Chad Olson - KW Locality Real Estate Network

Mixed-use commercial property in Iron River includes a one bedroom, one bathroom apartment, office/retail space, storage/warehouse areas and an oversized garage with floor drain….$439,900.

bed, bath for $439,900 in Iron River, WISCONSIN | HomeSpotter Well maintained mixed-use commercial property that includes two office spaces, a garage bay, warehouse/storage space and a 1 bedroom, 1 bathroom apartment. Replacement cost estimated at $800,000 by insurer. Nearly 120' of frontage on US Hwy 2, near banks, restaurants, convenience stores, lodging and...

Mixed-use commercial property in Iron River, WI. Located on both US Hwy 2 and the Tri-County Corridor. Two offices, 1 bed/1 bath apartment, warehouse space and a garage bay with floor drain. 1.22 acres. $439,900

bed, bath for $439,900 in Iron River, WISCONSIN | HomeSpotter Well maintained mixed-use commercial property that includes two office spaces, a garage bay,warehouse/storage space and a 1 bedroom, 1 bathroom apartment. Replacement cost estimated at $800,000 byinsurer. Nearly 120' of frontage on US Hwy 2, near banks, restaurants, convenience stores, lodging andot...

Some interesting factoids about the national and local real estate market:

* In a "normal" market, new construction makes up around 10% of housing inventory.

* Currently, new builds represent over 30% of available homes for sale nationally.

*In St. Michael and surrounding communities, new construction makes up 65% of the available inventory of homes.

* In certain locales, newly built homes are selling for LESS than previously owned properties.

* The average spread between the 10 year treasury bond and 30 year mortgage rates is 190 basis points (1.9%).

* The current spread between the 10 year treasury bond and 30 year mortgage rates is 320 basis points (3.2%).

* Foreclosures are up 11% nationally from 2022. The vast majority are selling before the end of the redemption period.

* There have been 40 foreclosures in Wright County in 2023.

* The average sales price of a single family home in Saint Michael as of July 2020: $310,000

* The average sales price of a single family home in Saint Michael as of January 2023: $425,000

* ....meaning the average Saint Michael homeowner gained roughly $105 PER DAY solely through appreciation between July 2020 and January 2023.

* The average sales price of a single family home in Saint Michael as of July 2023: $410,000

As always, if you have any questions about the market and what might be coming, feel free to reach out.

Median Sales Price for 885 - St. Michael-Albertville and more