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don62
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# Posted: 15 Sep 2017 02:04pm
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I have a small cabin on a lake in northern Minnesota, its an old 1 bedroom resort cabin built in the 40's that I gutted and re-did sitting on 3-3/4 acres, Were looking at selling by owner to start but I have no idea what to ask, there are no cabins comparable in the area to get an idea of what things are going for and I don't want to talk to a realtor yet. Other than an appraiser any ideas?
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snobdds
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# Posted: 15 Sep 2017 02:22pm
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$27,850
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gsreimers
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# Posted: 15 Sep 2017 06:50pm
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What lake?
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fiftyfifty
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# Posted: 15 Sep 2017 07:18pm - Edited by: fiftyfifty
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I once was in a similar situation--having to decide on a price for a Northern MN lake shore parcel and took the following into account:
1. Property tax assessed value.
2. Then asked locals we knew if real estate usually sold for more or less than the property tax assessed value.
3. Then made a list of sales in the area over the last 5 years using the state real estate data base (there was a link on our county web page). None of them was the perfect match. Some of them had better or worse seasonal access. Some were closer to town, some farther. Some had a cabin already (ours didn't). Some were bigger or smaller. Some had electricity at the road (ours didn't). Some had a better lake, some no lake at all. Just listed them all to get an idea, and that helped.
4. In the end, a real estate agent did give us a estimate, but didn't end up using her. For sale by owner instead.
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don62
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# Posted: 15 Sep 2017 08:31pm
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Upper Red Lake
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gsreimers
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# Posted: 18 Sep 2017 08:15pm
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I would think if you spent some time online looking at northern Minnesota and Wisconsin lake properties for sale you should be able to find something similar to give you an idea. Quality and size of lake, size of lot, access to property and utilities I would guess would be as much of a factor in value as the actual quality of the cabin.
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uberjason
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# Posted: 29 Oct 2017 09:49am
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Cabins in Northern MN and WI sell fast, trust me I've found 3 or four cabins before I found mine. Most have a purchase agreement signed within 10 days of posting for sale. Check out realtors up north, and Craigslist. I found my cabin on CL posted about 3 days before it hit the realtors MLS. Hope that helps.
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Littlecooner
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# Posted: 29 Oct 2017 11:09am
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fiftyfifty has the correct approach. your 3 3/4 acres of property may be easier to determine a good price that the cabin that sits upon the property. Fiftyfifty understands a basic fundamental of property appraisal, in the "comparable's" approach where one finds previous sales and try to add or detach the difference in your property and the one that sold. (such as one has a deck and one does not, so determine a value of the deck and add or subtracts as needed).
The tax records are a tremendous place to start and it is possible one of the appraisers in that office may provide you with a world of free information. They will have a world of knowledge on recent sales in their county. Remember, real estate listing for sale are asking price, not actual sales price. Finding similar cabins of age and size in the tax records will provide a comparable. If your cabin is in an area where no comparable sales are available, then even a certified appraiser's opinion is going to be a SWAG.
Start the asking a little above what your bottom dollar sales price is as you can go down, but most of the time never up in the asking price.
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