For sale: The good life Up North

  • Article by: SUZANNE ZIEGLER , Star Tribune
  • Updated: May 28, 2009 - 11:31 AM

Foreclosures have prices plunging on vacation homes Up North. It's a buyers' market, but that's part of the problem. Who's buying?

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obliviousMay. 27, 0910:26 AM

If you were buying a 2nd home in 2005 and you knew this statistic, would that have swayed you not to buy? 40% of all sales were basically to "double down" on your already historic appreciation of your first house. No wonder this country is falling apart, the get rich quick schemes are almost outnumbering legitimate business deals.

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norjetMay. 27, 0910:32 AM

When you factor in the skyrocketing price appreciation that has occurred over the past two decades a 20 - 30% drop in asking prices really doesn't do much for me...especially when the intent was to turn the property for a profit. I hope the majority holds out for more discounting.

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StarquestMay. 27, 0911:44 AM

Since when does selling something remove the memories? If you sell your cabin, you retain the memories, unless my understanding of brain physiology is incorrect.

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smccl001May. 27, 0911:57 AM

Look at the picture of that house and your questions are answered as to "why." Stained glass windows, paver stones everywhere, minimal signs of nature surrounding it, probably in a corporate "neighnorhood" of others just like it. "Vacation homes" in Minnesota used to be classic cabins in the woods, until the 2nd mortgage boom made it possible for folks to have another suburban house. For the past 10 years people have been building so-called cabins that were really just extensions of their suburban lifestyle. Plus the corporations moved in and started creating developments of vacation homes,suburban weekend neighborhoods on lakes. I'm not surprised these aren't selling. Just by observation,it appears to me that the market is still viable for well-maintained classic lakeside cabins with trees--like a Minnesota vacation home ought to be.

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btwnthelinesMay. 27, 0912:24 PM

So what he's saying is, now that prices have come down, there's a whole new crop of people who can stretch beyond their means to buy the now 'discounted' homes. The manager making $55K per year couldn't get a loan to buy a $399,000 second house, but can to get a $339,000 one. Ladies and gentlemen, welcome to the beginning of our second recession. Even if it doesn't come for years, the behavior that ruined our economy via one crop of people is now being sold to another group of people who don't seem to recognize the snake oil they're being pitched.

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realityworksMay. 27, 0912:41 PM

its just sad that they had to ruin the economy to get the tourists to stay home!

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dandean316May. 27, 0912:42 PM

"With falling prices, NOW you can AFFORD to buy". "You could have never afforded this before." Remember they used to say "you need to buy now because rates will never be this low again (6%)" Ha! They are. What a bunch of crooks! They are as bad as lawyers, politicians, the media and child molesters.

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Jarvis14May. 27, 0912:43 PM

My wife and I bought a nice lakehome north of Grand Rapids back in 2003. We used equity from out primary home for a down payment on the cabin. It has worked out for us because we didn't go hog wild and buy the 300,000-500,000 place on the best lake with the best property. We held ourselves in check when it came to looking and we found the perfect place for us at the perfect time in our lives (early thirties). To many people from the cities expect to get a place that looks like it could be on Lake Minnetonka. Taxes on second properties are another consideration, they are much much higher than people expect.

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nojusticeMay. 27, 0912:50 PM

Just wait for the LGA cuts to hit these podunk towns up there! They will raise property taxes to maintain their bloated services! THANK YOU GOVERNOR FOR MAKING THESE PODUNK TOWNS PAY FOR THEIR OWN SERVICES!

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photogpatMay. 27, 0912:52 PM

...with forced air heat, air conditioning, manicured green lawn right down to the 4 boats parked on the sprawling dock. Sounds like a perfect recipe for "green lake" disease and NOISE -- both brought on by too many of these so called "Vacation Homes". Thanks to all of you "tourists" who ruin every weekend for me at "The Lake"! Here I was hoping the economy would scare all of you away!

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