December 2024 Market Report

There is major news related to future development plans at the Hessel Harbor!  In 2022, Clark Twp commissioned a study to assess the cost of potential improvements to the existing infrastructure of the marina and surrounding public space, and also various ideas for expansion of both transient and seasonal boat slips.  One of the plans included the purchase of a private home that is adjacent to the harbor, which would serve as a harbor house complete with a boater services office, lounge area with restrooms and showers, and the second story would be offered as a three-bedroom vacation rental for marina occupants.
As you can see from the rendering, this would allow for the installation of two large floating dock extensions to the west of the current Hessel Marina Basin, creating a “West Basin” that would produce up to fourteen “day-dock” slips and thirty-one seasonal boat slips.  Many residents can attest to how vital the Cedarville Harbor Project has been in creating awareness and access to this area, and the project in Hessel aims to serve the same objectives.
As this project moves closer to approval, I thought it would be a good time to share the exciting news.  Hessel Harbor was originally constructed in 1960 and then was expanded to include floating sections in the ’80s and ’90s, while not undergoing much restoration of the facilities in the time since.  The opportunity to improve the existing Harbor infrastructure, while also expanding it to better serve both transient and resident boaters, truly addresses the community’s needs in the most meaningful way possible.

August 2024 Market Report

Now that Labor Day weekend has come and gone, it seems like a good time to update the status of a few
island properties that re-listed this past spring.  I predicted in the spring that these properties would not
last long once they re-entered the market, and the results so far would tell you I was half right.

The cottages at 2695 Wisner Point and 1771 Pleasant Ave remain listed.  However, on the positive side
of things, there is an island home on Marquette Bay that recently accepted an offer.  The listing price for
that home is 998K, but the final sale details have not been posted.

While it’s easy to say that this prolonged period of high lending rates is to blame for properties not
selling, when it comes to island homes, the marketplace can be skewed in favor of the buyers when the
cottage either a) has not had modernization, or b) lacks the proportions to satisfy the typical cottage
buyer in 2024.

While both Wisner Point and Pleasant Ave could fall into one of those categories, they both also have
tremendous attributes and will be cherished by their eventual buyers.

UPDATE:  2695 Wisner Point Trl is pending as of 9/5/2024.

Les Cheneaux Waterfront Report – Spring 2024

After a mild winter in the East UP, we are slowly getting some new additions to the waterfront
market.  While everything on the waterfront that was listed in 2023 pretty much sold out, two island
cottages that didn’t sell last year have relisted.

Interestingly, both have reduced their listing price compared to last year.  An island home with
300 ft. of waterfront located at 2695 Wisner Point had its list price reduced by 7%.  The
other at 1771 Pleasant Ave on Snows Channel was decreased by nearly 17% compared to
its original price in 2023.

While this could be reflective of the cottages being overvalued when they originally listed, an
argument could also be made that the market for island homes and lots is softening a bit.
It will be interesting to see the status of these properties in a few months after the summer season
has begun.

My guess is that a slight price adjustment was probably all they needed to sell, but
we will have to see what the market indicates.