Muskoka Cottage Listings Blog is created to provide you with Muskoka lifestyle and real estate related information.
Muskoka Real Estate Update Spring 2018
Muskoka is synonymous with summer and despite the wild winter weather this past weekend - the cottage real estate market has commenced.
First, let's look at how the market has changed in the last five years.
A vacant lot on Lake Rosseau sold for $800,000 in January 2013. In August 2014 it resold for $1.260 million. In November 2017 it changed hands again at $1.8 million. The only change to the property in this last transaction was that site plan work had been completed, some variances approved, the building envelope cleared and a set of architectural plans were included. All of these changes cost approximately $50K.
Another example. A property on Lake Joseph with an older cottage (a redevelopment property) sold for $1.060M in 2009 - it resold in 2012 for $1.440M. Then resold again in 2016 for $1.660M. No improvements had been made to this property during the transaction period.
In 2016 and 2017 there have been several high-ticket sales over $7 million. On Lake Joseph $12.5M, $10M, $9.4M, $9.3M, $8.3M, $8.250M, $7.95M, $7.050M.
Lake Rosseau $12.2M, $11.4M, $9.325M, $8.9M.
Lake Muskoka's two highest sales were $6.6M and $6.250M.
What's For Sale
There are quite a few exclusive listings available on Lakes Rosseau and Joe in the $7 million to as high as $19 million range. These include $14.7M, $12.9M, $11.9M, $8M and $7M on Joe. Then there are the MLS listings which include $8.9M, $8.3M, $7.9M.
Exclusively listed on Rosseau currently are $15M, $12.5M, $8M and $7.6M. On MLS - $8.5M and $7M listed.
As of April 17th, there are 11 listings on MLS between $4 and $6 million and a few exclusives as well. If you'd like any information about these sold or listed properties contact me directly as I know these properties well. There is definitely still a lack of inventory between $1 to $3 million with many buyers looking in this price range.
Now, here is the 1st Quarter Muskoka Real Estate Market Report by Chestnut Park CEO, Chris Kapches.
The message hasn't changed since the end of 2017. As with the last three years, there continues to be a huge lack of inventory. However, there is an increase in the number of qualified buyers.
2017 Summary of MLS Sales & Year to Year Comparison
Remember there are approximately 5,500 properties on Lake Muskoka. 1,750 on Lake Rosseau and 1,450 on Lake Joseph. This will help explain the higher number of sales on Lake Muskoka compared to the other two lakes.
If you are contemplating selling I'd be happy to provide you with a current market evaluation of your Muskoka waterfront property. But my advice, now is a great time to list!