MINNEAPOLIS (WCCO) — If you’ve been thinking about buying a cabin this summer, you’re not alone.
Local real estate agents say there has been a surge in people looking for lakeshore property away from the city. This comes as less people are traveling and more people are working remotely due to COVID-19.
“We had three trips canceled, all cruises,” Bonnie Laux, who has been looking for a cabin in Minnesota, said. “I think to be able to have a place that you can go to with a small group but still get away.”
Laux has been looking for a cabin that’s about under a two-hour drive to Minneapolis, it hasn’t been easy.
“I think it’s going to be a long process,” Laux said.
The cofounders of the website LakePlace.com com say they have seen record sales for lakeshore properties in Minnesota and Wisconsin this summer, as owners hold onto their properties and buyers look to escape quarantine without flying.
“Right now we have just under 14,000 listings on LakePlace and normally we’re over 30,000,” LakePlace.com co-founder Dave Gooden said.
The most popular spot? The Brainerd Lakes area. A common request is good internet.
Kris Lindahl Real Estate agent Ryan Ecklund says it’s not uncommon to see cabins in prime locations going tens of thousands of dollars over asking price. He said to have a shot, you need to be preapproved for a mortgage and ideally know about a property before it hits the market to get a showing or offer in on day one.
“If you’re going to be competing with five or six other offers, they might have priced you out before you even get a chance to put your feet on the floor,” Ecklund said.
Ecklund said many clients buying a cabin plan to rent them out during the off-season so they can also make money when they are not using it.