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Old 05-02-2021, 12:55 AM   #101
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Originally Posted by WillyK View Post
On the main topic of this thread, the house at Hauser Estates appears to have closed at a price of $3M. Which still seems a few standard deviations above sane, even for this current climate. To be fair, I’ve never seen the property in person, but for $3M (vs. other things in that price range on the lake), it must show VERY well. Or else there’s something really unique about the site for future expansion or similar.

Shrug. As a recent lake owner, here’s hoping this is a new normal, I guess…


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Exactly what I said it would close at.
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Old 05-02-2021, 10:40 AM   #102
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Exactly what I said it would close at.
Yeah, good call. Your "1.6x assessed value" heuristic was a good call, gotta keep that one in mind.
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Old 05-02-2021, 07:45 PM   #103
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I know the waterfront prices on Winni look crazy but they are really not when you compare them to top lakes in other parts of the country. It's a bargain compared to Lake Tahoe.
Just got back from a week at Lake Coeur d'Alene ID and I'd say lake front properties are 15 - 20% higher there. It's a beautiful area but I'd take Lake Winni any day!!
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Old 05-27-2021, 11:49 AM   #104
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OK, so the place directly accross the street from me on Lake waukewan, an A frame built in the 60's, just went on the market for 1.5 million. The lady bought it last June for 550K and completely remodeled it, but it's still an A frame. I'm guessing she put 400K into it. I know when she first bought it she was getting estimates around 300K but 6 months in she told me the price jumped considerably. It was completely gutted and a new 3 bedroom septic installed. This market just keeps getting crazier!

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Old 05-27-2021, 12:29 PM   #105
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Just got back from a week at Lake Coeur d'Alene ID and I'd say lake front properties are 15 - 20% higher there. It's a beautiful area but I'd take Lake Winni any day!!
Ah but you have to look at the entire picture not just sale price. Property taxes out there are a fraction of what they are here so while the cost to get in may be higher the cost to carry is far lower. So long term a better value in my opinion even with a higher sale price. That is what keeps property prices here to some degree in check as they are very high comparatively speaking with a few exceptions. They (Idaho) also have the homestead exemption on primary residences which lowers the total assessed tax value. The calculation is 50% of assessed value capped at 100k in total reduction. Due to the increase in property values they are looking to increase the cap amount or have it adjust based on average market conditions year to year.

It is a beautiful area out there.
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Old 05-27-2021, 12:56 PM   #106
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I just read an article on Idaho that said there was a big influx of remote workers from California moving in making property prices sky rocket so it won't be long before property taxes follow suit.

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Old 05-27-2021, 01:09 PM   #107
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True but unlike places like Denver or Salt Lake City which also have experienced the same kind of growth, Idaho lacks industry outside of agriculture and mining. So once those remote jobs disappear folks are going to be holding very expensive property and a local economy that can’t support the rising costs - it will have to adjust just like everywhere else. I mean the average income in Boise is 31k a year where average houses are fetching well into the 400s something has to give.
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