THE MOST BANG FOR YOUR
REAL ESTATE BUCK
What today’s dollar gets you for a new home…or a new look By Ross Boissoneau The real estate market is booming Up North. It’s a great time for the sellers, but tough on those looking to buy…unless you find just the right house in just the right place at just the right price. Below, we take a look at four price points from $250K to just under $1M at properties across the region. While they were active listings at the time of the writing, they may well have received and accepted offers by the time you read this.
CADILLAC AREA
LEELANAU COUNTY
4197 S 39 Rd, Cadillac: $259,900 This large, four-bedroom home is just minutes from Lake Cadillac and all the amenities of downtown, but it feels like it’s waaay out in the country. According to the listing agent, the best feature may be the heart of the home: its spacious kitchen boasts abundant storage space, granite countertops, and a large island. Curiously, the house was originally built as a dog-grooming business, though it was never zoned commercial. The previous owners were thus able to utilize the setup to create a laundry room on each level (with separate water heaters!). The huge master suite has its own balcony overlooking the backyard on this 1-acre lot. An attached garage, back deck, and a private fenced backyard complete the listing.
11870 E. Lee Mann Road, Northport: $499,000 Vintage charm? Check. Updates? Check. Acreage? Check. This farmhouse on five acres boasts 304 feet of private frontage on Ennis Creek. While it’s currently being used as an incomeproducing weekly rental property, listing agent Kian Culloty says it would make a perfect home as well. It has four bedrooms and two full bathrooms (one of the bedrooms is non-conforming). It’s in a prime location on the corner of M-22 and Lee Mann Road between Omena and Northport, putting it just minutes away from tons of activities and all the local attractions. Culloty says the property’s three lots have already been split, enabling the future owner to sell some of the land if they want to recoup some of their investment.
TRAVERSE CITY
PETOSKEY
5797 E Duck Lake Rd, Traverse City: $774,995 Country living at its best! This home was custom-built four years ago and includes four bedrooms, two and a half baths, and features two large covered porches with wood ceilings, a cathedral ceiling in the living room (also made of wood), and even cherry interior doors and kitchen cabinetry. Oh, yes, the kitchen: granite countertops, a pantry, stainless appliances, tons of storage, and seating at the peninsula overlooking the dining area. Downstairs offers plenty of space where you can let your imagination run wild, with egress windows, room for a rec room and additional bedrooms, and plumbing already in for an additional bath. Is that it? Well, no, because the six acres offers space to park an RV, with septic and a well, though it’s not hooked up for electric yet. But the pole barn is, offering a perfect place to store the toys.
LOVE IT—DON’T LIST IT
As purchasing a new home gets more challenging, perhaps the answer is to stay where you are and remodel to give your space the refresh that makes it work better for you. But the question remains…what will it cost? We asked Stephanie Baldwin, president and owner of Edgewater Design Group in Petoskey, and Colin Bushong of CMB Construction in Traverse City what moves the needle on time, money, and resale value for homeowners. Which types of remodels do contractors get the most requests for? Most remodel work involves the kitchen or a bathroom. The cost for these spaces can vary greatly due to the selection of cabinetry, countertops, and appliances. For example, a modest kitchen could cost $30,000 finished, or $100,000 if the client wants high-end appliances.
12 • may 02, 2022 • Northern Express Weekly
08445 Bear Cove Lane, Petoskey: $919,000 Welcome to the wonderful waters of Walloon Lake. Park in the three-car garage, then experience this three-story home’s 5,700-plus square feet, five spacious bedrooms, five full bathrooms, and open concept great room with Romanesque old world design influences. (All built in 2004.) Gorgeous inside, yes, including the finished lower level—but don’t forget the outdoors, where you’ll find mature hardwoods and tasteful landscaping, and did we mention the crystal waters of beautiful Walloon Lake? Hop in the golf cart or take a short stroll to your boat, nestled in your very own slip. With in-house marina services and your own boat storage house, lake life doesn’t get more effortless.
Which takes the longest to complete? Currently, kitchens are taking the longest because appliances have a very long lead time, as do cabinetry and countertops. High-end appliances are taking 10-12 months to get. Countertops timelines have doubled. Which offers the most bang for your buck for ROI and resale value? Baldwin says, “The best resale value is kitchen, then bathroom, then basement finishing. Most buyers desire an open concept, so it is expected this will be done. It is not a huge value add; it just is what most people want.” Bushong comes at it from the position of a homeowner rather than a potential seller. “My gut tells me you get the most in a basement finish,” he says. “In a home with an unfinished basement, that will make your greatest immediate change.”
