North Oakland County Homes- The Faster They Sell The Higher They Sell For

North Oakland County Homes- The Faster They Sell The Higher They Sell For

The quick sales tend to be the appraisals I sweat out the most. A well priced house will sell quickly. The best prices I’ve gotten for sellers have been the quickest sales.

Last year I listed a 4 bedroom colonial in Wyngate, Clarkston MI. It was the highest priced sale in the sub in 2011- the highest price since Sept 2010. We got 2 offers the first weekend and took the cash offer so we wouldn’t have to worry about an appraisal.

We listed a house in Stonegate, Clarkston MI, Springfield Township last year and priced it on the high side. It sold in the first week and was the highest sale since May 2008, and the first time that sub sold for above $300K since June 2008. It paved the way for other sales. 2 other homes sold for over $300,000 shortly after ours sold.

I had a listing in Waldon Creek, Clarkston. I put into the MLS on a Friday night before a blizzard, and that house still had 13 or 14 showings that weekend and 4 offers. Again, we got top dollar for the neighborhood.

I just listed a 4 bedroom colonial in Paint Creek Ridge in Lake Orion and I expect the same results as above.

There is a shortage of nice homes for sale in North Oakland County and when a good listing hits the market, it sells quickly and a bit high. Multiple offers and quick sales are common on nice, undistressed properties that are properly priced. And they tend to sell a bit on the high side.

Right now the inventory is low in North Oakland County- about a 3 to 4 month supply depending on where you are. And a large percentage of what is on the market is nasty, or over priced, or both…

If you’re selling, it is important to list with an agent with the experience and market knowledge to price your house so it sells quickly and for the highest possible price. There’s a fine line between pricing to get a sale price a bit on the high side, and overpricing a home. There are ways to keep a sale together if you sell your house for a bit over appraised value. And as I’ve written before, there is a difference between appraised value and market value.

I have a track record of getting top dollar for my listings and smooth closings. If you are considering selling your North Oakland County home please don’t hesitate to contact me.

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

What if the Appraisal is Low?

Price, Location, Exposure?? – It’s All In The Price

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Rolling Meadows, Lake Orion MI Market Conditions- Good News If You’re Selling

Rolling Meadows, Lake Orion MI Market Conditions- Good News If You’re Selling

Great news for homeowners in Rolling Meadows in Lake Orion Michigan. The median sales price is up for the 2nd year in a row! We’re still a long ways from the peak times, but better than 2009 or 2010.

Median Sales Price:

2011- 13 units at $228,000 2010- 14 units at $213,500 2009- 16 units at $210,000

There were no bank owned sales in 2011 and only 2 short sales.

The lowest sales price was higher each year than the previous year as well as the top end price was higher each year than the previous year.

2011 sale prices ranged from $194,000 – $265,000 2010 sale prices ranged from $164,505 – $237,000 2009 sale prices ranged from $153,000 – $247,000

12 of the homes sold within 26 days on the market and 1 house took 71 days to sell. I define days on the market as time from the last price change (if any) until pending. Overpriced houses aren’t really on the market. Properly priced homes sell since the time frames to sell in Rolling Meadows are about the same as the rest of the areas.

There were 4 homes financed through FHA and 9 utilized conventional mortgage financing. Most of the homes that sold in Rolling Meadows sold within about 5% of asking price. 1 house sold for 2 1/2% over asking price and 1 home sold at asking price.

2 houses in Rolling Meadows leased in 2011 at $1950/month and $2000/month (reported by Realcomp II MLS).

If you are considering selling your Rolling Meadows home, you may have more equity than you expected. Or getting closer to having equity again!

If you are thinking about buying in Rolling Meadows you need to call or email me so I can get listings to you the day they hit the market. Prices are up 6 1/2% from 2010 and up 8% from 2009. You still get a lot of house for the money and with interest rates so low buying in Rolling Meadows is still a bargain.

Rolling Meadows is a 265 home subdivision located just north of the I-75 and Baldwin Rd exit in Lake Orion MI. Homes were built in the mid 90′s and range from approximately 2000 sq. ft. to approximately 2800 sq. ft. Rolling Meadows boasts city water and sewer, sidewalks, subdivision tennis courts and swimming pool as well as a community club house.

For More About Rolling Meadows

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Homes For Sale In Lake Orion MI

Lakefront Homes For Sale In Lake Orion MI

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

Marketing

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Preparing The Home For Sale

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Shores of Long Lake, Lake Orion MI- More Positive Sales Data!!

Shores of Long Lake, Lake Orion MI- More Positive Sales Data!!

2010 is over and the data is in! There were more sales in the Shores of Long Lake and the Village by the Shores, Lake Orion MI than in 2009, and prices were higher. The bank owned sales and short sales were in the same proportion in 2010 as in 2009.

2010:

12 sales total
5 lakefront sales
7 off the lake sales
4 short sales
2 bank owned sales

The prices for the off the lake sales ranged from $190,000-$280,000.
The prices for the lakefront sales ranged from $375,000-$432,000

2009:

6 sales total
3 lakefront sales
3 off the lake sales
2 short sales
1 bank owned sale

The prices for the off the lake sales ranged from $190,000-$240,000
The prices for the lakefront sales ranged from $347,000-$400,000

Prices are still down A LOT from 2005 when off the lake sales ranged from $300,000-$344,000 and the 1 lakefront that sold in 2005 sold for $630,000.

Many of the lakefront homes that sold in 2010 sold for $100K-$200K less than they had previously, so if you are a buyer the good news is you can steal a house. A house that sold for $580,000 in 2001 sold for $401,000 in 2010. But you might not want to wait too long. Prices are only inching up right now, but inventory is low and that is typically a precursor to rising prices. Also, mortgage interest rates won’t stay this low forever.

 

For more information about the Shores of Long Lake please visit its neighborhood page on my web site.

If you are a homeowner in the Shores of Long Lake the good news is if you don’t currently have equity in your home, you may sooner than you might have thought a year or two ago.

Lake Orion Sales Data

Homes for Sale in Lake Orion MI

Selling Your Lake Orion MI Home

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Lake Orion MI 2010 Sales Price Up! Inventory Low!

Lake Orion MI 2010 Sales Price Up! Inventory Low!

The year ending sales data for Lake Orion MI are preliminary since there were pulled from the MLS on Jan 6, 2011. There is a good possibility some late reported sales will come straggling in over the next few weeks. But as it stands now the unit sales for 2010 were the same as in 2009 (377 units) and up 20 units from 2008. The median sales price was up slightly but the average sale price was down a bit and the total dollars in closed sales was down from 2009.

Median Sales Price 2009 was $150,000
Median Sales Price 2010 was $152,000

Average Sales Price 2009 was $166,791
Average Sales Price 2010 was $158,535

Total Volume in 2009 was $62,880,360
Total Volume in 2010 was $59,767,780

Bank owned sales were down from 2009: 174 units in 2009 and 144 in 2010. There was an increase in short sale closings: 32 in 2009 and 74 in 2010.

The current inventory is low. 128 active listings on 1/4/2011 or a 4 month supply. On Jan 18, 2010 there were 188 active listings or a 6 month supply.

The best way to determine how a specific subdivision or neighborhood is doing is to contact me for a market analysis or for a more general idea of neighborhood prices check out the neighborhood pages linked below.

Individual Neighborhood Sales and Community Information

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The Preserve, Lake Orion MI- Are Prices Rebounding?

The Preserve, Lake Orion MI- Are Prices Rebounding?

The 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.

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

The Preserve, Lake Orion MI

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Rolling Meadows, Lake Orion- Prices Inching Back Up?

Rolling Meadows, Lake Orion

Rolling Meadows, Lake Orion real estate sales are a bit stronger 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 selling your home in Rolling Meadows please don’t hesitate to call me.

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

Rolling Meadows, Lake Orion

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Round Tree Lake Orion Real Estate Sales

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 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 sales 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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Lake Orion Michigan- Sale Prices Up 4 Months In a Row!

Lake Orion Michigan- Sale Prices Up 4 Months In a Row!

Normally hearing that year to date median sale prices are down 3.4% wouldn’t be good new. But when you consider Lake Orion Michigan/Orion Township Michigan prices have been plummeting since 2005, a slight decrease in prices truly is good news.

Even better news is the median sale price has been up over the previous year the last 4 months in a row. And the extraordinary news is the total sales volume is up from last year.

Median Sales Price Through August
2009: $152,000
2010: $146,850

Unit Sales Through August
2009: 227
2010: 270

Bank Owned Sales Through August
2009: 113
2010: 99

Short Sales Through August
2009: 20
2010: 54

Total Sales Volume Through August
2009: $38,935,780
2010: $41,645,700

Active Listings
9/28/2009: 235 with a median asking price of $209,900
9/18/2010: 159 with a median asking price of $174,900

Are we on a recovery in Lake Orion Michigan? It’s hard to say right now; only time will tell if this is a trend. The reduction of both bank owned homes and the major reduction of inventory could certainly contribute to a stabilization of prices. The increase of both unit sales and total volume is also encouraging.

The best way to determine how a specific subdivision or neighborhood is doing is to contact me for a market analysis or for a more general idea of neigoborhood prices check out the neigoborhood pages linked below.

Individual Neighborhood Sales and Community Information

Lake Orion Michigan/Orion Township Michigan Sales Data

Lake Orion Michigan Homes For Sale

Search The MLS

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Lakes of Indianwood, Oxford Michigan- Upscale Homes in a Natural Setting

Lakes of Indianwood, Oxford Michigan

Lakes 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 a 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.

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