Real Estate Update: Resort Property Trends

Jim Richardson is the manager for Coldwell Banker Schmidt’s offices in Bellaire and at Shanty Creek Resorts. He is a veteran of 20 years in sales in Antrim and Kalkaska Counties, including residential sales on Torch Lake, Lake Bellaire, Shanty Creek and Schuss Mountain. He answered three questions regarding real estate sales at resorts in general and specifically at Shanty Creek.

How are resort sales?

Like everything else, they are down.  We’ve had spurts here and there, but it’s been similar to all real estate in that regard.

How do resort sales differ from residential sales?

A resort home is not a must-have.  It’s something you want, or maybe something your accountant tells you that you need, or something you want for the family. It’s different because you want to get people who are pumped up about the resort. Maybe they just got off the Legend and had a great round, they had a lot of fun. You want to get them while they’re hot. That’s why having an onsite office really helps. Once they head south it’s a lot more difficult.

What advice would you have for someone who wants to sell their resort home?

Be patient.  You’ve got to be patient. I remind people that this isn’t a must-have. It’s not like they’ve been transferred into Traverse City by Munson or anything. It’s “This is the resort home I want.” I’ve seen sales of primary homes increase over the years, but it’s still 85 to 90 percent second homes.

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