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  #21  
Old 11-22-2017, 02:15 PM
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Well still under contract, but the broke @ss buyers are stringing it out. Think they used up some of their down payment money and trying to recoup. (Bad credit, 5.5% loan with $50k down??)
Anyone want a deal on a sweet place for $199k? Would love to dump these turds but hanging on for the sale.....
Sounds like I can buy it as a foreclosure about 1-2 years after the new owner takes possession.

Is lending in general really tight on 2nd homes yet??

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Old 11-22-2017, 02:17 PM
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199k is a heck of a deal....$100/sq foot on the lake...wow!

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Old 11-23-2017, 12:56 AM
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Sounds like I can buy it as a foreclosure about 1-2 years after the new owner takes possession.

Is lending in general really tight on 2nd homes yet??

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Lol! Don't think I won't be keeping an eye on it too! Tried to do a land contract w them, but only the people with no downpayment want owner finance.
Idk what lending is like for vacation homes. This will be the new owners primary residence.
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Old 11-23-2017, 12:58 AM
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199k is a heck of a deal....$100/sq foot on the lake...wow!

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Ha, it's under $100/sf now and if a guy finished the basement it would be 50!

Pathetic economy over there....
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Old 11-23-2017, 09:24 AM
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Ha, it's under $100/sf now and if a guy finished the basement it would be 50!

Pathetic economy over there....
I don't think the bubble has burst yet either. That area uses to be cottages/cabins and the baby boomers all built monstrous vacation homes. As they begin to age out, their kids can't afford or don't want the homes. Mix that with tighter lending (albeit continuing to relax) and the economy and the market is tough.

I want to buy a vacation property in that neighborhood but with kids in college plan to wait 6-8 more years.

Good luck with your sale. Going to pass on to my Sister in law who is retired up that way and looking to upgrade

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Old 11-23-2017, 07:47 PM
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Lol! Don't think I won't be keeping an eye on it too! Tried to do a land contract w them, but only the people with no downpayment want owner finance.
Idk what lending is like for vacation homes. This will be the new owners primary residence.
Hope current buyer works out for ya..

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Old 11-24-2017, 01:55 AM
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I don't think the bubble has burst yet either. That area uses to be cottages/cabins and the baby boomers all built monstrous vacation homes. As they begin to age out, their kids can't afford or don't want the homes. Mix that with tighter lending (albeit continuing to relax) and the economy and the market is tough.

I want to buy a vacation property in that neighborhood but with kids in college plan to wait 6-8 more years.

Good luck with your sale. Going to pass on to my Sister in law who is retired up that way and looking to upgrade

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That'd be us to a T. Used to be our summer cottage place, built my parents their retirement home on the same property and now there's hardly anyone around there that can afford a $200k house, and if they can, they can buy a comparable place with 40+ acres for the same price. Don't see a lot of 6 figure was boats floating around.....
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Old 11-24-2017, 01:58 AM
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If the Goegibic Taconite mine had gone forward it would be a different story in that area right now. But it's amazing how little things change up there. Typically only get back there every few years and everyone and everything seems to be right where we left them!

And a sure sign that summer tourism/vacationers are getting less by the year, the fishing is better than I ever remember it save for when I was a little kid. It really is sad, because it's a magical place for me and it jsit feels like "home" when I visit.
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Old 11-24-2017, 02:52 AM
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Real estate down South always blows me away. That would sell for $1.5M-$2M easy around here... as long as they like forest green anyway.

Great place, good luck with the sale.
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Old 11-24-2017, 08:19 AM
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That'd be us to a T. Used to be our summer cottage place, built my parents their retirement home on the same property and now there's hardly anyone around there that can afford a $200k house, and if they can, they can buy a comparable place with 40+ acres for the same price. Don't see a lot of 6 figure was boats floating around.....
I hear ya....not a boomer but helped my parents move our 600 sq foot 2 bedroom cabin off the family lakefront property so they could build their 3000sq ft retirement home.

My grandpa and dad built the cabin in the 50s and it was a place our extended family descended upon for get togethers almost every weekend.

Once it became my parents home, it really changed things...not the gathering place it once was.

Would not hope for anything different as it has brought my parents so much enjoyment in how they have spent their time in retirement. Living on the water has kept them very active and they will live longer because of it.

However, my brothers and I likely will not take it over....we all have our own homes. Lots of difference between owning a 600sq foot cottage and a 3000sq foot one in addition to your own home

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