Prices for Lake Michigan vacation homes rebound

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There’s still a glut of unwanted homes in the Motor City, but vacation homes on Lake Michigan — popular with wealthy buyers from Detroit, Chicago, and even Texas and Florida — are once again in demand, “bumping up” to the $1 million mark, the Detroit Free Press reports.

Realtors in Saugatuck, Mich., say prices for vacation properties have bounced back to within 10 to 15 percent of prerecession levels.

Around the state, the Free Press reports, sellers of Michigan vacation homes “are getting more than their asking prices, buyers are letting go of the notion of bargain beachfront, and, for the first time in years, there are sizable pockets of new high-end vacation-home construction taking shape in some parts of the state.” Source: freep.com.