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Tbd Ponozzo
Iron River, MI 49935
$1,265,000
Conventional
Property
Bedroom
1
Bathroom
1
Property Type
Conventional
Square ft
1000
Property Description
Little Wolf Lake Estate. We are pleased to offer this 722-acre Little Wolf Lake estate in the western end of Michigan's Upper Peninsula. This unique property includes a small rustic cabin, two lakes in their entirety, and abuts the Ottawa National Forest. Located only 14 miles north of Iron River and US-2, a year-round road bisects the western portion of the property and provides reliable access. Little Wolf Lake, the largest of the two lakes, is approximately 13 acres in size and 15 feet deep, with fish species that include pike and panfish. The lake also offers abundant wildlife viewing as it draws numerous animals that include white tail deer, ducks, geese, loons, swans, muskrat, beaver, bear, and even moose, which roam the shoreline. Similar opportunities are found on Bonny Lake, which totals 7 acres in size. The terrain is relatively level, with subtle hills and ridgelines scattered throughout. The forest cover has been managed throughout the years. There are two mature northern hardwood stands that provide desirable wildlife habitat and pleasing aesthetics. The areas that have been harvested over the years have dense hardwood and aspen regeneration that provide excellent grouse habitat. The sprawling property is easily navigated by a well-established interior trail system that provides access to most areas of the property. The rustic cabin features cedar shake exterior, asphalt shingle roof, deck, and crawl space. The interior features tongue and groove, wood floors, kitchen, living room, bathroom, bedroom, loft, and field stone fireplace. Basic wiring and plumbing have been installed throughout. The cabin is serviced by propane gas and ready for generator or solar hook up. The cabin sits on the southern bank of Little Wolf Lake. This property offers a unique opportunity to own a secluded estate with two private lakes in Michigan’s Upper Peninsula. This could be your opportunity to start making “UP” memories.
Property Information
Lot Size
722 acre(s) square ft
Property Type
Residential
Year Built
1993
MLS Number
50122891
Location
Address
TBD Ponozzo
City
Iron River
State
MI
Zip Code
49935
County
IRON
Listing
Provider
Name
LANDVEST
Phone
(207) 233-4950
Office Name
LANDVEST
Office Phone
(207) 233-4950
Agent Name
DANIEL SCHUMMER

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.