Waupaca Chain O’ Lakes real estate gems, still being uncovered in this “diamond in the rough”.
Waupaca Chain O’ Lakes Real Estate
2013 was a strong year on “The Chain”, with numerous transactions that reflected satisfaction on behalf of both buyers and sellers.
Although the number of home sales is more than double what we saw during the recession years, some prices are still coming in low, showing that it’s still a great time to be a buyer along Waupaca’s Chain O’ Lakes.
There is an “interesting” difference in the sales along the Chain that took place last year, but it has been happening ever since the start of the recession. When looking at the waterfront homes that sold for under $450,000, 9 of the 11 sales in 2013 saw a sales price that was below the tax-assessed Fair Market Value. In contrast, the homes that sold for over $450,000 had a selling price that, in 6 out of 7 transactions, was actually higher than the tax assessed Fair Market Value. One home in this category sold at 134% above the tax assessed Fair Market Value, compared to homes under $450,000, where the lowest percentage in sales price to tax assessed Fair Market Value is only 72%. This shows that Buyers in the lower bracket are enjoying great deals, while buyers in a higher price bracket reaffirm that values are still holding steady.
Below is a chart showing that in 2007 – just before the recession – properties on the Chain were selling for slightly more than assessed value and now, these same type property transactions are getting done at numbers below the assessed value.
Two homes along the Chain sold for over $700,000, both to buyers whose main home resides outside the Waupaca area. This is down from the three in 2012 that sold for over $700,000. The highest sale ever on the Chain was for nearly $2,000,000 and that buyer was skillfully represented by Steve Huhta and Re/Max Lyons Real Estate.
Right now, there are four new homes being built along the Chain. Sometimes a buyer will chose a residence more for the land, location, and waterfront access, only to tear down the existing property and rebuild a new home on the lot. In this case, three of four homes have been owned and lived in for several years before their owners chose to rebuild them, another indicator that Chain residents are truly enjoying their properties, long term.
There were no condominium or vacant land sales in 2013 along the Chain O’ Lakes. These are both categories that get very little movement in this current real estate climate.
Real estate was booming in 2007 just before the recession, and in that year the Chain had 15 waterfront sales. There were 18 sales in 2013. Although not as many as the 22 sales in 2012, it still shows that the market has indeed turned around. As the weather warms in the coming months, watch for the real estate market to become hot!
If you’re looking for a home along the Chain, Steve Huhta and Re/Max Lyons Real Estate are involved in more transactions than any other Realtor or real estate company. Constantly up to date with sales and market trends, Steve Huhta is your most reliable source for current information that affects your real estate transaction. For a complete list of Waupaca Chain O’ Lakes properties for sale, or a list of homes that have recently sold, visit www.WaupacaWaterFront.com