Steve,
I would agree with Lynn. In general, there will be good bargains throughout the year for homeowners that are serious about selling. Also, in general, there are fewer lakefront homes for sale in the fall and winter. It has been my experience that most of these sellers were not serious in the first place. I'm not sure about Lexington but in other Great Lakes areas non Michigan residents are able to purchase these homes because of the weak dollar. A Buyer's Agent would be able to run recent sales on Lake Huron to see if there was a continued value decrease of homes.

Waterfront and access homes are available on the website below. This includes short sales and foreclosures if they are listed through Realcomp MLS. Keep in mind that Great Lakes levels are low and some parts of Lake Huron in the 80's were losing shoreline from erosion.

The EPA's environmental mapper is available on this website, scroll down on the left side of the page to see if there were any dumps or hotspots before purchasing.
http://activerain.com/smith3gary

With the right agent every day of the year can be a great time to purchase http://www.lynn911.com, you also receive tax benefits.