Vilas County Home Sales 2011 Sales $ / Fair Market Value

             Off   Water          On Water
Sell/List Sell/FMV Sell/List Sell/FMV
Arbor Vitae

0.93

0.82

0.87

0.73

Boulder Junction

0.9

0.85

0.87

0.82

Cloverland

0.91

0.73

0.89

1.01

Conover

0.89

0.54

0.92

0.95

Eagle River

0.9

0.75

Lac du Flambeau

0.89

0.93

0.89

0.83

Land O Lakes

0.9

0.75

0.9

0.81

Lincoln

0.91

0.89

0.93

0.93

Mani Waters

0.7

0.54

0.78

0.72

Phelps

0.88

1.07

0.91

0.94

Plum Lake

0.9

0.88

0.9

0.91

Presque Isle

0.93

0.58

0.88

0.82

St. Germain

0.92

0.8

0.91

0.82

Washington

0.86

0.7

0.89

0.63

Winchester

0.9

0.73

0.83

0.72

 

The above table looks at the Sell/List Price and the Sell/Fair Market Value in the townships of Vilas County for both on-water and off water homes.  There were 395 homes sold in Vilas County in 2011.  When one looks at the table, it becomes apparent that there are some tremendous bargains and buyers are taking full advantage of their leverage.

 

In Wisconsin, property taxes are paid in arrears.  Property taxes are based upon the property value as of January 1.   In two cases, the Sell/FMV is above 1.0 (Cloverland on-water and Phelps off-water).  In both of these cases, there were significant improvements to the land that had not yet caught up with the assessor.  The rest of the county ranged from a .54 in Conover and Manitowish Waters to .95 for on water in Conover.  Why the huge variations?  If the town recently revalued, it should be a higher (more accurate) value.  If there were several bank owned sales in an individual segment, that will bring a town down.  Some towns had many sales and some did not.  Also, each township contracts with an independent assessor.  Assessments (revaluations) are not done annually.

 

What does this mean?  For a seller, it is not good news.  If one looks at the assessed value, homes are selling for around 80% of this value.  Can I hear a collective “ouch”!?   For the buyer, it is great news as the there has never been a better time to be a buyer.  Interest rates remain at 4% and below and the selection is excellent!  Years from now, many will regret the opportunity that today’s market presents.

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About northwoodsdeals

Jim Mulleady is the Broker for Coldwell Banker Mulleady REALTORS located in Eagle River, WI. Jim has a BS in Industrial Technology from UW Stout and an MBA - Marketing from DePaul University. Jim has over 20 years of marketing and sales experience.
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