DL housing market holding its own
, Detroit Lakes Newspaper
Published Wednesday, October 8, 2008
Realtors say the housing market is in pretty good shape in the Detroit Lakes area - especially compared to the Twin Cities area – and at least one is seeing boom times.
“We’ve been having a record year,” said Jack Chivers, owner of Jack Chivers Realty in Detroit Lakes. “In the last 12 months, we have sold 11 lake properties over $1 million and two over $2 million.”
Chivers said his company focuses on lake property, but is selling property in all categories – farm, city residential, hunting land.
The one area that is suffering a bit is rural residential.
“Some areas could be a problem,” he said. “People who built McMansions on marginal, secondary lakes, it’s going to be problematic when it’s time to sell … nothing changes in real estate – it’s all about location.”
The area is tied to the Fargo-Moorhead housing market, which is also one of the few bright spots in the nation, he said. The oil economy in North Dakota is doing great right now, as is the farm economy all over, he said.
The housing market in this area tends to be more stable than other places, Chivers added. “I’ve been doing this since 1966 – we don’t see the huge upward thrusts, but we don’t see the busts, either … there’s not a lot of speculation here, people buy lakeshore because they want to enjoy it. They don’t buy it to flip it like in Florida and California.”
Though the market has been a little hesitant the past week or so because of the financial mess on Wall Street, obtaining a mortgage has not been a problem locally, Chivers said. “You just have to be qualified to get one.”
David Schiller, owner of Counselor Realty in Detroit Lakes and the new president of the Lakes Country Association of Realtors, acknowledged that Chivers has had a great year.
“Jack’s had a tremendous year selling high-end stuff,” he said. Business has slowed a bit for most other realtors however, he said.
“We’ve been having a record year,” said Jack Chivers, owner of Jack Chivers Realty in Detroit Lakes. “In the last 12 months, we have sold 11 lake properties over $1 million and two over $2 million.”
Chivers said his company focuses on lake property, but is selling property in all categories – farm, city residential, hunting land.
The one area that is suffering a bit is rural residential.
“Some areas could be a problem,” he said. “People who built McMansions on marginal, secondary lakes, it’s going to be problematic when it’s time to sell … nothing changes in real estate – it’s all about location.”
The area is tied to the Fargo-Moorhead housing market, which is also one of the few bright spots in the nation, he said. The oil economy in North Dakota is doing great right now, as is the farm economy all over, he said.
The housing market in this area tends to be more stable than other places, Chivers added. “I’ve been doing this since 1966 – we don’t see the huge upward thrusts, but we don’t see the busts, either … there’s not a lot of speculation here, people buy lakeshore because they want to enjoy it. They don’t buy it to flip it like in Florida and California.”
Though the market has been a little hesitant the past week or so because of the financial mess on Wall Street, obtaining a mortgage has not been a problem locally, Chivers said. “You just have to be qualified to get one.”
David Schiller, owner of Counselor Realty in Detroit Lakes and the new president of the Lakes Country Association of Realtors, acknowledged that Chivers has had a great year.
“Jack’s had a tremendous year selling high-end stuff,” he said. Business has slowed a bit for most other realtors however, he said.
