A great place for a second home or weekend getaway is the western shore of Michigan!  With the high-speed car ferry service out of Milwaukee, you can now make the trip across Lake Michigan in 2.5 hours.  This opens up the Chicago market, especially for those people that live in the affluent northern suburbs.  My family and I made the easy drive from Long Grove, IL and arrived at the ferry port in a little over an hour.  Then we enjoyed the quick, comfortable ride on the ferry–I wish airline travel was as efficient as the Lake Express!

This morning, I am sitting dockside at my brother’s lakehouse in Muskegon, MI writing this posting via my wireless internet connection, sipping my coffee, and enjoying a sunny, cool breeze, while my neighbors back in Texas are dealing with typical 100 degree July temps!

The coastal areas of western Michigan is a place I could see myself retiring to someday.  There are great towns all along the lakeshore.  Besides, Muskegon you’ll find Holland, Grand Haven, Ludington, Manistee, Petoskey and of course Traverse City.  All the way up to Mackinac Island you’ll find great lakehouses for sale or rent.

If you are looking for property in the Grand Traverse region, one of our agents on GreatWaterfrontLiving.com can assist you.  Her name is Shelly Burnette with Real Estate One.  Visit the site to see a sampling of her listings and find her contact information there.

It’s no secret that there are too many homes on the market right now.  Supply exceeds demand, and many homes are not realistically priced to sell in today’s market.  Many real estate investors, realtors and property owners became convinced that if they bought a home at one price, they could turn around and sell it at an even higher price either immediately or in timeframe of 1-3 years.  That was true in most markets across the U.S., but prices spiraled out of control.  Prices are now correcting themselves based on simple economic principles.  Now, some people that want or need to sell have unrealistic expectations.  They may have an asking price that is simply too high.  As the old saying goes, something is worth exactly how much somebody else is willing to pay for it.  That is why selling through absolute auction is a realistic approach to selling a luxury home at true market value.

Selling at auction sometimes has a negative connotation associated with it.  That is hardly the case!  Auction is actually a great option to consider.  Some benefits to the seller include:  knowing exactly when the property will sell, knowing that only pre-qualified buyers with the financial means will attend the auction and are prepared to buy, knowing that the accelerated sales process will eliminate the long-term carrying costs of upkeep and taxes, having assurance that the property will sell at fair market value on auction day, knowing that competition among buyers on auction day can actually produce a price that exceeds a negotiated price that might happen as a result of the traditional sale between buyer and seller.

If you have a waterfront property, second home or other luxury home worth over $1 million that you would like to sell at auction, call Pat Kirby at 214-321-8524 or visit www.grandestatesauction.com

Casey Smith of Prudential Missoula Properties has a 10 acre building site for sale on the banks of the Blackfoot River.  This property is an easy drive from Missoula, MT and has 600 feet of river frontage.  Views from this property are amazing!  Listed at $800,000.  Contact Casey at casey@casey-smith.com and let him know you found him through our site.  If you are looking to build your dream house in the mountains, Casey can assist you.  In addition to this property, he has other listings and knows the area very well to help find what you are looking for!

Even though vacation home sales dropped by 30 percent last year compared to the previous year, almost one third of total sales in the U.S. during 2007 were for second homes.  This is based on information from a survey recently released by the National Association of Realtors.  “Some buyers have adopted a wait-and-see attitude”, according to NAR economist Lawrence Yun, refering to the mortgage and credit crisis.  However, many buyers of second homes (80%) are bullish about the housing market, and still considered now a good time to invest in real estate.  This compares to 60% of primary residence purchasers.  Pat Kirby an expert on second homes, attributes the bullish viewpoint of second home buyers to an affluent group of people–Baby Boomers–that are moving through their peak years for seeking out vacation property and/or second homes in resort areas around the country.  According to the NAR Survey, the typical vacation home buyer in 2007 was 46 years old, with a median household income of $99,100.  The median price of vacation homes purchased in 2007 was $195,000.

Dallas-based Centex Corporation has sold off its Centex Destination Properties division to Macfarlan Capital Partners in partnership with a group of investors.

The resort and second homes developments totaling almost 4,000 acres are located in three states, including Texas.  The developments in Texas are Pointe West in Galveston, and two Hill Country developments, The Hollows and Waters at Horseshoe Bay.

Dallas, Texas is not the typical city one would think of when considering second homes, but the downtown and uptown areas of Dallas have attracted many new highrise condo projects in recent years.  Some of the buyers are wealthy people from Mexico, South America and other countries though.  Attracted by the cosmopolitan aspects of the city…excellent dining, shopping, affordability and one of the business/banking centers of the U.S….it is not uncommon for buyers to come from these areas.  The newest project has recently been announced:  Museum Tower.  Located in the heart of the thriving new Dallas Arts District, this 42 story architectural gem has been designed by renowned architect, Scott Johnson.  Museum Tower will feature 122 luxury units and provide a dramatic location next to the symphony hall, opera hall and award-winning museums.  Prices will start at $1.2 million, and groundbreaking is scheduled for 2008.  A sales gallery is available to visit at Flora and Olive in downtown Dallas.

Not all second homes are in sunny, resort locations near a beach or lakefront location.  Some buyers are buying second homes in college towns across the country.  They serve several purposes….a place to house your son or daughter for a few years while they attend college, a place for the parents to use when they come to visit and/or attend college sporting events, or they can be used as plain old investment property. 

Any of the above mentioned reasons are good, but use as an investment property, it’s a pretty smart choice.  If you think about it, you are almost guaranteed renters since most off campus housing near universities is tight to begin with.  In addition, more and more students attend college year round or choose to stay at college for the summer so even the months of May, June, July, August you are likely to have rental income.

Another interesting fact is that college towns are increasingly more popular desitnations for retirees.  Typically they have good sports, culture, restaurants, shopping and city services.  Many are in quaint villages or towns.  One such college town is Flagstaff, Arizona…home of Northern Arizona University.  One of our Great Second Homes members is Ann Heitland of RE/MAX Peak Properties.  Please contact her for advice and information.  She has several listings very close to NAU.

Maureen Buckley of Buckley & Buckley Real Estate has a fabulous waterfront home listed on Bainbridge Island, Washington.  The home at 1031 Winslow Way, Bainbridge Island, Washington 98110 is listed at $2,950,000 and features 3 bedrooms, 4,200 square feet of living space, elevator, fireplace in master bedroom, vaulted ceilings, and private 140 feet of sandy beach.  Imagine sitting on the deck of this great home taking in the view of the sound and the mountains!  Only 30 minutes to Seattle where you can enjoy all the best that the city has to offer….restaurants, arts, sports and shopping.  Yet life on Bainbridge Island is a world away giving you the slower pace you desire!  Contact Maureen at (206) 842-4099 regarding this home and others she has in her inventory of second homes, waterfront properties and weekend cottages.

Jaime Ulmer of Paragon Property Group–Keller Williams Realty in Marble Falls, TX has listed a luxury penthouse unit in the exclusive community of The Waters at Horseshoe Bay.  Listed at $929,000 this condo could be your second home overlooking Lake LBJ in the picturesque Hill Country of central Texas!  The address of this waterview property is 1000 The Cape, #61, Horseshoe Bay, TX 78657.  This property is has three bedrooms and three baths, and is completely furnished.  Plus it has a great rental history.  Contact Jaime at 830-693-5400.

A leading luxury real estate agent in the Dallas/Fort Worth market, Madeline Jobst of Briggs-Freeman Real Estate Brokerage is currently marketing a beautiful development in Montana.  Ameya Preserve is located in the Paradise Valley48 miles from Yellowstone National Park and is just minutes from Livingston, Montana.  It also easily accessible from Bozeman, MT where major airlines serve visitors.  This 11,000 private community is set among stunning mountain vistas and combines adventure with culture.  Dinosaur fossil excavations, back country skiing, musical performances and wildlife photo safaris are just some of the many things a resident of this community will enjoy.  Please contact Madeline Jobst at 972-733-5099 for details and visit the Ameya Preserve website at www.ameyapreserve.com