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Home sale prices hold steady in Otter Tail
Published Thursday, June 12, 2008
Sales of residential homes and seasonal homes in Otter Tail County totaled 352 from Oct. 1, 2007, to June 9, 2008, a period of close to eight months. This area of Minnesota, said county Assessor Robert Moe, is not experiencing drastic sales price reductions compared to other areas of Minnesota.
“The figure of 352 includes what we refer to as seasonal improved — properties used by owners on a part-time basis — that have a cabin or house usually on lakeshore,” Moe said.
The median sales ratio on residential and seasonal home sales was 95.57 percent, meaning that the county’s valuation was 95.57 percent compared to the actual sales price.
During the same eight-month period, agricultural (farm) sales totaled 57 in Otter Tail County. The median sales ratio was 91.83 percent, meaning the county’s valuation was 91.83 percent compared to the actual sales price.
“We’ve had agricultural sales on the west end of the county in the $3,000 per acre range for tillable soil,” Moe said.
Members of the five-person Otter Tail County Board of Commissioners have mentioned the fact that many areas of the county are losing farm land to development.
“CRP is still considered tillable land,” said Moe, “but it’s just not in production for the term of the contract. Development takes it out of production entirely.”
Moe said the residential, seasonal (homes) and agricultural sales reflect a big picture of property sales in Otter Tail County.
Comments
The Daily Journal is happy to host community conversations about news and life in Fergus Falls and the surrounding area. As hosts, we expect guests will show respect for each other. That means we don't threaten or defame each other, and we keep conversations free of personal attacks. Witty is great. Abusive is not. If you think a post violates these standards, don't escalate the situation. Instead, flag the comment to alert us. We'll take action if necessary. It's not hard. This should be a place where people want to read and contribute -- a place for spirited exchanges of opinion. So those who persist with racist, defamatory or abusive postings risk losing the privilege to post at all.Posted by sametoyou (anonymous) on June 12, 2008 at 12:53 p.m. (Suggest removal)
Dear Mr. Moe, the most recently sold year round house on Wall Lake just sold for far less then it's assessed value. Other houses out there have not sold in the last year, because the offers have been way too low for current owners to accept. But, our assessments continue to go up (mine, by at least 11% percent per yr., and I'm not even on the lake) I don't get it!On this latest house, can the old owner get money back based on how much it actually sold for, compared to what Moe's gang says it should sell for? That should be proof that it was assessed too high!!
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