2011 Solds for Leelanau Jan - May
2011 Solds in Benzie Jan - May
2011 Five county stats from Jan- May
Let's look at what is happening here. First of all homes are selling, Second most of the sales are under 180,000 and even more under 100,000. 3rd This year there is a drop in price but the number of sales is up for 09. 4th million dollar + homes have sold, but those numbers are down due to the stock market and loss of retirement funds of those that have invested. Michigan's unemployment has reached 10% and higher depending on who you listen to. This too has affect the area. Tourism is down...pretty much like I said. The National Parks numbers for the 2009 year were up. People are visiting but not so much spending in the area. This is all quite expected with the job and economic situation. Michigan needs jobas as do so many other states.
Something that we have been trying to explain to people that don't live here. This is an area of second homes, resorts, vacation homes with in a National Park Area. This is still a premier destination and a very desirable area. Right now there is an unbelievable amount of property available which has created a wonderful opportunity to own waterfront property! Two years now! Those that can afford it have seized the opportunity. The selection is the best it's ever been! Supply and Demand has worked in their favor. Sales in the Benzie and Leelanau area have not been local but from people from outside the area. Sellers are changing!
Pricing on the waterfront has come down at least 20%. Some lakes more than others. I encourage all buyers to consider making that offer...Some sellers have jumped on an offer because they just don't know when the next one would come along. There are opportunities that no one should hesitate. There are some old sayings that come to mind that refer to buyers and sellers. "A bird in the hand is worth 2 in the bush" or He who hesistates has lost" If you are considering this area, consider this. Interest rates are still lower than I can ever remember. ( I'm not giving my age here but it's old enough to know better). Opportunity is knocking and available. The big thing is, the seller, until he actually has an offer in his hand...you just never know these days. The reality that they actually have one gets them thinking...and thinking. Seller are asking themselves, is it more important to hang on to what I got than where I want to be going!
Michigan's first winery and vineyard have sold this year in 2010 by a local Cherry Farmer. The Chateau de Leelanau is now owned by Cherry Bay Orchards. This is also good news.
Foreclosures have affected Benzie more so than Leelanau. In 09 Leelanau has seen significantly more foreclosures than in 08. Short Sales or hitting the market in Leelanau with some of the higher end homes. Not many foreclosures involving the waterfront around Crystal or Glen Lake. If there is you better be prepared to jump on it. My buyer bought the only foreclosure on Crystal Lake at the time...there was 5-6 offers! 3 days later my buyer got it. No time to make counter offers or another offer...Bank gives you one shot and moves on. My buyer also got a new well out of the deal!
Is pricing coming down further? Those that are still over priced to begin with will see the reality soon enough by someone brave enough to make an offer. According to National Association of Realtors the pricing is beginning to flatten. As the foreclosures dwindle and more offers for these low priced homes come in, we are seeing pricing rise as a result of the # of offers for the same property. Timing is everything in these cases as well as having financing ready to go. It is still a good thing to talk and make offers as the sellers motivation are not always known or they change. So, if your looking for that endless vacation let's get started. Search the entire mls, pick a lake and search that, it all starts here. MLS LISTINGS