If you read this blog, you know that Cameron was recently for the news about the market (). Cameron noted that the 2nd home market is not the same as the rest of the real estate market. Lake Property prices are increasing as demand continues to increase.
The median price for a lake home/cabin in Minnesota (all of Minnesota) is currently $349,000 - while the median price for a home in Minneapolis is $229k. The median price for a lake lot in Minnesota is $129,000 and there are currently 1,100 lake homes/cabins priced at $1,000,000 and up on the market.
Is this trend going to change? I guess you will have to ask the 80,000,000 baby boomers who will be retiring over the next 10-15 years (and their gen x kids - who will be on the receiving end of the largest in history).
In our opinion, the market will not slow down anytime soon…but if you are on the fence…you will have to look at the data and decide for yourself.
Happy Lake Home Hunting!
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Posted on June 22nd, 2007 by admin
Filed under: FSBO
