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Posts Tagged ‘neighborhood information’

Here in Southeast Michigan– specifically North Oakland County Michigan– home prices have been creeping back up and inventory is much lower than this time last year. In fact in many areas we are looking at a 4-6 month supply of active listings.

This week we had yet another appraisal come in low. And again the appraiser states twice in the appraisal that the subject property is in a declining market and actually subtracted value off the comparable sales due to closing dates.

The facts are:

Subject property is in Springfield Township

Median sales price in Springfield Township in 2009 was $145,500. Median sales price so far in Springfieldwhat are the appraisers drinking Township this year is $166,000. UP 12.3% from last year. Springfield Township has been averaging 12.4 sales per month and there are currently 82 homes on the market or a 6 1/2 month supply.

Since Springfield Township is not heavily populated I decided to check the surrounding townships. In fact, WITHOUT EXCEPTION, prices were UP in every township in North Oakland County I checked.

So what are these appraisers drinking? The Kool Aid the media is handing out? Are they spending their time at the bar drowning in their sorrows because they have to give up a portion of their fees to the appraisal management companies? Maybe they need to spend a bit more time learning their market. For North Oakland County the facts are as follows:

Independence Twp/Clarkston:
2009 median sale price: $150,000
2010 median sale price: $163,000
5.1 month supply of active listings

Waterford and Keego Harbor:
2009 median sale price: $70,000
2010 median sale price: $72,000
6.2 month supply of active listings

Brandon Twp/Ortonville:
2009 median sale price: $110,000
2010 median sale price: $129,750
6 month supply of active listings

Orion Twp/Lake Orion:
2009 median sale price: $150,000
2010 median sale price: $153,950
4.2 month supply of active listings

Oxford:
2009 median sale price: $140,000
2010 median sale price: $158,000
4.3 month supply of active listings

And the same trend for Rochester, Rochester Hills, Oakland Township, Addison Township and Leonard.

Some may just look at this as appraisers being conservative. Buyers look at this as often times not being able to get the house they want. Often times these buyers have looked a many were in a multiple offer situation on the house that didn’t appraise and know the value is there.

Sellersmay be able and willing to come down and don’t understand why, since there were 3 other people willing to pay more than the appraised value. Or the sale may just die– hopefully the low appraisal wasn’t an FHA appraisal that will stick to the house for the next 6 months.

If it does close at the lower value the neighbors just got told to grab their ankles since the value of their homes were just reduced because of a “cautious” or “conservative” appraisal.

The government needs to remove the shackles from the appraisers so they can do their jobs properly. In the meantime, more appraisers need to do their job and learn their market. A declining market in 2009 does not mean a declining market in 2010.

The numbers above include all sales- short sales, bank owned homes as well as regular sales. I also found the trend to be the same in specific neighborhoods and subdivisions. The links below will take you to more detailed market data.

community values

Lake Orion

Oxford

Clarkston

The Preserve, Lake Orion MI

Round Tree, Lake Orion MI

Rolling Meadows, Lake Orion MI

Lake Lapeer lakefront sales

Lake Orion lakefront sales

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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.

Search The MLS

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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The Preserve, Lake Orion Michigan Real Estate SalesThe Preserve Lake Orion Michigan homes for sale lake orion michigan real estate

The Preserve real estate sales, Lake Orion Michigan. The Preserve is a Pulte sub in Southern Orion Township– just west of Baldwin Rd on the north side of Waldon Rd. The Preserve is a desirable neighborhood with most of the houses built in 1996 through 1998 with prices ranging at that time in the $200’s but with an occasional home selling in the low $300’s and a couple selling for just under $200,000. Most of the homes in The Preserve are 2 story homes with a few ranches in the sub. At the entrance is a club house with a swimming pool, tennis courts and a play ground area. The sub also boasts a small lake, sidewalks, Detroit water and sewer.

The Preserve has excellent location with easy access to I-75 and a stone’s throw to Costco and Meijer. The Preserve is walking distance to Waldon Middle School and only about 5 minutes from Lake Orion High School

the preserve lake orion michigan

subdivision club house

Also within minutes of The Preserve are Civic Center Park on Joslyn Road near the Orion Township Hall. Civic Center Park offers a nice playground, seven soccer fields, four baseball/softball fields, a sand volley ball court and two basketball courts. Picnic areas with grills are also available. Friendship Park is at the corner of Clarkston and Baldwin Roads- a 137 acres park with a large play structure, two full size soccer fileds and four baseball/softball diamonds.

Over on Joslyn Road- about 5 minutes from The Preserve– it’s Christmas year ’round at Canterbury Village. Orion Oaks Park which includes a bark park runs between Joslyn and Baldwin Roads, south of Clarkston Road, and Bald Mountain Recreation area covers about 4600 acres.

In 2005 prices ranged from $287,000 – $372,000. In 2003 and 2004 a couple homes sold in the low the preserve lake orion michigan$400’s. In 2009 prices ranged from $211,000-$260,000 – the most expensive house in 2009 sold for less than the cheapest house in 2005. Of the 6 houses that sold in 2009 all had finished basements, none were bank owned, and only one short sale. 

the preserve lake orion michigan

subdivision lake

So far in 2010 there have been 9 homes closed through the MLS with sale prices range from $155,000 – $285,000. Many houses are selling for less than they sold for new in the mid to late nineties, and many of those houses have been updated since they were built. Updates like finishing the basement or updating kitchens. The good news- 3 of the 9 homes that have sold garnered a higher sale price than the most expensive home sold in 2009. That’s not just good news- THAT’S GREAT NEWS!

On 10/18/2010 there were 2 active listings- both regular sales (not bank owned or short sales) asking $275,000 and $305,000

The Preserve, Lake Orion Michigan detailed sales data

Lake Orion Michigan Homes for Sale

Search the MLS

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Lakes of Indianwood, Oxford Michigan

Lakes Of Indianwood Oxford Michigan Lake Orion MichiganLakes of Indianwood is an upscale subdivision (higher priced, larger homes) covering Orion and Oxford townships in North Oakland County Michigan. The majority of the lots are heavily wooded – some waterfront. There are approximately 90 acres of lakes and streams, 125 acres of wetlands (aka waterfowl habitats), and the Polly Ann Trial runs through the sub.

House ages range from the early to mid 90’s until now, and there are still vacant lots available. The entire subdivision is in the Lake Orion school district. Lakes of Indianwood is serviced by city sewer and community water, underground utilities. There is no duplication of houses throughout the subdivision. The minimum square footage requirements are 2400 for a ranch, 2700 for a one and a half story, and 3000 sq. ft. for a two story home. 65% brick, stone, dryvit or a combination is a requirement on all elevations.

“Back in the day” it wasn’t uncommon to see sales in the $600,000-$900,000 range and even sales over Lakes Of Indianwood Oxford Michigan Lake Orion Michigana million.

2009 there were 14 houses sold ranging in price from $267,300-$459,000. In 2005 the MLS reported 12 sales ranging from $420,000-$839,000 – only 2 houses in 2009 sold for more than the cheapest house in 2005

There have been 16 closings so far this year (as of 9/18/2010) ranging in price from $210,000- $545,000- 3 bank owned and 1 short sale. There are currently no houses pending. As of 9/18/2010 there are 6 houses for sale. None of the houses currently for sale are short sales or bank owned. Asking prices range from $379,900 to $629,900 with the 6th house up for auction asking $4,698,000.

Search for homes for sale in Lakes of Indianwood

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