Pete Rondello Sr

As we enter the last 10 days of 2008, our thoughts turn to the holidays, our clients and customers, our family and friends. This has been a year of re-learning the value of relationships, the start of healing our national economy, re-structuring our political system, and focusing on those blessings and gifts that truly matter most. I think we’re learning again that’s it’s not about THINGS, it’s about PEOPLE. May the simple joy of the season bring you relaxation, peace, and introspect.

Mid-to-late December traffic has been typically light; we have written two offers in as many weeks and taken two new listings. Consumers viewed our listings on line often, with a peak the week of November 30^th thru December 6^th. We have several good buyers poised to get into the game in 2009, and with anticipated lower mortgage rates and excellent inventory, “2009 should be fine” …

We’re adding additional web presence and enhancements to all our listings in 2009 for greater exposure, and launching several new web sites to generate more traffic for our clients.

MERRY CHRISTMAS from Team Rondello!

Pete Rondello, Sr. Jim Kleifgen Emily Butkus

I'm on an "ideas/strategy" panel with a local lender, and lately we're all being hit with the after effects of the media leaking the prospect of a low government-subsidized mortgage interest rate of 4.5%

In fact, the radio station I listened to featured an economist who said: "You'd be a FOOL to buy anything now. Wait a few months for the cheap rate and save hundreds each month."

The media has "helped" us immeasurably the past few years by drilling the same message into the brains of the entire country. We'd all be FOOLS to buy anything now. So, we believed them, and now the MLS is loaded with years of inventory, and the auto dealerships have rows of shiny cars that nobody's buying, because they do not want to be seen as a FOOL.

A friend of mine who is a mortgage originator at a local bank told me Tuesday night that the loans she had in the pipeline are either on hold or stopped. As soon at the 4.5% rumor hit, she had people calling to put the brakes on; even those willing to lose application and origination fees of hundreds of dollars. She told me that her desk is clear now; everyone is waiting ...

The buyer activity at our real estate office seems to mirror this. As if things weren't quiet already Our company president likes to say:

"How's Business?" "Well, it was slow earlier, but now it's tapered off."

In our neck of the woods, we can get 5.5% rates on 30 year fixed right now. We are working on a program to invite sellers to buy down the rate with an incentive to the buyer, so that we can offer 4.5% 30 year fixed rate to qualified buyers RIGHT NOW. Instead of reducing the price further, taking a few thousand dollars to pay points to the bank and buy the rate down to the magic 4.5% everybody's waiting for. Perhaps we can move some buyers "off the dime".

This way, they get best pick of the inventory, don't have to wait any longer, and get a faster closing because the appraisers, inspectors, Realtors, lenders, etc. have time NOW.

We need to get our local economies moving NOW. The time for waiting is over. We need to be merchants of positive attitude and good ideas in our own cities and towns. Stop the fear. End the worry of being perceived as a FOOL for getting into the market now. Don't wait for the feds to get things into place.

What ideas do YOU have that you might roll out in YOUR community?

Merry Christmas! Happy 2009!

Labor Day 2008 has come and gone; one of the warmest and sunniest on record. Simply gorgeous weather for those who came for the final summer hurrah to the Northwoods. Sales figures through August 2008 are now in hand for our Minocqua office. The year-to-date results are the softest we’ve seen in many years. Our record sales year of 2005 was 69% stronger than this year, as we’ve had a total volume of just $29.56 million so far in 2008. For comparison, 2005 volume through August was $94.26 million. Recent accepted contracts have had a tough time getting to closing, with several lenders being more reluctant to lend on recreational and waterfront property than in years past. Three pending closings with Team Rondello are stalled over lender issues as of this date, which is unprecedented. The market still remains in a challenging phase, and we remain committed to marketing properties every day.

As seen in "The Lakeland Times" Minocqua WI 4/18/2008

Bundled up against the chill of the crisp spring weather, Boulder Junction Bike Trail Committee member Brandt Christopherson (left) and committee co-chairman Pete Rondello (right) head south on Hwy. M past Allequash Creek on Wednesday morning. The pair were heading to the DOT regional office in Rhinelander to deliver the committee’s DOT Transportation Enhancement Grant application for a planned 3.5 mile expansion of the Boulder Area Trail System. Eric A. Johnson photo

Hey, that's ME in the yellow vest with my pal Brandt. Keep us in your thoughts as we attempt to raise funds for our bike and hike trail here in the Northwoods of Wisconsin.

This was a 43 mile ride. I didn't complete all of it, but Brandt did!

Our winter season has done its best to hang on for as long as possible. Even this past weekend, ANOTHER 10” snow fell on the Northwoods. This has slowed customer traffic, and many buyers have delayed their trip “up North” for later in the spring. Now, temperatures are heading upward driven by strong southwest winds, and the snow is leaving. It is still a question if the ice will be off the lakes by May 1^st. Buyer activity has also been slow to improve. 2008 March statistics from Vilas County Register of Deeds office show a 56% decline in the number of deeds transferred compared to 2007, and a 62% decline in transfer fees. We are still optimistic that the excellent interest rates and fine inventory, coupled with stabilizing prices will begin to attract a good quantity of buyers to our market.