Waterfront property prices are through the roof in Northern Michigan, but with these six tips, you can still find your dream cottage.
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When Jessica Brutzman and her family bought their current Traverse City–area home in 2021, it wasn’t quite their lakefront dream made real: The house sat on the busiest part of Silver Lake Road and had a 25-foot slice of shared Silver Lake access within their neighborhood. But she knew the 1970s fixer-upper had great potential, and was the perfect way to dip a toe in the waterfront homeownership experience.
“The area and neighborhood are great, and I don’t have to pay for any frontage maintenance,” she explains. “I know I can eventually fix up the house, sell it and trade up to a waterfront parcel within the neighborhood.”
Brutzman looks at waterfront home-buying as a long game—one informed by years of know-how gathered in the real estate industry. She’s the president of Aspire North Realtors (the premier Realtor association of Northern Michigan) and an associate broker with Key Realty of Traverse City.
“The under $850,000 market for lakefront properties is definitely tight,” Brutzman admits. “It’s a massive financial decision, but it’s a dream that’s still achievable.”
Brutzman notes that the lakefront market is different from those in town. “Waterfront buyers are slower, more cautious buyers who want to make sure what they are buying has a decent return on investment—either for personal use, rental or resale,” she says. She adds that most of these buyers have been nurturing this dream for a long time and are ready to wait for the perfect place—an attitude she encourages.
“The worst thing a waterfront buyer can do is settle—and that’s either grabbing the wrong property, or just giving up on the dream completely.”
But is it a dream that’s just not attainable anymore, and should buyers redirect toward more affordable home options? “I would hope not,” she says. “If you have the goal and the dream, keep it.”
Her best piece of advice? Hire a financial planner. “My expertise is to help you find the home that fits you; theirs is to help you gain access to that.” She adds that even with high demand and high interest rates, it’s still a good time to buy. “Land builds generational wealth, period. Whatever you’re comfortable with doing is something that will bring positive financial stability to you and, if the cottage stays in the family, the next generation.”
Here, Brutzman shares her best tips for dipping a toe in the water of the lakefront cottage market.
Tip #1: Buy a bungalow.
By which Brutzman means “the smallest little two-bedroom property you can live with; just enough to get you on the lake.” Our cottages used to be just that—tiny, humble structures with screen doors that banged and barely enough space to sleep. “If you had the cash today, but not a budget over $850,000, I’d say let’s go find you a 1950s bungalow and fix it up, make it your own, and just start enjoying the lifestyle,” she says.
Case Study: Lake Charlevoix Charmer // While not exactly cheap, this $529,900 2-bedroom 752-square-foot bungalow in East Jordan boasts deeded, private frontage on super-desirable Lake Charlevoix. And as a year-round cottage with fresh beachy updates, it’s turnkey ready.
Tip #2: Consider a canal.
Big-water beaches and sunset views command big price tags (like millions-plus big). But if you just want a dock and a great place to keep the boat, and don’t mind motoring out to play, canal properties are considerably more attainable, Brutzman says.
Case Study: Magic Near Lake Mitchell // This 2-bedroom 992-square-foot cottage has an extra-large lot on a canal leading straight to Cadillac’s Lake Mitchell for $269,500. The huge back deck overlooks the water, and the peaceful setting snuggles up to Manistee National Forest, so wildlife and quietude abound. Bonus: an extra-cool sleeping loft with ladder is perfect for kids.Â
Tip #3: Work the interior.
Non-waterfront homes/lots can deliver a waterfront lifestyle if they have shared frontage—a much less expensive way to enjoy a very desirable stretch of shoreline, Brutzman advises (and a strategy she used to land her own piece of the beach). You’ll still walk to the beach, catch the loons calling, even enjoy waterfront views, without the price tag of actual frontage.
Case Study: Walloon Water Wonderland // Walloon Lake has become staggeringly expensive—unless you consider an interior lot like this one, just a minute’s walk to shared neighborhood frontage/a private beach. There’s dedicated dock space for homeowners, too. It’s a commitment at $599,000, but on a lake where homes routinely list for $2 to $18 million, still a total steal.
Tip #4: Take me to the river.
Crystal-clear waters, sandy footing, acres of room to roam, hundreds of feet of frontage—sounds like a water-lover’s dream … except it just might be sitting on one of our fabled stretches of river instead of an inland lake. “In this market, you need to rethink what waterfront means to you,” Brutzman says. “You can still have wonderful swimming, boating and recreation on a river, and the prices are nowhere near what lake frontage is going for.”
Case Study: Perfection on the Platte // With four acres and 400 feet of frontage on the sandy, sparkling Platte, this parcel just outside of Honor is a waterfront haven at the bargain price of $149,000. (Note: Recently sold at $129,000.)Â
Tip #5: Drive farther north.
The more distance you put between your dreams and vacation hot spots like Leelanau County, Traverse City or Charlevoix, the more interesting the options get. Although the U.P. is not the bargain it used to be, there are still a lot of properties in the Straits and beyond that offer way more big-water value than the tip of the mitten.
Case Study: St. Ignace–Area Steal // This welcoming bring-your-friends cottage with sandy beachfront footage on the Straits was listed for $525,000. The roomy 2,400-square-foot home
has three bedrooms and plenty of space to gather—a sweeping waterfront deck is a perfect sunbathing or barbecue spot.
Tip #6: Go slow or no motor.
A sandy-bottom, all-sports lake may be the dream for boaters, but you can find all the perks of lake life with a much lower price tag if you opt for no-wake lake frontage; you’re automatically ruling out a whole class of buyers looking for a boat-friendly lifestyle. The upshot? You still get to paddle, swim and bask in the beauty of a lakefront breeze, without the drone of jet skis or motorboats to break the spell.
Case Study: A Perfect Perch // This one-acre lot near Gaylord has a roomy 288 feet of frontage on quiet Perch Lake, a no-wake lake; it’s priced at just $119,000. The private lake has great fishing for perch, bass and pike, and the lot has access to natural gas and high-speed internet.
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