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Posts Tagged ‘lake orion michigan real estate’

Lake Orion Michigan Foreclosure Listings Are NOT Available For Sale BEFORE Hitting The MLS

I am asked multiple times a week if I can let someone know about Lake Orion MI foreclosure listings before they hit the market. When I say “there is no way” I am then often asked about RealtyTrac. RealtyTrac reports foreclosure notices. Many houses that are served a notice of foreclosure do not go into foreclosure. In fact, it appears that actual foreclosure listings here in Lake Orion MI are on the decline and many distressed Lake Orion home owners are going the short sale route.

We have a couple of foreclosure agents in my office and I’m friendly with other foreclosure agents who work in Lake Orion Michigan and have been assured that the vast majority of foreclosure listings DO get sold through the MLS, and have to be available on the MLS for a minimum of 3 days before they even submit offers.

So, dear Lake Orion Michigan home buyer– Please rest assured that you are not missing out on any of those great foreclosure deals when you get a daily MLS update from me. Also, please be aware- sometimes foreclosure listings aren’t always the best deals. Many of the short sale listings sell for a great price, and the “regular” listings that truely want to sell are priced like a foreclosure or short sale.

Buying a Lake Orion MI Foreclosure

Lake Orion Homes For Sale

Search the MLS

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

Jackie@JackieHawley.com

www.MiRelocation.com 

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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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lake orion michigan lakefront homes long lakeLakefront home sales in the Lake Orion school district for 2010 are up from last year with 53 lakefront sales in 2009 and 59 lakefront sales so far in 2010 (as of Dec 20).

2010 Lake Orion lakefront home sales ranged from $29,900 for a house on Square Lake to $483,600 for a house on Duck Lake. 2009 prices ranged from $55,000 to $1,200,000. One interesting fact: the highest price sale each year was on a NON sports lake.

So far, lakefront home sales in Lake Orion are as follows:

  • 12 lakefront homes leased
  • 59 lakefront home sales
  • 18 bank owned (foreclosures)
  • 9 short sales
  • 3 lakefront sales under $100,000
  • 25 lakefront sales in the $100’s
  • 12 lakefront home sales in the $200’s
  • 13 in the $300’s
  • 6 in the $400’s

Surprisingly there have been no closed sales on Voorheis Lake so far this year.

  • 23 sales on Lake Orion ranging from $101,000-$370,000
  • 7 lakefront sales on Long Lake ranging in price from $132,500-$432,000
  • 4 lakefront sales on non-sports Lake Manitou ranging from $166,000-$370,000
  • 3 sales on non-sports Indianwood Lake ranging in price from $159,000-$430,000
  • 5 sales on non-sports Duck Lake ranging in price from $355,000-$483,600

Closed sales are up a bit this year, but the current inventory is low– only 33 active lakefront listings for sale as of yesterday.

If you are thinking about moving to the lake in Lake Orion MI or buying a lakefront cottage in the Lake Orion area, please don’t hesitate to contact me at:

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

Lake Orion Michigan Lakefront Sales Data

www.MiRelocation.com  

 

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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

Search the MLS

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