Michigan Resort Towns Real Estate Losing Steam?
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Real estate in resort towns in northern Michigan have always been in high demand. The escape for Midwesterners fleeing the heat and getting to the lake have drawn buyers consistently over the years.
But with the recent credit crunch and high gas prices, are buyers starting to stay away? Demand has definitely slowed down in these resort towns and people are trying to figure out why.
My guess is that high gas prices are making folks hesitate on committing to such a long drive. Add to that a housing slowdown, a credit crunch, and maybe a lessening of demand by baby boomers and have the makings of a second home slowdown. I wonder if this will affect the rest of the countries resort markets?
The tide is starting to turn, however, as the northwest corner of the Lower Peninsula is beginning to see the impact of the national housing industry troubles, said Dan Elsea, president of brokerage services for Real Estate One in Southfield.
“Traverse City, Petoskey and those areas have gotten more independent from metro Detroit economically. They were sheltered a little bit from the changes,” Elsea said. “But Chicago, St. Louis and other feeder markets for those areas have been hurt,” reducing the number of buyers in the market. via the Detroit Free Press.
Hmm.....interesting. Of course, I would love to see the real estate market bounce back as quickly as possible, but just ...
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