The Petoskey area has weathered many recessions in the past. Unfortunately this time the repossesed houses have effected our area. Prices have come down because of this unfortunate time in our history. Second homes in Emmet county are over 50% closer to 60% for the total number of homes. There hasn't been a better time to buy, and we won't know where the bottom is, until the prices go up!

Hi MT-

I don't like to contradict a fellow real estate agent , but I have to disagree with what Missy Caulk said earlier about "Lake properties and resort properties always hold their value."

This information is absolutely NOT TRUE!

I'm a long time resident of Harbor Springs which is across the bay from Petoskey, so I have some personal knowledge and expertise as a realtor, agent, and local. While lake and resort properties are more resilient to falling property values they do not always hold up against the elements. Right now, the Petoskey, MI area has seen falling home prices on average due to the slowing economy. While it is impossible for me or anyone to tell you where prices will bottom out I can discuss with you some information to help you make an informed decision on whether you want to buy now or later!

I would be more than happy to help you. If you're interested please visit my Coldwell Banker webpage at:

http://www.cbgreatlakes.com/jared.hammond
or my personal site to learn more about me:
http://www.harborportal.com

Hope I can help!

-Jared Hammond

I have a home in downtown Petoskey, MI. A few blocks away from the bay. We have had it for sale for almost a year now with no offers. If interested I can send pictures, we completely remodeled it and now live in Georgia and need to sell it. Possibly by owner would be cheaper, we are not in any contract with a realtor now. Can call me at 231-758-0821, James

Michelle - I wud be interested in looking at the house on Crooked.

lisa.simpkins@sbcglobal.net

What type of home are you looking for? A cabin with lots of room for family or something smaller? I'm asking because I will have a home that is coming up on the market in November, It is also lakefront which happens to be on Crooked Lake which gives you access to the inland waters. It is owned by my grandmother If your interested I can send you some pictures.

Lake properties and resort properties alway hold ther value. My little lake house has not lost any value in the Michigan economy.
If you are not in a hurray, I think waiting until fall and winter is here, the sellers will be more anxious and motivated to sell. It depends where you want to be in Petoskey, since you will be in Michigan in the summer months I assume you want lake frontage or lake access and again that will hold it's value. I can refer you to a great agent if Petoskey if you need me to.