The big numbers and grand auction centers around the world remain under pressure, but small local art scenes are finding ways to thrive. Like the small cap stocks that lead financial markets out of a recession, maybe it's the emerging artist and local art scene that will deliver us from this slump.

Grand Rapids hosted ArtPrize, a new art show this year, and it was so successful that the organizers are going to do it again in 2010. Businesses in town got a bump, and Grand Rapids was able to boost its cred as an art destination. The 18-day competition commenced on September 23, 2009 and drew tens of thousands of visitors to the Michigan city. Some restaurants ran out of food, because they weren't expecting such a large influx of guests. Doug Small, president of the Grand Rapids/Kent County Convention and Visitors Bureau, told The Associated Press, "Nobody had any clue this would happen."

The competition attracted 1,262 entries, varying in size, shape, style and medium. They were displayed in lobbies, on bridges, in parking lots and in the Grand River -- anywhere in town where they could find a place to exhibit. The winners were chosen by the voting public, using the event's website and text messaging, with 37,264 people participating.

The winner was Ryan Ortner of Brooklyn, New York, with the oil painting "Open Water No. 24, measuring 19 feet wide, taking first place, with Tracy Van Duinen taking second and Eric Daigh coming in third. Ortner lent his painting to the Grand Rapids Art Museum, which is going to display it until January.

Coldwell Banker has released their 2009 Coldwell Banker® Home Price Comparison Index (HPCI) and found that La Jolla, Calif., is the most expensive market. In fact there is an over $2 million gap between what they deem the most expensive and most affordable U.S. housing markets. The comparison of similar 2,200-square foot homes in 310 U.S. housing markets found that the average home price in La Jolla is $2.125 million while at the other end of the spectrum, Grayling, Mich., was the most affordable market in America, where a similarly sized home costs $112,675. California fared badly, 13 other California markets are on the most expensive list while Grayling was one of 20 Midwest communities on the most affordable list (others include Akron, Canton, Detroit and Wichita).

Looking at four-bedroom, two-and-a-half bath homes in the United States, thirty percent of the markets show this type of home to be below $200,000, while half of the markets surveyed showed an average price for this type of home to be less than $300,000 meaning there are deals out there. The cumulative average sales price of the four-bedroom homes surveyed in the 310 U.S. markets (including one in Puerto Rico) covered in the Coldwell Banker HPCI is $363,460.

The mention of La Jolla gave me a chance to check in on one of my favorite estates which happens to be in the seaside town. The Razor was once listed at $39 million, it was $32 million when I covered it in April and is now down to $28 million.

The small town of East Jordan, Michigan has a fair amount of expensive real estate given its size. That's because it enjoys a desirable location at the end of the south arm of Lake Charlevoix, at the mouth of the Jordan River. Today's property is the most expensive piece of property on the market in this small town right now. This piece of land is 69 acres with over 3000 of lakefront footage. The property includes a barn, boathouse, picturesque covered bridge, ponds, a stream and pasture land. Wooden pathways snake through the trees. The pictures show an idyllic summer retreat although it's safe to say that it's a little less charming during the winter months. The main house is a log home which was built in 1983 and has a rustic woodsy feel complete with an elk head mounted on the stone fireplace in the living room. This property is listed at $11.995 million.

Today's estate in Grosse Ile, Michigan is luxury on a grand scale. The contemporary home was where one of the Fisher Body family mansions once stood in the 1920s. This home was built in 1960 and renovated in 2001. The home is on five acres and is located within minutes of private golf, yacht and country clubs. It boasts the largest privately owned dock in Michigan which is commercial grade and can accommodate a 250 plus foot yacht. The home could be a resort or a residence and includes a glass-enclosed Olympic size swimming pool which is decorated with ceramic and silver tile, a spa facility with various" environmental" rooms (steam, sauna, rain forest, Arizona desert), underground racquetball court and locker rooms for both men/women. It has a commercial kitchen and video conferencing center. The listing doesn't show too many pictures of what's really going on inside but it is an intriguing property. It's listed at $7.5 million.

Experience more lush living in luxury homes and mansions or see the stars living large with celebrity homes galleries at AOL Real Estate.

I've covered the luxe hospital trend for the last couple years but the new Henry Ford West Bloomfield Hospital in Oakland County, Michigan seems particularly lavish. The $360 million new hospital which opens March 15 is designed to look more like a luxury resort and less like a medical center. The LEED-certified complex includes a grocery store with take-home meals and organic produce, a kitchen auditorium for healthy cooking demonstrations, a tea kiosk in the atrium and a retail mall area that includes a pharmacy, medical supply store, a Caribou Coffee and a boutique for mothers and newborns. Rooms have flat-screen televisions, wifi access, 24-hour room service and live feeds of the Detroit Symphony Orchestra. It may sound like a great place to stay but don't plan on a long visit, the hospital staff plans to save money by encouraging shorter stays and using a one stop approach for clinical outpatient procedures to streamline the diagnostic process.

[via MLive]

We are seeing more and more large casinos in the Midwest. The Blue Chip Casino & Hotel in Michigan City, Indiana recently opened its new, 22-story hotel tower, Spa Blu. The tower is part of a $130 million expansion project that added two restaurants, an event center and a luxury spa to the Blue Chip which still has its casino area out on a riverboat. The tower has 272 rooms and 30 suites, the most lavish of which is the loft, a 1,575 foot suite with glass walls showcasing views of Lake Michigan and the surrounding countryside. Rooms in the Spa Blu tower start at $95.

The casino is hoping to lure back customers with the flashy renovations. Since the Four Winds Casino in New Buffalo, Michigan opened in 2007, the Blue Chip Casino has seen business fall by 40 percent.

Today's home in Grand Beach, Michigan immediately draws the eye with its sweeping double staircase facing a lush green lawn leading to the shore of Lake Michigan. The Beaux-Arts style home was built in 2002 and has almost 9,000 square feet of space and 18 rooms. There are nine bedrooms, a large kitchen, a butler's pantry with a crystal chandelier, master suite, formal dining room, oak fireplaces, library, den and more. Wood panelling enhances both a library and a full bar complete with barstools and a large television. The double height living room is quite grand but I can only imagine what the heating bills are in a Michigan winter. This home is listed at $4.6 million.

Experience more lush living in luxury homes and mansions or see the stars living large with celebrity homes galleries at AOL Real Estate.

As we all know things are tough in the Detroit area but now even the Grosse Pointe Yacht Club in posh Grosse Pointe Shores, Michigan seems to be struggling. The yacht club sent out mailers last month offering new members a deal that lets them dock their boats for free during the 2009 season and put down only 25% of their initiation fee and defer the rest over 36 months with no interest. The club's general manager told the Detroit Free Press that the club is still doing well although membership stand at about 850, down from 900 to 950 in recent years. Local marinas are also finding the wait lists for boat-well rental space getting shorter and shorter. The yacht club offers swimming, tennis, bowling, an outdoor bar and fine dining. The Grosse Pointe Yacht Club's roots reach back to 1914 and the 18th century Italian Renaissance style clubhouse was dedicated on July 4, 1929.

On August 2nd, RM Auctions will sell of a stunning selection of classic cars, including a coveted Mercedes-Benz Gullwing (above), at the annual Meadow Brook Concours d'Élegance in Michigan. The event takes place at Meadow Brook Hall, the historic 110-room Tudor Revival mansion built in the 1920s by auto heiress Matilda Dodge Wilson. In May, RM set a world record by selling the 1961 Ferrari formerly owned by James Coburn which we wrote about for $11 million.

The Mercedes, a beautiful black 1956 300SL, is estimated at $575,000 - $675,000. We prefer it to the other, slightly more expensive Mercedes on offer, a 1936 500K three-position drophead coupe by Corsica, est. $600,000 - $750,000. Also included in the stunning sale: a 1937 Bugatti Type 57 Ventoux Coupe, est. $475,000 - $575,000; a 1930 Isotta-Fraschini 8A Convertible Sedan by Castagna, similar to the one featured in Sunset Boulevard, est. $400,000 - $600,000; and a 1954 Jaguar XK 120SE Roadster, est. $80,000 - $110,000. See the gallery for more.

For the next couple of weeks we will be checking out some homes in the most expensive zip codes in the United States, up today, 48304 . This zip code refers to the town of Bloomfield Hills, Michigan. This zip code has a median price of $1,180,000 with an appreciation rate of 113% since 1990. Bloomfield Hills was recently in the news when one of the homes that Aretha Franklin owns in the Detroit suburb was slated for foreclosure due to failure to pay back taxes.

A while back I mentioned a $14.75 million home in Bloomfield Hills that was being built by Sally Russell Building Company. Today's home is another lavish Sally Russell build. The work on this project began in 2002. The home is a Tudor on steroids, an impressive build that has turrets, leaded glass windows, and details like walnut and oak floors hand scraped to appear aged and marble and stone floors that have also been treated to have the patina of age.

Originally, a 1917 Spanish-style house occupied the lot, it was torn down but two crystal chandeliers, wrought iron pieces, the original front door, a pine cabinet and Pewabic tiles were all salvaged and incorporated into the new home. This property has six bedrooms, a gourmet kitchen, lower level wet bar, elevator, exercise room, sauna, steam shower, guest quarters, au pair suite, theater, game room, an outside fountain, hot tub, pool and a heated storage room under the terrace for winter furniture storage. This home is on three acres and is listed at $9,900,000.

Real estate in Detroit is pretty dismal overall but there is one bright spot, the Westin Book-Cadillac. The old 1924 building is being turned into a hotel, restaurant and residential complex. The condos, which sell for $375,000 to $1.5 million, are going fast, 61 of the 67 units have already been sold. The $180 million project sold 40 units in just the first day they were put on the market over a year ago. The Book-Cadillac's noble past is part of the allure; it was Detroit's top hotel for years. It came on hard times in the 1980s when it was closed and the city couldn't even put together enough money to raze it. The top six floors of the building will be condos and the hotel will have 455 rooms and is set to open next fall.

The Detroit Free Press has an interesting article on the JW Marriott Grand Rapids, a $100 million, 24-story luxury hotel set to open this week. The hotel has 337 rooms including the Founders Suite which rents for $2,500 a night. it is hoped that the new hotel will help the city compete for convention and meetings business. The Free Press resorts that the hotel had orginally planned to turn the 19th floor into a women-only enclave. The idea was shelved after criticism and the 19th floor rooms which include amenities such as a shaving stool in the bathtub for legs, ionic hair dryers and soft chenille bedspreads will now be open to both sexes. All rooms include a Steelcase office chair and a technology pack so that the 37-inch flat screen TV in the room can be used as a computer monitor or gaming screen.

The main theme of the hotel relates the the five cities of Grand Rapids: Omihachiman, Japan; Perugia, Italy; Bielsko-Biala, Poland; Ga District, Ghana, and Zapopan, Mexico. The rooms and public areas feature photographic images of these cities as well as artwork created by artists from these cities. The Mixology lounge on the 23rd floor which will feature an iPod DJ some nights and the Six One Six restaurant offers gourmet fare. Other amenities include a fitness facility with a heated pool, a helipad,a ballroom, board rooms and a business center. Rooms start at $229 per night with rooms on the concierge floors going for $40 to $50 more.

If Napa Valley is out of your price range for your winery owning dream you might want to consider Michigan. Right now you have three prime opportunities on Michigan's desirable Leelanau Peninsula and all three are listed for far less than you might expect to spend in Napa.

Bel Lago is a boutique winery with 90 acres, of which more than 30 are planted. The winery produces around 5,000 cases a year and has won several awards. It is priced at $3.95 million.

Chateau de Leelanau, which is to be auctioned off on September 30, is 102 acres total. The winery bottled its first vintage in 1999 and 27 acres are planted with another 30 cleared for planting. It produces about 4,800 cases and winemaking is provided by an off-site consultant. The suggested starting bid is $3.5 million.

The most modest of the three is Willow Vineyard. It has just 12 acres (7.5 of which are planted with grapes), a house, tasting room and winery and produces 1,200 cases per year. It is listed at $2.35 million.

This is the first time that a winery in the region will be sold publicly and so many are eagerly watching what will happen in order to see just how hot Midwest wineries are.

In 1920s and 30s Michigan, architect Robert O. Derrick was the man to see. The famed architect specialized in period revival styles bringing his classic styles to residences and public buildings in the Grosse Pointe area. This home was built in 1929 and is the type of elegant nostalgia you would expect in a Derrick home. This six-bedroom home has been updated but still has an old-fashioned feel. Details include a gourmet kitchen, multiple fireplaces, hardwood floors, swimming pool and a heated four car garage. It is listed at $2.195 million. After the jump, ivy on the outside and way too much greenery in the kitchen.