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Posts Tagged ‘lake orion mi real estate’

Friendship Park, Lake Orion MI

Friendship Park in Lake Orion MI (technically Orion Township) is a 137 acre park located on the northeast corner of Clarkston and Baldwin Roads. Friendship Park is quite a nice facility that is only a half mile down the road from where I grew up and would have been great to have ball diamonds that close when I was a kid.

Friendship Park features 4 baseball/softball diamonds, 2 soccer fields, a sweet play structure, walking paths, a gazebo, the historic Porritt Barn and a nice pavilion which was finished in 2002 and offers indoor bathrooms, office space, kitchen area, meeting room and an outdoor pavilion with grills.

The excellent location of Friendship Park offers easy access to I-75, paved trails run adjacent to the park on 2 sides, Webber school is just across the street and though both Clarkston and Baldwin Roads are main roads, this is not a high traffic area- at least not to the point where there are traffic jams or long waits at the light even during rush hour. Friendship Park is also an easy walk to at least one of the entrances to Orion Oaks County Park.

Hours for Friendship Park are 8 am to dusk.

Bald Mountain Recreation Area, Lake Orion

Orion Oaks County Park

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Homes for Sale in Lake Orion MI

Jackie Hawley, Realtor
ReMax Encore, Clarkston

Cell: 248-736-6407

Jackie@JackieHawley.com

www.MiRelocation.com

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Bald Mountain Recreation Area, Lake Orion MI

Bald Mountain Recreation Area is comprised of 4 separate parcels totaling 4637 acres in Orion and Oakland Townships. Click here for map. This unique property is open to the public by permit and consists of 15 miles of biking trails, 7 miles of snowmobile trails, 8 miles of trails groomed for cross country skiing, picnic areas, a shooting/archery range. There’s a sandy beach and swimming on Lower Trout Lake. Inland lakes offer fishing and Trout Creek and Paint Creek are designated trout streams. The park is open to hunting during regular seasons from Sept. 15 until March 31.

Because of the unique positioning of the 4 parcels, you’re just minutes from state land from just about anywhere in Lake Orion. Several subdivisions butt up to Bald Mountain, and even more neighborhoods within walking distance.

Thinking about moving to Lake Orion, Michigan? Please don’t hesitate to contact me for more community information or for help finding that new home.

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Friendship Park, Lake Orion MI

Orion Oaks Park, Lake Orion MI

Homes for Sale in Lake Orion MI

Jackie Hawley, Realtor
ReMax Encore, Clarkston

Cell: 248-736-6407

Jackie@JackieHawley.com

www.MiRelocation.com

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Lake Orion MI Real Estate– Lake Orion Home Sales Are Up

Lake Orion MI home sales are up 9%. The average sales price in Lake Orion is up 10% and the median home sales price is also up 10%. There has been $11,501,670 more in residential real estate sales so far in 2012 versus the same time frame in 2011 (the first 3 quarters). Listing inventory (Lake Orion homes for sale) is very low.

On Oct. 14, 2012 there were only 105 homes for sale in Lake Orion MI. With an average of 39 sales per month that is less than a 3 month supply of active listings.

Distressed home sales (short sales and foreclosures) are down in Lake Orion with distressed sales making up 42% of the total sales. In 2011 distressed sales made up 52% of the total home sales in Lake Orion, MI.

Total Sales Lake Orion MI (units):

2012: 347
2011: 316

Distressed Sales (units) Lake Orion MI:

2012: 145
2011: 165

Average Sales Price Lake Orion MI:

2012: $184,197
2011: $165,869

Median Sales Price Lake Orion MI:

2012: $157,000
2011: $140,795

Sales Volume Lake Orion MI Home Sales:

2012: $63,916,380
2011: $52,414,710

The decline in distressed home sales contributes to the increase in overall home prices. And this is a catch 22 in a good way- the more Lake Orion home prices go up, the less under water houses there are, so less distressed home sales. As Martha Stewart would say: This is a good thing for the Lake Orion MI home owner. Or potential Lake Orion MI home buyer.

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What to Expect From a Buyer’s Agent

Financing and the Importance of a Pre-Approval

The Home Inspection

Lake Orion MI Homes for Sale

Lake Orion Lakefront Homes

Jackie Hawley, Realtor
ReMax Encore, Clarkston MI

Jackie@JackieHawley.com

Cell: (248)736-6407

www.MiRelocation.com

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The Preserve, Lake Orion MI- Home Prices UP Again!

Good news for homeowner in The Preserve in southern Lake Orion MI. Median sales prices were up 3 1/2% from last year and up 7.3% from 2009!

List price to sale price percentage ranged from .4% of asking price to 7.8% of asking price and one house sold for 3% over the list price. There was only 1 foreclosure listing and no short sales. Sale prices ranged from $212,000-$274,000.

The good news for buyers:

  1. Compared to many areas there were relatively few distressed sales even in the worst of times
  2. Prices never got so low as to change the socio/economic make up of the sub
  3. Interest rates are so low you get about $100K in buying power

Number 3 is quite interesting. Let’s look at 3760 Acadia. Last year it sold for $274,000 which gives you a payment of about $1010 (20% down, principle and interest, 3.92% interest rate which was the average for Jan 2012). If you were to pay that same price at 2000’s interest rates you would have a payment of about $1616. Put another way- at the 8.05% interest rate of 2000 you would need to have paid $170,000 to have the same payment as 2011’s buyer.

The good news for sellers is that prices are up the past couple years.

The even better news for buyers is that with interest rates it feels like prices have kept going down. And when a buyer gets approved for their mortgage they are truly getting approved for a certain house payment and those payments are super low.

The Preserve

Lake Orion MI

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Home Evaluation (CMA)

Jackie Hawley
Keller Williams Realty, Clarkston
Jackie@JackieHawley.com

Cell: (248) 736-6407

www.MiRelocation.com

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Lake Orion MI- Unit Sales, Sale Price and Dollar Volume Are ALL Up!

2011 was a pretty good year and I see no reason that 2012 won’t match or exceed last year’s sales in Lake Orion MI.

Unit sales in 2011 were up 8%, the average sales price was up 7% and the total dollar volume was up a whopping 14%.

The amount of distressed sales are down from last year. In 2011 bank owned or foreclosure sales made up 34% of the total sales in Lake Orion MI and short sales made up 17% of the total sales. As opposed to 2010 when foreclosures were 38% and short sales were 20% of the total sales.

The average sales price on the bank owned homes dropped just under 10% from 2010 and bank owned homes sold within 3% of asking price in 2011.

Cash sales made up over 23% of total sales in Lake Orion in 2011.

2011 sales numbers exceed both 2010 and 2009 sales.

Inventory is currently low- only 102 active listings in Lake Orion.

If you are considering a home purchase in the Lake Orion area, don’t wait until the last minute to start looking. Inventory has been low for awhile and if that dream home isn’t currently listed, you need to be ready the day it hits the market. Multiple offers on properly priced homes is not unusual in today’s climate.

Lake Orion MI Homes For Sale

Lake Orion Lakefront Homes For Sale

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Writing The Offer

Financing

Jackie Hawley
Keller Williams Realty
Cell: (248) 736-6407
Jackie@JackieHawley.com

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Orion Oaks County Park Offers Something for Almost Everybody

Orion Oaks County Park Lake Orion MichiganOrion Oaks County Park covers more than 916 acres in Lake Orion Michigan with entrances off Clarkston Rd, Baldwin Rd and Joslyn Rd. Orion Oaks boasts 10 miles of trails for hiking and mountain biking, 90 acre Lake Sixteen for fishing or boating (non-motorized boats), bow hunting, and a 24 acre area designated “bark park.”

Orion Oaks County Park Lake Orion Michigan            Orion Oaks County Park Lake Orion Michigan           Orion Oaks County Park Lake Orion Michigan

Lake Sixteen is just off Joslyn Rd south of Clarkston Rd and boasts and award winning, wheel chair accessible fishing dock and 120 foot boardwalk linking two trail systems. Since Lake Sixteen was stocked with Northern Pike and Largemouth Bass in the early 80’s, hopefully the fishing is better than when I was a kid growing up during the 70’s.

Orion Oaks Dog Park Lake Orion Michigan24 acres of Orion Oaks County Park is fenced and is a designated dog park which seems to be quite popular. Orion Oaks Dog Park has an entrance off Joslyn Rd just north of Lake Sixteen and features a small dog area, trails, picnic area, drinking water, field area, a newer parking lot and access to Lake Sixteen where you can swim your dogs (no human swimming allowed). There are also modern rest rooms on site.

         Orion Oaks Dog Park Lake Orion Michigan       Orion Oaks Dog Park Lake Orion Michigan        Orion Oaks Dog Park Lake Orion Michigan

Access to Orion Oaks County Park requires a daily pass or annual vehicle permit which you can order online.

Map of Orion Oaks County Park

Orion Oaks Dog Park pricing and rules

Lake Orion MI Homes For Sale

Lake Orion MI Lakefront Homes For Sale

For Buyers

For Sellers

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Jackie Hawley

ReMax Encore

Cell: (248) 736-6407

Jackie@JackieHawley.com

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Writing an Offer on a Lake Orion Michigan Home

Unless you’re a cash buyer, our standard purchase agreement contains a financing contingency. Even if you are pre-qualified you need this contingency to protect yourself. If your financial situation changes after writing the offer (such as job loss) you need the protectionof the financing contingency. It also protects you if the house has problems with mortgaging, such as appraising too low, clouded title, etc. When it comes to rural properties, the property can present many issues when it comes to obtaining the mortgage. I won’t get into those specifics here, but the bottom line- a standard contingency in the offer to purchase is financing.

Once the seller accepts your offer, their house is off the market while you fulfill the contingencies in the offer, so it is muy important to submit a pre-approval letter with the offer. The pre-approval letter will state the down payment required from you, the type of mortgage you’re getting, how much of a mortgage you can afford, and needed seller’s concessions if any.

Actually, it’s important to get that letter before you even start looking at houses. I need to know what you can afford (or what you’re comfortable with- I bought much lower than the bank was willing to lend me) and the type of mortgage you will be getting. If you are getting a rural development loan, I will know not to look in Lake Orion for example, but go 3 miles north into Oxford the houses would qualify- even in a sub. If you are going to go FHA, I would know not to show you fixers. Etc. So meeting with a good, honest, experienced loan officer, before you start looking, is also muy important. If you don’t already have a loan officer you like and trust, I can supply the contact information for one. More about that in a future post.

At the time we write the offer we also need to decide if you would like a home inspection, and what type of inspections you should get. Now some people think if they get an FHA loan that there is an automatic inspection built into that process. That is not correct. Your lender will send out an FHA approved APPRAISER who will look for repairs that FHA deems necessary, but that person IS NOT AN INSPECTOR.

If your offer is contingent upon the sale or closing of another property, we would include that in the offer. But beware- bank owned homes do not take offers subject to the sale of another property. If we make an offer subject to the closing of another property that you currently have an accepted offer on, we need to submit a copy of that offer with our offer to purchase. We want to submit as strong an offer as possible and to relieve the seller of any doubts of your ability to close. It’s much easier to negotiate from a position of power.

Other things included in the offer to purchase include “possession.” Or how long you are willing to let the seller live in the house once the sale is closed. They usually ask for a specific amount of time in the listing- 30 days or 60 days for example. After the closing the house is yours, and if there is possession, the current seller is now your tenant. They will typically pay you rent in the amount of your new house payment for any time they stay after closing, and that money is typically escrowed from their proceeds at closing. Possession is something we negotiate up front.

We also include time frames in the initial offer to purchase. We give them a certain amount of time to answer our offer. We give them a time frame in which you will make your formal mortgage application and a time frame for you to get a full mortgage commitment. We will include a time frame to close by.

For the most part, the above are the most popular contingencies included in an offer to purchase. Of course everybody’s situation is different, and sometimes there are contingencies that may be unique to your situation. I wrote an offer recently that was subject to the buyer finalizing their job transfer. But no matter what the contingency is, we must include time frames.

One other issue that is not covered above is the EMD or earnest money deposit also known as a good faith deposit. It is usually a check I collect from you at the time we make the offer that shows your “good faith.” Hence the term good faith deposit. If there’s a problem on the inspection or financing, and the sale doesn’t close, you get that money back. If everything goes just fine, and we close on the property, that deposit is applied toward you closing costs/down payment. If everything goes just fine and all the contingencies are fulfilled satisfactorily, and you just change your mind and back out- then that deposit goes to the seller.

Hopefully this gives you a basic understanding of how the offer making process goes. If you have any questions or would like to see a copy of our purchase agreement, please don’t hesitate to call or email me.

Choosing Your Buyer’s Agent

Financing

Writing the Offer

The Home Inspection

Buyer Agency

Foreclosures and Short Sales

Search The MLS

Jackie Hawley
Keller Williams Realty, Clarkston
Cell: (248) 736-6407

Jackie@JackieHawley.com

www.MiRelocation.com 

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