Jim Mulleady

March results were still weak but improving. 11 on water homes were sold vs. 9 in February. 36 off-water homes were sold vs. 18 in February.

Active Listings

On Water Off Water

Avg. DOM 207 208

Avg. List $532,171 $186,257

# of Listings 570 710

Sold Listings

On Water Off Water

Avg. DOM 235 166

Avg. List $386,518 $130,722

Avg. Sell $356,463 $122,866

Sell/List % 92.2% 93.8%

# of Listings Sold 11 36

Vilas and Oneida Counties experienced an unusually weak February. Especially down were waterfront homes with only 9 sales in the month. It is my opinion that the weather here and in the Milwaukee and Chicago markets kept the buyers home.

Some good news is that web traffic is brisk and off-water homes are moving. Homes that are priced at market level seem to be getting heavier than normal traffic. I have personally written three offers with 2 accepted thus far in March so things seem to be picking up.

Active Listings

On Water Off Water

Average DOM 212 201

Average List $511,812 $177,276

# Listings 590 662

Sold Listings

Average DOM 163 178

Average List $681,011 $115,684

Average Sell $618,944 $104,100

Sell/List % 90.8% 89.9%

# Listings Sold 9 18

Data from Greater Northwoods MLS for February 2008 for homes in Vilas & Oneida Counties

Frances Mayes wrote "life offers a thousand opportunities, all you have to do is pick one". I really do believe that. Life really does offer so many opportunities. If you have a chance to travel to Tuscany, you really should do it. The Italians' more laid back lifestyle is enviable. Their focus is on the family, friends and yes, eating. I'm not sure where career lands on their priority list but I know that it is substantially lower than it is here in North America.

Eagle River is not quite as charming as Cortona. We certainly do not have the historical significance, the Roman and Etruscan architecture. However, I believe my home town offers a lot of what the Tuscan town offers. Small town ambience; maybe not in the piazza but if you go to the high schoo hockey game or to Brew Moon, you will get to know the locals. People know each other and they do truly care.

Caring? This town knows how to take care of those in need. You need a lift into town? You'll have many offers. What town of 1500 souls can raise $125,000 for "Relay for Life"?

The one area where Tuscany blows away not only Eagle River, but perhaps the entire Western Hemisphere. The food is to die for. The Italians have progressed far beyond anything I have ever known in any civilized nation. They are driven by their gastronomic systems. They don't have supermercados or large refrigerators. The go to the market and get everything fresh. You want a fresh goose; you will hear the screams from the back of the store!

The Italians have created something far more civilized in their civilization. Siesta in the afternoon where nothing is open. It is simply too hot under the blazing hot Tuscan sun. People do not work through their lunches. People do not bring work home as families (and extended families) are far more important than they are here in the states.

Eagle River is pretty laid back. Over 40% of Vilas County is retired. Nobody is in much of a hurry. That may drive a lot of people crazy but that suits us just fine. We like to fish the 3000 nearby lakes. We hunt in the fall. Some snowmobile, some ski and snowshoe. Some head to warmer climates rather than face old man winter.

Breathtaking sunsets? That may be the one area where we have Cortona beat.

As a follow up to last month's unit sales for Vilas and Oneida Counties from 2004 to 2007, the chart above shows residential sales dollars for the same 2004-2007 period.

One can see the obvious cyclical nature of the Northwoods' real estate market. Some positives that can be taken is that the low producing months of January and February remain virtually unchanged. If you are a buyer, you would wield more leverage in these off-peak months. The peak months in the late summer are off but not as bad as other areas of the country. I wish to reiterate that while some market "corrections" are occurring elsewhere in the US, values continue to rise in the Northwoods. Wisconsin's Department of Revenue found the average value rose 10% in Vilas and Oneida Counties in 2006. The Department is predicting values to rise by a similar value in 2007. A property purchased for $100,000 in 2001 would be worth approximately $160,000 today. We have experienced 59.8% increase in value in the past 5 years. The Fed is making an effort to stimulate the economy by dropping the prime rate 1.25% in 10 days. 30 year mortgage rates touched the 5.5% mark briefly before jumping back to the 5.75% range. It is anticipated that rates will drop to the 5.5% rate or below in the coming weeks. It is a terrific time to be a buyer!