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

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

Owning Minnesota Lakeshore—Is the Water Really Safe?

Owning a lakeshore home is a dream of many Minnesota residents. Living in the Land of 10,000 Lakes, one would be hard pressed not to drive by a lake, pond or river on a daily basis no matter if you are in Anoka, Ramsey, Chisago, Washington, Hennepin or any other county in our great state. Almost every day on the news there is something happening on or in one of our wonderfully wet natural resources. Some of the news is not always so great: Eurasian milfoil, mercury in the fish and polluted waters are a concern. Even those who live in the city are being asked to prevent grass clippings from going into the street and sewer systems as the chemicals that make our lawns so beautifully green, go through the storm drains and into our lakes. So how do you know if the sparkling pristine blue water of that Minnesota lakehome you want to buy is as clean as it looks?

As a Realtor working in the north and east Twin Cities metro, I do get asked questions regarding the quality of our lakes. After buyers are dazzled by the view of a lakeshore sunset, they want to know about water quality before they sign a purchase agreement. Lakeshore owners want to be able to fish, boat and swim in the water. So questions arise.

*Is the lake polluted?

*Are the fish safe to eat?

*Is there milfoil present?

*Should we swim in the water?
Finding these answers is simple. I direct my lakehome buyers to http://www.checkmylake.org/, a wonderful website devoted to MN lakeshore and recreation published by Conservation Minnesota. The site gives information great information on all of Minnesota’s lakes that have been tested for water quality.

A potential lakeshore buyer can find out whether the lake water is safe to swim in and whether the fish are safe to eat on a case by case basis. The lake search is very simple to use. Just put in the name and or county of the lake you are interested in and hit GO. I found that when I was looking for a big lake that is located in more than one county, like White Bear Lake, entering the lake name is best because it will only be listed in one county. (In the case of White Bear Lake, it listed as Washington County not Ramsey.)

Pollution status is not the only feature of checkmylake.org. The website is updated daily with water facts, lake news and beach reports. You can also sign a petition to protect our lakes, volunteer to monitor lake quality, or submit a story about your favorite lake.

Ready to buy a Minnesota Lakehome 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

Mid-Year 2007 Real Estate Market Statistics for Forest Lake Minnesota--Including Lakeshore Statistics

The first half of 2007 has been a mixed bag for the Forest Lake real estate market in northern Washington County. Homes in priced below $300,000 are selling well but time on the market is lengthy in all price categories. Per the St. Paul Area Association of Realtors, sales for the 13 county Twin Cities area are down 16% in the first half of 2007 compared with sales in the first half of 2006. The average home price fell 2%.
This mid-year update for Forest Lake real estate reflects the sluggish market with many listings. Homes are stagnant in the high price ranges with the exception of lakeshore. 4 of the 7 homes priced over $400,000 were lake homes. Homes in Forest Lake are moving a bit faster selling with 168 DOM, than those in neighboring Ham Lake and Lino Lakes which have an average DOM of 173 and 208 respectively. (Click here for complete Lino Lakes Statistics.) (Click here for complete Ham Lake Statistics.)

The following are statistics of current single family residential market activity in the Forest Lake area for the first six months of 2007:

Under $300,000~ 88 Active Listings, 9 Pending Listings, 45 Sold Listings; Average Cumulative Days on Market for Sold Listings: 150

$300,000-400,000 ~ 53 Active Listings, 0 Pending Listings, 14 Sold Listings; Average Cumulative Days on Market for Sold Listings: 204

$400,000-$500,000 ~ 24 Active Listings, 0 Pending Listings, 1 Sold Listings; Average Cumulative Days on Market for Sold Listings: 181

$500,000 and Up~ 42 Active Listings, 2 Pending Listings, 6 Sold Listings; Average Cumulative Days on Market for Sold Listings: 155

Lakeshore available in Forest Lake:
61 Active Listings, 3 Pending Listings, 5 Sold Listings
Forest Lake lakeshore price range: $334,900-$749,000

• 48 Home on Forest Lake


• 10 Home on Clear Lake


• 2 Homes on Sylvan Lake


• 1 Home on Natural Environmental Wetland or NEDS Lake

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/07 through 6/30/07.

Selling Tips: With homes in Washington and Anoka County staying on the market for months, it is important for sellers to remember to keep the front of the home showing ready at all times.
Here are a few quick tips to keep your home looking hot from the street:

• Flowers add color! If your spring blooms haven't blossomed yet, buy a dried floral wreath or colorful flag.


• Spruce up the landscaping with new wood chips. Make certain all of the landscaping bricks in the retaining wall are in place.


• Pick up trash from the yard.


• Rake any leaves that have blown in over the winter.


• Fix up that rusted mailbox at the end of the driveway.


• Seal coat the blacktop drive.
  Move Boats, Trailers and Campers to another location.


• Wash dirt and cobwebs from front of home paying special attention to door where buyers will enter. Paint door if necessary.


• Replace tattered American flags with new ones. (Remember proper to dispose of old one properly.)
  Repair any wind damage to gutters, siding, shutters and storm doors. If the shutters or trim has faded, replace or repaint.


• Paint or stain siding and front deck as necessary.

Buying Tips: There are many awesome deals on homes throughout the north and east Twin Cities metro for home buyers looking for a great opportunity to purchase a lakeshore or acreage home. But keep in mind that there are many misconceptions in a buyers market too. Here are a few points to remember as you consider purchasing a home in today’s market.

• A home with a high DOM is not always a problem house. The only problem with the home could be that it was priced too high when first listed.


• Not all sellers are so desperate that they will take any written offer. Sellers will not give away their homes. Homes are selling for fair prices in this market but not less than what they are worth.


• Buyers in this market it is more important than ever to have an experienced Realtor on your side to assist with negotiations. It is not a time to view homes “agent-free”. The listing agent represents the seller. With widely fluctuating prices, it is imperative to have someone representing YOUR interests in the transaction.

Featured Listings in the north and east Twin Cities:

• 1517 128th Ave NE, Blaine, MN 55449


• 5065 E Vermillion Circle NE, Ham Lake, MN 55304


• 1988 Robin Lane N, Centerville, MN 55038

Articles on Lakeshore and Minnesota that might be of interest:

• Relocating to Forest Lake Minnesota? The Schools are Full of Ranger Pride
• Does "Minnesota Nice" Affect the Real Estate Market? "Yah, You Betcha!"
• Dreaming of Life on MN Acreage?--What YOU Need to Know Before YOUR Move!
• Affordable Minnesota Lakeshore
• There's More to Minnesota than 10,000 Lakes--Much More!

If you are relocating to Minnesota, are looking for Homes for Sale in the north and east Twin Cities metro area and need help from a professional Realtor, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage properties! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
Copyright 2007  www.terieckholm.com/