Just wondering if we’re starting to see it open up more yet or if people expect more to come on the market this spring. I feel like even in a down economy, so many people have moved up there at least part-time to WFH or to retire since the pandemic that it will remain tight for some time to come.
i got like 10-12 years…….going to look hard in 5 so hopefully it will stabilize?
The market is shifting slowly. I’ve been looking for the last few Years, but I’m actually looking hard now. The market is changing. What I used to see sold in 2 days is now held for 2 months. It’s coming close until people realize everything isn’t pure gold. But lots are still gold
Places started popping up on Island and Whiteface reservoirs up here last summer. MN. Power is selling all the leases. They didn’t last long and were going for crazy prices. Don’t know if the listed prices included the lease buy outs or not. Mn Power is selling the properties at market value. So if you paid a $300 or $400 a month for a lease for 15 years that got you nothing but they never promised you nothing either.
I think what you see show up in real estate listings is a fraction of what becomes available as most lake/cabin property gets moved through family or word of mouth. We got lucky and came across unlisted property on Whiteface four years ago. Not lease but private. I looked at leased property near there about ten years ago but I just couldn’t bring myself to justify leasing. I get a offer at least once a year to sell so I know if I ever do the property would never see the open market. As the saying goes they aren’t making any more.
I think the market peaked in about May last year, since then things have been sitting longer. I have not seen many material price reductions, seems like people preferred to take things off market rather than letting them sit all winter.
I am definitely curious to see how this spring goes.
I can say in Cumberland and Webb Lake areas of WI there are very few lake places for sale. My buddy just put an offer on a place by Webb Lake. He had been looking for the past 2 – 3 years. He said anything that would hit the market would have multiple offers right away. He is paying darn near 600K for a 1975 era cabin that has not been updated since. 
I haven’t seen a place for sale on our lake (Cumberland) for close to a year.
I’m in the Outing, MN area and know a couple local realtors up there.
They pretty much say what BC says.
Cabins are on the market a bit longer but prices are coming down.
Keep in mind that when you buy a cabin the county is calculating taxes on older values. Once the property changes hand they will raise the taxes.
FYI – My value went up $100K this year.
I’m in the Outing, MN area and know a couple local realtors up there.
They pretty much say what BC says.
Cabins are on the market a bit longer but prices are coming down.Keep in mind that when you buy a cabin the county is calculating taxes on older values. Once the property changes hand they will raise the taxes.
FYI – My value went up $100K this year.
so thats why……mom turned the cabin over to my brother and i 3 years ago……..the value did go up but not that much. but then we dont have a moosehead in ours either!!!!!!! 
on a side note our taxes did go down this year!!!!!!
on my way up i do see places for sale but now that you guys bring it up….not near as many.
For the younger people or people that have to borrow money at the high interest rates it has slowed down. For the people that have the cash it is still a good time to sell. Time will tell cause I just listed my year around home up at LOTW and will see what happens
I feel like even in a down economy, so many people have moved up there at least part-time to WFH or to retire since the pandemic that it will remain tight for some time to come.
Where is this “down economy” you speak of? MN unemployment is less than 3%, which means essentially 0% for those who actually want to work.
The lake cabin market is always tight because they aren’t building any more lakes. The only thing that will “go down” as far as cabin prices go is the rate that the prices rise every year, so in real terms prices will never “go down”, they just won’t rise as rapidly as was seen during the pandemic.
I talk to a LOT of recreational property owners every year because I’m in that business. What I have learned from them and my own experience is that buying a recreational property involves 2 phases:
1. Phase 1: You buy and everybody and their dog tells you that you are crazy for “overpaying” and that you should have waited for “prices to come down”. This phase lasts 2-3 years. Just smile and nod.
2. Phase 2: After 3 or so years the same people will tell you how “lucky” you were that you bought before prices went up to the current crazy levels. They will bemoan the fact that they never will get as lucky as you got when you snapped up that property for next to nothing.
The only thing I wish I would have done differently when it comes to my property is that I wish I would have bought it sooner.
<div class=”d4p-bbt-quote-title”>queenswake wrote:</div>
I feel like even in a down economy, so many people have moved up there at least part-time to WFH or to retire since the pandemic that it will remain tight for some time to come.Where is this “down economy” you speak of? MN unemployment is less than 3%, which means essentially 0% for those who actually want to work.
The lake cabin market is always tight because they aren’t building any more lakes. The only thing that will “go down” as far as cabin prices go is the rate that the prices rise every year, so in real terms prices will never “go down”, they just won’t rise as rapidly as was seen during the pandemic.
I talk to a LOT of recreational property owners every year because I’m in that business. What I have learned from them and my own experience is that buying a recreational property involves 2 phases:
1. Phase 1: You buy and everybody and their dog tells you that you are crazy for “overpaying” and that you should have waited for “prices to come down”. This phase lasts 2-3 years. Just smile and nod.
2. Phase 2: After 3 or so years the same people will tell you how “lucky” you were that you bought before prices went up to the current crazy levels. They will bemoan the fact that they never will get as lucky as you got when you snapped up that property for next to nothing.
The only thing I wish I would have done differently when it comes to my property is that I wish I would have bought it sooner.
How true!!!
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