Petoskey Pointe Extension Granted

The Petoskey City Council recently voted 4-1 to extend a deadline for "substantial completion" of the Petoskey Pointe Project from early November of 2008 to December 31, 2009. The deadline is part of an agreement between the City and Lake Street Petoskey Associates, the Farmington Hills developer of the Project. According to published reports in the Petoskey News Review, work on the hotel/retail/condominium project stalled last year after National City Bank withdrew its financing. The Developer requested an extension of the deadline in December of 2007, indicating that new financing arrangements involving overseas funds were close to being finalized. To provide protection for the City, the resolution approved by the City Council calls for financing to be demonstrated and construction on the project to resume by March 15th.

Petoskey, Michigan - Terrific Retirement Town

Petoskey, Michigan is being featured along with seven other towns in the January/February 2008 issue of Where to Retire magazine, in an article entitled "8 Terrific Low-Tax Towns."

The article notes that ". . . in Petoskey, the skiing, sailing and scenery attract many retirees who also enjoy upscale dining options, a charming downtown with boutique shopping and a reasonable cost of living." The article explains that the yearly local tax burden on a hypothetical retired couple with an annual income of $60,000 and a home value of $225,000 would be $4,084.00 This amount would be even lower for a home located outside the city limits. Resort and Bear Creek Townships, for instance, both have lower property tax rates than those in the city proper.

Other terrific low-tax towns featured include Easton, Maryland, Oxford, Mississippi, Gainesville, Georgia, Fairhope, Alabama, Staunton, Virginia, Ashland, Oregon and Kalispell, Montana. Once again Petoskey finds itself in great company! If you are considering places to retire, make sure you come see why everyone is raving about Petoskey. The natural beauty of the area is unsurpassed, we have abundant recreational and cultural opportunities, we are a very safe community with an excellent quality of life, we have a first class regional medical center, and it is an affordable place to live. What more could you ask for?

Petoskey Real Estate Market Year End Report

Not surprisingly, Petoskey residential real estate sales volume decreased in 2007 from 2006. Unit sales of homes and condominiums in the Petoskey School District decreased to 255 units from 282 units, a decline of over 9%. Sales by dollar volume also fell, from $98,896,350 in 2006 to $82,476,049 in 2007, a decline of more than 16%.

Despite the decline in sales activity for Petoskey homes and condominiums, the median Petoskey home price actually increased by just under 1%, from $188,500 in 2006 to $190,000 in 2007. Average days on market was almost unchanged, from 200 days in 2006 to 199 days in 2007 for those homes which sold. The average price paid for a Petoskey home dropped from $350,696 in 2006 to $323,435 in 2007.

Note: Based on information obtained from the Northern Michigan Multiple Listing Service for the period from January 1, 2006 - December 31, 2007.

Petoskey Commercial Real Estate Projects Abound

Area planners have been working overtime considering a number of approvals which are being sought for new commercial real estate projects in the Petoskey area.

Walgreens would apparently like to build a new store on Petoskey's north side, at the site currently occupied by Kentucky Fried Chicken and the old Schelde's restaurant. Oleson's is reportedly seeking approval to construct a new store on U.S. 31 North across from Dave Kring Chevrolet - Cadillac. JoAnn Fabrics is looking to relocate from their current location in the Glen's North Plaza to Bear Creek Plaza (near the Petoskey Cinema and Home Depot, and an MC Sporting Goods is supposedly planning to locate there as well). Perhaps the biggest of all these planned developments is a proposed Meijer superstore on U.S. 131 just South of the former Victories Casino site. Now that is a lot of activity for one month in Petoskey, wouldn't you say?

If you are interested in purchasing a piece of commercial property in Northern Michigan, feel free to contact us. We would be happy to discuss the value added services we provide to our Northern Michigan commercial real estate clients. Stefan Scholl, Associate Broker, is also a Michigan licensed attorney practicing in the areas of residential and commercial real estate. We have represented clients statewide in the purchase of commercial real estate, and offer our commercial real estate clients generous commission rebates to be applied to their legal fees. Buyer's Broker of Northern Michigan, LLC can be reached toll free at (877) 228-9664 or (877) 2 BUY NMI. We look forward to the opportunity to be of service.

Petoskey Homes - October Swoon

There is blood in the streets! There is carnage in our local real estate market! If you are a buyer, this could be a great thing! Sorry all you sellers, this is not good news for you. If you don't need to sell right now, just disregard this blog and check back to see how the market is doing in a year or two.

In October of 2007, twenty-four single family residences (homes and condominiums) sold, compared to thirty-three sales in October of 2006, a decline of over 27%. Total dollar volume of sales in October of 2007 was $7,715,200, compared to $10,749,375 in October of 2006, a decline of over 28% year to year. The median home price fell from $199,900 to $188,450, a decline of almost 6%.

As of November 7, 2007, there are 569 Petoskey homes for sale (including condominiums) in the Petoskey School District. With twenty-four sales last month, the monthly absorption rate is 4.2% of available inventory. We currently have just under a two year supply of homes on the market!

In my opinion, this is great news for real estate buyers and investors. Although it may be impossible to predict a bottom, these difficult market conditions are producing a number of attractive buying opportunities right now. Are you a bargain shopper? This may be a good time to start looking, if you are possibly interested in purchasing a Northern Michigan property.

I am putting my money where my mouth is. I recently cashed in on some stock market gains and just purchased a commercial condominium unit. I am also preparing to write an offer on a vacant lot for my own investment portfolio. I am trying to follow the sagest investment advice ever given--buy low and sell high.

If you are interested in learning more about investing in the Northern Michigan real estate market, please feel free to give us a call toll free at (877) 228-9664. We look forward to the opportunity to be of service.

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Northern Michigan Regional Hospital

Northern Michigan Hospital has a new name, Northern Michigan Regional Hospital. And a new logo! Pretty snazzy.

We are so blessed to have such a wonderful regional referral hospital in our community, and such a kind and caring professional staff.

If you are considering an employment opportunity with Northern Michigan Regional Hospital, we would be happy to chat with you regarding local housing opportunities, the Northern Michigan real estate market, area neighborhoods and schools, etc., without obligation.

As mentioned in Medical Economics magazine, "a buyer's agent can help you negotiate the best deal possible by providing a comparative market analysis, recommending appropriate professional inspections, giving you information about the area that the seller's agent isn't required to disclose, and reviewing the settlement statement and other relevant documents. Generally, you don't pay for this guidance. Instead the buyer's agent splits the commission paid by the seller to the listing agent."

Our company specializes in relocation and buyer agency. We don't list properties for sale or represent sellers. We are completely, 100% loyal to our buyer clients and their interests. As local experts, we can save you money and offer you peace of mind when relocating to the area. If you are a transferee unfamiliar with the Petoskey area, we will give you all the facts about a particular home or location, both good and bad. A listing agent may not be as willing to offer information that might prove detrimental to a sale, because he or she works for the seller. Their duty is to sell the property they have listed. On the other hand, an exclusive buyer agent only represents buyers and does not have listings. We can provide our clients the objective information they need to make the right decision regarding a home or property.

According to Diversion Magazine for Physicians, "A 1992 study found that 200 relocating workers who used buyer brokers paid an average of 91% of the offering price, whereas those using traditional brokers paid 96%.

If you are considering accepting a position with Northern Michigan Regional Hospital, please give us a call toll free at 877-228-9664. We would be pleased to share our knowledge of the area and the Northern Michigan real estate market with you. We have successfully represented a number of Northern Michigan Regional Hospital transferees, and look forward to the opportunity to be of service.

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Northern Michigan Regional Hospital is our pot of gold at the end of the rainbow!

Petoskey Real Estate Market Slides in Third Quarter

The Petoskey real estate market took it on the chin in the Third Quarter of 2007, with both sales and sale prices of Petoskey homes and condominiums broadly lower compared to 2006.

The number of single family residence sold in the Petoskey School District in the quarter declined 13%, from 85 in 2006 to 74 in 2007. The total dollar volume from sales of Petoskey condominiums and homes in the quarter sank over 24%, from over $30 million in 2006 to $22.8 million in 2007. The median home price declined precipitously, from $237,000 in the Third Quarter of 2006 to $187,225 in the Third Quarter of 2007, a decline of over 21%.

The declines in the third quarter reflect the weakness in both the state and local economies. In addition to weak demand, increased inventory and the rising number of foreclosures are taking their toll on prices. The figures point to the fact that this is a strong buyer's market. If you are in the market for a Petoskey home or Petoskey real estate, now may be a good time to consider either purchasing or trading up, if you are one of the lucky few in a position to do so.

Storm Sinks Boat at Petoskey Marina

It was a stormy 9/11 in Petoskey, with strong winds and intermittent rain squalls pushing down from the North. Casualties from the storm at the Petoskey City Marina included this seventeen foot Aquasport powerboat, which partially sunk in its slip. When checking on my boat this morning, I found Petoskey Harbormaster Chris Flynn overlooking the scene, with the partially submerged boat suspended precariously from its remaining strained docklines.

Chris reported that the marina staff was on hand until approximately 1:00 a.m checking on boats during the storm. The Aquasport must have sunk sometime in the early morning hours. It was unclear whether the boat was swamped by a wave or perhaps filled with rainwater and overturned. The NOAA weather buoy in Northern Lake Michigan, Station 450002 , reported sustained winds of 31.1 knots from 5:50 p.m. through 7:50 p.m., with a maximum gust of 40.8 knots. That was all it took to shred the headsail shown at the right. What a blustery day and night it was here in Northern Michigan. Fortunately, this is probably as close to a hurricane as we will ever get.

Petoskey Real Estate Market Report - 1st Half 2007

Note: Based upon information obtained from the Northern Michigan Multiple Listing Service for the Periods of Time from January - June, 2001-2007.
Copyright 2007 - Buyer's Broker of Northern Michigan, LLC

Petoskey Real Estate Market Report - 1st Half 2007

Note: Based upon information obtained from the Northern Michigan Multiple Listing Service for the Periods of Time from January - June, 2001-2007.
Copyright 2007 - Buyer's Broker of Northern Michigan, LLC

Petoskey Featured in "101 Best Outdoor Towns"

Petoskey is an ideal place for lovers of the outdoors, as recently confirmed by former Men's Journal editors Sarah Tuff and Greg Melville, who feature Petoskey in their recently released book, "101 Best Outdoor Towns."

In a nod to our "million dollar" sunsets, the authors state that "The Caribbean has nothing over the view from town as the sun extinguishes into Lake Michigan behind the creamsicle horizon." Looking for a romantic getaway? Pair the gorgeous sunsets along with "the back-in-time feel of the artsy downtown Gaslight District, the long beach walks and the views of Little Traverse Bay from the top of sandy Old Baldy, and you've got one of the most romantic spots in the Midwest."

Speaking of outdoor options, the authors point to the Little Traverse Wheelway bicycle path, the North Country Scenic Trail and the Petoskey State Park for hiking, fishing, swimming and paddling on area lakes and rivers, and downhill and cross country skiing at area resorts and trails. Our area has so much to offer outdoor enthusiasts. Petoskey's recognition as one of the "101 Best Outdoor Towns" is well deserved.

Odawa Casino Resort to Open Soon

According to the Petoskey News Review, the Odawa Casino Resort in Petoskey, which is owned by the Little Traverse Bay Bands of Odawa Indians of Michigan, is set to open on Wednesday, June 20, with a formal grand opening scheduled for July 25th.

The Odawa Casino Resort in Petoskey will feature casino gaming to include 1,500 slot machines, 30 table games and six poker tables, a nightclub/sports bar, and an events center with seating for 1000. Dining options will include include a steakhouse, buffet and coffee shop.

Barry Milligan, the manager of Victories Casino, which will be replaced by the new Odawa Casino Resort, told the News Review, "It’s much more in line with a first class resort hotel than a casino. It’s along the lines of the Bellagio."

The casino will reportedly employ nearly 1,000 people, with 500 new jobs created. While I tried to get some pre-opening photos for our loyal readers, I was rebuffed by the casino's marketing department. Oh well, at least I tried.

Petoskey Schools Athletic Facilities Proposal Defeated

Voters in the Petoskey School District resoundingly defeated a $15 million bond proposal to construct a new school athletic complex by a margin of 2,457 - 1473.

I was actually quite surprised late last year when the school district released the results of a survey showing that the public would support funding such a proposal, given the current state of our state and local economies. Apparently my skepticism of the survey data was warranted.

The Traverse City Record Eagle ran a story on the defeat, pointing to the weak economy as a major contributing factor to the outcome. I would have to agree with their assessments. The fact that we have lost a number of local employers recently has people concerned. In trying times like these, people are hesitant to commit to spending money on anything which is not deemed to be absolutely essential. The voters apparently saw this proposal as a luxury which cannot be afforded at this time.

Petoskey Featured in Midwest Living

The editors of Midwest Living 2007 have named Petoskey to their Best of the Midwest in the category of "Getaway Towns." According to the editors, their favorite "small town escapes include all the ingredients for perfect weekends: pretty settings, memorable lodgings and restaurants, plus plenty to see and do."

Petoskey is rightfully described as a "shoppers' and artists' mecca." Featured in the article are the sunsets at Bayfront Park, the Gaslight Shopping District, the Little Traverse History Museum, Bay View, Ward & Eis Gallery, Grandpa Shorters, Gaslight Gallery, Andante, City Park Grill, Jesperson's, and Stafford's Perry Hotel and Bay View Inn.

Other favorite getaway towns include Bayfield, Wisconsin, Galena, Illinois, Hermann, Missouri, Lanesboro, Minnesota, Lindsborg, Kansas and Marshall, Michigan.

Congratulations, Petoskey on being featured in Midwest Living's Best of the Midwest!

Petoskey Real Estate Sales Steady in 1st Quarter

Despite the seemingly poor state and local economies, sales of Petoskey homes and real estate continued to chug along in the 1st Quarter of 2007. The number of residential sales, including both Petoskey homes and condominiums, dropped only slightly in the 1st Quarter, from 49 sales in 2006 to 47 sales in 2007. This compares to only 40 sales in the 1st Quarter of 2005 and 53 sales in the 1st Quarter of 2004.

While unit sales volume was down only slightly, the total dollar volume of residential sales was down 13%, from $17.07 million in the 1st Quarter of 2006 to $14.86 million in the 1st Quarter of this year. Despite being down from last year's numbers, this Quarter's total dollar volume far exceeded the $9.43 million posted in the 1st Quarter of 2005, and also exceeded the $13.35 million posted in the 1st Quarter of 2004.

On a bright note, the median sales price of a Petoskey home rebounded to $180,000 in the 1st Quarter, up 11% from the $162,000 median sales price in the 1st Quarter of 2006. This compares to a median sales price of $183,750 in the 1st Quarter of 2005, and $180,000 in the 1st Quarter of 2004.

Note: Based upon information obtained from the Northern Michigan Multiple Listing Service for the periods from January 1 - March 31, 2004-07.

Copyright 2007 - Buyer's Broker of Northern Michigan, LLC

Petoskey Real Estate and Homes - 2006 Sales Summary

Petoskey residential real estate sales volume actually increased in 2006 from 2005. Unit sales of homes and condominiums in the Petoskey School District increased to 282 units from 273 units, an improvement of approximately 3.3%. Sales by dollar volume increased to $98,806,750 in 2006 from $80,207,165 in 2005, an increase of 23.1%.

Despite the increase in sales activity, the median Petoskey home price dropped by 4.5%, from $197,090 to $188,500. Of those homes which sold, the average days on market increased to 200 days in 2006 from 190 days in 2005. The average price of a home increased significantly, from $293,799 in 2005 to $350,379 in 2006.

Note: Based on information obtained from the Northern Michigan Multiple Listing Service for the period from January 1, 2005 - December 31, 2006.

Petoskey Pointe - The Big Dig

Here is a photo I took on Friday morning showing the progress being made on the Petoskey Pointe project. Unseasonably warm weather in Petoskey so far this winter has meant very favorable conditions for excavation and construction of the foundation. An underground parking structure is planned for the site.

Petoskey Favors New Football Stadium?

According to an article in today's Petoskey News Review, Petoskey School District voters are supportive of a new millage to develop and operate $15 million worth of new school sports facilities. This according to Lansing-based polling firm EPIC-MRA, which surveyed 300 district residents from Nov. 11-14, and found that a majority of those surveyed (57%) supported the idea.

School officials are apparently considering new football, track and soccer facilities at the south end of the Petoskey High School/Petoskey Middle School complex. The proposed new taxes would cost the owner of a $200,000 home roughly $79/year.

I found these survey results to be quite surprising, given the current weakness in our local economy. So I thought it would be interesting to conduct my own survey. (I have been looking for an excuse to have a survey for a while now). So here's your big chance! Please click on the link below to complete the survey.

Petoskey Schools' Sports Facilities Improvement Proposal Survey

Northern Michigan Hospital Cancer Center

Northern Michigan Hospital Cancer Center
Northern Michigan Hospital (NMH) in Petoskey has been at the forefront in the fight against cancer since the 1970's, when NMH added medical oncology/hematology and radiation oncology to its team of experts. In the past 30 years, NMH has diagnosed and treated more than 25,000 cancer patients, providing the region with some of the latest in specialty cancer care and clinical research.

In 2005, the American College of Surgeons Commission on Cancer once again accredited NMH as a Comprehensive Community Cancer Center with commendation, one of only twelve programs in the state to receive that designation. The NMH Cancer Committee, led by NMH Cancer Program Director and oncologist Dr. Ervin Hire, has created four teams of experts who will focus on four kinds of cancers that affect the majority of patients in our region: colorectal, lung, breast and prostate cancers. Each team will study the most effective diagnostic approaches and treatment options, to create guidelines for incorporating the latest advances.

Thanks to NMH, all of us who live in the area can rest assured that we have experts to turn to if and when our lives our touched by cancer.