What is REALLY happening in Petoskey: I personally know someone who has had a house for sale for the past year; it is gorgeous new construction. They moved out thinking they were headed into foreclosure. The bank has rejected four (yes 4) offers on the house in the past 14 months. The house used to be listed for $125,000 more than what it is now. The last offer came as recently as 7/15/09 and it was $50,000 less than the bank's current valuation. That offer was also rejected by the bank. So after not having payment on the mortgage for 14 months, rejecting four offers (one was a verified cash offer for $225,000/also rejected), the house sits vacant with a mortgage held by the bank and no short-sale occurs and no payments on the mortgage occurs. That is what is REALLY happening in Petoskey.

George, I am new to Trulia did you find a home in Petoskey or arent you really looking to buy. Debra

Hi George-

I'm a long time resident of the Petoskey/ Harbor Springs area, and real estate agent.

So what is REALLY happening here from an insider point of view? I'll tell you.

Over the years, Petoskey has seen good growth with a Lowes, Home Depot, Brewbakers, new pharmacies, wal-mart, new casino, etc. popping up. We are somewhat more resilient to falling property values because it is a resort/tourist area, but we are not immune.

Many property values have decreased, and there have been some great buys on foreclosed homes in the area. Despite this, there is still new construction occurring. It has slowed, but we have been extremely fortunate- especially for Michigan.

Hi George,

Perhaps the link below will be of some use to you. It shows homes currently listed on Trulia in Petoskey.

Best Wishes,

Emily Gibson
Customer Service Representative

I can't speak for Petoskey specifically, but as I'm "Up North" I'll share what I'm seeing. Overall our average sale prices are off slightly (1-5%) and inventory is high. Lots of opportunities, and sellers are recognizing that they need to be aggressive. Those who price aggressively get activity, anything overpriced gets little or now showings. Basically only those listings that are price right are selling. High end and lakefront activity remains strongest. There are a lot of options to choose from- some lakes that typically would have a couple of properties available in a given year now have 9-10.

We're lucky to be in an area that people are attracted to and want to live. With retiring Boomers and the ability of so many professionals to live wherever they choose (thanks to technology) we expect to see our population continue to grow.

I'll be happy to put you in touch with someone who really knows the Petoskey market inside and out if you'd like.

George,

If you are interested in Petoskey, I suggest you contact Stephan Scholl. Tell him Maureen said hi.

http://buyersbroker.biz/blog/