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Displaying blog entries 41-46 of 46

DOOR COUNTY SEPTIC SYSTEM LAW

Wednesday, February 16, 2011
by Connie Erickson
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When working with both my Buyer and my Seller clients, I do my very best to keep surprises from occurring after we’ve entered into a Contract for Sale.  One item I discuss is the Door County Private Waste Disposal System Ordinance.  This ordinance affects all of our rural properties.

Door County’s Private Waste Disposal System Ordinance requires existing private septic systems to be evaluated prior to the transfer of ownership.  It is the seller’s responsibility to have the system inspected and pays the costs associated with the inspection.  A licensed soil testing does the inspection and submits a written report to the Door County Sanitarian’s office.  The sanitarian will personally inspect the system and make a final determination of passing or failing.

According to Chris Olson of the Door County Sanitarian’s office, over the past 5 to 10 years, the ratio of passing to failing systems has been approximately 80:20.  Of the 20% of systems that failed, approximately 80% of them failed because they were installed prior to 1975 and were in unsuitable soil conditions.  Chris also pointed out that steel holding tanks over 20 years old are also likely to fail.

If after an inspection, a system is deemed failing, the property owner will be required to replace the system within one year of the inspection date.  When buying or selling Door County real estate, I can help you through this process and make sure that we properly deal with the inspection as well as the situation of a failing system in an Offer to Purchase.

Lender Rules Are A Revolving Door

Monday, January 31, 2011
by Connie Erickson
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According to Lawrence Yun, Chief Economist for the National Association of REALTORS, real estate sales in the US in 2010 were equal to the number of sales in 2000, yet the US population dropped by 27,000,000 since 2000.  (2011, REALTOR magazine).  As I wrote in my January newsletter, the Door County MLS reported a 5% increase in the number of reported sales in 2010 over 2009, however both years maintained 26% of properties listed for sale actually sold.

After 27 years in the real estate business and selling 60 to 100 properties a year in Door County, I'd like to think that there is not too much the I haven't seen.  However, these last couple of years it has been hard to get a handle on lenders and their financing requirements.  This is a revolving door of rules and regulations.  If your credit score is 640 you might get a loan, but you are in a better position if your score is higher.  Now, more than ever, it is vital that you speak with a local lender before you move forward with looking at real estate, even if you have cash for a big down payment.  I recently had a well qualified buyer with cash to pay for a property he wanted to purchase.  However, he wanted to financing the purchase.  The offer was made, subject to financing (which we anticipated would happen fast due to his cash position), but on the last day, he was turned down!   Even if you're "golden", have cash, and good credit, I strongly recommend....see a local lender first.  When you're ready, call me first.  I work with local lenders daily and can help you through the process.

Real Estate Markets Are Local

Friday, January 14, 2011
by Connie Erickson

Yesterday we attended our monthly Door County Board of REALTORS luncheon and Bill Malkasian, President of the Wisconsin REALTORS Association, spoke to us. I love listening to Bill as he is always so well informed. I wanted to share with you some of the information he shared with us.

Bill emphasized the fact that real estate is "local". Madison, WI market is not the same as the Door County, WI market. Unfortunately, the press does not always report it that way. It is an important concept to understand and now more than ever, it is very important to choose a REALTOR who is familiar with the market and can interpret it for you. I will talk more about that later, and exactly how you can choose that REALTOR.

Bill stated that there is a 13.5 month inventory average in the State; it is far different in Door County. The upper end second home market, he said, is the most challenged of all categories in the State (Door County had more of these sales in ’10 than ’09 and you can always see the whole picture all the way back to ’08 on www.ConnieErickson.com). Bill indicated 2011 will be a better year because of the certainty of the tax code as it relates to capital gains. In 2110, the average sales price for the State was $189,900. He explained Freddie and Fannie cease to exist, Bill said, "they will exist in 5 years and be replaced due to privatization."

While Bill and I know you’d like a better report – Bill said to expect flat line growth in ’11. There are 35 newspapers left in Wisconsin; 17 are owned by Gannett. Interest rates may go down again a bit later this Spring and this is a great time to buy. Finally, Bill shared that Wisconsin has a low unemployment rate of 7.8% compared to the 9.4% US rate.

Lastly, I want to share I am the proud recipient of the Betty Graf Scholarship Award for 2011 and will use that assistance to take the Certified Property Distressed Expert course in February so that I can better assist my clients who are upside down and close to or in foreclosure.

October 2010 Door County Real Estate Market Report

Friday, October 1, 2010
by Connie Erickson

Fall has been, and continues to be, very active….much more than in 2009. The one big difference between 2009 and 2010 is that I’ve not had one Buyer say to me: "I think I’ll wait", "The economy scares me", "I think my job may be in jeopardy." Quite the contrary, 2010 Buyers are buying because our prices have decreased somewhat and the interest rates are great.

To see the up to the minute stats on the market as of October 1, 2010 CLICK HERE.

Tell all your friends to visit my web site, www.ConnieErickson.com regularly for up to date market information.

2nd Quarter 2010 Market Stats

Monday, August 23, 2010
by Connie Erickson
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The second quarter market statistics are out for 2010. Comparing Northern Door County sales prices occurring during the second quarter 2010 vs. 2009, 2010 shows the following: Residential Waterfront up 17%, Residential Inland down 4%, Waterfront Land up 115%, Inland Land down 1%, Commercial up 367%, Residential Condominium down 16%, and Hotel Condominium down 37%. For up to date market information, you can always visit my web site.

First Quarter 2010 Door County Real Estate Market Update

Wednesday, April 14, 2010
by Connie Erickson
 
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In reviewing Door County's first quarter market statistics, I find it interesting that for the first time (as long as I can remember), the List Price to Sales Price (LP/SP) statistic has decreased below 90% in ALL property types except condominiums. Door County's LP/SP statistics have held in the 90% bracket until now.

The time it takes to get a property sold (TOM) is on average 1.5 years. Take note, vacant waterfront lots took, on average, 1,036 days to sell!

The market is the market. We cannot change it, but by understanding it, we can position ourselves to make the best of it. Knowledge is key!

Visit my web site often to stay on top of Door County's real estate market: www.ConnieErickson.com

I post updated Door County real estate market statistics quarterly and am available to discuss current market conditions anytime. I welcome your call or e-mail. I love talking real estate!

Displaying blog entries 41-46 of 46

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Connie Erickson
Door County Realty, Shorewest, REALTORS®
10580 Country Walk Dr., #12
Sister Bay WI 54234
920-868-3245
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