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Old 06-09-2011, 08:39 PM
 
61 posts, read 98,521 times
Reputation: 29

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Has Marquette real estate market been affected by the economy? I heard that it's not really affected. Do you think it's a buyer's market in marquette and surrounding areas? Do you observe more houses on market, lower prices, etc? How about building lots? Foreclosures?

We just sold off our house downsate. We lost equity and had to come up quite some thousands to sell it off. That is on top of the new employer's relocation help.

Now we are looking for a house to rent, buy or building lots or other options in Marquette area, including Harvey and part of Chocolay township. If it's a buyer's marekt, it would make sense try to buy. If not, we'll probaby rent for a while. So, would you share your knowledge or observation about the real estate market in Marquette area? Is it a good timing to buy? Do you have a good real estate agent to recommend?
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Old 06-09-2011, 08:50 PM
 
61 posts, read 98,521 times
Reputation: 29
Just checked a couple websites including upfor sale by owner and mining journal and the prices are really,really dissapointing.

Last edited by dreamsailor; 06-09-2011 at 09:06 PM..
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Old 06-10-2011, 12:34 PM
 
Location: Marquette
5 posts, read 31,210 times
Reputation: 11
Compared to downstate (specifically Metro Detroit, which is all I have experience with), the Marquette area housing price index seems high. Compared to the Portland, OR area, where we just came from, the prices are INSANELY cheap. But they've stayed fairly steady at around this level, not really rising with the housing boom much, so it feels like more of a safe investment to me. That being said, I pay WAY too much for rent on a house that's too big for my husband and myself. We don't have the down payment to buy and are leery of buying in general because of how things have gone for everyone we know! Keep in mind, though, that Marquette is a college town, and rentals here don't tend to be well-kept in our experience.
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Old 06-10-2011, 01:13 PM
 
Location: Great White North of Michigan
76 posts, read 108,117 times
Reputation: 33
Housing prices in Mqt have risen steadily over the past 10 years or so for the most part. In town the market has always been steady, and as mentioned due to being in town (hospital, college, etc).
Add to that there really isn't much new housing stock and what is new is expensive. So, no you cannot really compare downstate MI to Mqt in that regard, entirely different market with its own economy.
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Old 12-08-2011, 07:55 AM
 
4 posts, read 5,192 times
Reputation: 15
Default I wouldn't buy if I were you

I live in Marquette. My apartment is so overpriced. I want a house, but I cant justify buying a dump built in 1880 for 150,000. I'm not kidding, the houses are so overpriced compared to what you could ever make in Marquette. From about 30 years ago, to now property was bought up by city slicker slumlords that don't even live here. The others who live here are squeezing blood from a stone to keep up with the Jones, or are Mark Curran. These people exploit the market because of the college. Not only that, I think they put their name in to magazines to get on top 50 lists. Most of the Magazines are rubbish. Its all a ploy to get you to buy a new home for 400,000. I mean look at the price of lots here?
All I'm gonna say is that there is little diversity of industry here, and the wage doesn't reflect what home prices are. Empire mine is to close in the next few years, and the Eagle Mine is only like a 14 year project. Have you ever been to Calumet? 50,000 people at one point, and like 3,000 at most now. Ghost town. That will be Marquette sooner than later, and you will be stuck with a payment that is more than your house is worth.
Love Marquette, grew up here. It isn't the same place that it used to be, and I hope at one point the realtors, and investors that exploited everyone get theirs in the next down turn.
Just trying to be honest from a viewpoint of a middle class family with a couple children.
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Old 12-08-2011, 06:50 PM
 
34 posts, read 49,101 times
Reputation: 23
Wow...
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Old 12-08-2011, 07:10 PM
 
Location: Marquette, MI
351 posts, read 704,579 times
Reputation: 177
Raven~ though I can agree with your frustration on housing prices, Marquette will never be like a calumet. It has more to it than the just the mines on the west end of the county. Also, your facts with calumet are off. At it's peak the whole "red jacket" area (calumet and townships) had just under 26,000. calumet itself was about 4,500 at its peak. By the way, 150,000 is not that bad for a older house if it is in a good neighborhood. Besides, asking price is often higher than selling price. But I too have a gripe with greedy realtors.
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Old 01-17-2012, 08:02 PM
 
4 posts, read 5,192 times
Reputation: 15
Shizzle, but think of this. Have you ever been out to the mine? The whole system made by this thing. Yeah hospital is here, its failing. The auxilary jobs are completely supplied by this thing. Ok, yeah NMU is here, but its a bust town just waiting to happen if you ask me. Ishpeming is even asking an arm and a leg to move there. Im getting out while I still can. Ill buy land off some hillbilly that doesnt care, and come back when I want. Just like the agent will tell you when you buy their overpriced home.....So long sucker. I build for a living, and I can assure you when you get into electrical, plumbing, drywall, lead, and asbestos abatement in some of these places, you will be over your head. Not to mention the stone basements that are caving in from 125 years of neglect. Good luck...all im sayin.
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Old 01-22-2012, 07:08 PM
 
61 posts, read 98,521 times
Reputation: 29
Wow that sounds depressing. I was daydreaming maybe building will cut off some cost.

So, is the info about the mines true? I'm trying to make a decision whether to settel down in Marquette or not. Depressing economy or gloomy economic prospect could be something worrysome.

I remember reading somewhere Marquette is actually growing with business? The rumor has it that there's a super mall project on 41.

We are enjoying all four seasons of UP-- well, maybe not so much of Spring, but all the rest are spendid. So I'm trying to figure out and make responsible decisions especially for my two young kids. I heard that odds are young people need to find a job out of UP. :-(
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Old 01-23-2012, 07:04 PM
 
Location: At the end of the road, where the trail begins.
760 posts, read 2,214,981 times
Reputation: 348
I personally disagree with the post belonging to the poster above you (adasaari19).

His/Her experiences/opinions vary greatly from the majority of the posters who live in the area.
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