Investing in Northern Michigan Vacation Homes
If you value lifestyle in combination with an appreciation profile, there just might be a place in your portfolio for a Northern Michigan vacation home that makes financial sense. Vacation home prices typically lag major market residential rates by 12-36 months.
But with asking prices for Northern Michigan waterfront and ski-proximate real estate up 10 percent to 20 percent this year (based on 24 month sold price per sq ft averages), discounting has not hit our market.
While the obligations and negative cash flow aspects of ownership can sometimes be burdensome, the numbers still work as illustrated on our Investment Performance page. Now is the time to explore the pluses and minuses of buying a Northern Michigan vacation home property as it fits your particular situation.
Learn more about investing in the Northern Michigan real estate market, or explore Northern Michigan communities now and plan your next investment.
Understanding the Northern Michigan Real Estate Market
Whether you’re looking for the convenience of ski-in/ski-out lodging near lifts or the style and privacy of a single-family home, we can help you understand what Northern Michigan real estate has to offer. Strategic positioning and the economic drivers of real estate should be your first consideration. Why? Because a misguided strategy perfectly executed still produces a misguided result.
Some of the questions you should be asking:
- “When will I be there?”
- “How long will I stay?”
- “Will I be a vacationer, semi-retired, or do I plan to be a resident?
A general rule of thumb is: the shorter your stays, the more important location becomes. Start by narrowing your search down to the type of property you are interested in and the location you like best. Do you want a condo near skiing or a house with a private beach?
Northern Michigan is home to Boyne City, Harbor Springs, Charlevoix, Bay Harbor, Traverse City, Petoskey, and many other places – explore and find where is best for you. Take your time and consider your plan before making any binding decisions.