Quote:
Originally Posted by CowTimes
I just hope there is a ceiling to what the market will support for island properties. I can’t believe that there is a huge contingency of buyers willing to pay close to $1 million or above for a seasonal property that is only accessible by boat. The great part of island properties, in my view, has been, at least historically, that non-millionaires could have their own secluded part of the lake. Sure, it requires a boat, some (or a lot) of DIY prowess, and hauling everything/everyone to/from by boat, but that and the secluded nature of island living is what I actually value most about our camp.
I know that we can’t entirely prevent this type of gentrification from spreading to the islands as mainland property prices continue to sky rocket. I just hope that as many of these properties as possible stay as true “camps.”
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There are aspects of being on an island that will never change and those characteristics kept prices reasonable for those willing to live with the logistics of being out there. What it really comes down to is whether or not the ambiance, quiet, relative privacy and seclusion becomes it's most valuable quality. In a world where you can't seem to get away from it all, I've found that island time never changes much and nobody can just stop by and visit.
Values will go up over time, but I think relative to the mainland waterfront market it probably won't change a whole lot.