Real estate is full of changing trends, but as the experts say: location, location, location. Serving as an escape that’s only a few minutes away from reality, lakefront homes bring in family, friends, and fun. Recent market analyses have also indicated that walkable lifestyles are in high demand. Many areas in Northern Michigan have the best of both worlds – a reason the market here is booming – and Bay Harbor is in the heart of it all.
A key element that makes Northern Michigan a strong real estate investment is its permanent value. According to My North, waterfront areas are considered to have high valuation because the inventory is low. Proof of this can be found from local real estate team, Harbor Sotheby’s International Realty. They’ve reported low inventories for waterfront properties, meaning potential buyers need to act fast.
Also according to Harbor Sotheby’s, the local area in Bay Harbor has seen more buyers enter the market at all price points, but noticeably the condominiums and townhomes have been in high demand, due to the current economy. They report that vacant land sales are in line with sales from the previous year and remain steady. Buyers who are able to find vacant waterfront land are advised to take advantage of their rare find.
Realtors have also recently predicted that the walkable lifestyle will become even higher in demand. According to a study done by the National Association of Realtors, roughly 60% of individuals prefer a neighborhood that has both homes and stores and restaurants. It makes sense – The Brookings Institute performed a study on walkability in urban environments, and noted that residential areas in walkable districts held higher property values – up to $80 more per square foot in some places! Many people are looking to have a small community with a variety of interesting things to do close by and Bay Harbor has it all.
Looking for more information on local real estate? Conveniently located in the heart of The Village at Bay Harbor, Harbor Sotheby’s International Realty features on-site local experts who understand the unique attributes of the luxury Northern Michigan market. Endorsed as one of the Bay Harbor community’s preferred real estate brokers, Harbor Sotheby’s is a member of the world-renowned Sotheby’s International Realty network, known for representing luxury homes and properties of distinction throughout the world. Request a complimentary Explore Bay Harbor magazine for information on local listings and featured neighborhoods in the area.
Visitors who come to Bay Harbor never want to leave. Located along five miles of Lake Michigan shoreline, Bay Harbor is a coastal resort community that offers a great place to stay for a day, a week or a lifetime. No matter how long, you’ll wish it could be longer. With more than 30 neighborhoods, Bay Harbor offers a wide array of homes and a price range to match your lifestyle.
Visit ExploreBayHarbor.com to learn more about the local real estate opportunities and becoming a Bay Harbor neighbor. For those who want to visit and explore the possibility of ownership and membership, two outstanding hotel options are available within Bay Harbor. Check out the Inn at Bay Harbor and the Bay Harbor Village Hotel and start planning your dream.