If you are waiting for Lake Michigan prices to come down you may want to reconsider. Selling a Lake Michigan Property for the owners in  most cases becomes a  discreationary decision for them, however every Sellers situation is unique. I have recently been succesful in Selling to my Buyers several Lake Michigan Properties at huge discounts and in one case at 40% off the list, not because the Seller needed the money but because they are purchasing Vacation Property in other markets that are more severly hit by the housing crisis. For instance, the Florida market is so saturated that a Michigan Dollar from a sale here goes three times farther there, in fact one of my Sellers has been given an opportunity to pick up whatever he looses in his sale here and the Developer will discount that amount off his purchase in Florida. We definately are in unusual times for Real Estate but in some cases a huge discount for both Sellers and Buyers can be possible right now. You probably have noticed the majority of Lake Michigan Properties have minimumly reduced prices, the Sellers know they have a limited commodity and an excellent long term investment, they also know when the market comes back they will still have a property with increasing value. In short you may not receive huge discounts on every property available, but if the Sellers are looking in other vacation markets you both have excellent opportunites to get a super deal and to Live the Dream in 2009! Posted by Cheryl Miles