Tuesday the sale of this home on Island Lake right here in Manitowish Waters closed. It originally went on the market back in 2005 with a list price of $1.8M. Four bedrooms, four baths, and 450 feet of sand frontage. A nice property, to be sure.
The last four years the property has been marketed by several brokers and over time the list price dropped to $1.675M, then $1.599M, last year to $1.395M, and finally, this year, to $1,100,000. Sale price was, get this, $875,000!
Can one reasonably expect that prices can go any lower? I have my doubts, which is why I feel justified in telling buyers that the time to buy is now.