Posts Tagged ‘lake orion michigan homes’

The Preserve, Lake Orion MI- Are Prices Rebounding?

the preserve lake orion miThe Preserve is a very nice neighborhood in southern Lake Orion with easy access to I-75. Some of the many amenities that make The Preserve desirable are city water and sewer, sidewalks, subdivision lake, club house with a swimming pool, tennis courts and play ground area. The sub is also surrounded by woods which added value to the perimeter lots when build jobs were sold; value that seems to have stuck to the homes even in the current housing market.

The home values in The Preserve were hit hard just like the rest of Lake Orion. Many of the homes sold new in 1996-1998 with prices ranging at that time throughout the $200’s with an occasional home selling in the low $300’s.

In 2005 home prices ranged from $287,000-$372,000 and in 2003 and 2004 a couple homes sold in the low $400’s. This year prices have ranged from $155,000-$285,000.

So now you may be asking yourself- “Where does the title of this blog post come from?”

After 2005 prices were on a downward trend all over Lake Orion and The Preserves was no different. Prices steadily declined every year after 2005….. Until 2010. It appears that in many neighborhoods prices are starting to stabilize and the same is holding true in The Preserve. In fact, due to the lack of foreclosures in The Preserve, home prices may actually be arching the other way.

First let’s compare 2008 and 2009 home sale prices.

In 2008 there were 4 sales in The Preserve ranging from $255,000-$275,000. All selling for pretty close to what they sold for new. None of the 4 sales in 2008 were bank owned or short sales.

Prices dropped hugely from 2008 and 2009 with 6 sales in 2009 ranging from $211,000-$260,000 with no bank owned sales and 1 short sale.

Now comes 2010. One of the differences in 2010 was there was 1 bank owned home and 2 short sales. The 3 distressed sales in 2010 were of course the 3 lowest priced sales ranging from $155,000-$211,000. Now let’s compare the non-distressed home sales between 2009 and 2010.

There were 5 non-distressed home sales in The Preserve in 2009
There were 7 non-distressed home sales in The Preserve in 2010

2009 sale prices ranged from $211,000-$260,000
2010 sale prices ranged from $215,000-$285,000

2009 price per square foot ranged from $89/sq. ft. to $110/sq. ft.
2010 price per square foot ranged from $91/sq. ft. to $108/sq. ft.

A little deeper look at prices show that in 2009 there was only 1 home that sold for more than $100/sq. ft. where as 5 houses broke the $100/sq. ft. price point in 2010. Even the 3 distressed sales in 2010 ranged from $82/sq. ft. to $96/sq. ft.

The price differences in the non distressed sales in 2010 seem to be the same as in the past- location within the sub a primary factor in sale price and walk out basement also adding to value.

As of December 24, 2010 there were no sales pending and one active listing with an asking price of $299,900. If you currently live in The Preserve you can only hope they get pretty close to that price.

If you are considering buying in The Preserve you might want to get off the fence and contact your agent (preferably ME) and start a daily update for new listings. As agents we are able to check individual neighborhoods on a daily basis. Personally, I check ALL new listings and status changes for Lake Orion on a daily basis. Knowing my market is part of my job.

For a detailed breakdown of home sales in The Preserve please visit The Preserve page of my web site.

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Oakland County Michigan Neighborhoods

Oakland County Michigan Lakefront Homes for Sale

Oakland County Michigan Lake Information

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Rolling Meadows, Lake Orion

Rolling Meadows, Lake Orion real estate sales are a bit strongerrolling meadows lake orion real estate this year than in 2009. In 2009 there were 16 closed sales in Rolling Meadows and 4 leases with sale prices ranging from $153,000-$247,000 and lease prices ranging from $1500-$1800/month.

In 2010 there have been 14 closed sales in Rolling Meadows as of Dec. 24 with sale prices ranging from $164,505-$237,000.

In 2010 there have been 5 foreclosure sales
In 2009 there was only 1 foreclosure sale

In 2010 there have been no short sale closings
In 2009 there were 2 short sale closings

In 2010 there were 4 closings under $200,000 and all were bank owned
In 2009 there were 5 closings under $200,000- 1 was bank owned, 1 was a short sale

In 2010 there were 6 sales of $220,000 or more
In 2009 there were 2 sales of $220,000 or more

If you take out the distressed sales in Rolling Meadows, Lake Orion the price per square foot in 2010 ranged from $79/square foot – $111/square foot.

In 2009 the price per square foot for non distressed sales in Rolling Meadows ranged from $78/square foot – $97/square foot.

In 2010 of the 9 non distressed sales in Rolling Meadows, Lake Orion

  • 3 sales so far closed for over $100/square foot 
  • only 3 non distressed sales closed for less than $90/square foot
  • 3 closed for over $90/square foot but under $100/square foot 

In 2009, of the 13 non distressed sales in Rolling Meadows 

  • none of them exceeded $100/square foot
  • only 5 sold for over $90/square foot
  • leaving 8 non distressed sales in Rolling Meadows selling for less than $90/square foot

There are currently 2 houses pending short sale approval so we won’t know the prices until the short sales are approved and the homes close.  And there are currently no homes for sale or lease in Rolling Meadows, Lake Orion.

If you are considering making a move to Rolling Meadows, you should contact me with what you are looking for and I will do a daily update so that when a house hits the market in Rolling Meadows you have the opportunity to jump on it immediately.

Jackie Hawley
cell: (248)736-6407
email: Jackie@JackieHawley.com

Rolling Meadows, Lake Orion

Lake Orion Homes for Sale 

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Round Tree Lake Orion Real Estate Sales

Round Tree is a 223 home sub in Orion Township with entrances off M-24 and Scripps Rd. Houses in Round Tree were built between 1993 and 2003 and range in size from 1828 square feet to 2767 square feet with most of the houses well over 2000 square feet.

round tree lake orion miRound Tree homes have city water and sewer, sidewalks, community park and abuts Bald Mountain Recreation Area to the east. Lake Orion High School with a swimming pool and tennis courts is across Scripps Road. Round Tree is conveniently located just minutes north of I-75; the exit 81 ramp exits (or enters) at M-24 a few miles south of Round Tree. That exit is also just one exit from Great Lakes Crossing. Orion Oaks County Park and the Bark Park are also within 5 minutes from Round Tree. About 5 minutes north is the public access to all sports Lake Orion.

Many of the homes that have sold this year have been bank owned homes; 6 of the 9 salesorion oaks bark park were foreclosures, 2 were short sales and 1 “regular” sale. Not very different from 2009 which also saw 9 sales- 5 foreclosures and 4 “regular” sales. The good news is that the sale prices this year are about on par with last year ranging from just over $150,000 to just under $200,000 with the foreclosures selling for the most part for sixty something per square foot and the privately owned homes selling for eighty something per square foot. Many of these homes sold for well over $200,000 new and a couple sold in the mid three hundreds.

In 2003 sale prices in Round Tree ranged from $225,000 to $349,900. At that time things like location in the sub, 4 bedroom versus 3 bedroom, 3 car garage versus 2 car garage were determining factors in pricing. Price per square foot ranged from $107/sq. ft. to $140/sq. ft. In 2009 and 2010 prices seem to be determined more by ownership- the banks heavily discounted their homes and private owners were able to get a bit more.

If you currently live in Round Tree and wish to move (or have to move) and don’t want to short sale your house, you might want to consider renting it out. With the amount of people in the Lake Orion area who have lost their homes, the rental market is strong, and if you are considering upgrading in this strong buyer’s market, renting your current home in Round Tree may be a viable option.

If you would like to purchase a home in Round Tree that you may not have been able to afford a few years ago, now is a good time to take advantage of the super low prices and low interest rates. Many of the houses currently selling for about $100K less than their previous sale price, but prices have seemed to bottom out. In 2008 there was only 1 sale below $200,000. In both 2009 and 2010 nothing sold above $200,000, and there seems to be really no difference in the prices in 2009 and 2010. Combine that with the fact that Lake Orion/Orion Township prices on average are on the rise (slightly), it truly feels like Round Tree has hit bottom.

Jackie Hawley
cell: (248)736-6407
email: Jackie@JackieHawley.com

Home buyer blog: http://SoutheastMichiganRealEstate.wordpress.com

Home seller blog: http://SellingRealEstateInSoutheastMichigan.wordpress.com

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Shores of Long Lake and Village by the Shores, Lake Orion Michigan Real Estate Sales

long lake lake orion michigan lakefront real estateShores of Long Lake and Village by the Shores is a newer subdivision in Lake Orion Michigan with about 133 homes- 34 of which are lakefront homes on all sports Long Lake. Both the Shores of Long Lake and the Village by the Shores are covered under one set of by laws with the Shores of Long Lake located in the Township of Orion and the Village by the Shores located in the Village of Lake Orion. When driving through the sub the feeling is also that of one neighborhood.

Homes were built between 1999 and 2002 with minimum square feet of living space allowed for on the lake houses of 2450 and for off the lake houses 1600 for ranch homes, 1800 for one and one-half story homes and 2000 sq. ft. for two story homes.

In 2005 you couldn’t touch an off the water house for less than $300,000. In 2010 off the water houses have topped out at $210K and lakefront homes have sold for between $384K and $432K- and none of those lakefront sales were bank owned.  So far there have been 11 closed sales in the Shores of Long Lake and Village by the Shores and only 2 of them were bank owned, 4 were short sales and there are currently 2 houses pending. 2 homes leased through the MLS for $1700 and $2200.

All homes have access on all sports Long Lake, a 94 acre all sports lake. The Shores of Long Lake and the Village by the Shores is also walking distance to downtown Lake Orion and a long walk or short drive to Bald Mountain Recreation Area, easy access to Orion Oaks Park along with the Bark Park and about 10 minutes from I-75.

For more information about Shores of Long Lake and Village by the Shores or for a list of homes currently for sale, please don’t hesitate to contact me.

Jackie Hawley

Cell: (248)736-6407

E-Mail: Jackie@JackieHawley.com  

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Lake Orion Michigan Real Estate Sales- Home Prices Still Up! Inventory Down!

Despite the fact that unit sales have been down the last 4 months in a row, and that the median sale price for October was down slightly from last October (less than 1/2%) Orion sales are still up year to date.

5 of the past 6 months have shown median sale prices above the previous year and October median sale price was down only $500 from the median sale price for last October. Part of the reason for this is the decrease in foreclosure sales. Last year foreclosures made up 48% of the total sales in Lake Orion Michigan but only 38% this year.

lake orion michigan median sales prices monthly

Short sales made up 8% of total sales through October, 2009 but so far this year have made up 20% of total sales in Lake Orion, Michigan.

The amount of distressed sales is about the same this year as last year, but with the shift from foreclosure sales to short sales we are seeing a rise in prices. The median sale price so far this year for foreclosed listings has been $96,250 opposed to a median sale price of $170,000 for Lake Orion short sales.

Since all sales are used to set market value, this is a good trend for home owners- whether they’re selling or not. This might not be the greatest news for home buyers. When you consider the median sales price for Lake Orion is was down 7.7% half way through the year, it’s pretty positive news that prices are up at all only 4 months later.

Part of this is due to the decrease in foreclosures and part of this is due to the decrease in inventory. On Nov. 16, 2010 there were only 147 active listings. On Nov. 19, 2009 there were 214 active listings.

Through October:

Unit Sales 2009: 307
Unit Sales 2010: 323

Median Sales Price 2009: $149,200
Median Sales Price 2010: $150,000

Foreclosure Sales 2009: 148
Foreclosure Sales 2010: 122

Short Sales 2009: 24
Short Sales 2010: 63

Overall, prices are on the rise, inventory is down, and I have no clue about the unit sales. They started strong but have been on the decline. Half way through the year there were 217 closed sales in Lake Orion opposed to 145 through the first half of 2009. At the end of Oct. unit sales are only up by 16 units- 323 in 2010. 307 units in 2009.

lake orion michigan unit sales

Whether you’re a first time home buyer, step up buyer, looking for that lakefront cottage or investment properties, now is a great time to buy in Lake Orion Michigan. Prices are up from last year but way down from 2009 and WAY down from our peak in 2005. Interest rates are extremely low and property taxes have been dropping. Many neighborhoods are selling for mid to late 90’s prices. Below are links to detailed sales data for various neighborhoods as well as detailed sales data for lakefront properties for various lakes in Lake Orion and surrounding areas.

Specific Neighborhood Sales Data

Oakland County Michigan Lakefront Sales Data

Oakland County Michigan Lakefront Homes for Sale

Lake Orion Michigan Homes for Sale

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Lake Orion Michigan Lakefront Real Estate Sales

lake orionLake Orion is a 470 acre all sports lake that is in both the Village of Lake Orion and the Township of Orion Michigan. Lake Orion is a public lake with a public access off Indianwood Rd, just west of M-24.

The housing on Lake Orion is a mixture of cottages, cottages that have been re-built into larger, year ’round houses, and newer homes. Like the rest of Lake Orion, the housing market on Lake Orion has been hit with its share of foreclosures and short sales and a general drop in housing prices overall.

In 2003 the lowest priced sale on Lake Orion was $225,000 (per the MLS). In 2009 prices ranged from $80,000 – $848,318. And so far in 2010 sale prices have ranged from $100,000 – $370,000.

In 2009 there were 18 lakefronts sold on Lake Orion- 8 bank owned. So far in 2010 there have been 18 lake orion amusement park early 20th centurylakefronts sold (and closed per Realcomp II MLS) and 8 were bank owned. No short sale closings were reported for either year.

So far this year there have been no sales under $100,000; in 2009 there were 3 sales under $100,000.

On Nov. 2, 2010 there were 13 sales pending on Lake Orion with asking prices ranging from $71,900 – $499,000- 8 of them short sale listings and 3 bank owned listings.

1912 belleview hotel on lake orionThere were also 19 active listings with asking prices ranging from $127,900 – $598,000- no bank owned listings and only 2 short sale listings.

Lake Orion has a pretty interesting history with its start beginning in 1829, when a sawmill was built across the beginning of Paint Creek, which eventually transformed six small lakes into what we know today as Lake Orion.

In 1872 the railroad came to Lake Orion, making it easier for people to enjoy the beauty of Lake Orion. In 1874 a group of investors purchased what is now present day Park Island, and during the 1870’s a dance hall was constructed on Park Island as well as a 100 foot long reception hall that was topped with an eighty foot high observation tower. At that time there were 4 daily train trips through Lake Orion bringing thousands of people.

The 1880’s saw a second rail system moving north from Pontiac to Port Austin through Lake Orion.

The 1890’s saw the purchase of Spencer’s Island (present day Bellevue Island), the construction of the summer house on lake orion pre 1913Bellevue Hotel, and an auditorium that seated 2250 people.

The first Marine Postal Center was established in 1905, delivering mail to over three hundred cottages on the lake and islands. In 1911 Park Island changed ownership and was revamped as a light amusement center with a dance hall and some rides including a roller coaster.

Lake Orion’s days as a resort town came to an end with the onset of the Great Depression. The automobile allowed people to travel further north and Lake Orion’s summer population dropped steadily.

The 40’s saw the real beginning of the area building more permanent residences. When the U.S. entered World War II many factories in Pontiac became munitions plant employing many Orion residents. St. Joseph Catholic Church was completed in 1940. Bald Mountain State Recreation Area began operation in 1947. Anderson Chevrolet-Buick-Pontiac dealership opened in 1948.

In the late 1980’s or 1990 there was a Bassmaster Tournament on Lake Orion. 2010 saw the first annual Dragon Boat Race. It’s rumored that the Purple Gang had a cottage back during their heyday during prohibition.

Thinking about moving to the lake? Or buying a lakefront cottage? Please don’t hesitate to contact me for your lakefront purchase.

cell: 248-736-6407

email: Jackie@JackieHawley.com

Orion and Oxford Lakefront Homes for Sale

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Buying a Short Sale in Lake Orion Michigan

Buying a Foreclosure in Lake Orion Michigan

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