MARQUETTE - Between the shorelines of Lake Superior and numerous inland lakes and rivers in the area, waterfront properties are abundant but those for sale are usually sell quickly.
Because of the recession a few years ago, though, the market for waterfront properties had declined, as well as the price for these properties. According to the Multiple Listing Service of the Upper Peninsula, Waterfront properties were being sold for 25 percent to 40 percent lower then the originally listed price.
However, Bob Sullivan, broker and owner of Northern Michigan Land Brokers in Marquette, said he believes the market has stabilized and more people are looking for a waterfront property.
The wide beaches and large expanse of water along Lake Superior make property on the lake attractive to homebuyerrs looking for waterfront property. (Journal photo by Adelle Whitefoot)
"We have sold four or five (waterfront properties) already this year, so you can see where that increase is starting to already happen," Sullivan said. "And that's since January."
According to MLS, in the past year only a dozen vacant lot waterfront properties were sold in Marquette County and 58 were bought U.P.-wide.
From the fourth quarter of last year and up to this point in 2011, though, the level of interest brokers are seeing from people coming into the market as buyers has increased dramatically for waterfront property, Sullivan said.
"With that interest level increasing, we've also seen an increase in buyers that are actually bringing money into the market and buying properties," he said.
The average price that waterfront properties sold for in 2010 was $78,125 and the average price the properties were list at was $99,341, which is a significant price difference, Sullivan said, adding that prices are stabilizing and the market should start increasing.
"I think in 2011 we will start to see prices go back up again," Sullivan said. "Though we don't know for sure because it's too early."
People seem to have an interest in waterfront properties because they like the appeal of the extra recreation of the water and natural scenic view, Sullivan said.
Adelle Whitefoot can be reached at 906-228-2500. Her email address is email@example.com.