While there are a lot of properties available right now from people who are adjusting to the current economic downturn, a very large number of the waterfront properties available in Northern Michigan are being sold due to generational turnover. Basically these are properties that were bought by the parents of baby boomers who did a great job of caring for their property, but weren't as concerned about having the latest in design. Now that the owners are getting up in years and the family doesn't visit very often, it makes sense to sell. I had the good fortune of spending a lot of time on Higgins Lake each summer at my grandparents' cottage. Like many other people in their generation, they purchased their cottage in the late 60's and really only spent weekends and a few holidays there. This means that the same green shag carpeting and harvest gold appliances that were originally in the cabin are still in prime condition. While a lot of buyers overlook these properties because of the dated interiors and the less than ideal proposition of doing the remodel, they're missing the boat! These cottages, overall, were very well maintained and are often times on some of the nicest parcels of land on any given body of water. A minor investment of time and money, some new flooring, appliances and paint can turn many of these homes into absolutely ideal waterfront cottages. Next time you're looking at photos online and pass by one with green, orange, and yellow wallpaper, take a closer look and you just may find your next dream cottage hidden somewhere underneath.
Tuesday, March 31, 2009
Generational Turnover
While there are a lot of properties available right now from people who are adjusting to the current economic downturn, a very large number of the waterfront properties available in Northern Michigan are being sold due to generational turnover. Basically these are properties that were bought by the parents of baby boomers who did a great job of caring for their property, but weren't as concerned about having the latest in design. Now that the owners are getting up in years and the family doesn't visit very often, it makes sense to sell. I had the good fortune of spending a lot of time on Higgins Lake each summer at my grandparents' cottage. Like many other people in their generation, they purchased their cottage in the late 60's and really only spent weekends and a few holidays there. This means that the same green shag carpeting and harvest gold appliances that were originally in the cabin are still in prime condition. While a lot of buyers overlook these properties because of the dated interiors and the less than ideal proposition of doing the remodel, they're missing the boat! These cottages, overall, were very well maintained and are often times on some of the nicest parcels of land on any given body of water. A minor investment of time and money, some new flooring, appliances and paint can turn many of these homes into absolutely ideal waterfront cottages. Next time you're looking at photos online and pass by one with green, orange, and yellow wallpaper, take a closer look and you just may find your next dream cottage hidden somewhere underneath.
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