Great Deals on Lake Michigan Properties

For years, people have wished to buy that dream vacation home along Lake Michigan. Others wanted that ideal spot on Silver Lake where they could dock their boat and lounge on the sandy beaches. Others still have wanted the perfect boat house on Pentwater Lake.

There was just one problem. All the best spots were taken, and no one was selling.

The prime vacation waterfront properties have been kept in the family and passed down from generation to generation, and were seldom offered for sale on the market. When they were, they were snatched up quickly, and often at astronomical prices.

This has begun to change.

I posted in a previous blog that lakefront home sales are on the rise in Oceana County. There are several for sale that just recently came on the market, and more are coming up for grabs every week. These are prime lakefront and lake access properties in associations that are highly sought after. What's more, the prices have come down considerably.

Why the sudden turnaround?

• With the latest economic upheaval, many retirees who depended on their 401K to live out there retirement were hit hard. They found themselves with their cash reserves seriously depleted, and are now turning to their hard assets. In this case, their real estate investments, cashing in on a property they may have inherited or bought at a low price.
• Furthermore, some property owners are tightening their belts. Higher gas prices may mean making fewer trips to the family cottage. At some point, property owners decide it's not worth owning the property if they're not using it.
• Sometimes families "outgrow" the cottage. The kids grow up and go off to college, and it seems getting everyone together for a family vacation gets harder and harder.  

So, the property is coming available, why the price drop?

• Supply and Demand - The more houses that come on the market, the more competition there is for sellers. High supply drives prices down.
• Increased Urgency to Sell - If the owner is cashing in to make ends meet, they may need those funds now. Advertising at an attractive price draws more buyers, and the chances of selling are much higher when the price is attractive.
• The Market - It's a buyer's market, have ya heard?

If you've been thinking about buying a lake shore home, there's no time like the present. I am showing a Lake Michigan home this Wednesday, that is listed for $215,000. That's practically unheard of for the association it is in. And there are other deals like this. How about a newer ranch cottage with an association beach along Silver Lake, for just $159,900? It's only the beginning of the amazing offerings right now. Call me to find out more.