There’s Still Time to Sell Your Waterfront Home!

There’s Still Time to Sell Your Waterfront Home!

 According to the Multiple Listing Service, in July there were 18 new waterfront listings in Chisago County, 13 sales that are pending or closed, and 6 more under contract with a contingency. The median marketing time was 20 days and many waterfront homes sold in multiple offers. There is very little inventory for buyers to choose from and sales are down from last year due to the lack of new listings/inventory.

 The highest number of new waterfront listings for 2017 was in March with 20 new listings, but there were only 8 waterfront sales. April had 16 new waterfront listings and 21 sales. June had 12 new waterfront listings and 11 sales.

 The best 3 months so far, this year selling water front homes were April, June, & July. August looks to be another good month. The median price for the Chisago County Waterfront homes was $312,450 with 47 days on the market.

 The highest priced waterfront property that has closed this year was on Chisago Lake for $535,000, but there is one pending sale on Green Lake for more. The lowest priced waterfront house, was the only sale on South Lindstrom Lake this year for $138,500. There were 2 condo sales on North Lindstrom Lake for $51,000 and $72,750.

 Green Lake had the highest median sale price of the Chisago County lakes/river at $415,000 with 11 sales. North Lindstrom has the lowest median sale price 3 sales and a median price of $197,750 excluding the 2 condo sales mentioned above.

 There were 10 homes sold along the Sunrise River with a median price of $238,500. Chisago Lake had 4 waterfront sales with a median price of $350,000, North Center Lake; 6 sales with a median price of $307,500. South Center; 6 sales with median price of $310,000. For this article, I focused on waterfront with at least 3 sales, but Kroon Lake gets an honorable mention with 2 sales and a median price of $441,750. The marketing time for those 2 sales averaged 429 days.  

 If you are thinking about selling your waterfront home, contact an experienced waterfront agent to get a personal home evaluation today.

Ask the Real Estate Agent is a weekly column by Cheryl Kempenich of Coldwell Banker Burnet, who lives and offices in the Chisago Lakes Area. Submit your questions to ckempenich@cbburnet.com. All information is deemed reliable but not guaranteed. For legal assistance consult an attorney.

Lakeshore New Listing $169,900

Lakeshore New Listing $169,900

Wonderful cabin on fully recreational Green Lake just 30 minutes to downtown! 1800 acre lake with great fishing & fun. Sandy lake bottom, fire pit, great dock & screened porch! Wood burning fireplace, vintage decor, furnishings negotiable. Plenty of room to entertain a large gathering. 2 bedrooms and plenty of room of additional sleeping! New septic tank. Chisago Lakes voted one of America’s best Communities! Ojiketa Regional Park on lake. Schedule a showing call/test Cheryl at 612-735-0553

Is there still time to sell a lake home in 2016?

  Now that summer is over, sellers are asking if they should sell their home now or wait until spring. To answer this I reviewed the Multiple Listing Data for the larger lakes in Chisago County in 2015 and 2016, year to date.

  In 2015 there were 78 lake homes that sold on the larger lakes in Chisago County. The months with the highest number of sales were June (10), March (9), May (8), July (7), August (7). The months with the least amount of sales were December (2), January (4), September (4), November (4). 

  There are currently 33 active lakeshore listings on the larger Chisago Lakes. Three of them are sold with a contingency. Last year from September through December there were 16 sales, so if we use last year’s sales activity, about half of the homes on the market could sell this year. 

  Because we are moving into a slower market, it becomes a buyer’s market. There are less multiple offers and sellers start dropping their prices. Of the 33 active sales 19 have already made at least one price reduction. 

  The good news is that sale prices are up from 2015. From January to September 5, 2015 the average sale price was $277,874 compared to this year at $311,802. 

  Our most expensive sale this year, to date, was on Comfort Lake for $690,000 with 4 bedrooms, 4 baths, 4 garage stalls, and 4,268 square feet. The second highest was $535,000 on Green Lake with 3 bedrooms, 2 baths, 6 garage stalls, and 1,615 square feet. 

  There have been quite a few new homes being built on the lakes over the past couple of years, which means our average sale price should be increasing. Washington County experienced a building boom several years ago and the average sale price for Forest Lake, Clear Lake, and Big Marine Lake is $601,591. Their average price per square foot is $189 compared to ours at $180. So that tells us that their homes are much larger than ours, but priced comparably.

  The greatest demand, is for homes with a gentle slope to the lake, swimmable beach, at least one bedroom, bath and laundry on the main floor, good garage space and parking space. These are hard to come by, and they are typically newer, which means the prices are above $500,000. 

  When buying or selling a home in the Chisago Lakes Area, it is important to work with a local area expert that knows the features and benefits of each of the lakes, and how to overcome the buyer’s objections.

 Ask the Real Estate Agent is a weekly column by Cheryl Kempenich of Coldwell Banker Burnet, who lives and offices in the Chisago Lakes Area. Submit your questions to ckempenich@cbburnet.com. All information is deemed reliable but not guaranteed. For legal assistance consult an attorney.

 

Out-House Loses Grand-Fathered Status at Time of Sale

Out-House Loses Grand-Fathered Status at Time of Sale

   This week I met with some homeowners that have a seasonal cabin on Green Lake with a grand-fathered out-house. Like many homeowners they thought they could sell it as a cabin with an out-house, but that isn’t the case. When they sell, they lose their grand-fathered status and they must meet the Chisago County Sewage Treatment System Standards.

 This particular lot is not deep enough for a septic system with a drain field, so their option is a tank, which may need to be pumped frequently, depending on their usage. They can keep the out-house and put a septic tank under it and connect the well water to the out-house, but then they would need to install a second tank for the house if they want water going to the kitchen. The other option is to not have water going to the house and pump water from the well and carry it into the house.

 This cabin is in excellent condition so it doesn’t make sense to tear it down, and in my opinion, the best option would be to eliminate the out-house and convert the cabin to a year-round home with a bath and full kitchen with one septic system. Either way it will be expensive, but the future value will be better as a year-round home.

 I have another client purchasing a home on Rush Lake where the 20-year-old septic system failed the compliance inspection and the seller has opted for a septic box instead of a septic mound because the box takes up less space and it is less expensive. The treated cedar box will sit in the front yard and will be approximately 5’ high x 12’ wide x 28’ long. Luckily this is a wide lot so it won’t be directly in front of the house. This system will cost the seller about $13,500.

The Chisago County Sanitarian is extremely helpful and knowledgeable regarding sewage treatment systems. One of my clients was lucky enough to receive grant money earlier this year for a mound replacement.

 If you are thinking about selling in the near future, get your septic system inspection scheduled the next time you have your tanks pumped and keep your compliance certificate. Septic systems are not normally inspected in the winter as the ground needs to be thawed, spring road restrictions cause delays, and contractors are extremely busy trying to catch up in late spring and early summer.

 An experienced real estate agent can answer questions about required inspections, and can help you plan your next move.

Ask the Real Estate Agent is a weekly column by Cheryl Kempenich of Coldwell Banker Burnet, who lives and offices in the Chisago Lakes Area. Submit your questions to ckempenich@cbburnet.com. All information is deemed reliable but not guaranteed. For legal assistance consult an attorney.

Home Prices Are Up 11.8% for June

The median sales price for closed sales in Chisago County for June was up to $222,500 which was 11.8% higher than the median sales for June 2015 at $199,000, according to the Minneapolis Area Association of Realtors. Closed sales are based on purchase agreements that were written approximately 45-60 days before closing. This is great news for sellers that have been waiting for the return of their lost equity from the market crash of 2008!

  Inventory was down 19% in June to 340 homes for sale compared to 418 in June 2015, which gives buyers fewer options and helps to keep the prices higher for the sellers.

  The number of new listings and the number of sales for 2016 was almost the same as last year with 860 new listings through June 2015 and 839 through June 2016. There were 457 sales through June 2015 and 459 through June 2016 in Chisago County.

  The median sale price for June 2016 was up 6% over May 2016. Which brings our year to date increase over last year to 10.4%. 

  With less inventory comes fewer days on the market, which is down 29% for Chisago County compared to the same time last year. Sellers have more confidence that they can sell their home and purchase the next one in a reasonable period of time.

  The Chisago County market is increasing at a faster pace than the Twin Cities. Through June 2016 the median sales price is up 5.5% in the Twin Cities compared to Chisago County’s increase at 10.4%. Some of this is attributed to new construction and lakeshore properties. 

  Based on our market data; now is an excellent time to sell your home, especially if you have waterfrontage, acreage, or a beautiful lot. Buyers are looking for more listings in Chisago County and they want to be settled before winter.

  An experienced real estate agent can provide you the current market data to help you determine if now is a good time to sell or buy your next home.

Ask the Real Estate Agent is a weekly column by Cheryl Kempenich of Coldwell Banker Burnet, who lives and offices in the Chisago Lakes Area. Submit your questions to ckempenich@cbburnet.com. All information is deemed reliable but not guaranteed. For legal assistance consult an attorney.

 

2016 Lakeshore Sales Are Up for Chisago County

  According to the data from the Multiple Listing Service, the number of lakeshore home sales is 22% higher than the first 5 months of 2015, but the median sale price has declined 7% over the same period. The 2016 sale prices are 3% higher than all of 2015 as prices declined the second half of last year.

  The lowest priced lakeshore home to sell this year was on North Lindstrom Lake; a 2-bedroom condominium with community dock for $78,000. The highest priced lakeshore home sale was on Comfort Lake for $690,000 with a half-acre lot, 139 feet of shoreline and 4,268 finished square feet. The median sale price from January 1st to June 1st was $281,950 for lakeshore homes.

  There are 61 active lakeshore homes on the market in Chisago County ranging in price from $98,000-$2,000,000 and 17 pending sales ranging from $79,000 to $485,000.

  We are seeing 2nd homes or “cabins” being purchased by buyers from Hennepin and Ramsey County as Chisago County is much more affordable than the twin cities. The median sale price for lakeshore homes in Hennepin County is $605,000 and $490,000 in Ramsey County.

  In the north metro Sherburne County has the lowest median sale price for 2016 at $262,500 compared to Chisago at $281,950, Anoka at $293,500, Isanti at $297,450 and Washington County at $482,500. 

  Most lenders are requiring 10%-20% down payment for 2nd homes vs 3.5% – 5% down payment for a primary home, so most of the “cabin” buyers I meet are nearing retirement age and they are looking for a place to relax and entertain family and friends.

  The median priced lakeshore home in Chisago County has 2.84 bedrooms, 2.37 bathrooms with 2,247 finished square feet, priced at $281,950. The median price for all homes in Chisago County, in 2016, was $207,500 with 3.17 bedrooms, 2.24 baths, and 1,917 finished square feet. Most of the lakeshore homes are too small for young families and the larger lakeshore homes are unaffordable for the average buyer in the area.   

  If you are thinking of buying or selling a waterfront property contact an experienced real estate agent to help you navigate the real estate market in the Chisago Lakes Area.

Ask the Real Estate Agent is a weekly column by Cheryl Kempenich of Coldwell Banker Burnet, who lives and offices in the Chisago Lakes Area. Submit your questions to ckempenich@cbburnet.com. All information is deemed reliable but not guaranteed. For legal assistance consult an attorney.