Area a hot spot for those seeking another house
By Mike Trosvig
Friday, August 06, 2004
Fergus Falls, Minnesota
Fergus Falls has been gaining national media attention as of late. Not because some presidential hopeful is making an appearance, but rather for something that most of its residents would hardly think twice about.
Fergus Falls has been listed as a "top emerging second home market" according to EscapeHomes.com, and national news sources have picked up on it. CBS Marketwatch, the Denver Post and the Oklahoman have all reported on the list put out by EscapeHomes.
EscapeHomes, an Internet service based out of the Bay Area of California since 1999, is a vacation home network which matches second home buyers and sellers with realtors and the second home industry.
The Internet service bases its list on the number of requests they receive from their site's users for specific areas and towns. Why Fergus Falls? Any city resident could easily guess. It's mostly due to Otter Tail County's oldest residents: the 1,000 plus lakes.
"Water features are still the number one attractions for vacation homes," said Amanda Sturges of EscapeHomes.
Local realtors have caught notice of this as well.
Alan Olson of Century 21 Vista in Fergus Falls receives referrals from EscapeHomes.
According to Olson, Crow Wing and Becker counties filled up first and Douglas wasn't far behind them.
"It was only a matter of time before the county with the most lakes in the state came to front," said Olson.
Olson said the average recreational home price in Douglas County was $257,500 in 2003 and Otter Tail County was $208,300, and the gap between the two narrows each year.
The value of recreational property in Otter Tail has been rising 12.8 percent every year since before 1999, Olson said. With the steady rate of increase and the difference in price tags, more and more heads turn to Fergus and Otter Tail County.