiscal responsibility tone of the electorate will strengthen the bond market and boost the stock market and the real estate market.

What does this mean for you?  Well, if you are looking to buy or sell real estate in the Northern Wisconsin counties of Vilas or Oneida in the greater Eagle River WI area  it means diferent things to all.  If you are a seller it means we have to be prepared in the above 400k market to expect buyers to want to negotiate and buy up.  If you are a seller in the under 300k range you should see activity if you are priced right, but you have A LOT of competition.  If you are a buyer it is a great time to  look to buy up. There is a lot to choose from and you can choose homes in this market that may have been out of your reach 3 years ago.  So, start looking and call with any questions!  You can reach me on my cell 24/7 at 715-891-1236 and please feel free to pass this on to anyone else you know that may be in the market for Northern Wisconsin real estate!

Copyright©by Julie Paez, All Rights Reserved, What is happening in the Northern Wisconsin's counties of Vilas and Oneida serving the greater Eagle River, WI area?

This amazing Wisconsin River Parcel is seconds from Watersmeet Lake on the amazing Chain of Lakes in Wisconsin and it is priced to SELL at UNDER FAIR MARKET VALUE!

If you have been looking for an opportunity to get on the Eagle River Chain of lakes with privacy and easy access than look no further.  This great lot offers 200 feet of Wisconsin River frontage with large mature pines on your own 1.8 acre parcel.  There is a gentle slope down to the water's edge and a sand bottom when you get there.

These Sellers planned their future retirement home here and planned on placing their home where the current mobile sits. Fully functioning this mobile offers two plus bedrooms, a full bath and a 2 car detached garage to hold toys.  The land is gorgeous with its huge mature pines, great views down to Watersmeet Lake AND  loads of privacy even in the dead of winter. This property is turn- key and gives you a place to hang your hat while you start exploring all the Northwood's offers for recreation and nature.  Enjoy it now while you plan your future home! PRICED OVER 40K under Fair Market this is a real deal in todays market!

So, come NOW and view this Eagle River WI Chain of Lakes Property that is priced to sell TODAY for 159k!

For more information on this property or others like it click here!

Copyright©by Julie Paez, All Rights Reserved, Eagle River WI Chain of Lakes property priced to sell.

What IS the relationship between Assessed Value and Real Estate Sales in the Vilas County Area? 

This is a common question I am getting more and more from Buyers as they continue to look for great values in todays market.  I decided to do a study on the townships surrounding Eagle River to see exactly how each township differs in their sales prices and their Assessed and Fair Market Values.

I chose the townships surrounding Eagle River, WI in Vilas County because they are so close yet the tax values differ greatly.  What I have been finding is that many of our buyers are hung up on fair market value and assessed value when they go to make an offer.  For some townships that is a good thing and for others not so much.  So,  I took the sales in the surrounding area since Oct 1,2009 and did a small study and this is what I found :  

• In the town of Cloverland the trend has been that recent home sales have fallen right between Fair Market Value and Assessed Value.  Average sales price was $272,000 while the average FMV was $303,446 and the average AV ( Assessed Value ) was $251,700.  Cloverland appears to be the township with the largest discrepancy between those 2 values...  
• In the town of Lincoln the trend has been that recent home sales have fallen right under BOTH Fair Market Value and Assessed Value.  Average sales price was $213,818 while the average FMV was $232,648 and the average AV ( Assessed Value ) was $229,336  This makes the average list to sell ratio in Lincoln about 91-93 percent.  When I studied the waterfront only in Lincoln that average was a bit higher.  So, all in all Lincoln has held closer to it assessed values than the other surrounding areas...  
• In the town of Washington the trend has been that recent home sales have fallen quite a bit under BOTH Fair Market Value and Assessed Value.  Average sales price was $223,066 while the average FMV was $287,455 and the average AV ( Assessed Value ) was $280,511.  This makes the average list to sell ratio in Washington just under 80%.  When I studied both waterfront and non-waterfront separately in Washington the waterfront parcels have actually faired better despite a couple of recent sales that have really brought those averages down.     
• In the City of Eagle River the trend has been similar to that of the Town of Washington. Sale prices have fallen under BOTH Fair Market Value and Assessed Value.  Average sales price was $72,293 while the average FMV was $92,749 and the average AV ( Assessed Value ) was $84,371. This makes the average list to sell ratio in the city about 78% of FMV and 86% of AV.    

What does this mean??? Overall, it means we need to keep an eye out on these values when we price and when we negotiate and when we write offers. It gives us an insight into what is happening as a trend and to why Buyers may be feeling some prices are high for what they are assessed at.  It also shows the discrepancy between each township and how they assess...It is also good to know how each township's value is doing in regards to this selling market.  Again - there are exceptions to every rule AND while I did try to weed out most foreclosure there may be a couple in there as well as some short sales. 

Another key thing to remember is that these values may have been placed on them by someone who actually has never been in the property.  So, if you have a buyer or are a buyer questioning pricing based on an Assessed Value or a Fair Market Value in Vilas County - Eagle River, WI perhaps this can be a guide to where a purchase price may fall.

Copyright©by Julie Paez, All Rights Reserved, Assessed Value and Real Estate Sales in Vilas County, WI   

This amazing lot just outside of Eagle River WI on pristine Kentuck Lake is priced to sell in this market!  Excellent exposure, Excellent frontage AND an Excellent price make this THE stand out lot in the current marketplace!

Shop and Compare this value against all the rest! 

This wonderful lot on crystal clear Kentuck Lake ( all 972 acres of it )  offers the best of it all.

• First, it offers western exposure for wonderful sunsets.
• Second, it has excellent frontage like only Kentuck has: rock and gravel on top of gorgeous sand, NO weeds in sight!
• Third, it has approx. 1.8 acres of land and 100 feet of frontage. Fourth, it is located down a winding road that is beautiful year around and gives you the full North woods impression.
• Fourth, it is located down a winding road that is beautiful year around and gives you the full North woods impression.
• Fifth, you are on a dead end that leads to Federal Land so you have limited road traffic for ultimate privacy AND you are minutes from the Spectacle Lake/Kentuck Lake hiking trails!

The lot has a moderate slope to the lake which will afford a beautiful building site with a lower level walk out about 75- 85 feet back. Spectacular lake views and your neighbors won't be in your way! Lastly, this parcel is priced to sell at $169,000. So, shop and compare and make us an offer TODAY! This amazing lot on Kentuck Lake just outside of Eagle River WI is PRICED TO SELL!

Copyright©by Julie Paez, All Rights Reserved, Kentuck Lake lot in Eagle River, WI.