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Southwest Michigan Waterfront Home Pricing  |
| Featured Article | |
Waterfront Home Pricing on the Rise...
It may be time to bump up "Buy a Lake Home" to the top of your "To Do List"... Although the overall housing trend may still be down,  waterfront property in Southwest Michigan is on the way up! At the same time primary housing is down, in some cases in the very same markets, waterfront home buyers are getting back into the market in a big way, so don't miss the boat.
Basic Supply and Demand Economics
The table above shows that for waterfront property in Southwest Michigan, the average selling price in August was highest of the last 15 months, up over 20% during that timeframe. The available inventory from January to August shrank by 29%. As more sales deplete inventory, it is only natural that pricing will creep up.
One of the homes at Lake Chapin Shores which was purchased in 2009 was recently appraised at a value of 22% more than the total of its selling price and the additional improvements made to it. As the remaining three lakefront lots (and other lake view and wooded lots) are purchased, micro-market dynamics will further support increased valuations on the existing homes in the community.
Waterfront Properties Historically Hold Value
 According to an article in the Daily Herald from this past July, a realtor echoed exactly what we're seeing, by saying, "Prices now are much better than they were a few years ago, but the prices... haven't dropped as much as homes in other areas. As a rule, homes on lakes don't drop in price as much as other houses do."
Interest Rates at Historic Lows
Today's interest rates are at the lowest levels we are likely to see in our lifetimes. Even those who don't need to borrow the money for a second home are finding financing rates so low that they are getting mortgages and saving their cash for opportunities to get higher returns than the mortgage interest will cost them.
It all seems to point to the same conclusion: There has never been a better, more financially sound time to move "Buy a Lake Home" from just a dream to the top of your "Do It Now" list. |
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| Letter from the Developer . . . | |
Happy Autumn! The response to our first LCS Newsletter was incredible. Thank you for all your comments. Based on several requests, we have decided to publish our newsletters monthly going forward. We welcome your continued comments and suggestions.
And there is NEWS: We've sold another home -- a Heron Cove on lot 8, which now leaves only three available lakefront lots. No, we didn't accidentally leave that in from our last newsletter... this is another Heron Cove, in addition to the one we're building on lot 3.
Come see why Lake Chapin Shores is so successful.
 Make plans to come out while the weather is still nice to find out why Lake Chapin Shores is doing so well. More important, come walk our remaining lots and pick out a great spot for your new lake home this Fall and we'll have it ready to move in next Spring. Or come choose one of our two already completed model homes. If you move quickly you could be in with time to enjoy some more great weather on the lake with your family, not to mention the incredible Fall colors already starting to make their appearance in and around Lake Chapin! Through the end of October, we'll continue our open houses every Saturday and Sunday from 1-5pm ET, or call to come out any other time. And if you're up for it, be sure to ask for your own private Fall color tour of Lake Chapin on our 21' pontoon boat. If nothing else, make sure you read this issue's featured article below. We look forward to seeing you soon at Lake Chapin Shores and our other Lakeside Properties communities.
Steve and Paul
Lakeside Properties
888-866-4244 |
| Choosing a Location for your Dream Home |
"LOCATION, LOCATION, LOCATION. . . "The mantra of the savvy real estate investor is infinitely more important than any other single factor when it comes to looking for the perfect spot for your Southwest Michigan vacation home. It has been said that it is even more critical than the location of your primary residence. Why? If it's not close, you'll hardly ever use it. Simply put, you can't enjoy something you rarely get to. According to experts, regular use of vacation homes over three hours away drops off dramatically from those second homes which are closer to the owner's primary residence.
 The general rule of thumb is to choose a desirable geographic area as close to your primary home as possible, while still feeling as though you're "getting away". If you dread making the drive there and back, you probably won't feel like going for a long weekend, let alone a regular weekend or a simple overnight. It's hard to look forward to a 4 or 5 hour drive on a Friday evening and even more disappointing to have to leave early on Sunday for the long return trip. On the other hand, those second homeowners whose drive is within two hours find themselves able to take full advantage of their vacation home, even on short notice.
Subtle differences in terminology aren't so subtle
Some second home developments are called "Condominiums", but they are actually single family home communities. Many of the newer communities are structured as "Site Condominiums", but that is basically due to the onsite shared amenities. In these cases, you will pay a monthly "Condominium Association" or "Homeowner Association" fee and the association will take care of a variety of things, such as common area landscaping, lawn care, snow removal, pool cleaning, beach and pier maintenance and more.
Is there a difference between lake house, lakefront, lake view, and lake access?
The term "lake house" typically refers to the fact that you have a home in a community which is located on a particular lake, even though your particular home may be in the development but a short walk or golf cart ride from the actual water.
The term "lake house" typically refers to the fact that you have a home in a community which is located on a particular lake, even though your particular home may be in the development but a short walk or golf cart ride from the actual water.
- The term "lakefront" typically refers to a home, whose lot actually borders the water. It is sometimes also referred to as "waterfront".
- The term "lake view" suggests that you have a view of the water from your home, but it may not be the closest home to the lake.
- "Lake access" means you are in a community which allows you to use the lake. There may be a community beach, pier or common waterfront area.
- Most of these home types will have actual "deeded access" to the body of water, a key component to securing the real estate valuation premium not given to homes without a water feature. In many cases this premium can be 30% above a similarly built home of the same age and size which does not have deeded water access.
- Even within this group of deeded access types, these subtle differences can translate to differences in pricing or lot premiums.
"But there's nothing to do!"
Your family's interests are as important as proximity. Be sure to buy your second home in an area that boasts attractions and activities of interest to you and your family. For the adults, look for access to golf courses, antiquing, winery tours, casinos, great restaurants or just touring a  unique and beautiful countryside. If you have kids, think of playing on great beaches, kayaking, canoeing, biking, hiking, swimming, water sports like tubing, skiing, water trampolines, fishing, snowmobiling, snow boarding and skiing. They'll also enjoy having access to a playground and, if everything they've done that day hasn't gotten them to bed earlier than normal, nothing creates better quality family time than making s'mores and telling stories around a crackling fire. |
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| Free Round of Golf |
Just come visit a Lakeside Properties lakefront community in Southwest Michigan and we'll give you a voucher good for a free round of golf on us! If you're not a golfer, forward this email to someone who is. Just mention the coupon when you come tour a property. Tours can even include a free ride on our 21' pontoon boat to tour magnificent, private access, all sport Lake Chapin. But be sure to allow enough time if you want to see it all, as it's over 3 miles long!
| | Offer Expires: October 31, 2010 |
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