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Monday, January 21, 2008

An Appreciable Appreciation

Nadra Kissman's great-great-grandfather, John Wilkinson, bought 2,500 acres on Lake Michigan in 1854. He later "fretted about how to pull a profit out of the sandy duneland."

He complained about the taxes, which amounted to $6 one year in the 1870s.

Kissman said: "He wrote in a journal: 'What to do with this worthless lakefront land. Won't grow good corn'."

If they could come back to life, pioneers like Wilkinson might be amazed to see that the sand has turned to gold.
One current property listing offers 200 feet of "one-of-a-kind perfect Lake Michigan frontage" in Chikaming Township for $5.45 million. That would be $27,250 a foot, or $2,271 an inch. [Link]

Greg

Whoever wrote the original article needs a refresher course in 4th grade math. Those numbers make no sense and the values are incorrect (unless someone is selling linear strips of land).

Chris

Yeah, the calculations are for "frontage" rather than for area. Apparently, when you're buying lakefront property only one dimension matters.

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