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.