Mistaking Re-Financing Appraisals for the Market Value

Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price.  Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing.  The market value of your property could actually be lower.  Your best bet is to ask your REALTOR for the most recent information regarding property sales in your community.  This will give you an up-to-date and factually accurate estimate of your property value.

Door County's commercial real estate trend is changing. Over my 28 years selling Door County real estate, I have had the opportunity to sell 67 Door County businesses.　Over that time, the average market time for a Door County business was 1 to 3 years (according to our Door County MLS statistics covering 550 sq. miles) and there was an average of 30 to 32 business sales per year with the highest years having 41 and 47 commercial sales. Over the past couple of years, commercial sales are down to approximately 20 sales per year with an average time on market of up to 6 years.

This is vital information. If you have a commercial property that you want/need to sell, you need to be prepared.  You need to price competitively to be one of the 20 sales…or you’ll be chasing the market down.  Chasing the market down ultimately will net you less money than pricing realistically now.

FIRE AND ICE FESTIVAL IN STURGEON BAY
Location: Citywide in Sturgeon Bay
Dates: 02/17/2012 - 02/19/2012
Winter in downtown Sturgeon Bay is enchanting. The 'Fire and Ice' Festivals brings in professionals who magically turn blocks of snow and ice into beautiful works of art! 

The best chance for selling your property is within the first 7 weeks. Studies show that the longer a property stays on the market, the less the seller will net. It is very important to price your property at a competitive market value at the signing of the employment agreement.

The market is so competitive that even over pricing by a few thousand dollars could mean that your house will not sell. Your first offer is usually your best offer.

Here are 8 reasons for pricing your property at market value in the beginning to net you the most amount of money in the shortest amount of time:

An overpriced home:

• Minimizes offers
• Lowers agent response
• Limits qualified buyers
• Lowers showings
• Lowers prospects
• Limits financing
• Wastes advertising dollars
• Nets less for the seller.

WASHINGTON ISLAND FISHING DERBY
Location: Washington Island

February 11 - 19 2012

Plan a winter excursion to Washington Island and enjoy a week filled with fun! The derby includes a week-long fishing competition with prizes, annual chili cook-off, and music. You'll enjoy the island's winter wonderland!

Here's a quick look at the over-all market stats for the first month of 2012:

In the first month of 2012, our Door County Multiple Listing Service posted 26 sales. Of the twenty-six, 13 were property sales in Northern Door County. 

These 13 sales shake out like this...

• Residential Inland with Water View - 1 sale at $650K

• There were 5 Vacant Inland (lot) sales.  Of the 5, one was a Vacant Lot with Water View that sold for $290K.  The remaining 4 lots had an average sale price of $46K.

SNOWSHOE HIKES

At The Ridges in Baileys Harbor

02/10/2012 - 02/11/2012

You'll enjoy the beauty of The Ridges in winter! The snowshoe hikes are accompanied by a Ridges naturalist and cover the cultural and natural history of the ridges and swales. Some snowshoes are available at the site. The cost is $5/person and $5 extra to rent snow shoes. Starts at 1:00.

WISCONSIN CHEESE MASTERS.COM

AT THE HARBOR RIDGE WINERY
EGG HARBOR, WI

Jim and Katie Pionkoski, Wisconsin Cheese Specialists own Wisconsin Cheese Masters.Com. Their store is located in the Harbor Ridge Winery log building at 4692 Rainbow Ridge Court in Egg Harbor. If you LOVE cheese...YOU HAVE TO VISIT THEIR SHOP! They have an awesome selection of Artisan and Farmstead cheeses...over 90 varieties! You can also order on-line. MORE INFORMATION HERE!

I was recently reminded of the importance of communication in a transaction between the Buyer and their REALTOR (and Seller and their REALTOR). We had an accepted Offer to Purchase.  The Buyers were working through another REALTOR and I was working with the Sellers.  Throughout the negotiations and then after the Offer was accepted, it was apparent that there was very little, if any, communication between the Buyers and their REALTOR  The deal ultimately fell apart because of the Buyer’s lack of understanding of the Offer process.  I felt these Buyers really wanted the property, but were left in the dark when it came to procedures.

It is SOOOO IMPORTANT TO COMMUNICATE WITH YOUR REALTOR.  The REALTOR is there to guide you through the transaction.  Most people do not buy and sell real estate every day.  I DO!  Because I do, I can help you through the maze of writing the Offer, negotiations, inspections, financing, appraisals, zoning, offer deadlines, etc.

The best advise that I can give you, is to WORK WITH A REALTOR WHO COMMUNICATES WITH YOU CONSISTENTLY! 

FISH CREEK WINTER FESTIVAL

FEBRUARY 3 - 5, 2012

DOWNTOWN FISH CREEK

Fish Creek's 25th Annual "Fish Creek Winter Festival" begins Saturday, Feb. 4 with a parade down Main Street. There will be a heated tent at Clark Park with music, raffles, and games. Saturday evening hosts the 8th annual Door County Idol, then there's a Rock n Roll Snow Dance. And for the athlete in your group, there's the 3rd annual "Fruit Loop" which is a half mile costumed winter fun run. Fish Creek always puts on a fantastic celebration...Stop by my office while you're in town!

NORTHERN DOOR COUNTY CONDOMINIUM SALE TREND FOR 2011

In 2011 there were 80 reported sales of residential condominium units located in Northern Door County. Stony Ridge Condominium in Sister Bay led the number of sales per project with its 10 reported sales.  The sale prices at Stony Ridge Condominium in Sister Bay ranged from $81,500 to $119,900.  Northhaven Condominium in Fish Creek came in second with 6 reported sales.  The sale prices at Northhaven Condominium ranged from $190,000 to $280,000.  The highest price condominium unit that sold in Northern Door in 2011 was at Mariners Pointe Condominium in Sister Bay at $809,000.  You can see the sale statistics for all property types and for all of Door County anytime at www.ConnieErickson.com or CLICK HERE TO GO DIRECTLY TO THE STATS!

Each year at this time, I post Door County's annual real estate market statistics on my site.  In reviewing the information, I found it interesting that...

...of the 291 inland home sales (county-wide) reported in 2011, the majority of the sales were under $300,000 with the most (63) in the $100,000 to $149,999 range.  Of the 64 waterfront home sales, the majority were under $600,000.  The three top price ranges for residential waterfront were:  $100,000 to $149,999 (7 sales), $300,000 to $349,999 (9 sales), and $550,000 - $599,999 (8 sales).  

There were 91 residential condominium sales, most were in the $100,000 to $299,999 range.  Of the 37 hotel condominium sales, most were below $100,000.

There were 12 vacant waterfront sales...all below $300,000 and 84 vacant inland sales, the majority (48) under $50,000.

There were 27 commercial property sales reported in 2011.  One was over $1,000,000 with the remaining under $400,000 and the majority (22) under $200,000.

You can view up to date Door County real estate market trends and reports on my web site!  If you'd like to discuss them, give me a call.  I LOVE talking real estate!

WINTER HARBOR MADNESS

Saturday, January 14, 2012

EGG HARBOR

The first, to be annual, WINTER HARBOR MADNESS in Egg Harbor is set for January 14, 2012.  As with other Egg Harbor festivals and events, this is sure to be fun.  Below is an itinerary of events....

Ice Fishing Tournament at Village of Egg Harbor Marina

7am-2pm: Fish in Green Bay waters
2pm: Weigh in your fish at the Marina

$20 entry | drill your own holes, 3 lines per person
Awards for BIGGEST Trout, Northern, Walleye, Perch, Whitefish

Cross Country Ski Race: Pending

Live Music at local watering holes

CLICK HERE TO SIGN UP FOR THE FISHING TOURNAMENT AND FOR DETAILS ON THE WINTER HARBOR MADNESS FESTIVAL...

Cave Point County Park

Cave Point is one of my favorite Door County parks. This 19 acre paradise located within Whitefish Dunes State Park, features one of Door County's most picturesque shorelines. Cave Point County Park is a wonderful place to visit throughout the year. The spectacular sea caves, resulting from centuries of Lake Michigan's relentless pounding against the limestone bluffs, are visual wonders throughout the year.

JACKSONPORT'S POLAR BEAR SWIM!

JANUARY 1, 2012

NOON SHARP!

Enjoy a refreshing dip in Lake Michigan with the Jacksonport Polar Bear Club. For 26 years, the Jacksonport Polar Bears have taken the plunge into January's icy Lake Michigan waters. It's a fun event...for me, a fun "spectator" event!   The club hopes to have 1,000 brave soles make the splash at Jacksonport's Lakeside Park....

Egg Harbor's FROSTY FEST

January 1, 2012

Join in on Egg Harbor's 34th Annual New Year's Day Parade! It starts at 1 PM and is followed by a one-mile Ice Fun Run to benefit the Door County YMCA!

It is fun for the whole family...parade, snow sculptures, food!

P.S. If you see Bob Erickson on January 1, be sure to say, "HAPPY BIRTHDAY, BIRTHDAY BOY!"

THE VILLAGE OF EGG HARBOR'S MUNICPAL MARINA RECEIVES THE WISCONSIN CLEAN MARINA AWARD!

The Door County Advocate recently reported that the Village of Egg Harbor’s municipal marina will be honored by the Wisconsin Marina Association with the Wisconsin Clean Marina Award! This award was developed through the University of Wisconsin’s Sea Grant Program. According to Peter Devlin’s article in the Advocate, the Village earned the award, in part, due to the management of storm water runoff into the bay of Green Bay, recycling and prohibiting boat maintenance in the marina. I just want to say, THANK YOU to the Village officials who diligently worked on providing us with an environmental award winning, yet beautiful Village marina!