Tuesday, March 27, 2012

Lakefront For Under 200K

6 Bodine Lake Road 189K

Once again life has placed my blog on temporary hold. I know that no one needs to hear my personal saga. (But I had a baby two weeks ago, my father broke his back, and I have been EXTREMELY busy fielding real estate inquiries.) It seems like the warm weather has brought people out of hibernation. Hits on my website have more than doubled in March, and my inbox is stuffed with inquiries. (Alright, stuffed may be an exaggeration, but there has been more than enough to keep me busy.) So all that has made the blog suffer.

I did want to squeeze in a post however, it has been too long, and it weighs on me like a guilty chore. I imagine faceless, nameless readers, breathlessly checking every day, only to be disappointed with the same old post staring back at them. Google analytics points out otherwise, that the traffic is not that robust at all—that perhaps it is just a handful and even they may be stumbling upon this blog by accident. However, my type A personality allows me to sleep better when my blog is current.

So I decided to just quickly highlight a property that I think is a good indicator of where our market is, and how far we have come. However I think it also indicates (by the fact that it is not yet in contract) how sluggish our market still is, and how hesitant buyers are.

The property is a 1342 square foot three bedroom two bath home on Bodine Lake in Yulan. It is a true lakefront, there is no “short walk” to a public access, or a road between the home and the water. It has a nice grass backyard that slopes down to the water. It is priced at 189K. Bodine Lakefront

Now yes the market bubble has burst, but it is not 1968, and we are not in Minnesota, so obviously there must be some drawbacks for a lakefront to be priced like this, and there is. Bodine Lake is a very small, non-motorboat lake. The one side of the lake is adjacent to a fairly busy road, which you can see across the lake from the backyard, and the house itself is dated and needs some work. The deck is in need of repair as well

However this is a true lake front home priced under 200K. The water is literally steps from the back deck, and it has a great backyard that slopes down to the water--It has that vacation/lake house feel.

This is one of those properties that I feel will be snatched up pretty quickly. There just aren’t a lot of waterfront homes like this. Most that are in this range have some pretty serious compromises for the buyer to consider.

Back in 2007, I sold a home smaller than this one, in similar shape, with only lake rights to Bodine. (It was a short walk, but certainly not in the backyard like this home) That home sold for 219K. The interest rate was 6.75%.

There were eleven single family homes reported sold on the Sullivan County MLS in the last ten days.

 Click Here for sold listings