Northern Wi real estate is really tanking!!! (Oneida, Lincoln: for sale, real estate market)

[berries]

I can not believe the amount of properties for sale in the northwoods. I have lived here for 40 years and am astounded by the number of homes, land and especially lake homes that are for sale. What the heck is going on????? The mills do not appear to be doing well, but other than that why is everything for sale? Should I sell my home. I am talking about oneida, lincoln, vilas saywer forest, langlade counties etc as that is where my stomping grounds are. thank you folks

[Drover]

If you think the real estate market is tanking up there, chances are you haven't done any pricing on those properties lately. Real estate prices in Oneida, Vilas and Sawyer Counties in particular have been on an upward stampede for at least a decade, probably longer. You can't get a 2-bedroom house for under 100K any more, which is quite expensive for the rural Midwest. Don't even try to get a lakefront house for under $275K unless it's a 3-season cottage. People may be selling to cash in on the market run, some may be selling because they can't afford the taxes any more, some may just think it's time to move on because too many urbanites are infesting the area. Whatever the reason for so many listings, a weak real estate market isn't the problem.

[berries]

If you live here you know. Lake houses going down 200K last month alone. They say they are not making any more lan, but they are not making anymore water either. Hope you do not own up her cuz if you do your scewred!!........................Locals are hunkering down and outside money is dead..dead..dead. Harley is tanking..the mills are tanking and if you own lakefront or country property up here your leverage is gone gone gone.>>>>>>>>>>>>>>>>>>>>>>>>

Nobody in the dinners, no one in the bars. good luck\\



game over!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[bernitt]

Lincoln, Price, Sawyer counties have felt this hurt for a long time now. The families that live there can no longer afford to live in their own homes that have been in their families for generations because of the property tax. Land values are ridiculous. It's sad to see this happen. The land is not about the money or making a profit selling it, it's about having a place to call home. A lot of these people have farmed their whole lives, there are not 401K's to cash in on, social security may be the only income they have and that cannot possibly pay the property taxes.

[LML]

What has happened is:
1. Property values in "the cities" went sky high
2. People from "the cities" decided to pull out equity from their homes in "the cities" and use the money to buy "weekend and vacation homes" in an area that was within easy driving distance of "the cities" ...northern Wisconsin
3. All this "new money" pouring into northern Wisconsin drove the property values in northern Wisconsin sky high..making it impossible for the people who actually live there year round...and try to make a living IN northern Wisconsin ..to buy homes or pay the ever increasing property taxes there. They had to put their homes up for sale
4. Gas prices started climbing, climbing, climbing and suddenly the folks from "the cities" no longer made the drive to their "weekend homes" very often.
5. Property values in "the cities" started tanking and suddenly people could no longer pull equity from their homes as though they were piggy banks.
6. Since they were no longer using their weekend homes very often, didn't want to keep paying the now high taxes on those homes, and they now need THAT money, they put those homes in northern Wisconsin up for sale.
7. Lots of homes for sale...over priced and over taxed...and no one can afford them.

[bernitt]

Exactly LML! It's as simple as that.
Unfortunately there's nothing anyone can do about it.

[berries]

VERY VERY good explanation on this. It is so sad to see all the large acreage that cut cut up into "lots: that just ruined it. People form the cities think that 2 acres is big. You can still smell your neighbors!!! Thye chunked it up...built big crappy houses, now that is is wrecked they are leaving. Just like them aliens in the Independence day movie. Conquer and destroy and move on. Just a shame

[pioneer]

And now Insurance rates are going up. I have been with Americam Family Ins. for over 20 yrs and have had no claims, and received a 60 day notice today that our Home Owners Premium was going up by 40%.
Last year we got screwed out of the "Homestead Exemption" on our taxes because our Social Security was taxed by the State as income and put us over the limit.
Can't afford it hear anymore, but also can't sell the place either.

[dandelion]

I have to agree with you berries...I live up here too and have seen prices dropping. I hope all of those people from the cities choke on their "little" vacation places. They have wrecked our beautiful country.

[gardener34]

I agree with the high pricing. I was thinking of retiring in WI once, but no way am I paying "Chicago" prices. Which is what it seems like to me.

The dividing up any acreage into "lots" by land developers is terrible. They put a covenant on everything. You can't just buy acreage like 5+ acres anymore anywhere. You would have to buy 10 1/2 acre lots that are adjacent (and none are adjacent). This is everywhere not just WI.