I do live in a very popular area, so totally
get prices rising.

Anything on water is very quickly becoming $1M and up.

Ayup. A number of years ago, I was looking at prices of properties with a water view. Saw one forum where a guy started out asking where there was something affordable, on a lake. After several responses, he lowered the bar to "best mud-hole". And Michigan is absolutely crowded with lakes.

In 2007, my aunt sold her house, built in the mid 80s, on a small lake outside of Kalamazoo. $450,000, and the buyer immediately tore the house down, because it wasn't big and fancy enough for him. My grandfather, a mechanic at a truck line, had paid $225 for that lot, in 1940.

My aunt wanted me to take over that house, to keep the property in the family. I was years away from retirement, so I couldn't. I did suggest she offer it as a rental. Then, when I retired, I could boot the renters out, but she didn't want to do that.

Of course, Traverse is a special sort of crazy. Maybe not Torch Lake scale crazy, but crazy.

From the Google net sifter.

Property on Torch Lake is generally more valuable, with median prices around $989,500 and high-end estates reaching into the millions. Grand Traverse Bay's property values vary significantly, but overall, Torch Lake is considered one of Michigan's priciest lake markets, with a high concentration of luxury waterfront homes. 

Torch Lake

Median List Price: Around $989,500 

Range: Waterfront properties typically range from approximately $950,000 to over $10 million. 

High-End Market: Many "showpiece" estates are listed between $2 million and $5 million. 

Market Value: Torch Lake is a major luxury lake market in Michigan

For the folks living elsewhere, Torch Lake and Traverse City are in the northern forests of the lower peninsula. If you want to go to a fancy show, get in your plane and fly several hours to Chicago or Detroit.

Trivia note: the nutters who were planning on kidnapping and killing the Gov, were going to attack at her place on Torch Lake.

Steve