[warrenbuffet]

I have an relative who is getting sick and has several rental property's in northern MI. Not in a great area but on a piece of farm land about 20 miles from Gaylord. She can not take care of them and if you have ever been in rentals there is not enough profit to pay the taxes, insurance and up keep and 20 percent to a management company. She says she wants to hang on for a couple of years till the market turns around. My feeling is I have heard that old drum beat since 2005 when the market turned down before the collapse. Its still not turned around. Will 2 years do anything for property prices?

I was right to sell in 07 when others were telling me to just hang on for a couple of years and it will turn around. I still feel the same way. I am not sure the auto industry has made a long lasting turn around. I am not sure the economy is going to stay heading in a good direction and I know that Northern Michigan is the first to feel the pain and last to heal. So my opinion is that I think its more like 7 to 10 years and thats if the economy as a whole gets much better. Opinions?

[magellan]

Originally Posted by warrenbuffet

I have an relative who is getting sick and has several rental property's in northern MI. Not in a great area but on a piece of farm land about 20 miles from Gaylord. She can not take care of them and if you have ever been in rentals there is not enough profit to pay the taxes, insurance and up keep and 20 percent to a management company. She says she wants to hang on for a couple of years till the market turns around. My feeling is I have heard that old drum beat since 2005 when the market turned down before the collapse. Its still not turned around. Will 2 years do anything for property prices?

I was right to sell in 07 when others were telling me to just hang on for a couple of years and it will turn around. I still feel the same way. I am not sure the auto industry has made a long lasting turn around. I am not sure the economy is going to stay heading in a good direction and I know that Northern Michigan is the first to feel the pain and last to heal. So my opinion is that I think its more like 7 to 10 years and thats if the economy as a whole gets much better. Opinions?

Many parts of lower Michigan are already making a strong comeback. But the national (and international) trend is that pretty much all of the good paying jobs and the disposable income are going to be concentrated around medium to large metro areas, for the foreseeable future.

[YAZ]

I have a friend who has 35 acres of recreational property near Baldwin.

He can't GIVE it away.

[michigan83]

I have a friend who has 35 acres of recreational property near Baldwin.

He can't GIVE it away.

Yeah... Baldwin is definitely no Gaylord. Baldwin is kinda depressing. Not sure I would take free property in Baldwin either.

I would definitely take free property up by Gaylord though.

[Bydand]

I'd take 35 acres in Baldwin in a second if someone wanted to give it to me. I would take the Baldwin area over Gaylord area any day of the week. I know both areas VERY well. Sure it is a depressed area, but most of the people you talk to from there are very friendly. Lake County has some good hunting and fishing... very good hunting and fishing.

[YAZ]

I know.

I dig Lake County.

Best trout fishing in the state.

The PM & Baldwin rivers are fantastic!

Hunted his property too.

Turkey & deer galore.

Saw plenty of bear tracks the last time I was up there....

[Bhaalspawn]

I don't think that Michigan will make much of a comeback at all because the overall general trend for the state of the U.S. economy, at least for the bottom 95%, is downward as a result of our nation's economic policies that leave it susceptible to the force of global labor arbitrage. Over time, our nation's standard of living will slowly average out with that of the third world, and that includes Michigan.

[hoooka]

I don't know if I buy the idea that the auto industry is back and running fine. I think there may be some down side to this in the near future. Not to say its going bankrupt again, but Toyota is back up and running and may take back some of the market share. North Michigan is always slow to catch up to what down state is doing. We could be back into a recession before north MI comes out of one. If you can sell your property in MI and move I would do it, if you don't need to sell and don't have to worry about money and like it there then its not a problem. But those who say keep your property and it will come back in a year or two are looking out the window.

[Driller1]

Originally Posted by YAZ

I know.

I dig Lake County.

Best trout fishing in the state.

The PM & Baldwin rivers are fantastic!

Hunted his property too.

Turkey & deer galore.

Saw plenty of bear tracks the last time I was up there....

Baldwin is one the the more desirable areas to draw a bear tag.

[YAZ]

Originally Posted by Bhaalspawn

I don't think that Michigan will make much of a comeback at all because the overall general trend for the state of the U.S. economy, at least for the bottom 95%, is downward as a result of our nation's economic policies that leave it susceptible to the force of global labor arbitrage. Over time, our nation's standard of living will slowly average out with that of the third world, and that includes Michigan.

I've seen mfg. wages decline since I moved here from MI.

You can't escape it.