There are few people who live a more extravagant lifestyle that famous musicians and rock stars. Driving million dollar cars, living in multimillion dollar homes, and traveling all over the world without a care or concern about price whatsoever, these rock stars live in a world that the ordinary American family can only dream of.
Despite their vast fortunes, it appears that even some of the richest celebrities and musicians are getting tired of overpaying for inflated real estate prices on the California coast and instead are relocating to Michigan’s lakeshore.
Lakefront Real Estate in Michigan
Fore those who don’t know, Michigan has one of the largest coastlines of any state in the union. In fact, it has so many coastlines that it is commonly called “America’s Third Coast.”
But, Michigan’s coast is sort of a hidden treasure to everyone except those living around it because not many people think of Michigan as a state with beautiful white sand beaches. Instead of associating Michigan with beautiful beaches, people typically think of industry, specifically the auto industry in Detroit and the many problems associated with it over the last 20-30 years.
Very few people know what is on Michigan’s west coast and the beauties it has to offer.
Recently, however, some celebrities have been made aware of this hidden treasure and its alluring price that they are building extravagant luxury homes on Lake Michigan and Michigan’s other lakes.
Why the sudden change from the California coast you might ask? Well, it’s simple supply and demand. In Los Angeles, the houses prices have absolutely skyrocketed. Even a modest family home can cost close to one million dollars. Now, imagine a large house with a beautiful ocean view. You can easily be looking at ten million dollars or more.
That price might be okay for a hugely popular superstar, but some of the smaller acts might not be able to afford that. Or even if an artist was once popular, they won’t necessarily always have the same amount of money coming in as they did in their prime, so they might not be able to afford the house in the long term.
The property taxes on these luxury houses are oftentimes more than the average American family makes in an entire year. For instance, in 50 Cent’s recent bankruptcy filings, he stated that he has over one hundred thousand dollars of monthly upkeep expenses on his gigantic Connecticut home. Now think how much a home in California would cost.
Instead of shelling out millions of dollars for a home in California, people are looking at other option with similarly spectacular views. The water front real estate in Michigan will surprise almost anyone, and these artists are building beautiful homes all across the lakeshore.
Whether you are looking at a home on Spring Lake Michigan or a home on White Lake, we are seeing huge housing developments being built all across Michigan, which is good for an economy that was heavily depressed from the last recession.
It’s also a smart financial decision for so many of these artists that find themselves completely broke after they fall from the top of the charts.