How to Evaluate and Buy the Perfect Waterfront Property In Michigan? – Weston Buchan
On this episode of The Closing Table, we sat down with Weston Buchan!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…
Here’s what you missed from Weston Buchan…
The conversation began with Weston sharing a glimpse into his life beyond the realm of real estate. As a father to a little girl, he navigates the challenges and joys of parenthood. Beyond family, Weston is an avid athlete with a track background, and his love for beach volleyball takes center stage in his schedule, as he dedicates specific months to participating in tournaments. Additionally, he is a passionate musician, showcasing his musical prowess by playing the guitar and singing at one significant event each month
In the realm of real estate, Weston has nearly twelve years of experience, having ventured into the industry shortly after completing college. While not confined to a conventional niche, he finds his passion in assisting clients with waterfront properties. For him, the notion of “deserving people” goes beyond a specific market segment; rather, it encompasses individuals with whom he feels a genuine connection. Weston thrives on helping those who exhibit a strong work ethic and a shared commitment to the real estate process. He believes that building such connections makes the demanding nature of the job more manageable, especially when late-night calls and texts become a regular occurrence.
Weston’s journey in real estate has been marked by notable achievements. In his inaugural year, he earned the prestigious title of Rookie of the Year within his franchise. Having dedicated over eight years to Coldwell Banker, he achieved recognition twice as part of the esteemed “30 under 30” accolade, a distinction reserved for the franchise’s top 30 realtors worldwide. Grateful for the opportunities to connect with realtors from diverse backgrounds, Weston reflects on the significance of these achievements in shaping his professional journey.
He operates in Northern Michigan, strategically positioned at the tip of the state’s pinky finger. His primary focus extends to renowned landmarks such as the Sleeping Bear Dunes, a breathtaking natural wonder often associated with Michigan. In addition, the region proudly claims the title of the “Cherry Capital of the World,” hosting an annual cherry festival that draws significant tourist attention. The town itself thrives as a tourist destination, particularly during the bustling May through August season, when numerous businesses flourish.
Delving into the economic landscape, Weston sheds light on market dynamics. While specific data might not be up-to-date, he highlights the competitive nature of markets like Ann Arbor, Traverse City, and West Bloomfield, perennially vying for the highest sales prices in Michigan. In Grand Traverse, the average home price hovers in the upper 300k range. However, Weston acknowledges the presence of diverse market elements, from more modestly priced homes to multimillion-dollar properties along Lake Michigan, contributing to nuanced data.
Despite competitive conditions, interest rates and low inventory play pivotal roles. Homes priced within 10% of their actual value continue to sell rapidly, indicating a strong demand. Traverse City, Weston notes, boasts a surplus of realtors, some of whom are part-time, a factor that adds an extra layer of complexity to the real estate landscape.
Reflecting on his experiences, Weston shares insights into navigating a highly competitive market. He emphasizes the importance of strategic pricing, recounting instances where diverging from his recommendations resulted in less favorable outcomes. While not considering himself a typical salesman, Weston’s pragmatic approach involves advising clients to list properties strategically, leveraging the scarcity of competing homes to potentially drive up prices through multiple offers. Despite challenges, such as a particularly demanding spring, Weston’s adaptability and commitment have contributed to a successful real estate career, with lessons learned from each unique market situation.
Traverse City, nestled amid stunning inland lakes and the expansive beauty of Lake Michigan, presents a real estate environment teeming with possibilities. However, the limited availability of land adds a distinctive challenge. Weston sheds light on the demand for waterfront properties, noting the allure of pristine locations like Lake Michigan and Grand Traverse Bay. The area boasts coveted inland lakes, including Torch Lake and Glenn Lake, each offering unique characteristics.
Weston then emphasizes the diversity in lakefront preferences, asking clients whether they seek a swimming lake or one suited for boating. Despite having around 60 inland lakes in Grand Traverse County, varying in size and characteristics, the local challenge lies in affordability. While a million to a million and a half can secure a beautiful waterfront home, it becomes a more daunting prospect for locals with average incomes.
The influx of out-of-town buyers, particularly from California, New York, Florida, Chicago, and Michigan’s larger cities, further intensifies the real estate landscape. Million-dollar properties, viewed as relatively affordable by out-of-town purchasers, create a market dynamic that may be frustrating for locals, who find it challenging to compete.
Transitioning to the challenges faced by those venturing into waterfront property ownership, Weston touches upon common inspection issues. He discusses the shift towards Point of Sale, well, and septic inspections, a broader focus not exclusive to waterfront properties. The primary aim is to ensure the cleanliness and sanitation of the lakes, especially given the significant number of smaller inland lakes. Erosion poses a considerable concern, exacerbated by fluctuations in water levels. Weston recounts an instance from five years ago when Lake Michigan reached a 100-year high, leading to ten-foot waves and potential structural problems for waterfront properties.
Weston’s real estate journey spans an impressive spectrum, from $10,000 vacant lots to multi-million-dollar estates. His approach to this wide range of properties is rooted in a commitment to geographical proximity and client compatibility. He prefers to stay within an hour of Traverse City, making exceptions for waterfront properties where he feels particularly adept. Weston recalls a defining early-career transaction that challenged conventional real estate norms. Faced with a lead for a fixer-upper 45 minutes away, he defied the skepticism of seasoned realtors, eventually assisting the buyer in transforming the property and realizing a substantial return on investment. This experience epitomizes Weston’s dedication to helping deserving individuals, irrespective of property value.
However, not every encounter has been as rewarding. Weston recounts a recent experience where a seller, dismissive of his professional opinion, insisted on an unrealistic asking price. Unwilling to compromise his integrity, Weston respectfully declined to work with the seller, a move that surprised and impressed the individual accustomed to a different response. This contrasts sharply with Weston’s early years, during which he pursued every lead, resulting in undue stress and health issues. A pivotal decision in 2017 to focus solely on working with people he genuinely cared for led to a transformative improvement in his business and overall well-being.
The conversation wraps up with Kevin and Weston focusing on pet-friendly real estate. Weston, a devoted pet owner himself, recognizes the significant impact pets have on housing decisions. He has encountered clients who altered their housing plans based on their pets’ needs, whether it be bypassing condos with restrictive pet bylaws or seeking homes with ground-level entries for arthritic pets. In Traverse City, where a plethora of dogs enlivens the streets, Weston attests to the region’s pet-friendly culture.
Weston’s real estate journey is a testament to the importance of authenticity, dedication to client well-being, and an understanding of the diverse factors that influence real estate decisions, from property values to the unique needs of pet owners.
Check out Weston Buchan:
Facebook: https://www.facebook.com/WestonBuchanRealEstate
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