Reply #14: small tourist town in Michigan

[Mari333]

which was, until last summer, awash with development.
the locals were starting to call it 'Condo-via'
but, alas for the big developers, the shite hit the fan.
Now, the megamansions on the outskirts of town are for sale
the development tracts and subdivisions sit vacant, no homes being built in the hinterlands
the condos are built, some half built, but none are selling and all construction has stopped
the realtors have moved on to other jobs, or just moved out of the area
Papa Johns closed, Max 10 closed, and many of the local businesses that catered to high end tourists are closed for good.
I have never seen this town with so many empty storefronts.
the town council has cut back on salt on the roads and fixing the streets.
and on the bright side, my property tax bill was half of what it was last year, because they must be adjusting the property tax to the actual value of the houses here..
looks like we have all lost almost half the equity in our homes.