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Old 07-29-2008, 05:29 PM
 
48 posts, read 159,664 times
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If your thinking about buying a vacation home in Eagle River or Vilas County...think twice. Real estate here is in the tank. Overpriced and no buyers. No financing available for second homes.
The inflation in prices of vacation homes here in Vilas County has been unreal.
Nine years ago, chain frontage was $ 800.00 a foot. Now $ 2950 a ft. The speculators, the no so smart buyers and the builders have really screwed up this market. I just don't understand how people can be so stupid as to believe the realtore line of bull. Now, all thse so called sales agents are starting to look for new careers. No sales. The bottom line is, if you want to catch a falling knife, here's the place to do it. Expect a 25% drop in values in the next 12 months. Condos...don't be stupid. Youll be living in a vacant complex with speculators next door going broke and into forclosure.
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Old 07-29-2008, 06:20 PM
 
Location: Middleton, Wisconsin
4,229 posts, read 16,815,576 times
Reputation: 2311
You make a lot of sense. We have friends from Illinois that own two homes in Minocqua and they are trying to sell one and the price isn't going down though. They need to think about that. I love that area but the prices of real estate up there is nuts. We were looking at summer homes up there last year and decided it was way to steep. I would love to have a weekend place but not for 100K more than its really worth.
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Old 07-29-2008, 06:20 PM
 
Location: Wisconsin's great north woods
1,240 posts, read 2,136,736 times
Reputation: 1193
Quote:
Originally Posted by fxsts View Post
If your thinking about buying a vacation home in Eagle River or Vilas County...think twice. Real estate here is in the tank. Overpriced and no buyers. No financing available for second homes.
The inflation in prices of vacation homes here in Vilas County has been unreal.
Nine years ago, chain frontage was $ 800.00 a foot. Now $ 2950 a ft. The speculators, the no so smart buyers and the builders have really screwed up this market. I just don't understand how people can be so stupid as to believe the realtore line of bull. Now, all thse so called sales agents are starting to look for new careers. No sales. The bottom line is, if you want to catch a falling knife, here's the place to do it. Expect a 25% drop in values in the next 12 months. Condos...don't be stupid. Youll be living in a vacant complex with speculators next door going broke and into forclosure.
With no buyers, the prices will have to come down. May not happen over night, but an overpriced market cannot support itself. Same thing happend (and is happening) here in Phoenix. Things got out of control within the last few years, and are now coming back down to reality. No one will pay $275 per livable foot when it's only worth $200. Yet many are still trying to get that $275 and can't figure out why their property continues to sit with no offers.
The people who bought at the peak ($2950 per foot) are the ones in trouble. They are now in it for the long haul. May never get back their entire investment. Can't say that I fell sorry for everyone in that boat. Here, I know a dozen or more "investors" who 2 years ago thought they ruled the world, and would arrogently get in your face and tell you about it. Today, their $2 million houses they built are now sitting empty (every last one of them) and dragging everyones comps down the drain with them. It was fun while it lasted I guess.
Hope things begin to rebound for you all up there. Thats some of the most beautiful country in the nation. Wish I was there right now with a weekend forecast for Phoenix of 112!! Best of luck to you!
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Old 07-29-2008, 10:14 PM
 
Location: Floyd County, IN
24,503 posts, read 42,105,072 times
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If the properties continue to sit on the market for more than a year ya think they would reduce the prices, eh?
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Old 07-30-2008, 07:48 AM
 
335 posts, read 1,165,491 times
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Default the whole northwoods is doomed

The problem is gas and distance. If you come up from chicago 2 x per month at 4 dollar gas, in an suv pulling a boat it can't be cheap., If you live up here out in the country, everything is far away. There are no "quick trips" when you live inthe northwoods. Most folks live 20 miles from a major grocer, and if you shop the little ones, well bring the KY. I dont know a solution to it. THis weekend I could not believe how dead the lakes were. 80 and sunny and no one on the water. Friday afternoon in the grocery store is the big tell tale of doom. the usual influx of rude and arrogant people standing around talking on phones, getting in the way and looking clueless has dropped significantly. Hey, high gas and crashing real estate is a good thing!!!!!!!!!!! I am loooking forward to 8 $ gas. That should really cool things off
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Old 07-30-2008, 09:29 AM
 
Location: Wisconsin's great north woods
1,240 posts, read 2,136,736 times
Reputation: 1193
Quote:
Originally Posted by Plains10 View Post
If the properties continue to sit on the market for more than a year ya think they would reduce the prices, eh?

Only if the sellers really want to sell. If they are willing to try to wait it out, then yes, it will take years to sell if ever. You don't need to be a scientist to figure out that if "market value" on an item is $10, then you most likely won't be able to sell it for $15.

"The whole northwoods is doomed"! Berries, you crack me up!
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Old 07-30-2008, 02:25 PM
 
Location: Middleton, Wisconsin
4,229 posts, read 16,815,576 times
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Quote:
Originally Posted by berries View Post
The problem is gas and distance. If you come up from chicago 2 x per month at 4 dollar gas, in an suv pulling a boat it can't be cheap., If you live up here out in the country, everything is far away. There are no "quick trips" when you live inthe northwoods. Most folks live 20 miles from a major grocer, and if you shop the little ones, well bring the KY. I dont know a solution to it. THis weekend I could not believe how dead the lakes were. 80 and sunny and no one on the water. Friday afternoon in the grocery store is the big tell tale of doom. the usual influx of rude and arrogant people standing around talking on phones, getting in the way and looking clueless has dropped significantly. Hey, high gas and crashing real estate is a good thing!!!!!!!!!!! I am loooking forward to 8 $ gas. That should really cool things off

I see what your saying berries. I don't think the Northwoods will become a ghost town. I wouldn't say you can't for $8 gas because that only means your goods way up there are going to be Very $$$$. I will be up in Minocqua, Rhinelander and I will have to see for myself if things look more bare than last time I was there.
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Old 07-30-2008, 03:22 PM
 
335 posts, read 1,165,491 times
Reputation: 241
Default Joshb you will see

There is a serious reduction in activities this summer. Just the other day Heckels marine filed for chapter 11. No one is buying boats, and the traffic on the lakes is WAY down. I was at the Big eau plaine resevoir last sat and sun and it was just plain spooky. Hey by the way on the way to minoqua watch out for the slow down. about 10 miles north of tomahawk they are doing constuction on hyw 51. They are adding a section of passing lanes and if you go up on 51 on a friday afternoon/ evening, it gets pretty slow, other than that it is not too bad. If you have never been to Rhinelander or Minoqua you will probably like them although Minoqua is becoming more and more like the dells every year
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Old 07-30-2008, 03:45 PM
 
Location: Middleton, Wisconsin
4,229 posts, read 16,815,576 times
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Hey berries, is the thirsty whale in Minocqua still around?

Thanks, Josh
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Old 07-30-2008, 04:09 PM
 
335 posts, read 1,165,491 times
Reputation: 241
Default I honestly don't know

but the businesses have been changing hands very fast up here. It seems every bar or supper club is either recently sold or newly for sale. On the news the other night about the Rhinelander pub and grill ( which I like for breakfasts) and how the times are tough and they are cutting down on rolls and cutting staff hours, everywhere just seems dead
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