Is Michigan’s Lower Peninsula the new Hamptons?

Visits from New Yorkers up 60 percent this year

New York /
Sep.September 14, 2012 02:00 PM

A growing number of New Yorkers are buying vacation homes along the shoreline of Michigan’s Lower Peninsula, where median sale prices are about a quarter of those in the Hamptons, Bloomberg News reported.

The number of visitors from the city rose 60 percent this summer, according to data from the Traverse City Conventions & Visitors Bureau, due in part to reasonable real estate prices and the tourism board’s stepped up efforts to lure visitors from the area.“The tourism is definitely a big factor in driving second-home sales,” Megan Luce, a Century 21 agent, told Bloomberg News. “Most people who buy second homes have been vacationing up here and then decide to buy.”

That has contributed to price increases: the average price for a home in the area surrounding Traverse City was $187,590 through July, up 10 percent from the same period the previous year, according to data from the Michigan Association of Realtors cited by Bloomberg.

The Traverse City visitors bureau has courted New Yorkers with five-second videos on Times Square billboards and a travel guide advertisement that went out to 112,000 New Yorkers this past weekend. Popular New York restaurateur Mario Batali is a spokesman for Michigan’s tourism campaign. [Bloomberg News] – Leigh Kamping-Carder 


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Nate Paul of World Class Holdings (Facebook/GreatValueStorage, iStock)
Great Value Storage files for bankruptcy to stop foreclosure
Great Value Storage files for bankruptcy to stop foreclosure
Douglas Elliman chairman Howard Lorber (Getty, iStock, Illustration by Kevin Rebong for The Real Deal)
Elliman’s property management arm suffers data breach
Elliman’s property management arm suffers data breach
JPMorgan CEO Jamie Dimon and 270 Park Avenue (Getty, Google Maps)
JPMorgan Chase will embrace “flexible” design for 270 Park HQ
JPMorgan Chase will embrace “flexible” design for 270 Park HQ
Though some companies have received fat PPP payouts, real estate received just 4.6% of the loans distributed in New York. (iStock)
Real estate receives just 5% of New York’s PPP loans
Real estate receives just 5% of New York’s PPP loans
1135 Lexington Avenue and Nir Meir (Google Maps, iStock)
Judge rules against Nir Meir in HFZ’s $19M default case
Judge rules against Nir Meir in HFZ’s $19M default case
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...