CENTURY 21 Northland Weblog

Author:	Brad Platt	Created:	3/13/2008 1:36 PM
Question: Are you finding any significant reductions in price on lakes such as Rennie or Spider? I own a home on Rennie… Last year when I looked, it did not appear that the lakefront homes in the $250,000 to $350,000 range had softened much and still seemed pretty highly priced based on the rapid appreciation over the past 5 or 6 years. Your opinion? Thanks, Terry Hello Record-Eagle readers, Generally speaking “Yes,” there have been significant reductions between the initial asking prices of homes with frontage on Spider and Rennie Lakes, and what those homes actually sell for, if they sell at all, over the last couple of years. What has been occurring on Rennie and Spider Lakes has been mirrored on other inland lakes in the Grand Traverse area as well. Property values were increasing rapidly every year through the first half of this decade. 2005 brought a sudden leveling off of the usual steady increases in value, but most lakefront sellers (and most of their real estate agents) didn’t want to belie

No Entries were posted for this blog.