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If you are interested in lake- and waterfront property, condos, and vacation rentals, Northern Michigan real estate is the market for you. Moreover, if you’re interested in living in a place best known for its natural beauty you can’t do any better than this picturesque tourists’ Mecca. Light-houses, national parks, woodland splendor—Northern Michigan has it all. The overall state of Michigan’s gross state product in 2004 was 372 billion dollars; the per capita income was $33,788 in 2006 that was up 3.3 percent from the previous year. In 2008 really bad numbers came in for the state when the unemployment numbers rose to some of the worst in the nation at 8.5 percent. Northern Michigan is considered the area above Mid-Michigan and the Flint Tri-city area. Outside of real estate its industries are mostly based on taking advantage of its natural resources: mining, lumber, commercial fishing and the like. Agriculture is limited to some potato and bean farming, as well as to some wine grapes. Manufacturing is pretty limited overall. So for the most part, the beautiful landscape that really comes alive in the summer-time is one of the area’s greatest industries—Northern Michigan real estate is one of Northern Michigan’s biggest draws. Understandably so, Northern Michigan real estate is also highly dependent on the rest of Michigan’s economy. Currently, high unemployment throughout the rest of the state is an important factor to consider for the real estate investor or homebuyer. Northern Michigan relies heavily on tourism which is affected by the rest of the state. But for home-buyers, this can work to their advantage. Homes are priced to sell and home foreclosures abound. So there are numerous opportunities throughout the region for investors. Investors who specialize in the pre-foreclosure phase, condos, vacation properties, or lakefront properties in particular will want to get in on the real estate market. And Michigan’s lengthy foreclosure process is actually a great benefit to investors. Unlike in other parts of the country, the foreclosure process takes an average of eight months, ranging from three to fourteen months. So “pre-foreclosure” lasts longer, giving investors more time to negotiate deals. Whether you are looking to invest in a vacation rental unit or eventually resell, make sure there’s a market for visitors, buyers, and renters. If you do your homework, you can gain by investing here.
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