Real Estate Market
 

I saw a recent TV news story about the real estate market on Cape Cod and in Florida. Their point was that both areas have seen significant price reductions in the softening market. Vacation homes seem to be the properties most affected. I had a home in Alton but sold it 8 years ago, college tuitions etc. Any info about the market on the lake would be appreciated. Tom

....lots of real estate?
 

Here's a real real estate story, it's sad but true, and it's all about a water front house somewhere near you.

Beautifull, well constructed 2002 four bed waterfront house, on a tear-down 1/4 acre Meredith Bay sloping lot with 200 f of waterfront.


Went on the market in March 2005 for 1.4 mil and got reduced over the Summer until it sold over Labor Day with an ask of 995. and the buy went off at 945.

You know what they say......what goes up.....must come down......or something!

Hi tmm366,

Visit Lake Links on the Home page, also the Site Sponsors. This will give you a ballpark and I'm sure there are others here who are more up to date on this will be out to help you.

Good luck.

Flipping houses around the lake proves profitable!
 

We bought and sold three homes around the lake in a span of 4 years! We made increasing profits between 50K and 75K on each of the homes. The market was certainly flattening out in our last sale (summer of 2004)....took less than a month for the first two homes and over 5 months for last one. Still - the fact that seasonal homes with 100 feet of waterfront on the Big Lake still sell for over 500K is amazing - especially in light of the fact that many are bought and bulldozed to make room for McMansions worth millions!!:eek: Market I think will remain strong up around the lake - unless of course it drops 9 feet!!:laugh:

TMM336:

Keep your powder dry for the moment. Rising interest rates and fuel prices have already started to stretch the consumer. Real estate remains wobbly, but certainly not soft. The key to buying a well priced property is waiting for a general decline in incomes (read recession), which will lead to distressed sales. There will be another recession and when it hits there will be opportunities in the second home market. That being said, it is hard to know when the next downturn will happen, but my guess is that when it does it will be nasty. As a smart investor once told me, the only thing worse than missing a sharp run-up in an investment is missing the run-up and then piling in at the top!

I think you'll find it has a lot to do with the area of the lake. The Weirs still has seasonal homes, 1 car driveway, small yard houses selling for 200+K. One house went for close to 150K with no yard or driveway, but it is winterized.