Petoskey, MI Real Estate News

By Marcy Moyer, Probate, Trust, and Investment Specialist
(eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales)
  Remember my last blog post, about the Palo Alto farmers' market, where I promised to speak at greater length about the amazingness that is American Spoon Foods and everything that comes out of their kitchen? Well, I'm moved to speak sooner than I thought, because I just discovered something ridiculously cool---American Spoon Foods has a blog. A detailed, adorable blog, complete with pictures of the chefs at work and hunger-pang inducing close-ups of fruit in various stages of the canning (is that the right word? maybe preserving?) process. It's called Spoon Blog. SPOON BLOG. Love it (as only a truly obsessive blogger could). I'm getting a little ahead of myself here. Let me pause my rapture to explain to those of you who haven't yet tasted American Spoon's products what exactly this ...
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By Cindy Edwards, CRS, GRI, PMN - Northeast Tennessee - 423-677-6677
(RE/MAX Checkmate)
First off, Happy fourth!!!!  I am on vacation here in Northern Michigan and came across two wonderful concepts from city of Petoskey that I would just like to say, THANK YOU! The other day we were shopping and our time ran out on the parking meter.  We turn the corner to see a 'ticket' on the windshield. I kept saying to my sister, "maybe it's not a ticket" knowing it probably was!  Well, it wasn't.  It was a warning, welcoming us to the city (Tennessee plates) and giving us 1 hour to return and fill meter.  Wow.  That was nice.  Then today, I noticed on the meter, they have a phone number you can call and fill your meter by cell phone!!!!  I love this.  I could shop all day and not worry about a ticket.  Just a thought.  Thanks Petoskey!
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By Stefan Scholl, Northern Michigan Real Estate
(Buyer's Broker of Northern Michigan, LLC)
The Petoskey City Council, by a vote of 4-1, recently granted an extension of the deadline for "substantial completion" of the Petoskey Pointe Project from early November of 2008 to December 31, 2009. The deadline is contained in an agreement between the City and Lake Street Petoskey Associates, the Farmington Hills developer of the Project.  The Petoskey News Review reported that work on the hotel/retail/condominium project stalled last year after National City Bank withdrew its financing. The Developer requested an extension of the substantial completion deadline in December of 2007, indicating that new financing arrangements involving overseas funds were close to being finalized. To provide protection for the City, the resolution approved by the City Council calls for financing to be...
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By Stefan Scholl, Northern Michigan Real Estate
(Buyer's Broker of Northern Michigan, LLC)
Petoskey, Michigan is being featured along with seven other towns in the January/February 2008 issue of Where to Retire magazine, in an article entitled "8 Terrific Low-Tax Towns."The article notes that ". . . in Petoskey, the skiing, sailing and scenery attract many retirees who also enjoy upscale dining options, a charming downtown with boutique shopping and a reasonable cost of living."  The article explains that the yearly local tax burden on a hypothetical retired couple with an annual income of $60,000 and a home value of $225,000 would be $4,084.00  This amount would be even lower for a home located outside the city limits.  Resort and Bear Creek Townships, for instance, both have lower property tax rates than those in the city proper.Other terrific low-tax towns featured include...
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By Stefan Scholl, Northern Michigan Real Estate
(Buyer's Broker of Northern Michigan, LLC)
Petoskey real estate sales volume decreased in 2007 from 2006, which is not a surprise based upon the weak state and local economies. Unit sales of single family homes and condominiums in the Petoskey School District decreased to 255 units from 282 units, a decline of over 9%.  Petoskey home sales by dollar volume also fell, from $98,896,350 in 2006 to $82,476,049 in 2007, a decline of more than 16%.Despite the decline in sales activity for Petoskey homes and condominiums, the median Petoskey home price actually increased by just under 1%, from $188,500 in 2006 to $190,000 in 2007. Average days on market was almost unchanged, from 200 days in 2006 to 199 days in 2007 for those homes which sold. The average price paid for a Petoskey home dropped from $350,696 in 2006 to $323,435 in 2007....
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By Stefan Scholl, Northern Michigan Real Estate
(Buyer's Broker of Northern Michigan, LLC)
It has been a busy month for area planners as a host of approvals are being sought for new commercial real estate projects in the Petoskey area.  Walgreens is reportedly planning on building a new store on Petoskey's north side, at the site currently occupied by Kentucky Fried Chicken and the old Schelde's restaurant.  Oleson's is seeking approval to construct a new store on U.S. 31 North across from Dave Kring's Chevrolet - Cadillac car dealership.  JoAnn Fabrics is looking to relocate from their current location in the Glen's North Plaza to Bear Creek Plaza (near Wal-Mart and Home Depot, and an MC Sporting Goods is planning to locate there as well.  And perhaps the biggest planned development of them all is a proposed Meijer superstore on U.S. 131 just South of the former Victories Ca...
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By Stefan Scholl, Northern Michigan Real Estate
(Buyer's Broker of Northern Michigan, LLC)
Northern Michigan Hospital has changed its name to Northern Michigan Regional Hospital.  Along with the new name comes a new logo as well.  Very classy.How very fortunate we are to have such an excellent regional referral hospital in our small Northern Michigan community, with its kind and caring professional staff providing almost every type of specialized care available.If you are considering an employment opportunity with Northern Michigan Regional Hospital and have questions about our beautiful area, we would be pleased to speak with you about our community and the local real estate market without obligation.  We have in depth knowledge of local housing opportunities, area neighborhoods and schools, market conditions, etc.Please rest assured that if you do give us a call toll free a...
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By Stefan Scholl, Northern Michigan Real Estate
(Buyer's Broker of Northern Michigan, LLC)
Petoskey is an ideal place for lovers of the outdoors, as confirmed by former Men's Journal editors Sarah Tuff and Greg Melville, who have featured Petoskey in their recently released book, "101 Best Outdoor Towns."Having experienced our "million dollar" sunsets, the authors share that "The Caribbean has nothing over the view from town as the sun extinguishes into Lake Michigan behind the creamsicle horizon." Searching for a romantic getaway? Couple the beautiful sunsets with "the back-in-time feel of the artsy downtown Gaslight District, the long beach walks and the views of Little Traverse Bay from the top of sandy Old Baldy, and you've got one of the most romantic spots in the Midwest."Outdoor options featured in the book include the Little Traverse Wheelway bicycle path, which runs ...
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By Stefan Scholl, Northern Michigan Real Estate
(Buyer's Broker of Northern Michigan, LLC)
Both the Petoskey and Michigan economies suffered yet another kick to the stomach when Continental Structural Plastics recently announced that it would be closing its Petoskey factory, which currently employs approximately 100 workers.  According to company vice president Tom Hillborn, "It's unfortunate but the auto industry in Michigan is moving south and our government in Lansing hasn't ben able to stop this trend."State Senator Jason Allen, commenting on the plant closure, stated that the continuing loss of Michigan manufacturing jobs is very sad.  "In 2000, one third of the cars assembled in the U.S. were assembled in Michigan.  This year, it's estimated that only 23 to 25 percent will be assembled in Michigan," said Allen.  Allen also stated that in 2006, Japan exported 650,000 mor...
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By Stefan Scholl, Northern Michigan Real Estate
(Buyer's Broker of Northern Michigan, LLC)
Despite a beleaguered Michigan economy, Petoskey residential real estate sales volume, measured in terms of both unit and dollar volume, actually increased in 2006 from 2005.  Unit sales of single family homes and condominiums in the Petoskey School District increased from 273 to 282 units, an improvement of approximately 3.3%, whiles sales by dollar volume increased to $98,806,750 in 2006 from $80,207,165 in 2005, a significant increase of over 23%.The increase in sales volume did come at the expense of lower prices, as the median Petoskey home price dropped by 4.5%, from $197,090 in 2005 to $188,500 in 2006.  The average days on market of those homes which did sell increased to 200 days in 2006 from 190 days in 2005, while the average price of a home increased significantly, from $293...
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By Stefan Scholl, Northern Michigan Real Estate
(Buyer's Broker of Northern Michigan, LLC)
Thousands lined the streets for the Stafford's Downtown Petoskey Holiday Parade, hoping to get a glimpse of Santa and his reindeer.  Despite unseasonably warm weather in the 50's, Santa did not disappoint, spreading holiday cheer to all paradegoers, and delighting the young children in attendance.  Following the parade, the children had an opportunity to go over their wish lists with Santa, and to pet the two reindeer who made the trip all the way from the North Pole.  What a wonderful Northern Michigan tradition, and a great kickoff to the Holiday Season!  
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By Stefan Scholl, Northern Michigan Real Estate
(Buyer's Broker of Northern Michigan, LLC)
The Petoskey real estate market showed some signs of stability in the most recent quarter, with sales actually increasing from the same quarter last year.  There were 86 residential sales in the 3rd quarter of 2006, compared to 80 sales in 2005.  Also, dollar volume increased to $29,605,446, from $23,028,200 in the 3rd quarter of 2005, a very healthy increase of over 28.5%.While these numbers are far shy of the 114 residential sales and $35,313,347 in dollar volume recorded in the 3rd quarter of 2004, they are an improvement nonetheless, and a welcome sign of stability, and even improvement, in the Petoskey residential real estate market. 
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By Stefan Scholl, Northern Michigan Real Estate
(Buyer's Broker of Northern Michigan, LLC)
I never imagined I would wake up to a raging blizzard on Friday, October 13th. I can remember having a few snowflakes in October, but nothing like this. You can imagine my surprise when I saw four surfers in the waters of Little Traverse Bay in the middle of the snowstorm!Now I actually remember reading an article earlier this year about how good the surfing can be on Lake Michigan. Other than the temperatures in the 30's and blinding intermittent snow squalls, surfing conditions were ideal, with winds steady at 30+ knots and wave heights peaking at fourteen feet (according to the NOAA data buoy in the middle of Lake Michigan).Cowabunga!
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