As 2011 begins to unfold, I'm seeing more and more articles that the waterfront real estate market is probably...finally...on the rebound. As I had mentioned earlier, my conversations with waterfront brokers and agents around the country each week all seem to point to better days ahead.
Last week the Wall Street Journal put out this article, which talks about a resurgence in sales throughout many vacation home markets around the country. We have a few of those markets in Minnesota and Wisconsin as well, so I wouldn't be surprised to see activity heating up quite soon. Especially if the temperatures heat up a bit also.
Saturday, January 22, 2011
Wednesday, January 12, 2011
A December to Remember
Typically, December is one of the slowest months for real estate sales across the country, and waterfront real estate is generally one of the least interesting during that month. But for some reason, this year's sales were somewhat robust for us. And brokers in waterfront markets across the country have told me the same was true in their areas.
One broker near Corpus Christi, Texas said it was the best December -- and starting out to be the best January -- they have had in ten years in the real estate business. A recent article in the Star Tribune talked about the resurgence of multiple offers again in Twin Cities market. Something we haven't seem a whole lot for quite a few years, and even then not as much in mid-winter.
As one of my long-time colleagues said the other day, "Perhaps the buyers are just worn down from waiting on the sidelines." Or maybe people just finally feel a little better about the economy and the fact that prices have dropped nearly 50% in some markets!
Whatever the reason, our website traffic is up about 50% from last year at this time...and inquiries from prospective waterfront buyers as well. We seem to be continuing into early January with a fair amount of sales, and many of those tend to be higher prices than we saw last year.
The bottom may have hit in 2010, and market activity seems to just be awakening once again. Even during this typical time for hibernation!
One broker near Corpus Christi, Texas said it was the best December -- and starting out to be the best January -- they have had in ten years in the real estate business. A recent article in the Star Tribune talked about the resurgence of multiple offers again in Twin Cities market. Something we haven't seem a whole lot for quite a few years, and even then not as much in mid-winter.
As one of my long-time colleagues said the other day, "Perhaps the buyers are just worn down from waiting on the sidelines." Or maybe people just finally feel a little better about the economy and the fact that prices have dropped nearly 50% in some markets!
Whatever the reason, our website traffic is up about 50% from last year at this time...and inquiries from prospective waterfront buyers as well. We seem to be continuing into early January with a fair amount of sales, and many of those tend to be higher prices than we saw last year.
The bottom may have hit in 2010, and market activity seems to just be awakening once again. Even during this typical time for hibernation!
Sunday, December 19, 2010
The Ghost of Lakehomes.com...Past, Present & Future
Lakehomes.com has been a favorite destination for waterfront buyers since 1996, although only about 2% of real estate buyers were online back then. Today, nearly 100% of waterfront buyers are online, and we continue to keep making the website better all the time.
We wanted to share a few snapshots from our early days on the Internet until today, and then into the future as we seeing it playing out. Because of changes in technology from then until now, some pages may take ten or fifteen seconds to load (let them load fully before you click on them again), but please enjoy this voyage of our company history if you'd like.
In 1996 our site was truly one of the early sites for individual agents, or even real estate companies. We were a bit younger then, and this is how we appeared in those days as The Metro Lakes Specialists.
1997 saw a few minor changes to our design, and the addition of some calming music instead of the brief splash of seagulls -- and even a more professional look. Internet awards were big back then, and so we added some of ours to our home page.
Through the late 90s, the Internet was growing rapidly in strength, and our site was becoming more and more popular. We didn't make a lot of major changes to the design over the next few years, except for those relating to the text and how properties were displayed. During 1999, we changed from being agents with Edina Realty to using our domain name of Lakehomes.com in our own company name -- as Lakehomes.com Realty.
By 2002, we had moved to Grand Rapids and expanded from our core Twin Cities market. What is really amazing is that our looks had not changed at all since our last major design change in 1997. We were in our late thirties then, and we figured that those youthful looks would probably stick with us forever.
By 2003 we had begun to grow into other waterfront markets around Minnesota, and so our design began to take on the look of a real estate company, instead of just the two of us as lake specialists. New agents began to join Lakehomes.com Realty, and we came up with the ship's wheel to help direct buyers to various areas and agents on our site.
In 2004, we were beginning to add a lot more lake properties to our site from around the state, and we massaged our design once more to accomodate that.
2005 was a great year at Lakehomes.com Realty. Our listings and the number of agents working for us were both growing rapidly. The company created a new logo for the times and many changes in the website as well. However, one of the worst things that occured is that all of sudden we became older one day and needed a new photo for ourselves immediately.
Things stayed pretty much the same on the site until 2008, when we added blog articles like this one, and more direct contact with each of our agents directly from the the website. That was also a the year we saw a need to give much better information to the consumers, so we began to redesign the site to give highly defined area information to our visitors, along with direct links to waterfront properties in each market area.
By early 2009, our new design was in place, and with our traffic increasing almost tenfold overnight, we could tell that was what you all wanted! The site has continued on without much change during the past two years, and we are now ready to embark on our largest modification ever...by far!
In the next few weeks, you will begin to see some major changes here that will give you even more information than you get now. Our design and functionality will be growing along with the beginning of a new decade, and our reach across many states will also begin to take effect. As technology continues to give us so many more options, we need to offer as many of those as we possibly can to our customer base, and 2011 is the year that will begin to quickly ramp up.
Lakehomes.com and Lakehomes.com Realty will continue to give consumers the best source of information they can get when it comes to waterfront real estate. Only now we will begin to offer that to even more people across America.
We thank you for all the years of being here with us as we have grown from a couple of lakeshore agents into a real company. Please also stay with us for the next round.
We wanted to share a few snapshots from our early days on the Internet until today, and then into the future as we seeing it playing out. Because of changes in technology from then until now, some pages may take ten or fifteen seconds to load (let them load fully before you click on them again), but please enjoy this voyage of our company history if you'd like.
In 1996 our site was truly one of the early sites for individual agents, or even real estate companies. We were a bit younger then, and this is how we appeared in those days as The Metro Lakes Specialists.
1997 saw a few minor changes to our design, and the addition of some calming music instead of the brief splash of seagulls -- and even a more professional look. Internet awards were big back then, and so we added some of ours to our home page.
Through the late 90s, the Internet was growing rapidly in strength, and our site was becoming more and more popular. We didn't make a lot of major changes to the design over the next few years, except for those relating to the text and how properties were displayed. During 1999, we changed from being agents with Edina Realty to using our domain name of Lakehomes.com in our own company name -- as Lakehomes.com Realty.
By 2002, we had moved to Grand Rapids and expanded from our core Twin Cities market. What is really amazing is that our looks had not changed at all since our last major design change in 1997. We were in our late thirties then, and we figured that those youthful looks would probably stick with us forever.
By 2003 we had begun to grow into other waterfront markets around Minnesota, and so our design began to take on the look of a real estate company, instead of just the two of us as lake specialists. New agents began to join Lakehomes.com Realty, and we came up with the ship's wheel to help direct buyers to various areas and agents on our site.
In 2004, we were beginning to add a lot more lake properties to our site from around the state, and we massaged our design once more to accomodate that.
2005 was a great year at Lakehomes.com Realty. Our listings and the number of agents working for us were both growing rapidly. The company created a new logo for the times and many changes in the website as well. However, one of the worst things that occured is that all of sudden we became older one day and needed a new photo for ourselves immediately.
Things stayed pretty much the same on the site until 2008, when we added blog articles like this one, and more direct contact with each of our agents directly from the the website. That was also a the year we saw a need to give much better information to the consumers, so we began to redesign the site to give highly defined area information to our visitors, along with direct links to waterfront properties in each market area.
By early 2009, our new design was in place, and with our traffic increasing almost tenfold overnight, we could tell that was what you all wanted! The site has continued on without much change during the past two years, and we are now ready to embark on our largest modification ever...by far!
In the next few weeks, you will begin to see some major changes here that will give you even more information than you get now. Our design and functionality will be growing along with the beginning of a new decade, and our reach across many states will also begin to take effect. As technology continues to give us so many more options, we need to offer as many of those as we possibly can to our customer base, and 2011 is the year that will begin to quickly ramp up.
Lakehomes.com and Lakehomes.com Realty will continue to give consumers the best source of information they can get when it comes to waterfront real estate. Only now we will begin to offer that to even more people across America.
We thank you for all the years of being here with us as we have grown from a couple of lakeshore agents into a real company. Please also stay with us for the next round.
Thursday, November 4, 2010
Join Our Top 100 Buyers List
After doing this job for as long as I have, there is one thing that never seems to change as far as buyers are concerned. Buyers are kind of reluctant contact an agent while they are in the looking stage, but once they are ready to buy, they want the best possible help they can get from a knowledgeable real estate agent.
We would like to provide exactly that to those of you who are now in the mood to find a lake home, cabin, or lot! And we would like to get to know you -- and your needs -- a little ahead of time.
Almost every time I end up talking with a truly motivated buyer, they are extremely happy that I ask numerous questions to help them narrow down the types of properties, lakes, and structures that fit their needs best. That is what I know how to do best, just like the questioning done by anyone who is an expert in their field. We all appreciate knowing we are working with a true specialist, no matter if it is an attorney, shoe salesperson, doctor, hair stylist...or a Realtor.
From what I have seen in various reports, the average Internet real estate shopper spends between 12 and 20 months searching online for properties that might fit their needs. In fact, most Internet shoppers aren't even really searching; that is still difficult without the full MLS information -- especially with lake properties -- because the public tends to get less information than Realtors do. And please don't blame that on the Realtors themselves...it is mainly due to the local real estate boards choosing which information to let out to all of you, along with limitations from many of the third parties who actually transfer the data.
So if you want to search various fields like: sand shoreline, elevation from cabin to the water, size of lake, which direction the property faces -- even sometimes the address...and numerous other criteria -- you just don't have that capability. You get to see things like numbers of bedrooms and baths, square footage, and other insignificant things pertaining to lake properties. Lakeshore buyers have needs that the average buyer isn't concerned about, and those public searches on various real estate company websites really don't give them what they want!
As a company, our agents enjoy working with buyers who are somewhat motivated and need our help. That is what they are here for, and that is how they get paid for their efforts. If you just like looking at properties to get an idea of what prices are, you can probably handle a lot of that yourself on the other end of this computer screen -- and it works pretty well for that purpose.
So this is what I would like to offer:
If you are really interested in purchasing some type of lake property fairly soon, then let us see if we can be your guide. If you join our Top 100 Buyers List (limited to 100 buyers), you will not only have a waterfront specialist working directly with you to narrow down the criteria that truly fits your needs, but you will have ongoing listings coming to you that are EXACTLY what you have specified. You will even be provided with current comparable sales on an ongoing basis to let you know what kind of activity is going on in your desired market. Isn't that the type of service you would expect from a true specialist?
And...you can stop having auto-emails sending you junk, day after day!
The big problem with the real estate industry is that it is pretty easy to get into. A few weeks of classes and a short test get you a license. And obviously all agents have to start somewhere, but that might just be the person you get ahold of on the phone when you decide to finally make the call about seeing a particular lake property day.
If you want to make sure of having expert representation and advice throughout the buying process, YOU need to take control of your own destiny by creating a relationship with an agent who knows your needs ahead of time!
We want a 100 good buyers who actually want our specialized knowledge...no more. When we find a lake place for one of them, we'll let the next one on the list in. If you are just really looking around for now, the Internet can probably help you just about as well, because you won't be ready to review all the information we send you anyway.
It may sound harsh, and even against typical Realtor etiquette, but I would rather be a valuable asset to one serious buyer than an "email friend" to a bunch of shoppers. And I think the agents at Lakehomes.com Realty feel the same way.
So you can join our list today and get the best information possible on lakeshore listings for your specific needs at no cost, updated as new ones come on the market. Just fill out our Contact Form or email Top100@Lakehomes.com.
We look forward to you being one of our Top 100 Buyers!
We would like to provide exactly that to those of you who are now in the mood to find a lake home, cabin, or lot! And we would like to get to know you -- and your needs -- a little ahead of time.
Almost every time I end up talking with a truly motivated buyer, they are extremely happy that I ask numerous questions to help them narrow down the types of properties, lakes, and structures that fit their needs best. That is what I know how to do best, just like the questioning done by anyone who is an expert in their field. We all appreciate knowing we are working with a true specialist, no matter if it is an attorney, shoe salesperson, doctor, hair stylist...or a Realtor.
From what I have seen in various reports, the average Internet real estate shopper spends between 12 and 20 months searching online for properties that might fit their needs. In fact, most Internet shoppers aren't even really searching; that is still difficult without the full MLS information -- especially with lake properties -- because the public tends to get less information than Realtors do. And please don't blame that on the Realtors themselves...it is mainly due to the local real estate boards choosing which information to let out to all of you, along with limitations from many of the third parties who actually transfer the data.
So if you want to search various fields like: sand shoreline, elevation from cabin to the water, size of lake, which direction the property faces -- even sometimes the address...and numerous other criteria -- you just don't have that capability. You get to see things like numbers of bedrooms and baths, square footage, and other insignificant things pertaining to lake properties. Lakeshore buyers have needs that the average buyer isn't concerned about, and those public searches on various real estate company websites really don't give them what they want!
As a company, our agents enjoy working with buyers who are somewhat motivated and need our help. That is what they are here for, and that is how they get paid for their efforts. If you just like looking at properties to get an idea of what prices are, you can probably handle a lot of that yourself on the other end of this computer screen -- and it works pretty well for that purpose.
So this is what I would like to offer:
If you are really interested in purchasing some type of lake property fairly soon, then let us see if we can be your guide. If you join our Top 100 Buyers List (limited to 100 buyers), you will not only have a waterfront specialist working directly with you to narrow down the criteria that truly fits your needs, but you will have ongoing listings coming to you that are EXACTLY what you have specified. You will even be provided with current comparable sales on an ongoing basis to let you know what kind of activity is going on in your desired market. Isn't that the type of service you would expect from a true specialist?
And...you can stop having auto-emails sending you junk, day after day!
The big problem with the real estate industry is that it is pretty easy to get into. A few weeks of classes and a short test get you a license. And obviously all agents have to start somewhere, but that might just be the person you get ahold of on the phone when you decide to finally make the call about seeing a particular lake property day.
If you want to make sure of having expert representation and advice throughout the buying process, YOU need to take control of your own destiny by creating a relationship with an agent who knows your needs ahead of time!
We want a 100 good buyers who actually want our specialized knowledge...no more. When we find a lake place for one of them, we'll let the next one on the list in. If you are just really looking around for now, the Internet can probably help you just about as well, because you won't be ready to review all the information we send you anyway.
It may sound harsh, and even against typical Realtor etiquette, but I would rather be a valuable asset to one serious buyer than an "email friend" to a bunch of shoppers. And I think the agents at Lakehomes.com Realty feel the same way.
So you can join our list today and get the best information possible on lakeshore listings for your specific needs at no cost, updated as new ones come on the market. Just fill out our Contact Form or email Top100@Lakehomes.com.
We look forward to you being one of our Top 100 Buyers!
Tuesday, November 2, 2010
Opting Out of the Recession
I recently saw a news article about a Twin Cities company that decided to opt out of the recession, and it seemed like they were growing faster than most any other company around these days. I'm not even sure what their business was, but I think it had something to do with technology, Internet, web stuff, or something like that. But whatever they do, it is probably the philosophy of the CEO that makes things move ahead...no matter the external forces.
We can't hide the fact that the real estate business is in a terrible funk right now. And those of us who go into the office each day hoping it is going to change are going to get sore butts from waiting for that to happen. I know I have a little pain now and then!
I have to admit that it is hard to be fired up when everyone is kind of down. But I still see a fair amount of people that understand there are opportunities on the horizon. In fact, just today I talked with an attorney and real estate investor who feels things are getting pretty tasty out there on the buying side, and that may start to become more prevalent. Sometimes it just takes a whack in the side of the head to see some opportunities.
Although I think it is crucial to be knowledgeable and experienced in short sales, foreclosures, and distressed properties of all types -- if nothing else than to help a lot of people out of their difficult situations -- I would like to think of myself as a specialist in helping anyone interested in buying or selling waterfront properties...no matter the state they are in. That is the way most of my agents see themselves as well.
I don't know if I can entirely opt out of the recession even if I choose. The market is what it is, and there is not a lot we can do about that.
But hopefully, my agents and I can keep educating buyers and sellers on the reality of today's waterfront market, and help them through opportunities on both ends. That is what we have done best for years...and we would like to continue with that tradition.
We can't hide the fact that the real estate business is in a terrible funk right now. And those of us who go into the office each day hoping it is going to change are going to get sore butts from waiting for that to happen. I know I have a little pain now and then!
I have to admit that it is hard to be fired up when everyone is kind of down. But I still see a fair amount of people that understand there are opportunities on the horizon. In fact, just today I talked with an attorney and real estate investor who feels things are getting pretty tasty out there on the buying side, and that may start to become more prevalent. Sometimes it just takes a whack in the side of the head to see some opportunities.
Although I think it is crucial to be knowledgeable and experienced in short sales, foreclosures, and distressed properties of all types -- if nothing else than to help a lot of people out of their difficult situations -- I would like to think of myself as a specialist in helping anyone interested in buying or selling waterfront properties...no matter the state they are in. That is the way most of my agents see themselves as well.
I don't know if I can entirely opt out of the recession even if I choose. The market is what it is, and there is not a lot we can do about that.
But hopefully, my agents and I can keep educating buyers and sellers on the reality of today's waterfront market, and help them through opportunities on both ends. That is what we have done best for years...and we would like to continue with that tradition.
Monday, October 25, 2010
Help for Waterfront Property Owners in Financial Trouble
My last blog post focused on some of the issues we are facing in our current real estate market. This year it seems that many of our incoming calls are asking about short sales, foreclosures, and overall "good deals." And after talking to other waterfront agents around the country, I found this was not an anomaly, but quite common in their real estate markets as well.
But while it is a great time for financially strong buyers to purchase lake properties -- or any home -- it is a very difficult time for those who need to sell. And although lakeshore owners were somewhat insulated from these problems not too long ago, it is now spreading to higher-priced homes and lakeshore properties along with all others.
With that in mind, I wanted to do a much better job for both lakeshore buyers and sellers by getting my CDPE designation (Certified Distressed Property Expert), and launching Lakeshort.com. The site provides a vast amount of information relating to these complicated situations for sellers in financial stress, and some guidance to help in the day to day decisions that tend to become overwhelming during these difficult days.
The CDPE designation gives agents an in depth knowledge of the many issues relating to our current real estate market, and a thorough understanding of how to work with banks to achieve a much higher success rate in these transactions. In fact, although the national average for getting a short sale put together and closed is only 24%, CDPEs are successful 80-90% of the time due to their training. And when sellers don't have a lot of time on their side, it is critically important to get it right the first time around!
Whether you have questions about buying or selling distressed properties, I hope that my specialized knowledge in waterfront real estate will provide a better basis for me to assist you with your needs.
Dan Anderson
Broker / CDPE
But while it is a great time for financially strong buyers to purchase lake properties -- or any home -- it is a very difficult time for those who need to sell. And although lakeshore owners were somewhat insulated from these problems not too long ago, it is now spreading to higher-priced homes and lakeshore properties along with all others.
With that in mind, I wanted to do a much better job for both lakeshore buyers and sellers by getting my CDPE designation (Certified Distressed Property Expert), and launching Lakeshort.com. The site provides a vast amount of information relating to these complicated situations for sellers in financial stress, and some guidance to help in the day to day decisions that tend to become overwhelming during these difficult days.
The CDPE designation gives agents an in depth knowledge of the many issues relating to our current real estate market, and a thorough understanding of how to work with banks to achieve a much higher success rate in these transactions. In fact, although the national average for getting a short sale put together and closed is only 24%, CDPEs are successful 80-90% of the time due to their training. And when sellers don't have a lot of time on their side, it is critically important to get it right the first time around!
Whether you have questions about buying or selling distressed properties, I hope that my specialized knowledge in waterfront real estate will provide a better basis for me to assist you with your needs.
Dan Anderson
Broker / CDPE
Tuesday, October 19, 2010
Distressed Lake Properties
Each day we are bombarded by news from a wide array of sources, so certain stories seem to come at us over and over -- on television, the newspaper, radio, or the Internet. One of the hottest stories today is focused on distressed real estate, and the growing number of foreclosures and short sales. Most likely, that is going to be a big story for some time yet.
Lakefront foreclosures and short sales have been a little slower in coming because many owners have still been able to afford them, but even that is changing as a large number of professionals and small business owners have been affected by job loss or lack of business. That trend will certainly bring many more waterfront properties to the market that look like great values, but just be careful to think about your main reasons for purchasing on water before you jump in. And be aware that there are also a lot of very good values on the market that are not distressed, so keep an eye open for all the available properties that fit your needs.
Not too many years ago we saw prices escalating at such a high level that most people felt the waterfront market would get away from them if they didn't find something quickly. Nearly any lakeshore property was attractive to someone, no matter the type of lake or shoreline. Even novice developers could make a quick buck by purchasing chunks of land on some of the most marginal lakes, and then turning them it into somewhat affordable lake lots. People obviously weren't thinking clearly!
Throughout my time in the waterfront real estate business, I have always done my best to help my clients find lake properties that had the best chance of appreciation, based on the wish lists of thousands of buyers I had worked with over the years. If 80% of the buyers want clean lakes with full recreational opportunities, along with fairly level lots and hard-bottom shoreline, then it only makes sense that those types of properties should have the best staying power when it comes to value. Unfortunately for sellers, because of the economic downfall we've happened upon, even those lake homes and cabins have had heavy hits on their prices, and there are incredible values available on those types of properties as well.
But in time things will turn around. And when prices begin to inch upward again, it will still be the lakeshore real estate with the most highly desireable characteristics that attract the greatest numbers of buyers. If we still believe in supply and demand, it only makes sense that the prices on those properties will shoot up the fastest when that market re-entry begins.
So during this time of foreclosures, short sales and overall real estate prices at some of the best levels in many years, make sure you think about that as you go about your search. Perhaps a lot of the most distressed lake properties today started off looking like bargains several years ago, but they may also be the ones that have a hard time gaining much value in the future.
Lakefront foreclosures and short sales have been a little slower in coming because many owners have still been able to afford them, but even that is changing as a large number of professionals and small business owners have been affected by job loss or lack of business. That trend will certainly bring many more waterfront properties to the market that look like great values, but just be careful to think about your main reasons for purchasing on water before you jump in. And be aware that there are also a lot of very good values on the market that are not distressed, so keep an eye open for all the available properties that fit your needs.
Not too many years ago we saw prices escalating at such a high level that most people felt the waterfront market would get away from them if they didn't find something quickly. Nearly any lakeshore property was attractive to someone, no matter the type of lake or shoreline. Even novice developers could make a quick buck by purchasing chunks of land on some of the most marginal lakes, and then turning them it into somewhat affordable lake lots. People obviously weren't thinking clearly!
Throughout my time in the waterfront real estate business, I have always done my best to help my clients find lake properties that had the best chance of appreciation, based on the wish lists of thousands of buyers I had worked with over the years. If 80% of the buyers want clean lakes with full recreational opportunities, along with fairly level lots and hard-bottom shoreline, then it only makes sense that those types of properties should have the best staying power when it comes to value. Unfortunately for sellers, because of the economic downfall we've happened upon, even those lake homes and cabins have had heavy hits on their prices, and there are incredible values available on those types of properties as well.
But in time things will turn around. And when prices begin to inch upward again, it will still be the lakeshore real estate with the most highly desireable characteristics that attract the greatest numbers of buyers. If we still believe in supply and demand, it only makes sense that the prices on those properties will shoot up the fastest when that market re-entry begins.
So during this time of foreclosures, short sales and overall real estate prices at some of the best levels in many years, make sure you think about that as you go about your search. Perhaps a lot of the most distressed lake properties today started off looking like bargains several years ago, but they may also be the ones that have a hard time gaining much value in the future.
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