One of the homes at Lake Chapin Shores
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.
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."
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.
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.