Wisconsin waterfront property owners can celebrate after new legislation to protect existing piers was signed into law; the Wisconsin REALTORS® Association (WRA) credits the Governor and bipartisan legislative leaders for passage. It passed unanimously in both houses of the legislature.
According to the WRA, Assembly Bill 297 establishes grandfathering standards for existing piers and will provide permanent protection from future regulations to approximately 99% of the existing piers. The new law exempts from new regulations (or “grandfathers”) all piers up to 8-feet wide and loading platforms or “decks” (located at the end of the pier) that are 200 square feet or less. The law also grandfathers decks between 200 and 300 square feet, as long as they are no wider than 10 feet.
“This new law is very important to waterfront property owners and will provide certainty as to which piers are legal, and which are not,” said Mike Spranger, WRA Chairman. According to Spranger, “The new law strikes a good balance between the rights of property owners and the rights of the public to use and enjoy our waterways.”
This new law was worked on by a broad coalition of key stakeholders including the Wisconsin Department of Natural Resources, Wisconsin REALTORS® Association, the Wisconsin Wildlife Federation, the Wisconsin Builders Association, and the Wisconsin Association of Lakes.
While some existing piers will not be grandfathered, the law makes the process easier and more equitable for obtaining the necessary permits to keep these piers in place. Many of the piers have been a part of the property for years and years so the new law provides a fair resolution.
We can all agree that piers certainly add value to waterfront property because it provides access to the water for boating and recreation. In addition, there is a significant emotional attachment for some property owners; it's the place where many families have spent countless hours swimming, fishing and spending time together.
From personal experience, I can tell you that naps on the end of the pier are priceless!
The sun is shining, the snow is melting and spring is here; come on up and enjoy our beautiful lakes, woods, fresh air and "grandfathered piers".......Life is Good....Enjoy!
Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15617 Railroad Street
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/
Wednesday, April 02, 2008
Friday, March 28, 2008
Fed Rate Cut = Mortgage Rate Cut????
Are you a little puzzled over why mortgage rates have not skidded to all time lows? After all, Fed rates have been cut five times for a total of 2.5%, so why don't we get a downward move in mortgage rates? In fact, mortgage rates are now higher than they were before the Fed began cutting rates.
The Fed controls the Discount Rate and the Fed Funds Rate; this is quite different from mortgage rates. Mortgage rates are based on mortgage-backed bonds known as Mortgage Backed Securities. Bonds that are issued by Fannie Mae and Freddie Mac and how those bonds perform when traded give us the rise and fall of mortgage rates.
Inflation will always be a big negative for any long-term bond because inflation eats away at the future return of the bond. Another piece in this puzzle is the performance of the NASDAQ and broader stock market.
As bond prices rise, interest rates fall. As bond prices fall, interest rates rise. As the NASDAQ moves higher, bond prices move lower which causes interest rates to rise. Conversely, as the NASDAQ declines, mortgage bonds benefit which causes mortgage rates to fall.
Fed rate cuts have had virtually no direct effect on mortgage rates. As the Fed cuts rates this impacts and typically stimulates the NASDAQ which then has a negative effect on mortgage rates.
Confused yet? Is there any good news? The biggest beneficiaries of the cuts are those home owners that have resets on their adjustable-rate mortgages. That's because the rate on many of adjustable-rate-loans is pegged to the rate on the one-year Treasury bill; it tends to move down after Fed rate cuts. Fixed-rate mortgages are typically tied to the rate on 10-year Treasury notes, so they are affected more by conditions in credit markets and inflationary moves; Fed cuts have little affect on long-term fixed mortgages.
The good news is that rates still are historically low when you look back over the past 40 years. One local bank just quoted me 6% for a 30-year fixed-rate mortgage....not bad!
The temps are warming up and the blue skies and bright sun certainly are a welcome site. The moon was bright last night and still beautiful at 6:00 am this morning....Life is Good....Enjoy!
Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15617 Railroad St.
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/
The Fed controls the Discount Rate and the Fed Funds Rate; this is quite different from mortgage rates. Mortgage rates are based on mortgage-backed bonds known as Mortgage Backed Securities. Bonds that are issued by Fannie Mae and Freddie Mac and how those bonds perform when traded give us the rise and fall of mortgage rates.
Inflation will always be a big negative for any long-term bond because inflation eats away at the future return of the bond. Another piece in this puzzle is the performance of the NASDAQ and broader stock market.
As bond prices rise, interest rates fall. As bond prices fall, interest rates rise. As the NASDAQ moves higher, bond prices move lower which causes interest rates to rise. Conversely, as the NASDAQ declines, mortgage bonds benefit which causes mortgage rates to fall.
Fed rate cuts have had virtually no direct effect on mortgage rates. As the Fed cuts rates this impacts and typically stimulates the NASDAQ which then has a negative effect on mortgage rates.
Confused yet? Is there any good news? The biggest beneficiaries of the cuts are those home owners that have resets on their adjustable-rate mortgages. That's because the rate on many of adjustable-rate-loans is pegged to the rate on the one-year Treasury bill; it tends to move down after Fed rate cuts. Fixed-rate mortgages are typically tied to the rate on 10-year Treasury notes, so they are affected more by conditions in credit markets and inflationary moves; Fed cuts have little affect on long-term fixed mortgages.
The good news is that rates still are historically low when you look back over the past 40 years. One local bank just quoted me 6% for a 30-year fixed-rate mortgage....not bad!
The temps are warming up and the blue skies and bright sun certainly are a welcome site. The moon was bright last night and still beautiful at 6:00 am this morning....Life is Good....Enjoy!
Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15617 Railroad St.
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/
Tuesday, March 11, 2008
People Say the Darndest Things!
Greetings:
The weather is fabulous today in Hayward; it is sunny and bright, about 35 degrees and the snow is melting. Amanda just called from Playa del Carmen and they are enjoying sunny weather and it's about 85 degrees poolside! Hmmmm....
I thought you'd enjoy something on the lighter side today - thanks to Fred Kortepeter, Sycamore Group, REALTORS®, Indianapolis, who passed along these gaffes and comments he's gathered from listing sheets over the years.
- Sellers to keep all flooring.
- One-owner condom near lake.
- Exclude basement, as it is a family heirloom.
- Priced for quick sale! (House had been on the market 15 months.)
- Mirror over fireplace and roof don't stay.
- Four acres on large lot.
- Defects: Neighbors' septic tank stinks in the summer.
- Watch for snake in the driveway. Don't run over it.
- Third-floor walk-up apartment: Great for getting rid of in-laws.
- Dog bites. Don't go in the house.
- Walls to be replaced.
- Reason selling: Moving.
Anyway, we're dreaming of spring & time on the lake!
Life Is Good....Enjoy!
Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15617 Railroad Street
Hayward, WI 54843
nathan@garynathan.com
http://www.garynathan.com/
http://www.haywardwaterfront.com/
The weather is fabulous today in Hayward; it is sunny and bright, about 35 degrees and the snow is melting. Amanda just called from Playa del Carmen and they are enjoying sunny weather and it's about 85 degrees poolside! Hmmmm....
I thought you'd enjoy something on the lighter side today - thanks to Fred Kortepeter, Sycamore Group, REALTORS®, Indianapolis, who passed along these gaffes and comments he's gathered from listing sheets over the years.
- Sellers to keep all flooring.
- One-owner condom near lake.
- Exclude basement, as it is a family heirloom.
- Priced for quick sale! (House had been on the market 15 months.)
- Mirror over fireplace and roof don't stay.
- Four acres on large lot.
- Defects: Neighbors' septic tank stinks in the summer.
- Watch for snake in the driveway. Don't run over it.
- Third-floor walk-up apartment: Great for getting rid of in-laws.
- Dog bites. Don't go in the house.
- Walls to be replaced.
- Reason selling: Moving.
Anyway, we're dreaming of spring & time on the lake!
Life Is Good....Enjoy!
Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15617 Railroad Street
Hayward, WI 54843
nathan@garynathan.com
http://www.garynathan.com/
http://www.haywardwaterfront.com/
Friday, February 29, 2008
Sawyer County Zone Districts
In my blog a couple of weeks ago I promised I would follow up with some interesting information about zone districts in Sawyer County from a land use comparison perspective. If you remember I asked what zone district comprised the greatest percentage of land use in the County; the answer is forestry at an outstanding 71%.
Our County comprises more than 1,354 square miles or about 866,560 acres. Of that there is more than 58,000 acres of total surface water area. More than 36% of the County is in public ownership.
See the numbers below that were graciously supplied by Eric Wellauer from Sawyer County Zoning along with his team in that office that worked to put this together. Draw your own conclusions but one thing I can tell you for sure, the water and woods of Sawyer County is why most of us live here and why others want to join us!
By the way, nearly 7000 people skied the Birkie here last weekend and it is snowing today so the trails for skiing and snowmobiling are excellent. The Hayward 300 Snowmobile Races are this weekend. Come on up and enjoy our great north woods.
Life Is Good....Enjoy!
Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15617 Railroad St.
Hayward, WI 54843
nathan@garynathan.com
http://www.garynathan.com/
Our County comprises more than 1,354 square miles or about 866,560 acres. Of that there is more than 58,000 acres of total surface water area. More than 36% of the County is in public ownership.
See the numbers below that were graciously supplied by Eric Wellauer from Sawyer County Zoning along with his team in that office that worked to put this together. Draw your own conclusions but one thing I can tell you for sure, the water and woods of Sawyer County is why most of us live here and why others want to join us!
By the way, nearly 7000 people skied the Birkie here last weekend and it is snowing today so the trails for skiing and snowmobiling are excellent. The Hayward 300 Snowmobile Races are this weekend. Come on up and enjoy our great north woods.
Life Is Good....Enjoy!
Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15617 Railroad St.
Hayward, WI 54843
nathan@garynathan.com
http://www.garynathan.com/
Thursday, February 21, 2008
Friday, February 15, 2008
Make No Mistake
It's a mistake to look at the Wisconsin and Sawyer County housing market through the lens of national indicators. I'm sure you heard the report yesterday on headline news that national housing sales decreased as well as prices. Well, that has not happened here.
While sales in Wisconsin dipped in 2007, prices actually increased leaving Wisconsin in much better shape than many parts of the nation. In Sawyer County we had another increase in the number of home sales in quarter 4 of 2007 as compared to the same quarter in 2006. Sales were up from 48 units to 68 units. The median sale price rose by more than $30,000 last quarter (as compared to 2006) to $177,500. For our county in 2007, the median price and total home sales were up over 2006.
Certainly 2007 was no picnic compared to the boom years but our future continues to brighten more quickly than a good share of the country. The stability of prices in this soft market is certainly a good sign for buyers. Housing remains a good way to accumulate and maintain household wealth. Lower rates and good inventory provides excellent buying opportunities.
Next week I'm going to share some information on Sawyer County Zone Districts. Forestry is the largest zone district category in Sawyer County. What percentage of the County is zoned foresty? Find out the details next week.
Don't forget that this weekend is the Walleyes for Northwest Wisconsin Family Ice Fishing event in Hayward. Also, it's the North End Classic Ski Race on Sunday. AND the big ones..the Birkie and the Barnebirkie are next weekend! Good luck to all you skiers!
Life is Good.....Enjoy!
Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15617 Railroad St.
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/
While sales in Wisconsin dipped in 2007, prices actually increased leaving Wisconsin in much better shape than many parts of the nation. In Sawyer County we had another increase in the number of home sales in quarter 4 of 2007 as compared to the same quarter in 2006. Sales were up from 48 units to 68 units. The median sale price rose by more than $30,000 last quarter (as compared to 2006) to $177,500. For our county in 2007, the median price and total home sales were up over 2006.
Certainly 2007 was no picnic compared to the boom years but our future continues to brighten more quickly than a good share of the country. The stability of prices in this soft market is certainly a good sign for buyers. Housing remains a good way to accumulate and maintain household wealth. Lower rates and good inventory provides excellent buying opportunities.
Next week I'm going to share some information on Sawyer County Zone Districts. Forestry is the largest zone district category in Sawyer County. What percentage of the County is zoned foresty? Find out the details next week.
Don't forget that this weekend is the Walleyes for Northwest Wisconsin Family Ice Fishing event in Hayward. Also, it's the North End Classic Ski Race on Sunday. AND the big ones..the Birkie and the Barnebirkie are next weekend! Good luck to all you skiers!
Life is Good.....Enjoy!
Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15617 Railroad St.
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/
Wednesday, February 06, 2008
HOPE NOW
This week I want to take a little different spin on the troubled home market; there is always alot of talk about it, but is there any help? If you know of someone who is having trouble with their current mortgage and needs help, I have some tips for you.
Your family or friend may be eligible for relief under the President's initiative announced in mid-December; it is designed to help stem the tide of defaulted subprime mortgages. The most important part of this service is an interest-rate freeze, but it does not apply to all borrowers. Here's what a party in trouble should do:
1. Call the national counseling hotline at 888-995-4673.
2. Expect to be on the phone with a counselor for 45 minutes or more.
3. Expect that the counselor will recommend a course of action if a person is eligible.
4. Service providers are flexible and tend to be pretty helpful.
5. Refinancing is the typical solution for most borrowers but there are other alternatives.
The most important advice you can give your family or friend is to encourage them to call the hotline ASAP and start the process of seeking a solution; waiting could make any remedy impossible.
This weekend is the Pre-Birkie race from Lake Hayward to Hwy OO; sponsored by the local Lions Club this is always a great event. Come on up and enjoy the fun!
Life is Good....Enjoy!
Gary Nathan
Amanda Mavis
Woodland Developments & Realty
15617 Railroad Street
Hayward, WI 54843
nathan@garynathan.com
http://www.garynathan.com/
Your family or friend may be eligible for relief under the President's initiative announced in mid-December; it is designed to help stem the tide of defaulted subprime mortgages. The most important part of this service is an interest-rate freeze, but it does not apply to all borrowers. Here's what a party in trouble should do:
1. Call the national counseling hotline at 888-995-4673.
2. Expect to be on the phone with a counselor for 45 minutes or more.
3. Expect that the counselor will recommend a course of action if a person is eligible.
4. Service providers are flexible and tend to be pretty helpful.
5. Refinancing is the typical solution for most borrowers but there are other alternatives.
The most important advice you can give your family or friend is to encourage them to call the hotline ASAP and start the process of seeking a solution; waiting could make any remedy impossible.
This weekend is the Pre-Birkie race from Lake Hayward to Hwy OO; sponsored by the local Lions Club this is always a great event. Come on up and enjoy the fun!
Life is Good....Enjoy!
Gary Nathan
Amanda Mavis
Woodland Developments & Realty
15617 Railroad Street
Hayward, WI 54843
nathan@garynathan.com
http://www.garynathan.com/
Thursday, January 31, 2008
CYCLES
Hola! This week Shari and I have had the pleasure of spending time in Playa del Carmen, MX where it appears they are building condos and developing every vacant lot available. Just a few years ago developers could not keep up with demand; now supply has surpassed demand and some developments are standing idle.
Home building runs in cycles; in the U.S. we have had four such cycles since the early 1970’s. Housing starts peaked in 1973, 1977, 1984 and 2006. Those peaks were followed by troughs in 1975, 1981, 1991and 2007 respectively. The same is true for home price appreciation. We had peaks in the mid to late 1970’s early 1980’s and 1990’s and the longest one from 1996 to 2006. You guessed it, each peak period was followed by a trough period.
According to the Bureau of Economic Analysis, new-home starts have fallen by at least 60 percent from their peak in past cycles. In the current cycle housing starts have fallen 47 percent. We are living with the legacy of the investor/speculator boom and lenient mortgage underwriting. Oversupply caused by overbuilding has been augmented by foreclosed properties. The number one indicator for a market upturn is a decline in new homes from an eight-month supply to a six-month supply. If builders don’t control supply it’s going to make the recovery that much more painful.
Fortunately, our market is similar to Playa del Carmen but on a much smaller scale. People go to Playa for the sun, ocean, beaches, great restaurants, shopping and relaxation. They purchase housing because they feel it’s a good investment in an international market. Folks come to our area for the pristine lakes, tens of thousands of acres of woods, clean air, four seasons, great restaurants, shopping and world-class events. They buy real estate because they feel it is a good long-term investment. Cycles happen; we have experienced them before. We don’t live in a boom or bust area so our highs and lows aren’t as severe as some other parts of the country.
Ok - I hear it’s really cold back home so perhaps a little extra time on the beach would be a smart consumer choice!!??
Have a great weekend…..Life Is Good….Enjoy!
Thanks to Dennis Smith for some of this week’s home building info…
Gary Nathan
Woodland Dev. & Realty
15617 Railroad St.
Hayward, WI 54843
715-699-4040
nathan@cheqnet.net
www.garynathan.com
Home building runs in cycles; in the U.S. we have had four such cycles since the early 1970’s. Housing starts peaked in 1973, 1977, 1984 and 2006. Those peaks were followed by troughs in 1975, 1981, 1991and 2007 respectively. The same is true for home price appreciation. We had peaks in the mid to late 1970’s early 1980’s and 1990’s and the longest one from 1996 to 2006. You guessed it, each peak period was followed by a trough period.
According to the Bureau of Economic Analysis, new-home starts have fallen by at least 60 percent from their peak in past cycles. In the current cycle housing starts have fallen 47 percent. We are living with the legacy of the investor/speculator boom and lenient mortgage underwriting. Oversupply caused by overbuilding has been augmented by foreclosed properties. The number one indicator for a market upturn is a decline in new homes from an eight-month supply to a six-month supply. If builders don’t control supply it’s going to make the recovery that much more painful.
Fortunately, our market is similar to Playa del Carmen but on a much smaller scale. People go to Playa for the sun, ocean, beaches, great restaurants, shopping and relaxation. They purchase housing because they feel it’s a good investment in an international market. Folks come to our area for the pristine lakes, tens of thousands of acres of woods, clean air, four seasons, great restaurants, shopping and world-class events. They buy real estate because they feel it is a good long-term investment. Cycles happen; we have experienced them before. We don’t live in a boom or bust area so our highs and lows aren’t as severe as some other parts of the country.
Ok - I hear it’s really cold back home so perhaps a little extra time on the beach would be a smart consumer choice!!??
Have a great weekend…..Life Is Good….Enjoy!
Thanks to Dennis Smith for some of this week’s home building info…
Gary Nathan
Woodland Dev. & Realty
15617 Railroad St.
Hayward, WI 54843
715-699-4040
nathan@cheqnet.net
www.garynathan.com
Wednesday, January 23, 2008
Economic Changes
The quickly changing economy certainly presents some challenges for all of us and the forecasts are all over the board. The last half of 2007 and the first part of this year have been dominated by the subprime mortgage market and the latest stock market sell-off. High oil prices, retail sales and home sales have taken a backseat.
So what is in store for the Wisconsin economy and Sawyer County? How will all this playout in the months to come? We all have our own forecast and stories to tell.
Wisconsin projects that personal income growth will be about 4.3% which follows the U.S. growth rate. We will not be hit as hard by the subprime crisis and mortgage foreclosures are half of what they are in the U.S. on average. Wisconsin folks have above national average credit scores and lower debt levels.
Exports are booming; in fact Wisconsin has enjoyed a 50% increase over the past three years. Wisconsin business, particularly the technology sector is expanding and creating more wealth. We have less economic risk because we are not a boom or bust type of economy.
Finally, this is a presidential election year so the good news is that overall economic growth has historically been better than average during those years. The bad news is we have several months yet of debates and candidates verbally attacking one another.
Our little company had a great year last year including record sales on Teal and Blueberry Lakes and full price and near full price offers on several other lake homes, commercial lots and businesses. We intend to make 2008 another great year; come on up and join us!
In order that I might better serve my real estate customers and clients I will be taking the next week off and exposing my brain and body to warm sun and sea breezes. Amanda will be here working hard and keeping our "local economy" rolling along.
Don't forget that the Pre-Birkie is Saturday, February 9!
Life is good....Enjoy!
Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15617 Railroad Street
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/
So what is in store for the Wisconsin economy and Sawyer County? How will all this playout in the months to come? We all have our own forecast and stories to tell.
Wisconsin projects that personal income growth will be about 4.3% which follows the U.S. growth rate. We will not be hit as hard by the subprime crisis and mortgage foreclosures are half of what they are in the U.S. on average. Wisconsin folks have above national average credit scores and lower debt levels.
Exports are booming; in fact Wisconsin has enjoyed a 50% increase over the past three years. Wisconsin business, particularly the technology sector is expanding and creating more wealth. We have less economic risk because we are not a boom or bust type of economy.
Finally, this is a presidential election year so the good news is that overall economic growth has historically been better than average during those years. The bad news is we have several months yet of debates and candidates verbally attacking one another.
Our little company had a great year last year including record sales on Teal and Blueberry Lakes and full price and near full price offers on several other lake homes, commercial lots and businesses. We intend to make 2008 another great year; come on up and join us!
In order that I might better serve my real estate customers and clients I will be taking the next week off and exposing my brain and body to warm sun and sea breezes. Amanda will be here working hard and keeping our "local economy" rolling along.
Don't forget that the Pre-Birkie is Saturday, February 9!
Life is good....Enjoy!
Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15617 Railroad Street
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/
Thursday, January 17, 2008
Warning!
There is a bunch of information on the Internet about how you can log onto a company web site to learn the current value of your home. For the most part I find this to be misleading for home owners. Online automated valuations are not appraisals and the legality of these models is being debated as I write. This is NOT a valuation, it is a automated guess at best.
Realistic valuations are typically secured one of three ways. The best way is by hiring an independent licensed appraiser to do a full appraisal overview; its a process not a guess. There is a fee but well worth it in the end.
Another way to find a fairly accurate value for your home is to have your real estate agent do a comparative market analysis (CMA) which is typically free.
Finally, look at your most recent tax statement which will provide the estimated fair market value of your property. If your property has been recently assessed that "estimated fair market value" is normally pretty accurate unless your tax assessor is especially conservative.
Work with professionals if you want accurate and truthful results!
We received a little snow last night; the ski trails are excellent and the snowmobile trails in the woods are good. Have a great weekend!
Life Is Good...Enjoy!
Gary Nathan and
Amanda Mavis
Woodland Dev. & Realty
15617 Railroad Street
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/
Realistic valuations are typically secured one of three ways. The best way is by hiring an independent licensed appraiser to do a full appraisal overview; its a process not a guess. There is a fee but well worth it in the end.
Another way to find a fairly accurate value for your home is to have your real estate agent do a comparative market analysis (CMA) which is typically free.
Finally, look at your most recent tax statement which will provide the estimated fair market value of your property. If your property has been recently assessed that "estimated fair market value" is normally pretty accurate unless your tax assessor is especially conservative.
Work with professionals if you want accurate and truthful results!
We received a little snow last night; the ski trails are excellent and the snowmobile trails in the woods are good. Have a great weekend!
Life Is Good...Enjoy!
Gary Nathan and
Amanda Mavis
Woodland Dev. & Realty
15617 Railroad Street
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/
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