Affordable Options on a Minnesota Lake--Consider Channel Shoreline!

Is a channel shoreline a good option for an affordable Minnesota lake home?

You want to live on a full recreational Minnesota lake so you can waterski, jet ski and use a motor not a paddle. But sandy shoreline on a full rec lake can often be out of the budget of most homebuyers. What are good alternatives? Consider living on a channel shoreline.

Many Minnesota lakes will have inlets, outlets and channels that open one lake to another. Shoreline by its very nature is not a straight line. If follows the geography of the land defined by the flow of water and water table. Often these inlets and channels that will lead to other bodies of water whether a lakes or wetland marshy areas. Sometimes a channel will tie two large lakes together.

Owning property with shoreline along a channel can be an affordable option for home buyers who want access to a full recreational lake. Many large lakes will have channels or narrow extensions that lead to other lakes or ponds. Channel shoreline is always wide open and sandy so it does not always make the perfect sandy swimming beach. But most of the time it does allow a short dock or slip for a boat and, what makes it very attractive, is the access it will have to a main lake. Sometimes, the view of on a channel will include a view of the homes on the opposite shore but if the goal is to live on a full recreational lake without breaking the budget, it is can be a great alternative.


In the Market for a Home on a Minnesota Lake? If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of Boardman Realty, a call or visit my website for a FREE Home Buyer Success Guide or FREE Home Value Report. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2014 www.terieckholm.com

Real Estate Word of the Day: Deeded Access

A typical person will buyer only buys a home once every five to eight years. Many will only buy one or two properties in a lifetime. First time buyers and repeat home buyer alike can forget some of the simple terms used in real estate on a daily basis. For some it can be hard to remember whether the earnest money or money escrowed becomes part of  the down payment  or not. Often buyers are easily confused by similar sounding terms like easement and encroachment as they both deal with property lines and usage but what do they really mean?

Whether you are a novice, first time buyer or someone who owned a home previously but hasn’t purchased a home for several years, sometimes a refresher on real estate terms can be very helpful. I often notice buyers (and sellers) with a glazed look on their face when certain terms come up so I thought an online real estate glossary would be a useful tool. The real estate term for today is:

Deeded Access Deeded access is access to the lakeshore as outlined in the deed for the property. As a Minnesota REALTOR® I deal with lots of lakeshore properties. Heck, it is the “Land of 10,000 Lakes” after all. Some properties are right on the shoreline and the riparian rights (right to use the lakeshore) is obviously the property owners. But sometimes a property within close proximity to a lake will allow homeowners to use the lake as well. These rights can include the ability to use a private beach, put in a dock, dock a boat or other various rights. Not all deeded access is created equal. To understand the riparian rights associated with the property, a buyer must inquire and read the specifics outlined in the deed.

Copyright 2013 www.terieckholm.com

Unexpectedly Amazing Bank-Owned Homes on Lakeshore & Acreage throughout Anoka County!! (And some by traditional sellers too!)

Looking for a foreclosure, bank-owned or short sale but need to be able to live in the home immediately after closing?

Good news is that foreclosures are no longer always trashed, fixer-uppers. Today's foreclosures can be simply AWESOME! This economy has forced builders and responsible homeowners alike to let amazing properties go back to the bank. Many are still in pristine condition. Some still may require a bit of cleanup or a few cosmetic changes but there are many in move in condition too.

Here are a few of the treasures I noted on the Twin Cities MLS in Anoka County today:

• New Construction Foreclosure Brick Rambler in Ham Lake! Acre lot, 6 car attached garage, executive 4BR/3BA with hardwood, tile, vaults and more. 80% complete. Builder price $480K, bank asking $279,900.


• 3500 Sq ft Executive Rambler on Ham Lake acreage. 4BR/3BA/4Car on 1.8 acre lot. Cherry cabinets. Hwd floors, media room, 2 decks +++ Builder listed for $799K in 2007. Bank asking $499K.


• 4+ Beautiful Acres 5BR/2BA/3Car in Columbus. Originally sold in 2005 for $322K…Bank asking $175K.


• 1996 Built Modified 2 Story on 25+Acres in St Francis 4BR/2BA with 3 car, wooded setting, Hwd floors, Master suite, gas fpl in finished family room listed by bank for $239K!


• Coon Lake Shoreline 4BR/5BA/5Car in Ham Lake 85+ft shoreline and 2+Acres. Entertainers dream 2 Story w/2 full kitchens &Master suites! w/o basement. Original list $650K now priced to sell at $454,900.


• 2 story on Pet Lake in Linwood! Not a foreclosure, but priced like one! Just listed today at $180K ($40K under tax value)! Well maintained 2BR/3BA/2Car w/Hickory cabinets and SS Appliances.


• New Construction Foreclosure 5BR Two Story in Ham Lake! Acre lot, Completely finished with upgrades: Cherry cabinets, upstairs laundry, private master suite. Builder price $570K, bank asking $369,900

If you are in the market for a great deal on a foreclosed home, time to get organized because the rules to buy are a bit different than when working with a traditional seller.
Seven Tips for homebuyers considering a foreclosed home:

1. Banks LOVE clean offers. Buyers MUST be preapproved with credit checked and employment and funds verified. Documentation must accompany the offer or it won't be considered.


2. Banks reject lowball offers...no negotiation. They are a business and know the value of the asset they are selling.


3. Well priced foreclosed homes get multiple offers. Serious buyers put in their best bid first.


4. Banks sell homes AS-IS. What you see is what you get. Repairs will not be made.


5. Banks will not pay for inspections in most cases. This includes the septic system and/or well. Be prepared as all inspections could end up being the buyer's responsibility. If you chose to inspect the septic or the county requires a septic compliance test, expect to pay $400-$500 for this inspection. A well test will run around $150. A whole house inspection is $350-$500.


6. Personal property is not included as part of the sale. So if the appliances are at the home when you close, they are a bonus. The bank will not remove. But they don't guarantee will remain at the home or that they are in working order. This means if someone breaks in the home prior to the closing and takes them, the bank will not replace.


7. Having your own REALTOR® to represent your interests is essential. The listing agent is under contract to represent the bank. In many cases, the bank will not allow a dual agency so if a buyer contacts the listing agent to write the offer, the buyer does not have representation. This means all of your information goes to the bank...the listing agent is required to tell the bank everything that you say about your financing and the amount you are able or willing to pay. But the agent is not required to tell you anything in return. The agent works only for the bank.

Are YOU ready to get a great deal on a foreclosed home? Let me be your professional REALTOR®! If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2010 Teri Eckholm

Lakeshore Foreclosures Available in the North East Twin Cities Metro

In Minnesota, Land of 10,000 Lakes…well 12,000 actually, there are bound to be one or two lakeshore owners who have had a tough time in this economic downturn right? I did a search today* for lakeshore homes that are currently bank-owned or listed as a foreclosure and found five current listings for lakehomes in either Anoka County, Ramsey County or Washington County. This number is down considerably from this time last year where there were nearly a half dozen bank-owned lakeshore properties in each of the three counties. Buyers wanting to snatch up a great deal need to act quickly.

Priced from $245,000 for a 1940 built home on Tanners Lake in Oakdale to $1,725,000 for 45 Acres that could be split into 23 lots; 10 with lakeshore on Forest Lake, there is a handful of lakeshore foreclosures to choose from. Looking for an opportunity on a full recreational lake? There is another home on Forest Lake listed for $274,900 with 3 bedrooms and 2000+ finished square feet. Or if you would prefer a home in Anoka County, there is an opportunity to buy lakeshore property on Centerville Lake in Lino Lakes. This 1970’s home is listed for just under $345,000.

For those who don’t mind a smaller lake there’s a great new listing on Goose Lake in White Bear. A home with 2700 finished square feet on almost an acre just listed for $279,900.

Note that this list does not include any homes currently in a short sale position or if the current homeowner did not list the home as in foreclosure. More opportunities will continue to come on to the market throughout Anoka. Ramsey and Washington Counties over the next few months.

And traditional sellers of lake homes have adjusted their pricing to compete with the distressed properties, so there are many affordable options for your piece of Minnesota shoreline.Many of these are not your average foreclosures but can be transformed from distressed to fabulous with a bit of elbow grease. As with any REO home some of these lakeshore foreclosures will need more work than others but with so much potential, maybe it is time to do more than just dream of living on a Minnesota lake!

Need to learn more about the size, depth and water quality of these lakes? Check out the links to the DNR site for each. Note: As Aspen is a small, man-made lake it is not listed in the Minnesota DNR Lake Finder.

*Search done using information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. on 2/27/2010. 

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2010 Teri Eckholm 

Minnesota Wetlands--Is Living on an Environmental Lake a Good Choice?

As a REALTOR® who sells homes on acreage in Anoka, Chisago and northern Washington Counties, I am often asked whether the land is dry or wet. In this area, depending on what you plan to use the land for, this is a very important question. Many people think purchasing a home on a Minnesota wetland is ideal others wonder whether buying a home with environmental lakeshore would be a huge mistake.
I find this question very interesting. In the areas where I focus my business, there are areas with an abundance of wetland and lakeshore homes. From Hugo to Wyoming and throughout the communities of Ham Lake, Lino Lakes and Blaine, there are properties abutting ponds, wetlands and natural environmental lakeshore. Many Minnesotans find these properties extremely desirable but as with any home it is a personal preference.

So how do you decide if a wetland or natural environmental (NEDS) lake home is for you? Take time to consider some of the positives and negatives.

Positives

Wildlife-White-tailed deer, raccoons, turtles, ducks, eagles, hawks, loons (the Minnesota state bird) and a host of other animals have been spotted living near Minnesota wetlands.
Privacy-Whether the wetland is 20 acres or 200, it cannot be built upon so a property with a wetland or NEDS lake shoreline will limit neighbors.
Affordable-NEDS lakeshore and wetland properties are significantly less costly than lakeshore on a full use recreational lake.
Activities-Though there could be some limits on the use, wetland ponds, environmental lakeshore and NEDS Lakes have been used winter skating, summer canoeing or kayaking and more depending on the water depth.
Negatives
Mosquitoes-Yes, wetlands are known to attract that "OTHER" Minnesota State bird too.
Drainage Issues-If the home is on a smaller lot, the owner must pay special consideration to the foundation. A drain tile system and sump pump could be required. Also homes on private septic systems would have special DNR (Minnesota Department of Natural Resources) considerations if the system were to fail.

Copyright 2010 Teri Eckholm 

Dreaming of life on AFFORDABLE Minnesota Lakeshore? New Listings at GREAT PRICES throughout Washington County

Are Minnesota lakeshore owners hoping the real estate market has turned a corner? Maybe. Or is it just a mid-summer night's dream for lakeshore owners?

I noticed an interesting phenomenon in early July that is continuing into August. Lakeshore homes that traditionally list as soon as the ice drops in April were being listed after Independence Day in July. And it was not just the usual handful of slowpokes that added a late summer listing…several lake properties listed in Washington County after July 1st. These are not relisted homes either…You know the ones that are cancelled so they "look new on the market" with a different MLS number every 3-6 months. About a dozen new lakeshore listings hit the market as bona fide new listings in the past six weeks.

Now there are a few newly listed homes where are still dreaming of yesteryear's pricing. But a good number of the new listings were priced competitively...And these are not foreclosures either.

Here are some Washington County "priced-to-sell" Lakeshore Listings that just hit the market:

• Lake Sylvan 1BR/2BA/2car rambler under $155K


• 70’s built Split-level 4BR/3BA/2Car on Forest Lake for $199,900 ($50K below tax value!)


• 2 Heated Cottages on huge lot on Forest Lake’s 3rd Lake. Adorable and priced at $320K.


• Stunning executive home on 100 ft of Forest Lake’s 2nd Lake shoreline. 3400 sq ft 2 story priced in the $770’s


• Affordable 3BR rambler with 132 ft of lakeshore on Lily Lake in Stillwater listed for under $225K.

So those who have lakeshore dreams, this may be the year to take a look at what has listed at the end of the season. There is still time to enjoy a fall campfire on your own piece of shoreline. And, that ice fishing excursion could be much closer to home this winter...right out your own backdoor!

Need to learn more about the size, depth and water quality of Washington County lakes? Check out these links to a few of the most popular lakes in Washington County. For other lakes in the Twin Cities, check the Minnesota DNR Lake Finder.

· Big Carnelian
· Big Marine
· Bone
· Forest
· Jane
· Lily
· White Bear Lake

More Articles on Buying a Minnesota Lakeshore property that might be of interest:

• Buying a Minnesota Lake Home? MN Lakeshore is Affordable; But is the Water Safe?
• Extremely Affordable Minnesota Lakeshore!

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Buying a Home? Check out my new HOME BUYER'S BLOG!

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

Signs of Spring--Ice Out is Getting Close on Forest Lake in Minnesota

Spring has sprung according to the calendar but in Minnesota we all wait for the ice out on the lakes as a true sign of that the season of growth is upon us. As you can see in this photo essay of shots of Forest Lake, there is still some work for the sun to do.

About a week ago, an early ice out was anticipated. We experienced several days with unseasonable 60 and 70 degree temperatures. The snow melted quickly but it takes longer for three to four feet sheets of ice to drop to the bottom of the lake.

This past week the slightly below average temperatures have slowed the progress. So while the few feet of open water laps the shore, the giant ice sheet prevents use of these Minnesota treasures. We are left waiting for more signs of spring to come to Forest Lake.

As I drove along North Shore Trail to the north side of the lake to take these shots, I passed several homes for sale. Lake homes don't sell well until the shoreline is visible.

Soon the buyers will be excited by the beauty of the lake and their will be more sold signs than for sale signs on Forest Lake lakeshore homes. That will be a real sign of spring!

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

Lakeshore Foreclosures Available in Washington County

Throughout Minnesota there are homes in foreclosure so with tens of thousands of lakes, lake homes cannot be immune from the mortgage and foreclosure crisis can it? In a word, no. I did a search today* for lakeshore homes that are currently bank-owned or listed as a foreclosure and found six current listings for Washington County lakeshore properties.
There are 3 listings on Forest Lake. The first two are priced very reasonably in the low $200’s. This is amazing for anyone who knows the area. Only a couple of years back, a lake lot would have sold for the same amount on Forest Lakes’ first lake. For those developers looking for a bargain, there is a 2 million dollar 46 acre parcel of prime Forest Lake shoreline that can be developed into 23 lots with deeded access for up to 10 boat slips.

If Scandia is more your cup of tea, then consider a foreclosed home on Bone Lake (pronounced bonnie). The two story home looks like a beauty for $379,900. Or consider the nice acre bargain on Big Marine for under $285K. And if you want something in southern Washington County maybe you would consider a home on Lake Jane. This four level split is available for just under $500K. All of the current foreclosed lake homes in Washington County are on full recreational lakes where boating and swimming are allowed.

Note that this list does not include any homes currently in a short sale position or if the current homeowner did not list the home as in foreclosure. More opportunities will continue to come on to the market throughout Washington County. And traditional sellers of lake homes have adjusted their pricing to compete with the distressed properties, so there are many affordable options for your piece of Minnesota shoreline.
Many of these are not your average foreclosures but can be transformed from distressed to fabulous with a bit of elbow grease. As with any REO home some of these lakeshore foreclosures will need more work than others but with so much potential, maybe it is time to do more than just dream of living on a Minnesota lake!Need to learn more about the size, depth and water quality of these lakes? Check out the links to the DNR site for each. For other lakes in the Twin Cities, check the Minnesota DNR Lake Finder.

• Big Marine


• Bone


• Forest


• Jane

*Search done using information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. on 2/17/2009.



Copyright 2009 terieckholm.com

Lakeshore Foreclosures Available in Chisago County

With 12,000+ Minnesota lakes and a foreclosure crisis, there must be a few lakeshore homes that are bank owned and available, right? Actually, yes! I did a search today* for lakeshore homes that are currently bank-owned or listed as a foreclosure and found eight listings on eight different Chisago County lakes. And the best part…not one of these homes is priced over $400K. In fact half are under $200,000.
From complete new construction on Lake Vibo in Chisago Lakes Township to a Rush Lake cabin in Nessel Township, lakeshore foreclosures are full of bargains. Another great affordable option listed for $174,900 in Nessel, is on the natural environmental Leech Lake and features 9 acres of property for the price.

If you are looking for a newer home, there is a 2005 built rambler available on the full recreational lake, South Center in Lindstrom priced at $399,900. That completed new construction home is also a rambler and priced even less at an attractive $344,000 but on the smaller lake.

There are two homes in the low to mid $200,000 range in Chisago City; one on Lake Martha and one on LakeEmily. There are even more affordable options a little farther north in the Harris and Fish Lake Township area of Chisago County for under $200K. These are on Horseshoe and Fish Lake.

One should note that this list does not include any homes currently in a short sale position or if the current owner did not disclose that the home is in a pre-foreclosure status. More opportunities will continue to come on to the market throughout Chisago County. And traditional sellers of lake homes have adjusted their pricing to compete with the distressed properties, so there are many affordable options for your piece of Minnesota shoreline.

Another thing to consider is that many of these are not your average foreclosures but can be transformed from distressed to fabulous with a bit of elbow grease. As with any REO home some of these lakeshore foreclosures will need more work than others but with so much potential, maybe it is time to do more than just dream of living on a Minnesota lake!

Need to learn more about the size, depth and water quality of these lakes? Check out the links to the DNR site for each. Note: Leech Lake it an environmental wetland that not listed in the Minnesota DNR Lake Finder.

• Emily


• Fish


• Horseshoe


• Martha


• Rush


• South Center


• Vibo

*Search done using information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. on 2/17/2009.

Copyright 2009 terieckholm.com

Lakeshore Foreclosures Available in Anoka County

In Minnesota, Land of 10,000 Lakes…well 12,000 actually, there are bound to be one or two lakeshore owners who have had a tough time in this economic downturn right? I did a search today* for lakeshore homes that are currently bank-owned or listed as a foreclosure and found nine current listings for lakehomes in Anoka County.

Priced from $134,500 for a 1983 built home on Round Lake in Andover to $799,900 for an East Bethel home built in 2007 on Coon Lake, there is a handful of lakeshore foreclosures to choose from. Looking for an opportunity on a full recreational lake? There is a home on channel shore like to Otter Lake listed for $279,900. This one has frozen pipes so plan for a bit of additional work. There are two opportunities on Coon Lake in East Bethel priced at $339,000 and $799,900. There is a 4300+ square foot home on the smaller Lake Amelia in Ham Lake for just under $600,000. And don’t forget the previously mentioned home on Round Lake for the bargain price of $134,900.

For those who don’t mind a smaller lake that is more for the view than activities, there are options in northern Anoka County on Pet Lake in Linwood, or to the far west on Pinnaker Lake in Burns Township and two almost new homes in the Blaine development, The Lakes, on Aspen Lake.

Note that this list does not include any homes currently in a short sale position or if the current homeowner did not list the home as in foreclosure. More opportunities will continue to come on to the market throughout Anoka County. And traditional sellers of lake homes have adjusted their pricing to compete with the distressed properties, so there are many affordable options for your piece of Minnesota shoreline.

Many of these are not your average foreclosures but can be transformed from distressed to fabulous with a bit of elbow grease. As with any REO home some of these lakeshore foreclosures will need more work than others but with so much potential, maybe it is time to do more than just dream of living on a Minnesota lake!

*Search done using information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. on 2/17/2009.
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR® to find that perfect piece of shoreline, give me a call or visit my website for a FREE Relocation Packet or Homebuyers Success Packet. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
Buying a Home? Check out my new HOME BUYER'S BLOG!
Copyright 2009 terieckholm.com

Finding a GREAL Deal on Real Estate on Cyber Monday

Everyone knows that today is the day all computer lines will be buzzing with online shoppers trying to get the best deals on Christmas bargains from online retailers. Websites will be slow as millions surf the web to take advantage of discounted prices. So while millions are overloading shopping sites looking for deals on electronics and holiday gifts, now would be the perfect time to search out a great real estate deal.

No I am not kidding. Real estate sites often have tons of widgets, photos and video links that can slow searches. But while others flock to save a few bucks, a savvy homebuyer can save tens of thousands by looking for a home to buy now. Not only are there bank owned properties, pre-foreclosures and short sales on the market, there are homes owned by families that have relocated, there are estates that must be sold and there are houses that are being sold due to family changes such as a new baby, marriage or on the downside, divorce. These homes won’t be removed from the market due to the holiday season. But you can bet that the owners don’t want to face a winter of maintenance on an empty property.

These homes are featuring drastically reduced pricing. Yep, I am seeing listings on homes, tens of thousands off the price from even a few weeks ago. Whether you are looking at a starter home, a town home or lakeshore, great deals can be found! And with the masses of other people buying holiday gifts, a home buyer won’t be faced with as many multiple offer situations. (Yes, there can be multiple offers on a home in this market when the home is priced well!) So home buyers, take advantage of Cyber Monday as a time to shop till you drop for a home bargain! Come January, those distracted buyers will be back in the game.

Here are a few GREAT Deals on Anoka and Chisago County Real Estate:

• 4BR/2BA Townhome $199,900
• 2.5 Acre Rambler w/heated 2nd garage/shop $279,900
• 3BR/2BA/3Car on Pond $204,900

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Buying a Home? Check out my new HOME BUYER'S BLOG!

Copyright 2008 terieckholm.com

Lakeshore Market Statistics for Forest Lake, MN—Clear Lake & Forest Lake Sales

A few weeks back I received a phone call from a lovely lady thanking me for my informative post on the lakeshore market in the Twin Cities north metro. She lives in Forest Lake on Clear Lake and was considering selling next summer After reading my article, Think Now is a GREAT Time to Make a DEAL on a MN Lakeshore Home? I Do!, she was concerned about the changing market and wanted more specifics on how homes on Clear Lake were fairing today. She didn’t want a market analysis of her home, just some statistics on what was really selling on Clear Lake. I told her that was a very good question and the sales values would be very different than what was happening on other area lakes. I said that I would look into the situation further and get back to her. I also told her that her query could become my next post. She thought that was a terrific idea so here it is.

First of all, many people may not realize that the City of Forest Lake, Miinnesota has several lakes and the lake, Forest Lake itself is really 3 lakes, First, Second and Third. All three are full recreational lakes and are connected by channels but the lakeshore on the different has different levels of desirability and hence drastically differing values. First Lake is the largest and most coveted shoreline. Similarly, Clear Lake is nearby Forest Lake. It is a full recreational lake but it is not connected to Forest Lake. Many people driving past the City of Forest Lake as they head up on 35 toward Duluth will mistake Clear Lake for Forest Lake as it is the only lake visible from the freeway. It is just to the east of 35 and there is a small fishing pier and boat landing visible from the road.

So how has Clear Lake real estate faired during the market slow down? My research showed very little activity in the past year. In fact, only one home has sold so far in 2008 and three homes were sold in 2007. The home sold in 2008 had been recently remodeled and sold within days of listing for an amount significantly higher than its stated tax value. This is very unusual and on the surface sounds like great news for Clear Lake homeowners but it is only one house and so the information taken alone is misleading.

Taking the three homes sold in 2007 into account, the picture is clearer but not as rosy. Averaging all four homes, the days on the market (DOM) expands to 135 for the SOLD homes on Clear Lake. Since each of the homes is drastically different in age, style, shoreline, acreage and condition, I did not want to average the value. Rather I compared the homes sales prices to the current listed tax values from the Washington County Assessor.

Here is what I found:

• A home on 217th sold for $463K and has a current tax value of $332K. It sold for significantly more than its tax value.
• A home on Everton sold for $295K and has a current tax value of $277K. It sold for slightly more than its tax value.
• A home on 210th sold for $320K and has a current tax value of $441K. This is significantly lower than the county has listed (and more in the norm for what is happening in the marketplace).
• A home on Fondant sold for $682K and has a tax value of $530K. Again very high compared to the tax record.

Then I averaged the sales prices to come up with an average; it appears that the homes on Clear Lake are selling at 1.15% of tax value based on the 2007 and 2008 sales data.

There are also four homes currently listed on the lake that and the cumulative DOM is considerably higher. The average DOM is over 440 days for these four lakeshore homes. Also two of the homes are listed at prices significantly higher than tax value:

• 21XXX Everton $270K List, $278K Tax
• 21XXX Floral Bay $406K List, $441 Tax
• 57XX 220th $680K List, $375K Tax
• 51XX 217th $949K List, $703K Tax

The first two homes were originally listed at $340K and $475K respectively. I think it is possible that the prices on these homes were brought down to under tax value so that they would have a better opportunity to sell. This seems to be inline with what is currently happening in most segments of the real estate market today.

Since there were so few sales on Clear Lake, I also compared tax values to sale prices for lakeshore homes on Forest Lake during the past 12 months. On Forest Lake (Lakes First Second and Third combined), 17 previously owned homes sold with lakeshore. The tax record to sales price ratio was 1.01% just slightly over tax value.
To get a true picture of what a lakeshore home value would be in the market place today, it would be most prudent to have a property specific market analysis done. But, if you just want a ball park value, take a close look at your Washington County tax statement. Unless your home has significant recent improvements or is significantly distressed, its current value in today’s market is very close to the assessed value.

More Articles on Forest Lake and Lakeshore that might be of interest:

• Forest Lake, MN Real Estate Market Statistics Third Quarter 2008
• Extremely Affordable Minnesota Lakeshore!
• Dreaming of Life on MN Acreage?--What YOU Need to Know Before YOUR Move!
• Relocating to Forest Lake MN? The Schools are Full of Ranger Pride!

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
Copyright 2008 terieckholm.com

Extremely Affordable Minnesota Lakeshore!

Last week I wrote about the deals that can be found on Minnesota Lakeshore in the north and east metro Counties of Anoka, Washington, Ramsey and Chisago. Lakehomes are selling for tens of thousands less than just a few years ago. Click Here to read Think Now is a GREAT Time to Make a DEAL on a MN Lakeshore Home? I Do!

A few years back, when prices were seemingly out of reach, I wrote another article, Affordable Minnesota Lakeshore, that remains to this day one of the most popular pages on my website. It was written for those dreaming of a lake home but unable to afford the rising costs MN shoreline. Now with real estate values correcting from the inflated pricing of the past few years, these variations on traditional lakeshore are now extremely affordable—usually not much higher than a home without water’s edge. With this in mind, it is once again time to review some of the lakeshore options in the Land of 10,000 Lakes to get the average Joe (or Josephine) into an extremely affordable lakehome!

• Channel Shore Shoreline along a channel is a great option for a full recreational lake. Many large lakes will have channels or narrow extensions that lead to other lakes or ponds. Usually there is not a place for a beach but you can have a slip or short dock for your boat. The channel will provide access to the main lake. The view will probably include homes on the opposite shore of the channel but if your goal is affordable use of a full recreational lake, this is a great alternative.


• Smaller Lake with Channel to Full Recreational Lake Often the lakes in Minnesota are connected to one or several smaller lakes. This can be a great opportunity. Shoreline that is shallow or weedy is not considered prime but if it has access to a larger lake, it could provide the same enjoyment at a much lower price.


• Small Acreage Lake Smaller lakes can be of interest to the more laidback water lover. Often there will be restrictions disallowing motors or only small motors. These smaller lakes can still be great for fishing, canoeing, kayaking and swimming. Some will allow docks and beaches but check with the DNR for specific restrictions. A small lake will still offer wonderful natural views at a significantly lower price than a full recreational lake.


• Environmental Lakes and Wetlands (Sometimes referred to as a NEDS Lake) These are very shallow lakes that are wonderful for privacy but not great for recreation. If you are looking for a home with awesome views of wildlife, this may be something to consider.


• Deeded Access Many homes and associations near a full recreational lake have been developed with deeded access providing use of the lake. The ability to have a dock, use the beach, or moor a boat, will be outlined in a legal agreement specifying what uses are allowed. Not all deeded access is created equal! Request a copy of all of the specific uses and rules before writing an offer so you can fully understand the access available as a home owner.


• Lake View A home with a beautiful lake view but no shoreline or lake access, can provide the wonderful picturesque views everyone dreams of without the high lakeshore taxes.


• Location with Public Access Nearby A final option is to look for a home that is near a park with public lake access. I sold one such home where the public access to a good-sized full recreational lake was about a quarter mile down the street. This family uses the lake to canoe, cross country ski and fish without driving or trailers. There was none of the additional cost or taxes associated with lakeshore property but all of the benefits!

LAKE RESOURCES
Department of Natural Resources Lake Finder Comprehensive search engine to find information regarding the size, depth and condition of Minnesota lakes by county and lake name. There is even information on approximate numbers and types of fish found in the listed lakes.
Need to know if you can have a dock? Put in a beach? If the water is safe? This site offers a directory of who to call for the most often asked water, lake and shoreline questions.
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
Copyright 2008 terieckholm.com

Think Now is a GREAT Time to Make a DEAL on a MN Lakeshore Home? I Do!

As recently as five years ago, the prices on Minnesota lakeshore were out of reach for many buyers. Prices shot up in the late 1990’s. Lake lots on Coon Lake in Anoka County that went on the market in 1998 for $60,000 were re-sold three years later for over three times that at $200,000. Homes on lakeshore saw similar increases. At the time, there didn’t seem to be an end in sight to what someone would pay for lakeshore in the Twin Cities. Well times have certainly changed.

A couple of years ago, “The Buyer’s Market” hit the Twin Cities and communities in the north metro. If there is one silver lining to the real estate woes of late it is the newly affordable prices for would-be lake home owners. As the buyer’s market has continued for several years, the price of lakeshore properties is once again within reach of many average Minnesotans. For years, lake-lovers only affordable options were channel shore and deeded access. Now actual shoreline is affordable again.
The affect the buyer’s market has had on the prices of lakeshore in Minnesota is nothing short of drastic. With so many homes available, buyers have had a selection of properties that hasn’t been seen for nearly a decade. This array of homes includes the wonderful lakeshore homes coveted by Minnesota sportsmen and nature lovers.

To see what kind of an impact the buyer’s market has had Minnesota lakes, I did some research on lake homes sold in first eight months of 2008. As a Realtor working in the north east metro for several years, I knew it was difficult to find reasonably priced Minnesota lakeshore in just a few years ago…especially properties located in areas with a quick commute to downtown. I wanted to see if the change in the market had made lakeshore more affordable. What I found is that an in-town lake home is not only affordable, there are several lakeshore properties available at ALL price ranges.
Focusing on the north east metro counties of Anoka, Chisago, Ramsey and Washington, I discovered some interesting facts. I set up a search for lakeshore homes SOLD that had at least 3BR/2BA and a garage and closed after January 1, 2008. The homes had to be a single family dwelling, not a town home or condo. There were 94 homes that met these criteria. I then took a closer look homes that sold for the lowest and highest price in each county. Since most homes sat on the market for several months, there were some unbelievable price concessions by sellers. The 94 listings were on the market an average of 233 days. But when I looked closer at the listings, I realized the cumulative days on the market was significantly higher. Many of the homes were cancelled and re-listed so the DOM would start again at zero. (In my estimation, the average time on the market for north metro lakeshore is 18 months to 2 years.)

So where are the deals on Minnesota Lakeshore? All over the north metro!

Here are some of the highlights:

Anoka County
Lowest Sold Price $203,000
Highest Sold Price $750,000
Average $380,348
Total Homes Sold 23

The lowest priced lakeshore home sold to date in 2008 was in southern Anoka County in Spring Lake Park. It was a 1988 three level split in foreclosure on Spring Lake with 5BR/3BA and a 3 car garage. It sold for $203,000.

On the other end of the spectrum, just to the north in Blaine, a 2005 built home sold with picturesque views of Sunrise Lake. It originally listed over 2 years ago for $974,900 but sold for just $750,000. This newly constructed home is a two-story home with 4BR/4BA and a 3 car garage.

Chisago County
Lowest Sold Price $150,000
Highest Sold Price $640,000
Average $366,057
Total Homes Sold 15

Both the lowest and highest priced sold homes were located in Chisago Township about 45 minutes northeast of downtown St. Paul. The lower priced home boasted 200 ft of shoreline on South Center Lake. It was a 20BR/9BA former group home built in 1900 and sold for just $150,000 after being on the market for over two years. Its original list price was $495,000. On the high end, there was a 2004 built lake home on Spider Lake with 211 ft. of shore. It was bankowned new construction with 4BR/5BA, a 4-Car garage on 3.28 acres and originally listed in 2005 at $999,900.

Ramsey County
Lowest Sold Price $229,900
Highest Sold Price $2,275,000
Average $705,370
Total Homes Sold 24

Ramsey County is the heart of the east metro and is home to the capital city, St. Paul. Surprisingly, there were some lakeshore bargains here as well. On the low end of the spectrum, there was a 3BR/4BA/2Car Moundsview home built in 1974on White Oak Lake. It originally listed in early 2007 for $295,000 but after a year on the market sold for $229,900, over $60K less!

On the more expensive side was a North Oaks executive home Black Lake. The home is on a 6.64 acre parcel in a private community. The brick rambler was built in 2005 with 4BR/5BA/6Car and 6300+ finished square footage. After being on the market for just 30 days, it sold for $220,000 less than asking price.

Washington CountyLowest Sold Price $216,284
Highest Sold Price $2,400,000
Average $594,628
Total Homes Sold 32

The average price of a lakeshore home took quite a tumble since 2007 in Washington County as there were many homes sold at very good prices.. At the low end a corporate-owned lakeshore home in Scandia, on Lake Sylvan sold $216,284 with a $12,000 seller paid contribution. This home originally listed four years ago for $309,900. The Washington County high ticket home sold so far in 2008 is located in Dellwood. The unique executive home with 140 ft of sandy beach on White Bear Lake sold after 175 days for $305,000 less than asking price. The home has 3BR/3BA/3Car and 3 fireplaces!

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1 /1/08 through 9/10/08.

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2008 terieckholm.com