Bank foreclosures - in a number of real estate markets across the county, foreclosed properties represent a large part of the real estate inventory and a large part of the business of many a real estate professional. In Wisconsin we have a foreclosure rate of about 1/3rd the national rate and a much, much better rate than the hardest hit states (http://news.wra.org/story.asp?a=1049).
When callers inquire about foreclosures in our part of Northwoods Wisconsin, my answer has always been some variation of "We don't see much of that here."
And we haven't, to this point, due to the nature of our buyers and sellers and our primary home, second home, and investment property markets. To this point foreclosed properties (and even short sales) have represented exactly 0% of my business and I believe that this would be true for many agents in my market, at least as far as foreclosed properties go. There are a few agents that appear to specialize, or at least do a fair amount of their business, in lender foreclosed properties.
Here in our immediate area, bank foreclose has been a rare occurrence, indeed. This brings me to my purpose in writing this piece - for we have a property presently in foreclosure in Manitowish Waters that definitely is worth remarking upon. How does a 30 acre parcel comprising nine vacant lake lots plus improved parcels with a 9,200 sq. ft. 4 bedroom main house (with an indoor swimming pool!) plus two 3 bedroom guest homes plus a 1 bedroom guest cottage on 4,500 feet of sand frontage (it is a peninsula) on Rest Lake of the Manitowish chain of lakes sound? Unbelievable, right?
Believe it. This property is presently on the market for $8,000,000. See: http://www.gnmls.com/nwd/maildoc/a003lP3343.html
A judgment of foreclosure and sale in the amount of $4,640,266.40 was entered last November, and the property is scheduled to be sold at Sheriff's auction on May 13, so you know that this property is going to cost you at least that much - plus most likely all the 2008 property taxes. Perhaps it is time to divest yourself of all those underperforming stocks and put your money into real estate? The property is certainly worth more than $4.7M, even in this market. You have to spend money to make money, you know. Unfortunately, in my case, I perhaps could swing the $40,266.40, but the 2 digits in front present an insurmountable obstacle.
Change of topic - here it is April 20th, and winter is not done with us yet. We certainly can use the moisture, but I believe that all of us would prefer it in the liquid form. It appears that it will snow throughout the day, but hopefully we will make it back to the 60 degree mark in a few days.
It is hard to make out I know, but the dark spot near the middle of the photograph is a loon swimming along the edge of the ice sheet (yes, we still have lake ice, too!)
