The sales data pretty much sums up the current market for Flathead Lake waterfront properties. There have been no sales of land or residential waterfront listings since the first of the year!
Frontage prices showed very minimal decreases for the 2008 year over 2007, but the slowing that started in the 4th quarter of 2008 is now in full swing for the first quarter of 2009.
Prices have begun to come down for waterfront properties, as the listing pool becomes more reflective of serious sellers. The reality is that there are few waterfront owners that are in a truly motivated selling position. Many of these properties are vacation homes, and most owners can afford to hold on to them through our current economic crisis.
Buyers are continuing to wait out the current retracting market trend to ensure they enter the market at the bottom, or once recovery has begun. Most investment buyers are looking for great deals - and the properties that are softest in pricing have been under $500,000. However, I expect waterfront to continue to soften up a bit this summer - creating some great buying opportunities for savvy and patient buyers.
Prices have begun to come down for waterfront properties, as the listing pool becomes more reflective of serious sellers. The reality is that there are few waterfront owners that are in a truly motivated selling position. Many of these properties are vacation homes, and most owners can afford to hold on to them through our current economic crisis.
Buyers are continuing to wait out the current retracting market trend to ensure they enter the market at the bottom, or once recovery has begun. Most investment buyers are looking for great deals - and the properties that are softest in pricing have been under $500,000. However, I expect waterfront to continue to soften up a bit this summer - creating some great buying opportunities for savvy and patient buyers.
