{"id":129352,"date":"2026-05-14T06:51:13","date_gmt":"2026-05-14T09:51:13","guid":{"rendered":"https:\/\/ubirataonline.com.br\/a-victim-of-its-popularity-petoskey-struggles-as-home-prices-hit-1-million\/"},"modified":"2026-05-14T06:51:16","modified_gmt":"2026-05-14T09:51:16","slug":"a-victim-of-its-popularity-petoskey-struggles-as-home-prices-hit-1-million","status":"publish","type":"post","link":"https:\/\/ubirataonline.com.br\/en\/a-victim-of-its-popularity-petoskey-struggles-as-home-prices-hit-1-million\/","title":{"rendered":"A victim of its popularity, Petoskey struggles as home prices hit $1 million"},"content":{"rendered":"<p><br \/>\n<\/p>\n<div>\n<ul class=\"wp-block-list\">\n<li><strong>Petoskey home prices have tripled since 2020, with half of residences now used as seasonal second-homes<\/strong><\/li>\n<li><strong>Housing for employees is the biggest issue facing employers in the area<\/strong><\/li>\n<li><strong>New homes and apartments are beginning to ease the housing crunch<\/strong><\/li>\n<\/ul>\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n<p>PETOSKEY \u2014 The calls come like clockwork to the one-story brick building in downtown Petoskey. On one end of the calls is Nikki Devitt, president of the <a href=\"https:\/\/www.petoskeychamber.com\/\">Petoskey Chamber<\/a>; on the other, a desperate employer.<\/p>\n<p>\u201cThey say \u2018We just hired a year-round salaried position\u2019, or \u2018We hired a nurse, we hired a doctor. We can\u2019t find them housing, and they\u2019ve been looking for three months and they\u2019re going to turn down the job. Do you know of anything?\u2019<\/p>\n<p>\u201cMy answer is the same as it was the week before: I can\u2019t help you.\u201d Devitt told Bridge Michigan.\u00a0<\/p>\n<aside class=\"scaip scaip-1    \">\n\t\t<\/aside>\n<p>Petoskey is suffocating from its own popularity. Homes are scarce, with occupancy rates over 99%. The cost of available homes have more than tripled in cost since 2020, from $310,000 to <a href=\"https:\/\/www.realtor.com\/news\/trends\/petoskey-michigan-great-lakes-luxury\/\">$1.1 million<\/a>.<\/p>\n<p><strong>Related:<\/strong><\/p>\n<p>Over that same time, the median statewide home sale price rose from $250,000 in 2020 to $270,000 in 2025.<\/p>\n<p>About half the homes in this city of 5,800 have been scooped up by out-of-towners who are typically here only to summer near Lake Michigan,\u00a0 creating a shortage for permanent residents.<\/p>\n<figure class=\"wp-block-image size-large\"><figcaption class=\"wp-element-caption\">Stately homes overlook Little Traverse Bay and are part of the Bay View Association which was founded in 1875 by Michigan Methodists \u201cfor scientific and intellectual culture, and for the promotion of the Christian religion and morality.\u201d The community or camp is  made up of Victorian homes and 30 public buildings including a post office, chapel and auditorium and sits just north of downtown Petoskey. (Kathy Kieliszewski\/Bridge Michigan)<\/figcaption><\/figure>\n<p>That\u2019s left businesses scrambling to find year-round employees, and workers to commute from an hour or more away or even live in campgrounds.<\/p>\n<p>And while a burst of new homes and apartments have just opened or are under construction, leaders list the housing crunch as the city\u2019s biggest problem.<\/p>\n<aside class=\"scaip scaip-2    \">\n\t\t<\/aside>\n<p>\u201cIt\u2019s killing opportunity for the everyday teacher and nurse, who without some miracle will not be able to buy a home in Petoskey in the future,\u201d said Petoskey Mayor John Murphy.<\/p>\n<p>It\u2019s not just Petoskey. Access to housing is a top issue throughout northern Michigan and becoming a bigger problem statewide.<\/p>\n<p>Bridge Michigan is conducting an nonscientific survey of residents\u2019 top election issues through an initiative called <a href=\"https:\/\/bridgemi.com\/center-michigan\/whats-michigans-top-election-issue-cast-your-ballot-with-bridge-listens\/\">Bridge Listens<\/a>.<\/p>\n<p>Since late February, 1 in 10 of the 2,100 respondents have identified housing as a top concern \u2014\u00a0and a full third of them are from northern Michigan.<\/p>\n<p><a href=\"https:\/\/www.tcbusinessnews.com\/nowhere-else-to-go-how-northern-michigans-senior-housing-shortage-is-exacerbating-every-other\/\">One study found the 10-county region <\/a>surrounding Petoskey needs 30,000 more units by 2027 to meet demand.<\/p>\n<h2 class=\"wp-block-heading\"><strong>\u2018Pure luxury\u2019<\/strong><\/h2>\n<p>Nestled on a hill overlooking Little Traverse Bay, Petoskey has historically been a more affordable destination than tourist meccas like Traverse City and Charlevoix. That\u2019s changed since the pandemic, when interest \u2014 and housing prices \u2014 in this Emmet County community exploded.<\/p>\n<p>\u201cEveryone was looking to get away from cities and interest rates were low,\u201d said David Shuman, of Bay North Realty.\u00a0<\/p>\n<p>\u201cDemand was here,\u201d raising one hand to his head, \u201cand supply was here,\u201d lowering his other hand to his stomach.<\/p>\n<p>Prices have gone up so much that <a href=\"https:\/\/www.realtor.com\/news\/trends\/petoskey-michigan-great-lakes-luxury\/\">Realtor.Com<\/a> recently listed Petoskey as one of 13 \u201cpure luxury\u201d communities in the nation, with over half of home listings surpassing $1 million. Petoskey is the only Michigan community on the list. It ranked 11<sup>th<\/sup>, a few spots behind Kapaa, Hawaii, and ahead of Bozeman, Montana.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" data-recalc-dims=\"1\" decoding=\"async\" width=\"780\" height=\"520\" data-attachment-id=\"76300\" src=\"https:\/\/bridgemi.com\/business-watch\/a-victim-of-its-popularity-petoskey-struggles-as-home-prices-hit-1-million\/attachment\/petoskey_050626_kk04\/\" data-orig-file=\"https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk04.jpg?fit=1200%2C800&amp;ssl=1\" data-orig-size=\"1200,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;2.8&quot;,&quot;credit&quot;:&quot;Kathy Kieliszewski&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark III&quot;,&quot;caption&quot;:&quot;A woman walks down Lake Street in downtown Petoskey on Thurs., May 7, 2026. (Kathy Kieliszewski\/Bridge Michigan)&quot;,&quot;created_timestamp&quot;:&quot;1778175533&quot;,&quot;copyright&quot;:&quot;Brian Widdis&quot;,&quot;focal_length&quot;:&quot;153&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.0004&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"petoskey_050626_kk04\" data-image-description=\"&lt;p&gt;A woman walks down Lake Street in downtown Petoskey on Thurs., May 7, 2026. (Kathy Kieliszewski\/Bridge Michigan)&lt;\/p&gt;&#10;\" data-image-caption=\"&lt;p&gt;Downtown Petoskey\u2019s streets are lined with quaint shops, coffee shops and restaurants. (Kathy Kieliszewski\/Bridge Michigan)&lt;\/p&gt;&#10;\" data-large-file=\"https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk04.jpg?fit=780%2C520&amp;ssl=1\" alt=\"A woman walks down Lake Street in downtown Petoskey on Thurs., May 7, 2026.\" class=\"wp-image-76300\" srcset=\"https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk04.jpg?resize=1024%2C683&amp;ssl=1 1024w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk04.jpg?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk04.jpg?resize=768%2C512&amp;ssl=1 768w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk04.jpg?resize=780%2C520&amp;ssl=1 780w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk04.jpg?resize=400%2C267&amp;ssl=1 400w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk04.jpg?w=1200&amp;ssl=1 1200w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk04-1024x683.jpg?w=370&amp;ssl=1 370w\" sizes=\"auto, (max-width: 780px) 100vw, 780px\"\/><figcaption class=\"wp-element-caption\">Downtown Petoskey\u2019s streets are lined with quaint shops, coffee shops and restaurants. (Kathy Kieliszewski\/Bridge Michigan)<\/figcaption><\/figure>\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"780\" height=\"520\" data-attachment-id=\"76301\" src=\"https:\/\/bridgemi.com\/business-watch\/a-victim-of-its-popularity-petoskey-struggles-as-home-prices-hit-1-million\/attachment\/petoskey_050626_kk06\/\" data-orig-file=\"https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk06.jpg?fit=1200%2C800&amp;ssl=1\" data-orig-size=\"1200,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;2.8&quot;,&quot;credit&quot;:&quot;Kathy Kieliszewski&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark III&quot;,&quot;caption&quot;:&quot;A couple walks through Bayfront Park's central promenade near the clock tower in downtown Petoskey on Thurs., May 7, 2026. (Kathy Kieliszewski\/Bridge Michigan)&quot;,&quot;created_timestamp&quot;:&quot;1778175936&quot;,&quot;copyright&quot;:&quot;Brian Widdis&quot;,&quot;focal_length&quot;:&quot;115&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.000125&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"petoskey_050626_kk06\" data-image-description=\"&lt;p&gt;A couple walks through Bayfront Park\u2019s central promenade near the clock tower in downtown Petoskey on Thurs., May 7, 2026. (Kathy Kieliszewski\/Bridge Michigan)&lt;\/p&gt;&#10;\" data-image-caption=\"&lt;p&gt;A couple walks through Bayfront Park\u2019s central promenade near the clock tower on Little Traverse Bay in downtown Petoskey. (Kathy Kieliszewski\/Bridge Michigan)&lt;\/p&gt;&#10;\" data-large-file=\"https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk06.jpg?fit=780%2C520&amp;ssl=1\" alt=\"A tall red clock tower with a hanging bell stands at the end of a tree-lined walkway leading toward the waterfront. Two people walk along the path beneath overcast skies, with a lighthouse visible in the distance.\" class=\"wp-image-76301\" srcset=\"https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk06.jpg?resize=1024%2C683&amp;ssl=1 1024w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk06.jpg?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk06.jpg?resize=768%2C512&amp;ssl=1 768w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk06.jpg?resize=780%2C520&amp;ssl=1 780w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk06.jpg?resize=400%2C267&amp;ssl=1 400w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk06.jpg?w=1200&amp;ssl=1 1200w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk06-1024x683.jpg?w=370&amp;ssl=1 370w\" sizes=\"auto, (max-width: 780px) 100vw, 780px\"\/><figcaption class=\"wp-element-caption\">A couple walks through Bayfront Park\u2019s central promenade near the clock tower on Little Traverse Bay in downtown Petoskey. (Kathy Kieliszewski\/Bridge Michigan)<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"780\" height=\"520\" data-attachment-id=\"76302\" src=\"https:\/\/bridgemi.com\/business-watch\/a-victim-of-its-popularity-petoskey-struggles-as-home-prices-hit-1-million\/attachment\/petoskey_050626_kk12\/\" data-orig-file=\"https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk12.jpg?fit=1200%2C800&amp;ssl=1\" data-orig-size=\"1200,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;2.8&quot;,&quot;credit&quot;:&quot;Kathy Kieliszewski&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark III&quot;,&quot;caption&quot;:&quot;Two seagulls sit atop a historical marker in Sunset Park on the bluff overlooking Little Traverse Bay just northwest of downtown Petoskey on Thurs., May 7, 2026. The marker notes the Native American history of the region including that the town is named for Chief Petosega of the Bear River Band. (Kathy Kieliszewski\/Bridge Michigan)&quot;,&quot;created_timestamp&quot;:&quot;1778177625&quot;,&quot;copyright&quot;:&quot;Brian Widdis&quot;,&quot;focal_length&quot;:&quot;170&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.0004&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"petoskey_050626_kk12\" data-image-description=\"&lt;p&gt;Two seagulls sit atop a historical marker in Sunset Park on the bluff overlooking Little Traverse Bay just northwest of downtown Petoskey on Thurs., May 7, 2026. The marker notes the Native American history of the region including that the town is named for Chief Petosega of the Bear River Band. (Kathy Kieliszewski\/Bridge Michigan)&lt;\/p&gt;&#10;\" data-image-caption=\"&lt;p&gt;Two seagulls sit atop a historical marker in Sunset Park on the bluff overlooking Little Traverse Bay just northwest of downtown Petoskey. The marker notes the Native American history of the region including that the town is named for Chief Petosega of the Bear River Band. (Kathy Kieliszewski\/Bridge Michigan)&lt;\/p&gt;&#10;\" data-large-file=\"https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk12.jpg?fit=780%2C520&amp;ssl=1\" alt=\"Two seagulls perch atop a weathered Michigan historic site marker for Little Traverse Bay near the waterfront under cloudy skies, with a streetlamp standing nearby.\" class=\"wp-image-76302\" srcset=\"https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk12.jpg?resize=1024%2C683&amp;ssl=1 1024w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk12.jpg?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk12.jpg?resize=768%2C512&amp;ssl=1 768w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk12.jpg?resize=780%2C520&amp;ssl=1 780w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk12.jpg?resize=400%2C267&amp;ssl=1 400w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk12.jpg?w=1200&amp;ssl=1 1200w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk12-1024x683.jpg?w=370&amp;ssl=1 370w\" sizes=\"auto, (max-width: 780px) 100vw, 780px\"\/><figcaption class=\"wp-element-caption\">Two seagulls sit atop a historical marker in Sunset Park on the bluff overlooking Little Traverse Bay just northwest of downtown Petoskey. The marker notes the Native American history of the region including that the town is named for Chief Petosega of the Bear River Band. (Kathy Kieliszewski\/Bridge Michigan)<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<p>Petoskey is surrounded by year-round attractions, from the water views and hiking in the summer to three ski resorts within 25 minutes in the winter. The city has green spaces and upscale shops and restaurants, and those skyrocketing home prices have led to more tax revenue for Petoskey. Five public sculptures are being installed this year alone, according to Murphy, the mayor.<\/p>\n<p>On a drive around town, Shuman parked in front of a stately old home on a hill overlooking the bay, two blocks from downtown.\u00a0<\/p>\n<p>In 2015, the home sold for $377,000, Shuman said. In 2023, it sold again for about $1.4 million. Three years later, it\u2019s on the market at $1.95 million.<\/p>\n<p>Shuman said it\u2019s tough for Petoskey to build its way out of its housing crisis. Some nearby housing developments have stalled over who should pay to extend water and sewer lines.<\/p>\n<p>The few subdivisions that have sprung up are custom-built homes averaging $500 per square foot to build. That\u2019s $1 million for a 2,000 square foot home.<\/p>\n<p>Discussing the problem, Shuman waved at a passing car.\u00a0<\/p>\n<p>It was the wife of a doctor Shuman helped find a home when he was hired at McLaren Northern Michigan hospital. For several months, the doctor lived in a camper because he couldn\u2019t find a home.<\/p>\n<p>Petoskey Public Schools Superintendent Jeffrey Leslie had similar trouble when he moved to the community four years ago.<\/p>\n<p>\u201cWhen we\u2019re interviewing people for jobs, we always have to ask, \u2018Do you have housing?\u2019\u201d Leslie said. \u201cI\u2019ve had a lot of people turn down jobs because they couldn\u2019t find housing.\u201d<\/p>\n<p>In a survey by <a href=\"https:\/\/thenlea.com\/\">Northern Lakes Economic Alliance<\/a>, which serves businesses in Antrim, Charlevoix, Cheboygan and Emmet counties, 81% of employers cited attainable housing as the top barrier <strong>.<\/strong><\/p>\n<p>While there are lower-income communities within a 30-minute drive of Petoskey, some workers travel farther each day.\u00a0<\/p>\n<p>One of the school district\u2019s administrators lives an hour away in St. Ignace, and other employees live in Onaway, a 50-minute drive when the roads are clear. In winter, it takes a lot longer.<\/p>\n<p>\u201cThere\u2019s a huge lack of homes that normal people can afford,\u201d Leslie said.<\/p>\n<h2 class=\"wp-block-heading\"><strong>New housing coming<\/strong><\/h2>\n<p>There are signs Petoskey is beginning to address its housing crunch.<\/p>\n<p>There is the sound of power tools once again at the site of the former Michigan Maple Block Company in Petoskey, which produced butcher blocks and cutting tables at a plant near the Bear River until it closed in 2020. The factory has since been torn down, with <a href=\"https:\/\/www.theblockatpetoskey.com\/\">apartment buildings<\/a> now rising in its place.<\/p>\n<p>That complex, along with <a href=\"https:\/\/www.apartments.com\/victories-square-petoskey-mi\/9nh5865\/\">Victories Square apartments<\/a>, operated by the Little Traverse Bay Bands of Odawa Indians; and <a href=\"https:\/\/www.phsacf.org\/our-impact\/lofts-lumber-square\">Lofts at Lumber Square<\/a> will offer about 300 new rental units when fully built, the first new apartments in Petoskey in 20 years, according to Devitt of the Petoskey Chamber.<\/p>\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"780\" height=\"520\" data-attachment-id=\"76303\" src=\"https:\/\/bridgemi.com\/business-watch\/a-victim-of-its-popularity-petoskey-struggles-as-home-prices-hit-1-million\/attachment\/petoskey_050626_kk01\/\" data-orig-file=\"https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk01.jpg?fit=1200%2C800&amp;ssl=1\" data-orig-size=\"1200,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;2.8&quot;,&quot;credit&quot;:&quot;Kathy Kieliszewski&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark III&quot;,&quot;caption&quot;:&quot;Workers add lumber trim to a new unit at The Block at Petoskey, a new apartment community east of the downtown, on Thurs., May 7, 2026. (Kathy Kieliszewski\/Bridge Michigan)&quot;,&quot;created_timestamp&quot;:&quot;1778169736&quot;,&quot;copyright&quot;:&quot;Brian Widdis&quot;,&quot;focal_length&quot;:&quot;195&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.0004&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"petoskey_050626_kk01\" data-image-description=\"&lt;p&gt;Workers add lumber trim to a new unit at The Block at Petoskey, a new apartment community east of the downtown, on Thurs., May 7, 2026. (Kathy Kieliszewski\/Bridge Michigan)&lt;\/p&gt;&#10;\" data-image-caption=\"&lt;p&gt;Workers add lumber trim to a new unit at The Block at Petoskey, a new apartment community east of the downtown, on Thurs., May 7, 2026. (Kathy Kieliszewski\/Bridge Michigan)&lt;\/p&gt;&#10;\" data-large-file=\"https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk01.jpg?fit=780%2C520&amp;ssl=1\" alt=\"Construction workers in safety gear stand on a blue lift while installing exterior materials on a newly built multi-unit apartment building under an overcast sky.\" class=\"wp-image-76303\" srcset=\"https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk01.jpg?resize=1024%2C683&amp;ssl=1 1024w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk01.jpg?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk01.jpg?resize=768%2C512&amp;ssl=1 768w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk01.jpg?resize=780%2C520&amp;ssl=1 780w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk01.jpg?resize=400%2C267&amp;ssl=1 400w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk01.jpg?w=1200&amp;ssl=1 1200w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk01-1024x683.jpg?w=370&amp;ssl=1 370w\" sizes=\"auto, (max-width: 780px) 100vw, 780px\"\/><figcaption class=\"wp-element-caption\">Workers add lumber trim to a new unit at The Block at Petoskey, a new apartment community east of the downtown, on Thurs., May 7, 2026. (Kathy Kieliszewski\/Bridge Michigan)<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"780\" height=\"520\" data-attachment-id=\"76305\" src=\"https:\/\/bridgemi.com\/business-watch\/a-victim-of-its-popularity-petoskey-struggles-as-home-prices-hit-1-million\/attachment\/petoskey_050626_kk19\/\" data-orig-file=\"https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk19.jpg?fit=1200%2C800&amp;ssl=1\" data-orig-size=\"1200,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;2.8&quot;,&quot;credit&quot;:&quot;Kathy Kieliszewski&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark III&quot;,&quot;caption&quot;:&quot;David Shuman, principal broker at Bay North Realty, talks about a new development called the Lofts at Lumber Square east of downtown Petoskey on Wed, May 6, 2026. The new housing is meant to help the community's shortage of affordable housing. (Kathy Kieliszewski\/Bridge Michigan)&quot;,&quot;created_timestamp&quot;:&quot;1778065557&quot;,&quot;copyright&quot;:&quot;Brian Widdis&quot;,&quot;focal_length&quot;:&quot;17&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.000125&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"petoskey_050626_kk19\" data-image-description=\"&lt;p&gt;David Shuman, principal broker at Bay North Realty, talks about a new development called the Lofts at Lumber Square east of downtown Petoskey on Wed, May 6, 2026. The new housing is meant to help the community\u2019s shortage of affordable housing. (Kathy Kieliszewski\/Bridge Michigan)&lt;\/p&gt;&#10;\" data-image-caption=\"&lt;p&gt;David Shuman, principal broker at Bay North Realty, talks about a new development called the Lofts at Lumber Square east of downtown Petoskey. The new housing is meant to help the community\u2019s shortage of affordable housing. (Kathy Kieliszewski\/Bridge Michigan)&lt;\/p&gt;&#10;\" data-large-file=\"https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk19.jpg?fit=780%2C520&amp;ssl=1\" alt=\"A man wearing sunglasses and a dark coat stands outside the Lofts at Lumber Square apartment complex, a modern multi-story residential building with brick and siding exterior walls.\" class=\"wp-image-76305\" srcset=\"https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk19.jpg?resize=1024%2C683&amp;ssl=1 1024w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk19.jpg?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk19.jpg?resize=768%2C512&amp;ssl=1 768w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk19.jpg?resize=780%2C520&amp;ssl=1 780w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk19.jpg?resize=400%2C267&amp;ssl=1 400w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk19.jpg?w=1200&amp;ssl=1 1200w, https:\/\/i0.wp.com\/bridgemi.com\/wp-content\/uploads\/2026\/05\/petoskey_050626_kk19-1024x683.jpg?w=370&amp;ssl=1 370w\" sizes=\"auto, (max-width: 780px) 100vw, 780px\"\/><figcaption class=\"wp-element-caption\">David Shuman, principal broker at Bay North Realty, talks about a new development called the Lofts at Lumber Square east of downtown Petoskey. The new housing is meant to help the community\u2019s shortage of affordable housing. (Kathy Kieliszewski\/Bridge Michigan)<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<p>Some of the units are reserved at below-market price for lower-income tenants who work in the area. The Lofts at Lumber Square is managed by a nonprofit and are designed to \u201cmeet the needs of our \u2026 middle-income community members \u2026 who work here, but still can\u2019t find an affordable place to live near their workplaces and schools,\u201d<a href=\"https:\/\/www.phsacf.org\/our-impact\/lofts-lumber-square\"> according to its website<\/a>.<\/p>\n<p>Those apartments are a good start, said Devitt, who cited a study estimating that Emmet County has a shortfall of 3,300 housing units.<\/p>\n<p>\u201cHousing is economic development,\u201d Devitt said.<\/p>\n<p>Murphy, the mayor, and school superintendent Leslie are holding some preliminary conversations about the possibility of using some school district property for housing.<\/p>\n<p>A local wood and construction company, Manthei, tired of learning that workers were sleeping in cars or campers, decided to build a comparatively low-cost housing complex<\/p>\n<p>Pine Pond has sites for 130 manufactured homes, ranging in price from about $225,000 to about $375,000. The property remains owned by the management company, so homeowners don\u2019t have to pay property tax.<\/p>\n<p>About 30 units are built now, as part of an effort to provide homes for \u201cthe workforce population\u201d that has been squeezed out of housing in and around Petoskey, said Abe Manthei.<\/p>\n<p>And a nonprofit called <a href=\"https:\/\/www.investmitt.org\/\">InvestMitt<\/a> Cooperative is attempting to raise money from the community to purchase and maintain homes.<\/p>\n<p>The initial goal: to purchase a 24-unit apartment complex and rent the units for under-market value of about $1,000 a month.<\/p>\n<p>\u201cWe don\u2019t have to convince people there is a crisis,\u201d said founding board member Derek Shiels.<\/p>\n<p>\u201cThey all know it from their own families or friends.\u201d<\/p>\n<p>The Petoskey Chamber\u2019s Devitt knows it\u2019s odd to complain about her community being too popular. But it is a problem, and one that the community is going to have to figure out.<\/p>\n<p>Meanwhile, her phone keeps ringing.<\/p>\n<p>\u201cIf someone said, \u2018Petoskey, here\u2019s $10 million, go build whatever you want,\u2019 it\u2019s not that easy,\u201d she said. \u201cAnd it\u2019s still not going to be enough.\u201d<\/p>\n<p><h3 class=\"jp-relatedposts-headline\"><em>Related<\/em><\/h3>\n<\/p>\n<section id=\"block-22\" class=\"below-content widget widget_block\">\n<div class=\"wp-block-group below-article-category-cta has-light-gray-background-color has-background\" style=\"padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-86b54818 wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\"\/>\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-text-align-center u-text-uppercase\"><strong>Thank you to our Northern Edition sponsors<\/strong><\/p>\n<p><em>Bridge Michigan Northern Edition is made possible by generous financial support from our sponsors. Sponsorship supports our independent journalism mission but does not constitute sponsor endorsement of individual articles or editorial content. Bridge Michigan journalism remains fact- and data-driven and independent at all times.<\/em><\/p>\n<p><em>Please visit the\u00a0<a href=\"https:\/\/bridgemi.com\/about\/?utm_source=Bridge+Michigan&amp;utm_campaign=5ab2a9ccc1-Bridge+Enviro+Watch+05%2F20%2F2025&amp;utm_medium=email&amp;utm_term=0_c64a28dd5a-5ab2a9ccc1-73576649\">About<\/a>\u00a0page for more information and to\u00a0<a href=\"https:\/\/bridgemi.com\/signup\/\">subscribe<\/a>\u00a0to Bridge Michigan Northern Edition. Interested in becoming a sponsor?\u00a0<a href=\"https:\/\/bridgemi.com\/business-watch\/a-victim-of-its-popularity-petoskey-struggles-as-home-prices-hit-1-million\/mailto:ecarr@centerformichigan.org\">Contact Emma Carr<\/a>.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section id=\"republication_tracker_tool-3\" class=\"below-content widget republication_tracker_tool\">\n<div class=\"license\">\n<p><button name=\"Republish This Story\" id=\"cc-btn\" class=\"republication-tracker-tool-button modal\">Republish This Story<\/button><\/p>\n<p><a class=\"license\" rel=\"noreferrer license\" target=\"_blank\" href=\"https:\/\/creativecommons.org\/licenses\/by-nd\/4.0\/\"><img loading=\"lazy\" decoding=\"async\" width=\"88\" height=\"31\" alt=\"Creative Commons License\" style=\"border-width:0\" src=\"https:\/\/bridgemi.com\/wp-content\/plugins\/republication-tracker-tool\/assets\/img\/cc-by-nd-4.0.png\"\/><\/a><\/p>\n<\/div>\n<\/section><\/div>\n<p><script type=\"pmdelayedscript\" data-cfasync=\"false\" data-no-optimize=\"1\" data-no-defer=\"1\" data-no-minify=\"1\">\n\t\t!function(f,b,e,v,n,t,s)\n\t\t{if(f.fbq)return;n=f.fbq=function(){n.callMethod?\n\t\tn.callMethod.apply(n,arguments):n.queue.push(arguments)};\n\t\tif(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';\n\t\tn.queue=[];t=b.createElement(e);t.async=!0;\n\t\tt.src=v;s=b.getElementsByTagName(e)[0];\n\t\ts.parentNode.insertBefore(t,s)}(window, document,'script',\n\t\t'https:\/\/connect.facebook.net\/en_US\/fbevents.js');\n\t\tfbq('init', '190486901675187');\n\t\tfbq('track', 'PageView', {\"page_title\":\"A victim of its popularity, Petoskey struggles as home prices hit $1 million\",\"user_role\":\"guest\",\"event_url\":\"https:\/\/bridgemi.com\/business-watch\/a-victim-of-its-popularity-petoskey-struggles-as-home-prices-hit-1-million\",\"post_type\":\"post\",\"post_id\":76298});\n\t\t<\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/bridgemi.com\/business-watch\/a-victim-of-its-popularity-petoskey-struggles-as-home-prices-hit-1-million\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Petoskey home prices have tripled since 2020, with half of residences now used as seasonal second-homes Housing for employees is the biggest issue facing employers in the area New homes and apartments are beginning to ease the housing crunch PETOSKEY \u2014 The calls come like clockwork to the one-story brick building in downtown Petoskey. 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