What do you think is the goal of people interested in the real estate market? Are most looking for a property or a handful? Is it just looking for a vacation home? Many people are on a different level when it comes to owning a property, so it’s hard to come up with a perfect answer.
Traverse City Market is anchored by a strong community with great schools, amazing year-round outdoor activities, and world-class food and wine. However, there is still a segment of the market that is made up of seasonal residents rather than year-round residents. Traverse City drew people from southern Michigan to Europe. Sam Flamont, one of Traverse City’s top real estate agents and brokers, has found the best place to help this type of market.
The goal has always been to invest in real estate. From day one, Sam wanted to sell real estate in order to buy more real estate to create passive income. When he realized that helping others create passive income was key, Sam’s business naturally took off. Now, not only is he buying investment properties, Sam has learned that a great place is on the development side.
His latest project is a partnership with several teams, the largest being builder Cornerstone Homes TC. As a collective, they are building a 50-unit condominium building with a rooftop terrace, four community hot tubs, 10-foot ceilings, and a dog park. The building is close to all kinds of food, a clean sandy beach, and beautiful downtown Traverse City. The highlight, and what appeals to higher-level real estate investors, is that the project allows for short-term rentals. It is the perfect purchase for those who wish to have a property that they can rent out when not in use. These are the type of clients Sam works with now, the client who invests but also likes to travel and live life to the fullest.
This project represents three market segments that have emerged in Traverse City:
1. An investor who is simply looking for a return.
- Traverse City is still relatively cheap compared to other national markets, but investors have slowly realized that the region offers incredible returns as well as world-class living thanks to all the fresh water, food and award-winning wines in the Leelanau Peninsula and the Old Mission Peninsula.
2. Second home buyers looking to offset costs through short-term rental income when not in use.
- These buyers are willing to pay a little more because they are not looking for a return like the pure investor but they do not mind being in a building that allows short-term rental because it allows them to obtain a second home. . They will spend 2 to 6 weeks per summer at TC and rent it the rest of the time.
3. The buyer who is looking for a principal residence but likes to travel.
- This is the most recent market. These buyers may work from anywhere and want to be able to travel and rent their home short-term when they are away to cover their expenses or even make a small profit while on vacation. These shoppers will spend the vast majority of their time in Traverse City, but 4-6 weeks a year they will be off on an adventure. They don’t like to be tied down, but quickly realize that owning a house that they can rent out on a short-term basis is a better option than simply renting an apartment to stay mobile.
If we look at the way the world is changing in corporate America, companies are starting to allow remote work more and more. Productivity is on the rise and people are enjoying the luxury of picking up a laptop and working from anywhere. Real estate is adapting to this new trend and Sam is 10 steps ahead of this new curve.
For an up-to-date overview of what Sam is working on, please visit the link below:
The future of real estate