For generations, Long Lake has long been sought after for its beauty, size, fishing, vast water activities and its close proximity to Traverse City. Despite its overall popularity it has not been immune to the housing market decline; and the 2010 numbers show the struggle.
With a total of 69 properties for sale, only 12 properties found buyers - leaving 57 properties on the market at years end AND 5.8 years of inventory! Not a healthy market by any means, however, Long Lake did fare better than some other popular area lakes.
Currently there are 29 active listings (private & shared frontage) on the market, down from last year, but this is not unusual for this time of year. Prices range from $300,000 to $4.2 million so there is something for everyone! Look for additional properties to hit the market in March/April when the "snow birds" return and the first signs of spring sprout. Real estate is still a good investment and there are deals yet to be had.
As much as we'd like to leave 2010 in the dust, the dust won't be settling anytime soon. All indications point to more of the same in 2011. We haven't fully rebounded, but I feel we have reached some level of stability and I'm optimistic we're on the road to recovery.
For more information on buying or selling property on Long Lake contact susan@homewaters.net.
To search the current Long Lake listings for sale CLICK HERE.
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