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Michigan’s Most Expensive Lakefront Homes
May 17, 2021

Michigan’s Most Expensive Lakefront Homes

by The CE Shop Team

Michigan Lakefront Properties Are Making Waves

As COVID-19 continues to alter our daily lives, Americans across the country have grown tired of staying at home and are looking at a new home away from home that provides a much-needed change of scenery. Nationwide, second-home purchases are up 46% as more and more people seek an escape from their current routines. Interest in Midwest vacation homes has reached an all-time high with Michigan leading the pack. 

Michigan’s Vacation Home Market Is on Fire

Called cottages in this neck of the woods, Michigan’s vacation home market is red-hot thanks to the pandemic. High demand from buyers is driving up sale prices by more than 10% in some counties. Residents both in and out of state had plenty of time working remotely during lockdown to re-analyze their family’s needs and look elsewhere to meet them.

 "People are thinking, 'Hey, if we can buy a place and work from home with our phone and computer, what the heck. It‘s a better lifestyle up here and we can worry less,' ” said Pat O'Brien of Pat O'Brien and Associates.

The desire to purchase a cottage and live there full-time has never been more attainable than now. So, what kind of properties does Michigan offer its most affluent vacation homebuyers?

Most Expensive Lakefront Listings

As inventory fades in competitive and expensive beachfront markets like New York or California, savvy homeowners are looking to states like Michigan, that offer beachfront living on the lake at half the price. If you’re shopping for your dream vacation cottage or just Zillow surfing, look inside these luxurious lakefront homes in Pure Michigan. 

5. Bay Harbor Mansion - $6.3 million

real-estate
Image source: Zillow

Located in Petoskey, this lakefront home provides beautiful views of Traverse Bay. Designed by Alexander Bogaerts, this home is a little slice of paradise in the Great Lake State. The property includes a custom kitchen divided into two preparation and clean-up areas in addition to a host of features sure to delight your family and friends.

Key features

  • 7 bedrooms
  • 8 bathrooms
  • 10,020 sq. ft.
  • Movie theatre
  • Home gym

4. Walloon Lake Colonial - $8.3 million

real-estate
Image source: Zillow

This iconic Walloon Lakehouse is a well-known lakefront property in the local community. The classic colonial has a porch that extends the entire width of the house, providing ample space for sunset sipping. Sitting on 520 feet of prime waterfront, residents can enjoy warm days on the beach and cool days inside. Beautiful finishing throughout the house will give your guests plenty of opportunities to appreciate the fine craftsmanship.

Key features

  • 7 bedrooms
  • 8 bathrooms
  • 9,652 sq. ft.
  • Home office
  • Game room

3. Northaven Traditional - $8.5 million

real-estate
Image source: Zillow

Dubbed Northaven, this mansion masterpiece sits on 200 feet of Lake Michigan private waterfront, offering breathtaking views of Pure Michigan’s sunsets. Situated in Bay Harbor’s affluent gated community, this home is quiet and private, allowing residents a complete retreat in which to relax. Cozy up next to the fireplace in the study, or take a sunset walk on the beach. There’s no shortage of ways to enjoy this Michigan mansion.

Home features

  • 5 bedrooms
  • 7 bathrooms
  • 9,350 sq. ft.
  • Game room
  • Home gym
  • Pool

2. Bay Harbor Boat House - $8.9 million

real-estate
Image source: Zillow

This custom-built estate is located on the gated peninsula in Bay Harbor and offers residents 130 feet of waterfront on Lake Michigan in addition to 130 feet of waterfront on Bay Harbor Lake. Each of the bedrooms boasts views of Lake Michigan. Completely rebuilt in 2014, the property was redesigned to be a double-sided home in order to maximize the views of the water on both sides. This boathouse is a rare find that offers exceptional luxury living indoors and out.

Key features

  • 5 bedrooms
  • 8 bathrooms
  • 9,706 sq. ft.
  • Game room
  • Home theater
  • Home gym

1.   Lake Charlevoix Estate - $12.5 million

real-estate
Image source: Zillow

The Lake Charlevoix Estate is a mega-mansion filled with detailed craftsmanship. From the hand-carved wood paneling to the spiral staircase, residents and guests will be in awe upon entry. The home has plenty of room for the whole family, and if needed, there’s a separate apartment above the 4.5 car garage. Enjoy the sugar sand beaches outdoors on summer days, or retreat inside to the home’s eight fireplaces on chilly nights during the holiday season.

 Key features

  • 7 bedrooms
  • 10 bathrooms
  • 16,000 sq. ft.
  • Wine cellar
  • Movie theater
  • Home gym
  • Game room

How Agents Can Capitalize on Michigan’s Vacation Market

Whether you’re interested in branching out into a new niche market or buying a vacation home for yourself, there are important decisions you should make before moving forward. Vacations require planning and logistics, and so will buying or selling a vacation home.

If you’re interested in getting into the vacation home market, consider pursuing NAR’s Resort and Second-Home Property Specialist Certification.

Selling a second home that may double as an investment requires a different skill set than selling a typical family home — primarily an in-depth knowledge of the tax implications that second homes carry. Additionally, clients looking to purchase a vacation home are more focused on the resale value, rental income, and taxes owed than they are on school zones and luxury kitchens. So, do your research, explore your local vacation market, and you’re shore to make a splash!

Take On 2021 With the Best Michigan Real Estate Courses From The CE Shop

Enroll in our Pre-Licensing program now to get your career started and begin connecting your fellow Michiganders with the home of their dreams. Or keep going strong with one of our comprehensive, 100% online Continuing Education packages. Want to stay up to date on everything in Michigan? Join the Midwestern Real Estate Facebook Group!

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