Updated: 06/13/2014 6:21 PM
Created: 06/13/2014 5:07 PM WDIO.com
By: Travis Dill
Some Northlanders are heading out to cabins for the weekend, and now more folks from the Twin Cities are putting money down for the same scenery. Real estate agents say vacation home sales on the North Shore are bouncing back from the recession, but there is still room for improvement.
“People like this. They like the beauty of the North Shore. They love coming to the North Shore, and it's very fun to sell,” Lavonne Christensen of Odyssey Real Estate Group says.
Christensen is a humble real estate agent in Two Harbors who says the beautiful shoreline homes sell themselves, but not during the recession.
“The low point for vacation home sales, at least for our company was in 2011. We kind of hung in there in 2008 and 2009, but 2011 and 2012 were pretty bad,” Christensen says.
Now, she says, the Twin Cities is recovering and buyers are back in the market for views of Superior and other scenic spots in the Arrowhead.
“Last year we did year to date sales at $4 million, and so far in 2014 we're at $7.5 million in sales,” Christensen says.
She says it is a good sign, but recovery is far from over because some homes are selling for half price.
“When we were selling these in 2005 and 2006 they were selling for $895,000, a couple of them as high as $1 million, and the market has been tough here. We've had a few sales at $440,000,” Christensen says.
She says that is due to a surplus of homes on the market, but prices should bounce back as inventory shrinks.
“I've been saying this for awhile, that in the next year or so prices will start going up,” Christensen says.
She says as more people head up the North Shore the tourist communities should benefit.
“Restaurants and all of that then it's always good to have that tourism and more people that come and are active up here,” Christensen says.
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