2013 was a strong year for Real Estate sales on “The Chain” although the number of home sales – 17 transactions – was down from 24 transactions that occurred in 2012. However, the number of transactions last year was more than double what we saw during the recession years.
So let’s talk this year’s numbers:
Prior to the start of the recession (2007) there were 15 real estate transactions. Through the recession years of 2008 to 2011, there were 7-8 yearly real estate transactions on “The Chain” each year. Then things began to heat up and in 2012 the mercury shot up through the top of the thermometer with 24 real estate transactions before the end of the year.
This Chain selling season started out “hot,” in spite of the cooler weather at the start of the summer with 29 transactions so far, year to date. That number is derived from 27 closings and 2 pending sale. Yes, a record breaking – very hot year and it is not over!
When analyzing Chain sales over the past several years, clearly the recession for waterfront purchases came to an end in 2012.
And, Chain home sales this year have been spread all across the value spectrum – from well over the million dollar number to a low of $190,000.
At one point in 2011 there were 54 homes for sale on the Chain. Today, there are 37 properties with for sale signs posted (and without pending status the MLS)
Additional analysis also reveals an interesting phenomenon…
When reviewing homes that sold for under $450,000 in 2013, 9 of the 10 sales saw a price that was below, the tax assessed, fair market value. This trend changed in 2014 – the disparity has narrowed this year – with only 6 out of 15 transactions again below their tax assessed fair market value in the lower price category.
In contrast, of the homes that sold for over $450,000, the selling price in 6 out of 7 transactions in 2013 were higher than the tax assessed, fair market value. This trend continued in 2014 with 7 out of 10 homes listed for over $450,000, selling for more than the tax assessed fair market value.
This past summer, there were 3 to 4 new homes being built or just finished along Waupaca’s Chain O’ Lakes shores. In some cases, prior to the recession, the buyer chose a residence more for its land, location and waterfront access. Only to tear down the existing property and rebuild their new home on the existing lot. In this instance, 3 of the 4 homes under construction now were owned and lived in before deciding on new construction, thereby investing in their properties, so they may enjoy these homes, long term.
If you’re thinking of selling your Chain property, Waterfront and Waupaca Chain O’ Lakes property specialist Steve Huhta and his office of Re/Max Lyons Real Estate were trusted in 2013, with more transaction sides than any other Realtor or real estate company in the area. This team is well informed and always updated as to current sales and marketing trends so they are your most reliable source for current information regarding Chain O’ Lakes real estate transactions.
For a complete list of Waupaca Chain O’ Lakes properties for sale as well as “Insider” information on homes that have recently sold, visit www.WaupacaWaterFront.com.
You will be glad you did!