New Lake Home Development
Bucking Housing Downturn
BERRIEN SPRINGS, Michigan
(August 27, 2008) -- The developers of a 21 home development on
Lake Chapin in southwest Michigan are bucking the recent downturn
in new home sales, having secured contracts on several homes since
their grand opening June 1st.
"To buy a piece of
property right on Lake Michigan today is approaching the mind-boggling
price of $1000 per linear inch, or $1.2 million for a modest 100
foot stretch of land. And that's before you even start building
a home," said managing partner Steve Sprengel.
"In the past four to
five years there have been several new
Southwest Michigan lake home developments
built 15 to 30 minutes inland, to give buyers a more affordable
way to own a home on a lake without paying the lofty prices along
Lake Michigan itself."
While primary home sales
are down in Michigan and many other parts of the country, second
homes are often the last segment to be affected. However, even
Southwest Michigan vacation home sales in the most desirable areas
have slowed down.
"Several of these inland
developments answered a need and were fairly successful out of
the gate, but the ones most affected by the current downturn seem
to be the ones on smaller, 'no wake' lakes, where no motorboats
or jet skis are allowed. We were fortunate to find a spectacular
piece of property right on a large, real, all sport lake which
allows our homeowners to bring all their toys," said Sprengel.
"Back in 2006 we spent
the better part of the year searching for the ideal wooded site
with view-enhancing bluffs right on a large all sport lake, within
a 90 minute drive from Chicago. We knew at the time it was a tall
order, and it took a lot of searching, but in the end our perseverance
and refusal to compromise paid off."
The developers' latest second
home development, Lake Chapin Shores, has seen a high level of
interest from both southwest Michigan vacation home and primary home buyers in the
eleven weeks since its opening. "The age old real estate
saying, 'location, location, location' has once again prevailed,"
said Sprengel.
"For anyone in the
greater Chicago and northwest Indiana area, Lake Chapin is the
closest large all-sport lake in southwest Michigan," Sprengel
said. "Residents and their families and friends will be able
to enjoy a common beachfront, water sports, fishing, kayaking,
canoeing, boating, and jet skis on a 600-acre lake. The St. Joe
River passes through Lake Chapin, offering nine miles of navigable
river and world class fishing opportunities."
Set on a topographically
diverse 28-acre property within minutes of the popular Harbor
Country area, Lake Chapin Shores is just minutes from the world
famous Lake Michigan beaches and charming towns along the lake.
Its homes are being built on half-to-one acre lots, with prices
ranging from $388,000 to the $700,000s. Ten homes will be built
directly on the lakefront, offering private lake access and spectacular
views. The others will have lake views or secluded wooded settings,
all with access to the common areas, including the heated pool,
common waterfront, and private piers.
"All of the homes at Lake Chapin
Shores have an architectural style that reflects the casual elegance
that people are looking for in a well-laid out floor plan to accommodate
family and friends," Sprengel said.
The property features woods, nature preserves, and elevation changes,
allowing intriguing walk-out opportunities on the ground floors
of many homes in the development. Homes will measure between 1,300
to more than 3,500 square feet, will feature open floor plans
typical of vacation cottages, and will have large screened in
porches and decks to enable an abundance of outdoor living.
Lake Chapin Shores is hosting open houses every Sunday from 12
noon to 4 pm (ET), and personal tours are available at other times
by contacting Steve Sprengel at 888-TO-MICHIGAN (888-866-4244)
or by visiting their website at www.LakeChapinShores.com.
