OTTER TAIL COUNTY LAND OF 1,000 LAKES, By Alan Olson, Broker, Century 21 Vista
by Admin Admin
on Monday, October 31st, 2011 at 3:55pm.
Surprisingly, sales of lake homes and cabins are always about 75% fewer than the sales of residential homes in Otter Tail County, even with our county having 1,000 lakes, more than any other county in the United States. The dollar volume of lake home sales is only 40% less. Obviously, the average sale prices of lake homes are $150,000 higher at $257,000 where residential homes are at an average sale price of $107,000.
Reasons for the large number of residential sales are: we have a good population base and low unemployment which makes Otter Tail a good county in which to live and work. There is a good supply of residential homes right now which has had a softening effect on prices. Lake home average sale prices have risen, however, due to the more expensive homes selling.
My advice for buyers and sellers entering the market.....use a professional full time real estate agent that knows not only the past comparables but one who knows the present ones and the trends.