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Old 10-25-2008, 03:58 PM
 
2,542 posts, read 6,891,661 times
Reputation: 2635

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This was an interesting thread to resurrect. It is looking back in time right before the damn broke. Remember all the talk last summer (2007)--"there isn't a housing bubble, there isn't a housing bubble, there isn't a housing bubble." Well, I guess that was wrong!
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Old 10-25-2008, 04:19 PM
 
4,465 posts, read 7,972,250 times
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Quote:
Originally Posted by berries View Post
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
.

These are vacation home areas for folks who can no longer afford a vacation, muchless a second home.

This is just another "shakeout" that the Northwoods experiences with some regularity.
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Old 10-26-2008, 12:17 AM
 
335 posts, read 1,205,482 times
Reputation: 241
Default it's not nice

I posted this well over a year ago and gave you all fair warning.

This market has gone from bad to worse and we will all suffer. The amount of listings with "5 acres" and a crap house have exploded and the prices are plummeting with NO BUYERS.

Lake homes have become a "liability" due to their unsellability and their high property taxes.

they are no longer "vacation" homes......but debt traps...traps that have the potential to make you lose your "real" home in your present local.

tread lightly and be aware that the market has changed dramatically and may not rebound in your lifetime.

Good luck
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Old 10-26-2008, 11:20 AM
 
Location: Wonderful Wisconsin!!!
386 posts, read 1,325,993 times
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We know a few people looking to buy 2nd homes now that the market is so soft. Our friend who is a realtor said lots of people from the Twin Cities and Chicago are looking for bargains. You know what they say.... the rich get richer. We see lots of out of towners looking around here all the time.
My sister in law works for a caterer in Atlanta. She said they are busier then ever. She said the people who can afford it still have big parties and they aren't stopping now.
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Old 10-26-2008, 11:26 AM
 
2,133 posts, read 5,855,026 times
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I'm not in northern WI, but here in Appleton houses are still moving. There were 4 houses for sale on my immediate block and all of them sold within 6 months, and for within $3000 of the list price. It may be taking slightly longer for a property to sell, but if it's in good shape and priced right, they are still selling. I just hope this trend continues 'til next Spring when we will be ready to sell.
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Old 10-26-2008, 03:29 PM
 
4,465 posts, read 7,972,250 times
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Quote:
Originally Posted by KateDaum View Post
We know a few people looking to buy 2nd homes now that the market is so soft. Our friend who is a realtor said lots of people from the Twin Cities and Chicago are looking for bargains. You know what they say.... the rich get richer. We see lots of out of towners looking around here all the time.
My sister in law works for a caterer in Atlanta. She said they are busier then ever. She said the people who can afford it still have big parties and they aren't stopping now.
.

But the depression is just beginning.
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Old 10-26-2008, 05:04 PM
 
2,542 posts, read 6,891,661 times
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Quote:
Originally Posted by BacktoNE View Post
I'm not in northern WI, but here in Appleton houses are still moving. There were 4 houses for sale on my immediate block and all of them sold within 6 months, and for within $3000 of the list price. It may be taking slightly longer for a property to sell, but if it's in good shape and priced right, they are still selling. I just hope this trend continues 'til next Spring when we will be ready to sell.
Unfortunately, the difference is location. There are plenty of job possibilities around Appleton--even if it isn't in Appleton, you have the surrounding communities, even a commute to Oshkosh or Green Bay. However, in northern Wisconsin, there isn't that kind of opportunity and any commute is most likely to another small town with limited job openings.

Yes, there will always be wealthy people looking to buy a lake home, but many, many houses have been built in the last 15 years. There is a huge possibility of lack of buyers for some of these homes.

Alas, it doesn't look like we got the job we were hoping for in northern Wisconsin...
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Old 11-01-2008, 08:58 PM
 
48 posts, read 165,524 times
Reputation: 39
Default Eagle River...TANKING!

Berries, I recently looked at a property on Cranberry lake, one of the premier lakes on the chain. The property has 100' of frontage, a house that started out as a cbin and added on to in various formms. Floors are so crooked, theat you walk uphill to get out the back door. Its listed at 365k. The listing was just expiring last month. Its assessed at 162, 300.00 So, I asked the realtor, caldwell banker, what made this property worth 365? She stated, that that is the amount owed on it! I started laughing at her, calling her an idiot for such a statement. but its true, the owed price is predominant everywhere here. NOTHING IS MOVING. Yes, there have been some sales, but to the Illinois idiots, who still believe these realtwhores. I can't believe that people can be so stupid as to not question the values of these overbearing lake properties.
Were in for trouble here. Alot of the real estate agents will be flippin burgers at McDonalds by next year. Couldn't happen to nicer people. They created this mess, along with the Illinois big time credit card debt people. As for me, I sincerely hope this market crashes like the depression. Its only a matter of time!
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Old 11-01-2008, 09:23 PM
 
Location: Chicago
38,707 posts, read 102,770,863 times
Reputation: 29967
Ah yes, it's all the Illinois folks' fault, like there's no Milwaukee area owners up there. I like how the locals who sold out to the buyers bear none of the blame either. It's also hilarious how you're so bitter toward people who have more money than you that you're rooting for your own economy to collapse just to stick it to 'em. You're exactly the kind of person whose buttons I like to push when I'm on vacation in the area. Jealous angry bitter locals... what a hoot.
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Old 11-01-2008, 10:04 PM
 
4,465 posts, read 7,972,250 times
Reputation: 813
Quote:
Originally Posted by fxsts View Post
Berries, I recently looked at a property on Cranberry lake, one of the premier lakes on the chain. The property has 100' of frontage, a house that started out as a cbin and added on to in various formms. Floors are so crooked, theat you walk uphill to get out the back door. Its listed at 365k. The listing was just expiring last month. Its assessed at 162, 300.00 So, I asked the realtor, caldwell banker, what made this property worth 365? She stated, that that is the amount owed on it! I started laughing at her, calling her an idiot for such a statement. but its true, the owed price is predominant everywhere here. NOTHING IS MOVING. Yes, there have been some sales, but to the Illinois idiots, who still believe these realtwhores. I can't believe that people can be so stupid as to not question the values of these overbearing lake properties.
Were in for trouble here. Alot of the real estate agents will be flippin burgers at McDonalds by next year. Couldn't happen to nicer people. They created this mess, along with the Illinois big time credit card debt people. As for me, I sincerely hope this market crashes like the depression. Its only a matter of time!
.

We (Americans) all created this major disaster (it's a nationwide phenom) by being just plain dumb.

How can a $40K/yr service-sector job in Milwaukee or elsewhere afford a $400K vacation house?
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