Vince's Northwoods Notes

A more viable solution for the mortgage crisis?

2012-01-13T19:58:00Z

Big problems seem to require big solutions. When the housing bubble burst and millions of homeowners fell into default and foreclosure, Wall Street and the big banks were subjected to great financial distress due to the over- and miss-use of mortgage-backed securities. The big solution was to bail out these institutions. The bail-outs enabled the banks and Wall Street to recover nicely (perhaps too nicely, especially considering all the unethical and most-likely illegal activities), but the underlying...(read more)

Seven crazy local laws and HOA rules

2011-12-29T16:26:00Z

I like to believe that reasonable people can have differences of opinion and still get along, but sometimes I despair. The following content is courtesy of the NAR and worth sharing for its entertainment value alone. Regarding Home Owners Associations, they are the exception in the Northwoods, but most condominiums have covenants and restrictions, as do a number of subdivisions, and it certainly is possible to run afoul of the some restriction if you are either uninformed or uncaring. No Mothers-In-Law...(read more)

Another record set, but for how long?

2011-12-22T22:17:00Z

According to Freddie Mac, the national average commitment rate for 30 year fixed rate mortgages fell in November to another new low -- 3.99%. See monthly average rates back to 1971 at the Freddie Mac website . Remember the days of 18% back in 1981?...(read more)

365 days and counting

2011-12-21T17:32:00Z

The Mayan calendar ends on December 21, 2012, one year from today. According to various theories we can expect everything ranging from another day like today to the end of the world. If your own personal hunch leans to some sort of apocalypse, or you just want to hedge your bets, this might be the ideal time to invest in some real estate. True, if you perish on that day your purchase won't do you much good going forward, but you will have enjoyed the use of your property up until then, and if...(read more)

Apparently it was worse than we realized, and it seemed bad enough.

2011-12-21T16:30:00Z

Today a organization that I belong to, the National Organization of REALTORS (NAR), had to do a little back-pedaling on home sale statistics as reported for the last four years. The NAR has been criticized at times for being too much of a housing market cheerleader, and perhaps the criticism has some justification. From 2007 through 2010, home sale statistics as reported by the NAR have been overinflated by 11% to 16% due to faulty data analysis. Unlike some other analysts, the NAR doesn't report...(read more)

Shall we pity the big banks?

2011-12-16T15:16:00Z

The problems of the big banks are not problems that I lose any sleep over -- if it was up to me, I would look for a way to break them up, not make things easier for these "too big to fail" behemoths. Such is the sorry state of affairs that even what would normally be good news for these institutions can have negative consequences for them. The following information comes from an article in the December 10th issue of The Economist . As you know, our wise and esteemed members of congress...(read more)

Manitowish Waters, cranberries, and controversy -- Part V

2011-06-25T14:01:00Z

I have been holding off on writing about this topic lately as, quite honestly, sometimes I don't quite know what to make of all of it. As I am member of the town Planning Commission, one might naturally think that I would have access to information and resources to guide my decision making that a regular citizen does not have -- well, you would be wrong to think so. But that is a whole 'nother story. We did see some movement on the issue this past week. (For background, links to Lakeland...(read more)

Manitowish Waters remains a favorite destination -- anecdotal evidence.

2011-05-20T21:35:00Z

Had an interesting and uplifting conversation with a gentleman yesterday. He had stopped into the office to inquire about the actual sale price of a property that hold sold recently, and our conversation proceeded into all directions from there. The part that I want to relate to you is basically this: This gentleman is "of means", as they used to say, as are naturally a number of his friends and associates. As such, these folks have the "means" to have a second home (or choose...(read more)

Sale of 324 Point O Pines, Manitowish Waters

2011-05-09T20:07:00Z

Today the sale of my listing of 324 Point O' Pines, right here in Manitowish Waters, closed. Sale price was 100% of list, or $329,900. I believe that it is the first listing of a Manitowish chain property to sell this year, which means so far the score for listing agents is Vince Hoehn 1, everybody else 0. Days on market is 39....(read more)

2011 local and Vilas County fishing tournament schedule

2011-04-30T19:56:00Z

By no means is this a comprehensive list as I don't have access to a comprehensive list myself, but you may find this useful. Countywide: Vilas County Musky Marathon May 28-Nov. 30 Open to all for any legal muskie caught and released or kept from any Vilas County lake. Information: 800-236-3649 or the Vilas County Musky Marathon page . Local: Presque Isle Chamber Walleye Tournament May 13-15 Held on certain lakes. Information: 715-686-2910 or the chamber website . Presque Isle Lion's Club...(read more)

Significant price reductions on Hewitt Lake lots

2011-04-30T19:28:00Z

Lots 31 and 32 Hewitt Lake have just been significantly reduced in price -- to $114,000 for Lot 31 and to $99,000 for Lot 32. Both are gorgeous lots with 300 feet of lake frontage each, and are well worth the money. I have featured the lots in one of my signature amateurish You Tube videos -- you can find it here (You Tube video.) Where will you find a high and dry fully forested 1.6 acre lake lot with 300 feet of frontage for $99,000? No where else but here....(read more)

Looking for an affordable deal? This property is priced to sell!

2011-04-29T00:47:00Z

Gorgeous water views!

MLS® #118141 $28,900 - New reduced price!

Winchester, Vilas County - Beautiful lake views give this residential parcel real value. This slightly elevated off-water lot is ideally situated to provide soul-satisfyingly peaceful views of deep, clear water Adelade Lake to the south, and Helen Lake to the east. Located at the intersection of Old O and Adelaide Rd, this parcel provides convenient access to Adelade Lake as public access to Adelade Lake is directly across Adelaide Road with over 400 feet of sand and gravel shoreline. (The right-of-way of Adelaide Road runs to the shoreline.) Terrific four season location with convenient access to ski hills, snowmobile trails, neighboring communities, and dozens of area lakes. As an added bonus, the DNR lands encompassing Lake Rose and Lake Mary (3 acres and 67 feet deep!) are only several hundred feet away. The view, the location, lake access, off-water taxes, priced to sell - you have to check this out!

Property information

Link to You Tube video of 324 Point O Pines

2011-04-05T19:51:00Z

Last Saturday afternoon, after the sun finally came out again, I went back to my new listing and attempted to shoot some video that I hopefully would be able to stitch together into some type of virtual tour that, the results of which, wouldn't reflect too badly upon my abilities. The result is definitely amateurish, but then, I am an amateur at such things. But don't let me scare you off -- please take a look. Comments are always welcomed. Link to You Tube video of 324 Point O Pines I am...(read more)

New Manitowish chain listing

2011-04-02T20:08:00Z

Take a look at this solid 3 bedroom cottage on Spider Lake. At $329,900 it is priced below tax roll assessed and fair market values. Its great location at the confluence of Spider and Stone Lakes positions it centrally on a 10 lake, 2 river chain with well over 4,000 acres water. For more, see the listing information ....(read more)

13% of all US homes are vacant?

2011-03-29T19:31:00Z

The headline a few days ago was that 13% of US homes are vacant, up from 12.1% in 2007 (from the US Census Bureau. Wisconsin is at 13.1%, up from 10.2% in 2000.) Excel spreadsheet with data on all 50 states What made it a headline is the concern that an increase in vacancy rates translates into increased downward pressure on home prices. This may sound alarming, but there is more to be told. The story behind the headline is that the census counts second homes, guest homes, vacation condos, etc.,...(read more)