Posted by admin | Posted in Log Cabin Tips & Ideas | Posted on 15-04-2008
Tags: cabin, lake, minnesota, minnesota lake cabin foreclosures, minnesota lake cabin rentals, minnesota lake cabins for rent, rental, vacation
BlueStone Construction...Minnesota's Lake Home & Cabin Builder
Our clientele seems to be relatively immune from economic instability. They have purchased their lake lot years ago and have been accumulating wealth for the day they would finally build.
Many of our customers are equity rich and self finance their project as they sell off assets. Some have wealth in commercial property. Others are in stocks or retirement accounts. Still others have several residential homes spread out over the country. Some have all of the above.
A trend we are seeing, from those who have stocks, is they are selling them off, even at reduced values, in order to put those funds into their lakehome. They don't want to risk further losses due to market instability.
Lakeshore property is still yielding good returns annually. Our research shows between 10% up to 20% return each year dependent upon the lake size and proximity to Brainerd, Grand Rapids and Walker lakes areas.
In an article from the Brainerd Dispatch dated October 1, 2008, Crow Wing County Assessor said this about property tax values: "…if there is an area that needs to go up it likely will be lakeshore, which doesn't seem to be as affected by the ups and downs of the economy or interest rates." This statement was made after financial bailout package was voted down and after a devastating year for inland construction industry.
Some who have wealth tied up in stocks and retirement accounts have seen losses up to 40% recently. Of those, some have reasoned it is better to put remaining funds into their new lakehome which will provide them enjoyment for many years to come. Even at 10% return on investment over 5 years, they figure their losses will be recovered. End result is our customers will enjoy five years of lake pleasure while their portfolios strengthen giving time for the economy to heal itself.
Over the past few months we have also seen an increase in inquiries from those who have expressed a desire to start the project before the Presidential elections are held. Many believe capital gains tax could be increased and they want to take the safe route now in selling their real assets.
We here at BlueStone are not offering financial advice but rather transmitting what we see and hear on our end. What works for them may not be the best plan for you. We realize each customer has a unique set of circumstances. But change that is feared by some often leads to a financial opportunity for others.
About the Author
Jim Raboin heads up BlueStone Construction & Project Management, LLC ...a design/build lake home general contracting firm serving Minnesota and Wisconsin lake country.
Clearwater Lake Minnesota Condo Cabin Rental
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