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Originally Posted by secondcurve
Thanks Codeman and FLL. I think you both make good points. Yes, island real estate is certainly more attractive in the spring so maybe that is the majority of the reason for some markdowns. Then again, FLL points out that certain properties are no longer moving at higher and higher prices. I guess it all comes down to how the job market and the economy hold up. I plan to watch it carefully. One thing to ponder is that 4-years ago, just after 9/11, no one thought that the real estate market would ever surge 50-100%. What is that old saying? Expect the unexpected?
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I have been looking for a while at mainland property, considering moving up to the lake permanently. Honestly $1mil does not buy much on the mainland these days, you would be hard pressed to find something at that price that is worth it IMO. Most lots on the mainland that are not in a cove with no view and have decent frontage are going to be upwards of a mil alone. To replace my primary home on the seacoast with something comparable on the lake I would have to spend at least $1.7mil (almost twice the value of my present home) which does not excite me...That is why we settled for an island last year.
The thing to remember is that anyone that has been on the lake for even 5+ years time bought so cheap that they can afford to drop prices considerably because they are making so much profit that it doesn't matter. Almost free money...RG hit the nail on the head with the key word. A lot of pricing games go on as well, the one that I mentioned on Rattlesnake has gone up and down a number of times according to MLS. A friend (realtor) looked it up for me.