Gas prices are pretty unfriendly but it hasn’t slowed the traffic in our little area of the world; perhaps it’s our near perfect weather the past many weeks that keeps folks coming to the north woods. The weather has been friendly to real estate as well as the deal flow has picked up.
One sector that has been very good in our area is the condominium market. Sales of existing condominiums have set records throughout certain areas of the nation; regionally condo sales were relatively flat during the past year while the nationwide condominium market has kept up with record-breaking, single family home sales. While sales of condos in our area is lower than other areas of the country, their popularity the past 1-2 years has spiked up more than in the western or southern part of the U.S. Sales have been solid in our area and continue to be actively strong especially for waterfront condos.
It should be no surprise that sales are strong on the waterfront since our area is a destination for those who want a piece of the north woods and the opportunity to enjoy our pristine lakes. Condos on the water usually provide a much more affordable way to have a piece of heaven. More and more baby boomers who spend time in the warm climates during the winter months also want to continue to have their summer lake get-away; no surprise that they want it without the hassle of keeping up the yard, painting or worrying about other maintenance issues. Waterfront condos are a great solution.
There are currently six off-water condo developments in the Hayward area that range in price from $149,000 per unit to over $299,500 and several on-water condo projects that have a unit price range from $54,900 to $435,000. Last year sales of 40 condo on-water units in the Hayward School District averaged $232,228; the mean price was $210,450. The year prior there were 37 sales at an average of $183,805; the mean was $127,500. The off-water sales average and mean are very close at approximately $170,000 per unit. It will be no surprise if sales continue strong as baby boomers look to make life easier; I should know…I am one.
Have a great weekend; the forecast here is for sunny skies, warm weather and good fishing!
Life is good.
