Steve Winczewski, chief broker for Greenridge Realty in Ludington, recently called his territory “a tale of two markets.” Homes priced at $225,000 and below stay on the market longer due to rising interest rates, while those priced above $300,000 sell quickly in deals species, he said.
Company-wide, Winczewski’s business has sold roughly the same number of units this year as it did in 2021, but its dollar volume is up as average unit prices have risen. In Mason County, the average sale price increased 10.5% from $219,000 in 2021 to $242,000 in 2022.
Winczewski said more out-of-towners are looking to Ludington for vacation homes. Two years ago, 72% of owners in Ludington were primary residents and 28% secondary owners. Now that ratio is 61% to 39%.
He attributes the change to Ludington passing a order authorizing 30 short-term rentals in total in 2020. He said that eventually the market will be saturated with short-term rentals, and finding accommodation will be easier for people who want an escape home.
One of Winczewski’s clients, Linden resident Tony Tata, had no trouble finding a vacation home in Ludington in the mid-price range this summer. Tata closed a second home in July for $213,000, according to city property tax records.
Tata said the place was “a bit rougher” and hadn’t been updated in a while, so vendors were willing to cut the price.
“We liked the property, but we weren’t quite ready to pay what they were asking, so we looked at it, and then we kind of walked away and kept shopping. And then Steve is Came back to us and said the seller was motivated – it was an estate, and the heirs were trying to sell the property to settle the estate.”
After that, the deal was done pretty quickly, he said.