About Otter Tail County, MN

Fergus Falls, MN 56537-8279
Status: Active List Price: $149,500 Original List Price: $149,500
Previous Image 1 of 7 Next Slideshow · Open All Total Bed/Bath: 2/ 1 Garage: 1 Year Built: 1969 Map Page: 999 Map Coord: a1 Directions: (Click icon for Virtual Earth Map)
MLS Area: 814 - West Central Minnesota Style: (SF) One Story Const Status: Previously Owned Foundation Size: 720 AbvGrdFinSqFt: 720 BelGrdFinSqFt: Total Fin SqFt: 720 Acres: 0.230 Lot Size: 75x134 TAX INFORMATION Property ID: R13000990401000 Tax Year: 2009 Tax Amt: $1,138 Assess Bal: $ Tax w/assess: $1,138 Assess Pend: Unknown Homestead: Yes
List Date: 04/12/2009 Received By MLS: 04/13/2009 Days On Market: 50 CDOM History
General Property Information
Legal Description: Lot 27 Burau Beach 3rd Addn and Lot 27, Hillside Addition-Burau Beach County: Otter Tail Postal City: Fergus Falls School District: 544 - Fergus Falls, 218-998-0544 Mfg Home w/HUD#: No Complex/Dev/Sub: Burau Beach 3rd Addition Common Wall: No Lot Description: Tree Coverage - Medium Road Frontage: Cul De Sac, No Outlet/Dead End, Paved Streets Zoning: Residential-Single Accessibility: None Lake/Waterfront: Dock, Lake Front, Lake View Lake/WF Name: Wall Lake
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Public Remarks: Affordable lake home with 70' of lake shore PLUS a .13 acre lot across the street. Situated just outside of Fergus Falls on a good recreational lake with boating and fishing. Great sunset views! Garage has lots of extra room for more than just a car!

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The Pelican Rapids Chamber of Commerce presents the Home & Garden show on April 25th from 9:00 to 2:00. The show is being held in the PR High School Gymnasium.

Admission is only $1 and proceeds go to future Chamber events.

Local businesses will be on hand at the show for helping you get your home and garden ready for the summer. There will be games for the kids, food available, seminars, and a silent auction.

Be sure to stop in and check it out. With over 50 different booths at the show there is sure to be something for everyone.

Sales figures for Lakeshore Residential Properties Feb & Mar 2009:

Analyzing sales numbers for lake properties is always difficult in the winter months. The seasonal dips are dramatic and the low numbers make reading a trend almost impossible. Unfortunately, my magic crystal ball is also in the shop this week, so I have no predictions for this summer.

One important fact to note as we go into the spring season is that the number of lake homes currently on the market remains high. Last summer, the monthly sales for the Detroit Lakes area MLS bounced around that 20-30 homes/month range. The Fergus Falls area saw 15-20 homes/month sold. Even at those sales rates we have a high inventory of lake homes.

This high level of inventory creates some great opportunities for buyers looking to find the perfect lake home this summer.

“But according to the News, the prices are falling!!! Why buy now???”

True, in many parts of the country they are seeing falling prices. This is not to say lakeshore prices in Ottertail and Becker counties are also dropping. Just to check the local market I compared year-end sales averages for the last few years.

I’ll admit these numbers surprised me a little. I expected the average sales price to be flatter over the last 2-3 years. In reality this is what we are seeing in most situations, no major price moves. Averages can be tricky with less homes being sold. One or two homes selling for over $500K can have a bigger effect on the average and skew the numbers higher. I suspect that has something to do with the recent price gains.

However, it is good to see lakeshore properties in this area are at least holding their value.

So the state of the economy sucks and the stock market is continuing in a downward spiral. Lately, I feel like a big pessimists. I need to keep my eyes off the news and focus on the positives. What positives are there. Well I was thinking about how great real estate is as an investment. There are many investment options to pick from including stocks, bonds, mutual funds, commodities, money market accounts, certificates of deposit, and real estate. No, matter which way a person goes they face market risks with whatever vehicle they are using for the investment.

Investment real estate is a great hedge against whatever the economy is doing. Say for example you want to be a slum lord and own an apartment complex or maybe just a duplex. The rents that you receive from your rental will more than likely remain very consistent and probably trend up as time goes on even if the value of the property declines. The best thing about it is that you have someone else (the renters) paying for your investment and hopefully if you have done everything right on the purchase you will be receiving cashflow on a monthly basis. Over the long term the renters will pay off your mortgage and you will receive 100% of the money.

Another reason that I feel that real estate is a better place for your money than the stock market is because it is more stable. Take an example of a 60 year old person who invested in the stock market for their entire working life hoping to live off that money when they retired. In today's market that 60 year may need to work for many more years because they possibly would have lost a significant portion of their investment. If that same 60 year old would have invested their money in the real estate market they would more than likely have completely paid off the mortgage on their investment property and would be able to live off the cashflow it provided even if the value had declined more recently. Rents are typically slower to change than prices in the market place.

What's your opinion on the market lately?