Eliason Realty of the North, LLC's Blog
The State of Wisconsin's Housing Statistics are out for March and the 1st quarter is looking strong thus far. The quantity of sales in the State are up 11% while the median WI sales price for a home in the first quarter of 2013 was 5% greater than the first quarter of 2012:
Locally, we have had a very healthy winter as far as buyer activity but our local area's sales statistics did not out-perform the state. We believe this has much to do with our lingering winter! There are many Buyers on the fence right now, waiting for ice to thaw on our lakes before they plunge into a home purchase. Our website activity has never been greater and we know the pent-up demand will materialize as soon as spring becomes a reality up north!
Below are the Vilas and Oneida sales figures per the Wisconsin Realtors Association published statistics:
The Vilas County quantity of homes sold was down just 1% in the first quarter, while median sales price grew by 2%.
The Oneida County quantity of homes sold grew by 12% over 2012, while median sales price fell by 8%.
Contact Eliason Realty to learn about how you can participate in the real estate recovery!
Source: Wisconsin Realtors Association
"Appealing Real Estate Assessments in Wisconsin"
March 26, 2013
by Michael B. Apfeld, Eric D. Bolander, Marvin C. Bynum II and Sherry D. Coley
View Publication Document as (PDF)
"In this world, nothing can be said to be certain, except death and taxes." - Benjamin Franklin
In January, property owners in Wisconsin paid all or a significant portion of their real estate taxes for 2012. Although determinations of the 2012 taxes are now complete, the 2013 property tax cycle is just beginning. For property owners interested in appealing their 2013 real estate assessments, this article provides an overview of the real estate taxation process in Wisconsin and opportunities owners have to reduce their property tax obligations.
Distinguishing "Taxes" and "Assessments"
As a preliminary matter, when discussing "tax appeals" we are really talking about an appeal of one's real property assessment. Real estate taxes are the product of two components, the assessed value of a parcel multiplied by the millage (or mill) rate. Both components are determined by the municipality in which the parcel is located. The millage rate -- in essence, a fraction derived by dividing the municipality's budget by the total assessed value of all property in the municipality as of January 1 of that year -- is applied uniformly to all parcels in the municipality and may not be appealed. Assessments of individual properties, on the other hand, are appealable.
How the Assessment Is Determined
In establishing a parcel's assessed value, municipalities will first determine a parcel's fair market value as of January 1 of each year. In the next step, the municipality may vary the fair market value determination up to 10% (either up or down), to be applied uniformly across all parcels in the jurisdiction.1Assessed values, therefore, are the fair market values, as adjusted by this uniform multiplier.
The Northland Pines School District continues to expand its 'customer base' by attracting students outside our district to enroll in Northland Pines Schools. Dr Richie interviews students who have become students at NPSD and discusses the opportunities here. Enrollment into the district has grown from just 3 to 80 students, and over 100 students are expected to 'open enroll' for next year.
The strong open enrollment figures for our district are a sign of the quality educational opportunities area students are able to benefit from at Northland Pines.
Please join us in welcoming the Bossert Family back to St Germain! Their family sold their lake property 17 years ago, and now the next generation is underway rekindling family traditions up north --
Day 1: a huge DIY project!
My sister, Richelle Kruse, and I participated in the sale of this St Germain property. We first met Jim Bossert as teens, water skiing years ago on Lost Lake!
We wish them the very best!
... sings Bob Dylan and they certainly are in the real estate market. As early as 2010, we predicted that around the spring of 2012 we would be seeing a turn-around in the real estate market. Last Spring, in our newsletter, we noted that volume was starting to improve but prices were actually still going down. We also stated, "For the first time in 5 years, I am saying, we have hit the bottom and we are starting the recovery." As you can see from the national trends in the graphs below, the inventory of homes for sale has fallen significantly over the past two years. You can also see, nationally, the prices have finally started coming back. Monthly Inventory of Homes for Sale 10.0 9.0 8.0 7.0 6.0 5.0 4.0 NAt 17013 Eliason Realty has been seeing similar trends. Eliason Realty saw a 60% increase in sales volume in 2012 over 2011. That is compared with a 27% increase for the entire MLS. We have also seen a significant decrease in our volume of listings. In fact, based on the early 2013 indications, we are going to be short on the inventory needed to meet the demand that appears to be on the horizon for the rest of the year. With that in mind, the Northwoods could be entering the price recovery we have been waiting for. (You will see from the graphs on page 2 that although volume has begun to spike, prices simply level off.) We typically don't want to put too much weight on one month, but historically slow January was anything but. According to the \X/RA, sales in Wisconsin were up 18.3% over January 2012 and median home prices increased 3.4% over that same period. If you have been thinking of selling your property, but thought the market was not strong enough yet, you may very well want to consider taking advantage of the current trend.
St Germain Wisconsin's premier lakefront residential community is located on the south shore of Big St Germain Lake. Chalet-style homes are available with stunning lake views and waterfront access, including private pier and space for boat lifts.
Aerial photos by: Jill and Frank Fiorenza
Bradford Point Condos Currently Offered for SaleA weekend of family fun will soon be underway in Eagle River as Klondike Days kicks off!
Klondike Days includes a variety of fun, family oriented venues with something for everyone!
Click to download Full Events Schedule
From their 2013 event website:
River Country Red's Rendezvous and Living History Encampment Sponsored by Wild Eagle LodgeAlways a delight for our guests of every age, the Encampment is one of the favorites! The Living History Encampment is reliving part or all of an historical period by recreating the conditions of the time. This includes the clothing, firearms, camps, and the gatherings that are called "rendezvous." For a full description of the Rendevous, Click Here!
Waswagoning Dance Theatre & Blue Winds Dancers
The Waswagoning Dance Theatre presents traditional Ojibwe dances in a contemporary manner Saturday @ 12:30 and 3:30. The Audience can expect special effects such as stage lighting and fogging to enhance the show. Dances may include the Contemporary Women's Fancy Dance, the War Shield Dance, the Eagle Vision Dance, the Women's Jingle Dress Dance, and many more.
Sunday @ 11am and 1:30 pm brings us the Blue Winds Dancers! Nicole Larson's group will explain the dances being performed and will invite the public to take part in selected dances! Join in the fun!
The roar of the chain saw and the crack of the ax will echo as lumberjacks (and jills) compete head-to-head in chain sawing, crosscutting, and ax throwing. With more than $7000 in cash and prizes at stake in this competition, many of the world title holding competitors put Klondike Days on there schedule every winter. Click to download Lumberjack Registration
Chainsaw Carving Competition Sponsored by the First National Bank of Eagle RiverThe Annual Chain Saw Carving Competition brings together gifted wood carvers from Wisconsin and neighboring states, competing to create masterpieces reflecting the spirit of Klondike Days.
Contact: Richelle Kruse
Managing Broker
715-542-3223 Office | 715-891-1830 Mobile
richelle@eliasonrealty.com
FOR IMMEDIATE RELEASE
February 4, 2013
Eliason Realty announces 2012 Sales Excellence Awards
Top Producing Agents in Eagle River and St Germain Offices Recognized
St Germain, WI –Eliason Realty’s top real estate sales associate in Eagle River and St Germain office were each presented with a Sales Excellence Award for being the Top Producing Sales Agent in their respective office.
Brenda Schmidt received top honors in our Eagle River Office for her dedication and effective sales efforts during 2012. Her strong customer service background and love of the Northwoods have helped her to succeed. Schmidt first obtained her WI real estate license in 2005 and began working with Eliason Realty in March of 2011.
In our St Germain Office, Rick Lovdal took the top sales honors. Lovdal’s background is in construction so with his knowledge of building, remodeling and construction costs, he is able to assist his customers as they evaluate their options whether buying or selling in the Northwoods.
Eliason Realty is the largest real estate company in Vilas County and grew in sales volume over 40% during 2012, exceeding our state and county growth trends for the year.
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Substantial housing gains were achieved in Vilas and Oneida Counties during 2012. We experienced greater sales volume than anytime in the last five years with number of homes sold reaching or exceeding the peak 2006-07 unit sales figures.
The median sales price for a home has stayed relatively flat in Vilas County over the last 5 years, while Oneida County has fluctuated and grown some over the last 5 years. Neither county has reached the high median sales price we experienced in 2005, 2006 and 2007. Median sales price reflects the price range where most sales activity is occuring, where buyers show confidence and ability to purchase.
Oneida County Housing Statistics - thru 2012Vilas County Housing Statistics thru 2012
Northland Pines School District Administrator Mike Richie interviews with NPHS Senior, Christian Svetnicka about his recent achievement of scoring a perfect 36 on the ACT exam. According to the ACT organization, only 781 students out of 1.66 million students in the nation that completed the ACT exam earned a perfect score of 36. They also state that it is a significant and rare achievement that on average less than one-tenth of one percent of all test takers earn the top score.
Please see other education-related blog posts and the NPSD district website for more information www.npsd.k12.wi.us.
By: National Association of Realtors
On Jan. 1 both the Senate and House passed H.R. 8 legislation to avert the “fiscal cliff.” The bill was signed into law by President Barack Obama on Jan. 2.
Below is a summary of real estate related provisions in the bill:
Real Estate Tax Extenders Mortgage Cancellation Relief is extended for one year to Jan. 1, 2014 Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012 15-year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012 10 percent tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012 Permanent Repeal of Pease Limitations for 99% of TaxpayersUnder the agreement so called “Pease Limitations” that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high income filers. These limitations will only apply to individuals earning more than $250,000 and joint filers earning above $300,000. These thresholds have been increased and are indexed for inflation and will rise over time. Under the formula, the amount of adjusted gross income above the threshold is multiplied by 3 percent. That amount is then used to reduce the total value of the filer’s itemized deductions. The total amount of reduction cannot exceed 80 percent of the filer’s itemized deductions.
These limits were first enacted in 1990 (named for the Ohio Congressman Don Pease who came up with the idea) and continued throughout the Clinton years. They were gradually phased out as a result of the 2001 tax cuts and were completely eliminated in 2010-2012. Had we gone over the fiscal cliff, Pease limitations would have been reinstituted on all filers starting at $174,450 of adjusted gross income.
Capital GainsCapital Gains rate stays at 15 percent for those in the top rate of $400,000 (individual) and $450,000 (joint) return. After that, any gains above those amounts will be taxed at 20 percent. The $250,000/$500,000 exclusion for sale of principal residence remains in place.
