• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Now it Starts in the area I cover!

Status
Not open for further replies.

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Well guess it has come to Wisconsin Lakes area now. I work with another larger auction company from time to time. Well tonight UPS drops off some signs for a Bank Ordered Auction on June 16, 2008 for some condo units at Northern Bay Resort to be posted on site. Opening bid is $50K.

When this resort opened four years ago, I was only allowed to appraise one unit in the complex. The reason, I did not get the $350K to $500K they needed. I think I came in at around $150K at the time. They tried to get me to use in house sale from investor to investor. As well as the unit did not have a CO on it from the county. They told me to just mark it finished and not subject to be finished. I would not fish in there pond like other were doing. Now they foreclosed on the General Partner and Contractor a few weeks back. Some tried to buy that interest, but it looks as it may have failed. I have heard that other developments and business in the area from the Dells north are also in trouble and my not be able to get the projects off the ground or some might suffer a crash like some on.

There are other condo units in other resort going on the auction block as well that the banks are selling, one is selling this coming weekend.

So now it starts, gas is at $4.05 a gal for regular, diesel is at $4.999 a gal. Tourist business was not what was expected for the holiday weekend and last week end was below the average for the past four years. Less then ½ of the rental units in the area were rented. About ½ of the boats have been put in the water that were in storage. In the past 90% or better were in the water by this time.

Just heard to night from a construction company up at Adams, WI that I have done business with that the construction, landscapers are bidding jobs below cost in hopes to keep employee’s on till it turns around in the area and things pick up in the mid to late summer. Don’t guess these boys can see the writing on the wall yet. Not enough work to keep them all busy and crews working. Some have been waiting for several months get a job.

Now where are all those appraisers that did push the values up in the area when it all started by using in house sales between investors to get the value to boost the sales for the out side buyers? How is the state appraisal board going to handle this one?

Any one want a Pent House condo on the fourth floor that looks out over Castle Rock Lake for $50K?
 

Pat Butler

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
We just went camping at Yogi Bear in Fort Atkinson and the place wasn't nearly as full as usual. There's lots of construction on I-90 so some people find that to be a hassle. We visited my sister in Hales Corners and took I-94 back home to the Chicago suburbs. I was really suprised that traffice was light on I-94 on Sunday afternoon. Typically it would be jam packed. It was nice because I don't like tailgaters when I'm pulling a camper.
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
Congrats on not stooping to their level Ray, maybe some stuff like that would impress the people on the WI board?

People just don't seem to understand yet that the cost of energy, gas, diesel, propane, oil, natural gas, electricity and the like affects everything we do. The cost of fuels increasing drives up the costs of virtually everything else we consume or do.

Have a talk with any road contstruction company and find out where the cost or road repairs is going with the price of oil and the resultant increase in the cost of blacktop.

Construction companies in NE ND that have been booked solid for years are now scratching for work, not hiring , and in most cases laying off workers.

We have to harness the cost of energy or we'll be in for some big surprises down the road.
 

Stone

Elite Member
Joined
Feb 1, 2002
Professional Status
Certified General Appraiser
State
Wisconsin
Double post
 

Stone

Elite Member
Joined
Feb 1, 2002
Professional Status
Certified General Appraiser
State
Wisconsin
Well guess it has come to Wisconsin Lakes area now. I work with another larger auction company from time to time. Well tonight UPS drops off some signs for a Bank Ordered Auction on June 16, 2008 for some condo units at Northern Bay Resort to be posted on site. Opening bid is $50K.

When this resort opened four years ago, I was only allowed to appraise one unit in the complex. The reason, I did not get the $350K to $500K they needed. I think I came in at around $150K at the time. They tried to get me to use in house sale from investor to investor. As well as the unit did not have a CO on it from the county. They told me to just mark it finished and not subject to be finished. I would not fish in there pond like other were doing. Now they foreclosed on the General Partner and Contractor a few weeks back. Some tried to buy that interest, but it looks as it may have failed. I have heard that other developments and business in the area from the Dells north are also in trouble and my not be able to get the projects off the ground or some might suffer a crash like some on.

There are other condo units in other resort going on the auction block as well that the banks are selling, one is selling this coming weekend.

So now it starts, gas is at $4.05 a gal for regular, diesel is at $4.999 a gal. Tourist business was not what was expected for the holiday weekend and last week end was below the average for the past four years. Less then ½ of the rental units in the area were rented. About ½ of the boats have been put in the water that were in storage. In the past 90% or better were in the water by this time.

Just heard to night from a construction company up at Adams, WI that I have done business with that the construction, landscapers are bidding jobs below cost in hopes to keep employee’s on till it turns around in the area and things pick up in the mid to late summer. Don’t guess these boys can see the writing on the wall yet. Not enough work to keep them all busy and crews working. Some have been waiting for several months get a job.

Now where are all those appraisers that did push the values up in the area when it all started by using in house sales between investors to get the value to boost the sales for the out side buyers? How is the state appraisal board going to handle this one?

Any one want a Pent House condo on the fourth floor that looks out over Castle Rock Lake for $50K?

IIRC, you wrote about these at the time. Interesting to see how things turn out.
 

Ariba

Senior Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Colorado
[Any one want a Pent House condo on the fourth floor that looks out over Castle Rock Lake for $50K?

Do you have a web-page you want to share?
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
So now it starts, gas is at $4.05 a gal for regular, diesel is at $4.999 a gal. Tourist business was not what was expected for the holiday weekend
This will be a great summer to go on vacation. Cut rates by late summer, low crowds....I'm looking forward to September (taking the WHOLE month off)
 

Vicki Galloway

Sophomore Member
Joined
Jul 18, 2006
Professional Status
Licensed Appraiser
State
South Carolina
All those appraisers that pushed the value are now the ones accepting assignments for $150
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
All those appraisers that pushed the value are now the ones accepting assignments for $150

They can join all the appraisers who wouldn't make value and were forced out of the MB business years ago.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks