The Number one thought that comes to mind when you imagine that Northern Michigan summer home or retirement property? Water, of course!
Wally Kidd, owner of Kidd & Leavy Real Estate in Petoskey, is seeing a strong market for lakefront, but the demographics of those buyers are changing. “Baby Boomers are downsizing” he says. “They're selling the family lake home and moving closer to town. Generation X, those 40-to-55-year-olds, are now the mainstay of lakefront buyers. They're in the prime of their careers and the height of their earning years. It's time to start new traditions of their own.”
Wally says lakefront properties with a small, vintage cottage will start around $100,000 on Burt and Mullet lakes in Cheboygan County, with a harrowing climb in excess of $12 million on Lake Charlevoix. “I know,” he says, “It's shocking!”
Overall, he advises buyers to prioritize the water and location on their price of land. “If you want a sunset or flat walking to the lake or a hard-packed lake bottom for the kids to enjoy, that's your focus,” he says. “You can always remodel a home, but you cant change the land.”