Lake Orion, MI Real Estate News

By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
Lake Orion Michigan Market Conditions Lately I've been hearing on TV and radio that the real estate market is on the rebound. That because of the first time home buyer tax credit and the "economic recovery" that housing sales are through the roof. My mother even received a mailer from another Realtor stating that we are at record sales (units). I don't know where these reports are coming from. It's like one of those stupid little videos that gets posted on Youtube and goes viral for no apparent reason. I try to update real estate sales- both units and prices- for the Clarkston, Oxford and Orion areas on a monthly basis. I have been keeping sales records for the Orion and Oxford areas since 2000, and those reports I referred to above are no where close to accurate.  Maybe after Alice ate...
Comments 1
By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
Lake Orion waterfront homes for sale are a bargain!  I went out yesterday looking at waterfront homes on Lake Orion and I was surprised at how many deals there were.  I was finding 2000 + square foot homes in the $200,000 - $350,000 price range. What was really nice was they were nicely updated.  Lately I have seen some Oakland County lakefront homes that were absolute dives.  They had major issues.  They had rotting floors, they were small, they needed major updating.  And they were in the $250,000 range. But it was different yesterday when I was out with a client looking at Lake Orion lakefront homes.  We saw a beautiful quad level home that was on one of Lake Orion's canals. It had a beautiful master suite.  The bathrooms had marble, and granite.  The whole house was upscale.  Nice l...
Comments 0
By Daniel Litvin
(Advantage Lending Corp / Daniel Litvin)
The pathways to foreclosure are varied and numerous, especially in today's tougher economy. Increasing mortgage payments or mounting credit card debt, a sudden loss in income or employment, a serious illness, or a divorce or separation are all unexpected changes that can quickly lead to delinquency and even foreclosure.And whether or not you personally are having trouble with your mortgage, it doesn't matter, because foreclosures affect everyone. After all, a single foreclosure in your neighborhood will often lower the value of every home - including yours - even if you've never missed a single payment. The good news is that there is hope for you or anyone you know who might be on one of these unfortunate paths. This month Advantage Lending Corp will take a closer look at how foreclosur...
Comments 1
The Pillar Mortgage exclusive Senior CARE Program Example: Mr. Hutton is 74 years old and his wife is 72 years old. Their home has been appraised at $300,000 and they own it free and clear of mortgage. They qualify for a reverse mortgage and are eligible for a lump sum of cash in the amount of $138,000 or a guaranteed income of $900 per month for as long as they live in their home. If they purchased an annuity with the cash, they would receive $960 per month for the rest of their lives wherever they live. If they choose to receive the money from their reversed mortgage in the line of credit option, the unused portion would grow at the same rate as their loan balance. They would receive the interest earned on a monthly basis ($675) or on an annual basis ($8,400) and still have the $138,...
Comments 0
By Daniel Litvin
(Advantage Lending Corp / Daniel Litvin)
Since my wife and I have gotten married 3 months ago, we've been looking for a new home.  There is a great sub with canal access to Lake Orion that we like, but some of these home owners are crazy.  There are two homes specifically that have created this scenario for me.  Both homes are exactly the same square footage, lay out, and design.  One is listed with a Realtor for $359,000, the other by the home owner for.... are you ready..... $525,000!!!  When the home owner called me yesterday with the price, in my mind I was thinking "don't you know the same house on the same canal 8 houses down is for sale for $166,000 less???"  Besides this other homes larger than the FSBO have sold for under $400,000 in the last 90 days.  Using a mortgage calculator I figured some one buying his house wo...
Comments 13
By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
This is an excellent time to buy in Lake Orion, MI and Orion Township. The hugely large and fast appreciation of the 90's had to come to an end sometime. Prices have dropped over the past few years, but like the good times, this deflation in prices will be coming to an end, too. Since real estate is cyclical (feel a bit like the 80's except without the double digit interest rates?) the escalation of home prices will start to rise again. Making today's home purchase a great investment if you're willing to stay put until the good times come back.Real estate is cyclic and right now we are on the down swing. In Orion Township, for example, the average sales price in 2007 was 6.7% lower than the average sales price in 2003. BUT, the average sales price in 2007 was still more than 6.3% more t...
Comments 0
By Robin Cutler and Kay Pearson, Clarkston, Michigan Real Estate
(Real Estate One)
Real Estate Communities we review on a monthly basis are:Brandon, Clarkston, Waterford, Lake Orion, Oxford, Grand Blanc, and Holly.Absorption Rate Graphs can be viewed at "The Pearson Group Website" Absorption Rate is a method we use to determine the supply and demand for housing.We determine the number of listings on the market within particular price brackets.  We then view how many houses have sold or pended in the past three months and calculate the average per month.  The number of active listings is then divided by the average sales per month to identify how many months inventory is available. Sellers Market - Less than 6 Months InventoryBuyers Market - More than 6 Months InventoryBalanced Market - 6 Months InventoryAll information included in the following graph is generated from...
Comments 0
By Robin Cutler and Kay Pearson, Clarkston, Michigan Real Estate
(Real Estate One)
Monthly Absorption Rate Graph for OxfordReal Estate Communities we review on a monthly basis are: Brandon, Clarkston, Waterford, Lake Orion, Oxford, Grand Blanc, and Holly.Absorption Rate is a method we use to determine the supply and demand for housing.We determine the number of listings on the market within particular price brackets.  We then view how many houses have sold or pended in the past three months and calculate the average per month.  The number of active listings is then divided by the average sales per month to identify how many months inventory is available. Sellers Market - Less than 6 Months InventoryBuyers Market - More than 6 Months InventoryBalanced Market - 6 Months InventoryAll information included in the following graph is generated from Realcomp Inc, an area Mult...
Comments 0
By Robin Cutler and Kay Pearson, Clarkston, Michigan Real Estate
(Real Estate One)
Monthly Absorption Rate Graph for Lake OrionReal Estate Communities we review on a monthly basis are: Brandon, Clarkston, Waterford, Lake Orion, Oxford, Grand Blanc, and Holly.Absorption Rate is a method we use to determine the supply and demand for housing.We determine the number of listings on the market within particular price brackets.  We then view how many houses have sold or pended in the past three months and calculate the average per month.  The number of active listings is then divided by the average sales per month to identify how many months inventory is available. Sellers Market - Less than 6 Months InventoryBuyers Market - More than 6 Months InventoryBalanced Market - 6 Months InventoryAll information included in the following graph is generated from Realcomp Inc, an area ...
Comments 0
Gorgeous Lakefront Home! A rare find! 126' lake frontage on private Lake Judah, custom contemporary, 4 bedrooms, 3 full baths with finished walkout lower level. Upper level has open floor plan with vaulted ceilings. Great room with double doorwall facing a postcard view of the lake, large balcony deck. Master Bedroom with doorwall facing lake and spacious suite with walk in closet and studio ceiling. Lower level has wet bar, full bath with marble floor, large bedroom and 3 way fireplace. A must see! Najah Hashem Platinum Realty 248-616-0100 x11 Email Najah for More Information My Personal Note: I have been close friends with the family that owns this home for a long time. I remember when they first found it, and driving out with them to take a look. It was awesome! I've spent a lot of ...
Comments 0
By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
We're nearing the end of 2007 and it's still a strong buyer's market in Lake Orion/Orion Township in southeast Michigan. So if you are thinking about purchasing your first home, or upgrading from your current home, you really couldn't have picked a better time. Real estate has always been a great investment and always will be. Up until a few years ago houses were selling like gang busters and prices were escalating so fast it was almost unreal. Buyers would see what the seller had paid years earlier and the statement, "I wish I had bought back then" was not uncommon to a Realtor's ears. Well, now is the "back then" for future buyers.Real Estate is cyclic and right now we are on the down swing. In Orion Township the average sales price in 2006 was 5% lower than the average sales price in...
Comments 4
By Robin Cutler and Kay Pearson, Clarkston, Michigan Real Estate
(Real Estate One)
City Hall   37 E. Flint  Lake Orion (248) 693-8391  Township Office   2525 Joslyn Road  Lake Orion (248) 391-0304Website:  Lake Orion Township   Community Specifics   Area:  1.3 square miles  Population:  3,100  Dist. to Detroit:  31 NW miles   Dist. to Metro:  40 milesThe Community   Once characterized as rural and agricultural, the 27-lake region known as Orion Township continues to be discovered by quality builders who are carving out lovely residential communities and subdivisions. Many of these prime residential areas include common open space of wetlands and wooded acres. Perhaps the ultimate symbol of the area's spirit of transition is the Haymakers Restaurant, a remarkable dining establishment that was converted from an old dairy barn and attracts a clientele from the far corner...
Comments 0