Over the past week, I’ve seen several new lakefront homes come on the market…what makes this circumstance different is the fact that they’re all owned by the same individual. Back in 2006, when the market started to turn, this investor bought over $10M worth of property up here. Paid cash for every purchase. It was quite amazing to see because that segment of the market wasn’t moving well ($1.5-$2.7M). So it’s interesting to see some of these properties back on the market at a discount.
643 Cove Drive- This was the first property the investor bought. Located in the Papoose Bay Estates subdivision, this property is a deep water lakefront that faces west. Paid $1,595,000 in August of 2006….owner has discounted it 20% and is now up for sale at $1,275,000.
811 Peninsula- This is a beautiful full log home that faces Boulder Bay and was purchased in July of 2009 for $2,000,000. Owner has discounted this home 25% from what they paid for it and have it back on the market at $1,500,000.
200 N Eagle Drive- This property was purchased for $1,750,000 in March of 2009. Owner has discounted the price on this home approximately 20% down to $1,395,000.
Everyone seems to be looking for a bank owned lakefront home because they think they’ll get the best value on a foreclosure. Sometimes that’s the case, but based on what I’m seeing, some of the best deals over the past year or two have been from motivated sellers…traditional type sellers who have lots of equity in their home and they want to move on. I’m guessing this investor has found an investment out of the area and he’s cashing out so he can take advantage of something else. After all, there’s no mortgage on any of these homes, so he doesn’t HAVE to sell….but he understands the market and has priced them accordingly.























































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