Fishing for Wisconsin & Michigan Vacation Homes

In down market, second-home properties luring buyers!

By John Handley, Special to the Tribune September 2, 2011

Saugatuck, Mich., has been a magnet for Chicagoans for years because of its beaches, trendy boutiques, art galleries and yacht harbor. (John Handley/ Photo for the Chicago Tribune / September 2, 2011)

Excerpts:

“Is now the time to buy the vacation home of your dreams? That cottage by the lake, in the woods or on a golf course is a lot more affordable than it was five years ago.”

” . . . some baby boomers are renovating their vacation homes for year-round living. “They used to be just summer places.”

“Sales of vacation homes fared better last year than sales of primary residences.”

“Nationally, the median price of vacation homes was $150,000 in 2010, down 11.2 percent from $169,000 in 2009, according to the survey. The main reasons for buying included the desire for a family retreat, the potential for price appreciation and low mortgage rates.”

“The typical buyer of a vacation home in 2010 was 49 years old, had a median household income of $99,500 and purchased a property that was a median distance of 375 miles from his or her primary residence.”

Read the complete article at www.chicagotribune.com.

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