How bad is the economy in north Michigan? (Detroit, Marquette: apartments, rent)

mostie · 12-08-2008, 07:08 AM

I'm a transplant from California, that moved here a little over 2 years ago- it's an absolutely beautiful state, and I love how friendly the people are where we moved to after we bought 10 acres (N. MI)-however, I have to agree with the above post, everyone doesn't have it great, and we're definitely in that group- we can't put electric on our property yet, because the cost is 5 times higher than the "approximate" price that the seller told us it was- our fault, we should have checked, and didn't- so we are living in adorable log homes on the edge of a lake where it's beautiful, and extremely cheap- because it's winter- however...the job situation is terrifying- there are hardly any jobs at all, with what there is being minimum wage and part time- all well and good, if you can find a couple of part time jobs, but you're lucky to find one- my daughters both work at the area KMart, and they get better hours than most there (25 hours a week, roughly) because they are kicking butt at signing people up for a credit card (A Cali personality really does come in handy, lol!)- but my husband and I haven't been able to find much of anything, and it's really tough- he hasn't received unemployment, which we were counting on, because the company is fighting him on it- so at the moment, the only income we have are from the girls-the only other place we could go where there is family, is Cali, and I'm sure it's almost as bad there.

I don't think people are griping about leaving MI.for invalid reasons, unless they are complaining about mundane things, like the weather, etc.- but when it comes down to something like having no income, well...I think maybe a lot of people who complain about the complainers, as it were, maybe aren't struggling nearly as much as the complainers- but when you don't know where the money is going to come from for your gas, or your rent, and you're literally living day to day and hoping for the best, it's hard to see the forest for the trees.

mostie · 12-08-2008, 07:10 AM

I think I could have summed it up in one sentence: people are scared.

Driller1 · 12-08-2008, 07:36 AM

The DNR did a lot of harm. Farmers that were planing on selling deer bait were left with carrots and beets rotting in the fields. It also hurt the stores.

Tyryztoll · 12-08-2008, 03:11 PM

Quote:

Originally Posted by upandrunning

I have a lot of family in north Michigan. Some are working, many are not able to find work in the building industry without going out of state.
One says he is working near Harbor Springs. My Father in Law has a home on Thumb lake road. He had an offer of 142k 1 1/2 years ago, he waited on it and lost the buyer. Now he is down to 99k and no lookers. He has moved to Kentucky and closed down the home. He says he will wait till things turn around, and put it back on the market. He is 70 ys. old. My feeling is he will likely not live that long. He should take his lumps and move on. I see that the condos in Petoskey are not selling still, and the hole in the ground is still a hole in the ground.
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Well, I plan on taking complete advantage of the situation myself this summer. I've never owned a home and I plan on getting the steal of the century when I pull the trigger in a few months now that I'm firmly entrenched with my career at the hospital.

And while there are certainly not a plethera of jobs in Petoskey, it isn't the wasteland you're making it out to be by a long shot. The Bear Creek area on the south side has been non stop development since I moved here 2 years ago. 2 new stores opened on the north side the past few months.....that stuff doesn't happen without the demand being in place. SOMEBODY up here is doing ok......

Think I'll take another walk and look at those gorgeous pines covered with snow..........something I do routinely, by the way.

mostie · 12-10-2008, 07:53 AM

That is definitely one "up side" to the whole situation, the real estate market- although I feel somewhat rotten, taking advantage of others misfortune, lol- the prices are unbelievably good, and if a person can afford to buy a place at this time, eventually things will even out and you'll have a home that you probably couldn't have had any other way~

upandrunning · 12-10-2008, 01:31 PM

My father in law is trying to sell a home in Gaylord he was offered 142k for three years ago. Now he can not get 99k out of it. He is 71 and thinks he can wait it out. I think he will be pushing up daisies before it turns around. Some times you have to cut your losses and move on. If you want to live in Michigan it would be a time to buy home, but remember I think that prices will still drop further. We have not seen times like we are about to embark on since the GD. Many here have been saying it is just gloom and doom talk. But as we have seen they are wrong and we who have been saying look out it does not look good have been right so far. I do not believe in saying the sky is falling, but when it is it is. It will turn around, I have no doubt. But when will it do so is the big question. I see nothing that will turn this situation around anytime soon. I hope the new government will do some really big changes and help the struggling economy. Lets all keep our fingers crossed.
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upandrunning · 12-11-2008, 06:17 AM

No it is true. I have been visiting all over the country, from Kansas to North and South Carolina. When you tell them about a home you have for sale and what it is, show them a photo, and then the price, they get all excited and ask where is it? You tell them, North Michigan,,, you get a hand wave off and then "if it were any where else in the United States I would consider it." Michigan is leading the country in at the very best negative perspective, at worst perspective reality. I think the latter
And it is only just beginning. In many of the parts of the country I have been in, the economy is slowing, where I am at unemployment is 4.5% Myrtle Beach it is 6.2% Kansas 5% but the home values and pricing have not went down. People are doing there what they were doing in Michigan 4 years ago. They are holding on to values hoping that they will go back up, even as jobs are being lost. Now homes are sitting on the market for 1year and more. I think things have to go down more before people will feel the confidence to buy again.
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upandrunning · 12-11-2008, 06:30 AM

The big problem is not that there is no work or base in Michigan. The problem is that that base of some 12 million people was built on a huge industrial auto base. Now that it is dying off, and moving south, the state will need to readjust to fit what it is capable of supporting. This will include a big drop in population to fit the new Michigan. This will put many more homes on the market and keep construction depressed for many years. It is cause many more problems, as support businesses will shrink, as people do not buy as much and there will be less of them to make any purchases. As people leave, schools will get less funding from the federal government which will hurt many school budgets. Michigan is not poised for any come back any time soon. I put a caveat here that any thing can change things. Detroit could come up with some car that is 10k and runs 400 miles on electric only. Some new technology could be built in Michigan on a massive scale and help bring it back. But I do not see this on the horizon any time soon. With out something like this things will only keep going the way they have for the last 3 years. I was called doom and gloom 3 years ago, but I have been proved right.
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Driller1 · 12-11-2008, 06:56 AM

Quote:

Originally Posted by upandrunning

The big problem is not that there is no work or base in Michigan. The problem is that that base of some 12 million people was built on a huge industrial auto base. Now that it is dying off, and moving south, the state will need to readjust to fit what it is capable of supporting. This will include a big drop in population to fit the new Michigan. This will put many more homes on the market and keep construction depressed for many years. It is cause many more problems, as support businesses will shrink, as people do not buy as much and there will be less of them to make any purchases. As people leave, schools will get less funding from the federal government which will hurt many school budgets. Michigan is not poised for any come back any time soon. I put a caveat here that any thing can change things. Detroit could come up with some car that is 10k and runs 400 miles on electric only. Some new technology could be built in Michigan on a massive scale and help bring it back. But I do not see this on the horizon any time soon. With out something like this things will only keep going the way they have for the last 3 years. I was called doom and gloom 3 years ago, but I have been proved right.
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That is odd. 11-04-08 is the date shown you joined the forum.

upandrunning · 12-11-2008, 11:04 AM

I take it by your comment that you are saying that I have only been on this forum since 11/08 and I stated that I was called a doom and gloom 3 years ago? If that is your point, I did not say it was on this forum. If not your point I am not sure what your point is. You did not seem to address anything in my post, so I will assume you have nothing of value to input to the conversation.
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