Just wondering if we’re starting to see it open up more yet or if people expect more to come on the market this spring. I feel like even in a down economy, so many people have moved up there at least part-time to WFH or to retire since the pandemic that it will remain tight for some time to come.
i got like 10-12 years…….going to look hard in 5 so hopefully it will stabilize?
The market is shifting slowly. I’ve been looking for the last few Years, but I’m actually looking hard now. The market is changing. What I used to see sold in 2 days is now held for 2 months. It’s coming close until people realize everything isn’t pure gold. But lots are still gold
Places started popping up on Island and Whiteface reservoirs up here last summer. MN. Power is selling all the leases. They didn’t last long and were going for crazy prices. Don’t know if the listed prices included the lease buy outs or not. Mn Power is selling the properties at market value. So if you paid a $300 or $400 a month for a lease for 15 years that got you nothing but they never promised you nothing either.
I think what you see show up in real estate listings is a fraction of what becomes available as most lake/cabin property gets moved through family or word of mouth. We got lucky and came across unlisted property on Whiteface four years ago. Not lease but private. I looked at leased property near there about ten years ago but I just couldn’t bring myself to justify leasing. I get a offer at least once a year to sell so I know if I ever do the property would never see the open market. As the saying goes they aren’t making any more.
I think the market peaked in about May last year, since then things have been sitting longer. I have not seen many material price reductions, seems like people preferred to take things off market rather than letting them sit all winter.
I am definitely curious to see how this spring goes.
I can say in Cumberland and Webb Lake areas of WI there are very few lake places for sale. My buddy just put an offer on a place by Webb Lake. He had been looking for the past 2 – 3 years. He said anything that would hit the market would have multiple offers right away. He is paying darn near 600K for a 1975 era cabin that has not been updated since. 
I haven’t seen a place for sale on our lake (Cumberland) for close to a year.
I’m in the Outing, MN area and know a couple local realtors up there.
They pretty much say what BC says.
Cabins are on the market a bit longer but prices are coming down.
Keep in mind that when you buy a cabin the county is calculating taxes on older values. Once the property changes hand they will raise the taxes.
FYI – My value went up $100K this year.
I’m in the Outing, MN area and know a couple local realtors up there.
They pretty much say what BC says.
Cabins are on the market a bit longer but prices are coming down.Keep in mind that when you buy a cabin the county is calculating taxes on older values. Once the property changes hand they will raise the taxes.
FYI – My value went up $100K this year.
so thats why……mom turned the cabin over to my brother and i 3 years ago……..the value did go up but not that much. but then we dont have a moosehead in ours either!!!!!!! 
on a side note our taxes did go down this year!!!!!!
on my way up i do see places for sale but now that you guys bring it up….not near as many.
For the younger people or people that have to borrow money at the high interest rates it has slowed down. For the people that have the cash it is still a good time to sell. Time will tell cause I just listed my year around home up at LOTW and will see what happens
I feel like even in a down economy, so many people have moved up there at least part-time to WFH or to retire since the pandemic that it will remain tight for some time to come.
Where is this “down economy” you speak of? MN unemployment is less than 3%, which means essentially 0% for those who actually want to work.
The lake cabin market is always tight because they aren’t building any more lakes. The only thing that will “go down” as far as cabin prices go is the rate that the prices rise every year, so in real terms prices will never “go down”, they just won’t rise as rapidly as was seen during the pandemic.
I talk to a LOT of recreational property owners every year because I’m in that business. What I have learned from them and my own experience is that buying a recreational property involves 2 phases:
1. Phase 1: You buy and everybody and their dog tells you that you are crazy for “overpaying” and that you should have waited for “prices to come down”. This phase lasts 2-3 years. Just smile and nod.
2. Phase 2: After 3 or so years the same people will tell you how “lucky” you were that you bought before prices went up to the current crazy levels. They will bemoan the fact that they never will get as lucky as you got when you snapped up that property for next to nothing.
The only thing I wish I would have done differently when it comes to my property is that I wish I would have bought it sooner.
<div class=”d4p-bbt-quote-title”>queenswake wrote:</div>
I feel like even in a down economy, so many people have moved up there at least part-time to WFH or to retire since the pandemic that it will remain tight for some time to come.Where is this “down economy” you speak of? MN unemployment is less than 3%, which means essentially 0% for those who actually want to work.
The lake cabin market is always tight because they aren’t building any more lakes. The only thing that will “go down” as far as cabin prices go is the rate that the prices rise every year, so in real terms prices will never “go down”, they just won’t rise as rapidly as was seen during the pandemic.
I talk to a LOT of recreational property owners every year because I’m in that business. What I have learned from them and my own experience is that buying a recreational property involves 2 phases:
1. Phase 1: You buy and everybody and their dog tells you that you are crazy for “overpaying” and that you should have waited for “prices to come down”. This phase lasts 2-3 years. Just smile and nod.
2. Phase 2: After 3 or so years the same people will tell you how “lucky” you were that you bought before prices went up to the current crazy levels. They will bemoan the fact that they never will get as lucky as you got when you snapped up that property for next to nothing.
The only thing I wish I would have done differently when it comes to my property is that I wish I would have bought it sooner.
How true!!!
I stumbled across this thread while researching for a client that wants to buy in Wisconsin.
As an agent myself, I always tell my clients the same thing. Even though the prices have gone up by 8,6% since last year, investors are very drawn to Wisconsin for its strong economy, affordable prices, and stable rental market. Easy Street Capital offers loans for property flips and long-term rentals, and top markets like Milwaukee, Madison, and Green Bay provide great opportunities for short- and long-term rental investments. If you’re an agent, I recommend hiring an exp sponsor, it’s game changing. They offer guidance, insider tips, and industry secrets.
<div class=”d4p-bbt-quote-title”>queenswake wrote:</div>
I feel like even in a down economy, so many people have moved up there at least part-time to WFH or to retire since the pandemic that it will remain tight for some time to come.Where is this “down economy” you speak of? MN unemployment is less than 3%, which means essentially 0% for those who actually want to work.
The lake cabin market is always tight because they aren’t building any more lakes. The only thing that will “go down” as far as cabin prices go is the rate that the prices rise every year, so in real terms prices will never “go down”, they just won’t rise as rapidly as was seen during the pandemic.
I talk to a LOT of recreational property owners every year because I’m in that business. What I have learned from them and my own experience is that buying a recreational property involves 2 phases:
1. Phase 1: You buy and everybody and their dog tells you that you are crazy for “overpaying” and that you should have waited for “prices to come down”. This phase lasts 2-3 years. Just smile and nod.
2. Phase 2: After 3 or so years the same people will tell you how “lucky” you were that you bought before prices went up to the current crazy levels. They will bemoan the fact that they never will get as lucky as you got when you snapped up that property for next to nothing.
The only thing I wish I would have done differently when it comes to my property is that I wish I would have bought it sooner.
This very well might be the perfect post! 100% agree
The only thing I would add is to focus your search on the quality of the lake the property is on as thats the only thing you’re stuck with, everything else can be changed (cabin structure, lake shore, trees, etc). My cabin search 9 years ago started with looking through our preferred area’s DNR Lake Survey data for water quality and fish populations reports…
Cabin has to face west or south.
I wouldn’t even look at a cabin that didn’t..
Not sure where your from but the further north you go past Lake Vermilion the more places become available and you get more bang for the buck. There’s definitely a line in that area where people from the cities aren’t willing to drive every weekend so it’s a smaller and better market it seems to me anyways.
Not sure where your from but the further north you go past Lake Vermilion the more places become available and you get more bang for the buck. There’s definitely a line in that area where people from the cities aren’t willing to drive every weekend so it’s a smaller and better market it seems to me anyways.
very true, our driving limit from the cities was 3 hours..our goal was to leave friday after work and be at the lake before dark, weekend feels alot longer sleeping the extra night up there…
Cabin has to face west or south.
I wouldn’t even look at a cabin that didn’t..
are you worried about missing sunsets? Our place faces south, the only thing I dont love about that is the majority of the time the wind is blowing right into our face…
<div class=”d4p-bbt-quote-title”>stout93 wrote:</div>
Cabin has to face west or south.I wouldn’t even look at a cabin that didn’t..
are you worried about missing sunsets? Our place faces south, the only thing I dont love about that is the majority of the time the wind is blowing right into our face…
Yup, sunsets and just having the sun face toward you all day. Better than Puerto Vallarta sunsets…
I must be getting old. I seem to enjoy coffee with the sunrise more often than a beer with the sunset.
I must be getting old. I seem to enjoy coffee with the sunrise more often than a beer with the sunset.
Amen. My dad has told me a few times his favorite part of the day is sitting in his favorite chair with a coffee watching the sun come up over the lake. For the record he does really enjoy beer too, usually either grainbelt or schells.
My advice when purchasing a cabin is to have a wants and needs list.
For me it was 3 items and as they seemed simple but it took 1.5 years to find.
1) Over 1000 acres. Check
2) It had to hold a trophy fish. Check
3) It had to have a place that I could boat to where I can get a beer and burger. Check
I am on the East side with a large front porch so I can have coffee in the morning to watch the sunrise and bourbon on the dock in the evening to watch the sunset.
I got lucky! Life is Grand.
Well this is a double edged sword. The problem with this conversation is location, location, location. Looking for almost 2 years before I found the place I loved and had to act very fast. Yeah, lots of lake places to buy but where does it fit in your overall strategy? Certain lake size, certain house size, distance from home, lake quality, fishing quality, access to good services within reason, privacy concerns. Then one has to decide if it’s worth pulling the trigger or waiting to find the next ideal property, which might be another 2 years, and compromises your goals. Yes, love my lake home, yes, I wish I would have bought sooner yet if it would have would I have the place I have now? I am close to Joe and there are very few if any places on the lake for sale. We have a beautiful lake, a real hidden gem. However, if you want to be on our lake there are not many options available. I have a new neighbor that bought his place with out even visiting it before hand. Same goals, less than 3 hour drive, larger lake, privacy, good services. These are very hard to find.
My advice when purchasing a cabin is to have a wants and needs list.
For me it was 3 items and as they seemed simple but it took 1.5 years to find.
1) Over 1000 acres. Check
2) It had to hold a trophy fish. Check
3) It had to have a place that I could boat to where I can get a beer and burger. CheckI am on the East side with a large front porch so I can have coffee in the morning to watch the sunrise and bourbon on the dock in the evening to watch the sunset.
I got lucky! Life is Grand.
Dang, 1000 acres on a lake front is my new goal.
2-3 hours???
Ugh…that drive would get old real fast..
My cabin is 10 minutes away…
2-3 hours???
Ugh…that drive would get old real fast..
My cabin is 10 minutes away…
That may be ideal for some but for me that would be way to close to home. We have an hour and 45 minute drive and that is about perfect for us. Far enough away from home you feel like your getting away yet close enough it’s not a marathon drive going to and from. Another nice thing is having a town close by that can offer a chain style grocery store that doesn’t have insane prices and other stores that offer about anything you’d ever need. Another thing that can come in handy is having a hospital or clinic near by. Knock on wood we’ve never had anything serious happen but we’ve used it a couple times when there’s a sick kid, can save a weekend or a week off.
2-3 hours???
Ugh…that drive would get old real fast..
My cabin is 10 minutes away…
That would kinda stink. Why even bother I guess. Cabin is to get away from home. When I’m up north I’d hate for the woman to just say hey I’m going to come visit quick. I enjoy “getting away ”
I agree,10 min from home is to close.I don’t want people i see daily at work tracking me down. I would’nt want my get a way to be closer to home than work.
<div class=”d4p-bbt-quote-title”>stout93 wrote:</div>
2-3 hours???Ugh…that drive would get old real fast..
My cabin is 10 minutes away…
That would kinda stink. Why even bother I guess. Cabin is to get away from home. When I’m up north I’d hate for the woman to just say hey I’m going to come visit quick. I enjoy “getting away ”
I guess I’m a little different. There is the occasional guys trip to the cabin but I’d say 95% of the time my girlfriend and our daughter are with me. I wouldn’t have it any other way. I enjoy doing stuff like hunting and fish with them the most.
I guess I’m a little different. There is the occasional guys trip to the cabin but I’d say 95% of the time my girlfriend and our daughter are with me. I wouldn’t have it any other way. I enjoy doing stuff like hunting and fish with them the most.
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That was just a real generic example. My lady is comes with as well. My point being have a cabin 10 minutes from home would never feel like a get away. I live a hour north of the cities and it’s not near far enough north for a cabin.
I’m at 3 hours and it doesn’t bother me, actually once I get north of Elk River it’s kind of therapeutic.
Cell phone and internet are items that were on the top of my list because I work remotely and the security and hvac is nice.
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